Forex Trading Signals Week #10 2010
March 29, 2010 by Kelvin
Filed under Forex Signals
1) Forex Trading Signal For GBPJPY
Forex Trend Analysis
The trend on the weekly and 4 hourly chart are DOWN as the EMAs are all stacked nicely down while the trend on the daily chart started to show some sign of turning down from its uptrend.
Forex Technical Analysis
From the weekly chart, the price is testing the Fibonacci 0.382 support level at 135.829 for the fourth week and is not able break through it. At the same, the stochastic is oversold and is moving upward.
On the daily chart, the price is being held by the 0.500 Fibonacci resistance level at 137.798. As the stochastic is moving towards the overbought zone, there is a high chance that the price will move down.
As for the 4 hourly chart, the price is held by the resistance level at 137.827 for 7 candles in a row. As the stochastic has reached the overbought zone and it seems like the MACD is going to have a bearish crossover, there is a high chance that the price will move down.
GBPJPY Weekly
GBPJPY Daily
GBPJPY 4Hour
Overall Forex Analysis
Since the overall trend for the GBPJPY is DOWN, I will be looking for chance to SHORT this pair if the price manages to break below the 136.475 level and then take profit at 135.000.
2) Forex Trading Signal For EURUSD
Forex Trend Analysis
From the weekly chart, you can see that the trend is still up but the strength of the trend is very weak and this can be observed from the gradient of the moving average.
On the daily chart, you can see that the 100 EMA is slowly moving toward the 400 EMA and is looking set to cut below it forming a negative crossover.
As for the 4 hourly charts, the trend is strongly DOWN.
Forex Technical Analysis
On the weekly, it seems that the price has successfully broken below the Fibonacci 0.382 support level after testing it for the fifth time.
However the price on the daily chart is currently on the fifth leg of the Elliot wave and you have to careful as it may be reversing at the end of the leg.
As for the 4 hourly charts, the price is testing the 0.500 Fibonacci 0.500 resistance level at 1.34184. In addition, the stochastic has reached the overbought zone.
EURUSD Weekly
EURUSD Daily
EURUSD 4Hour
Overall Forex Analysis
As a whole, the short term trend is DOWN and there is an opportunity on the 4 hour chart as the price may be pushed down by the resistance level which coincides with the stochastic going overbought. In addition, the price has successfully broken below the strong support on the weekly chart. Therefore I will look for SHORT trade for this currency pair.
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