Forex Trading Signals Week #11 2010
April 5, 2010 by Kelvin
Filed under Forex Signals
1) Forex Trading Signal For GBPJPY
Forex Trend Analysis
Although there is a big rise in this pair last week, the overall trend on the weekly and daily chart remains DOWN. On the other hand, the 100 EMA on the 4 hourly chart has started to move above the 200 EMA and maybe going for an uptrend.
At the time of writing, the weekly candle has broken the resistance trend line and you have to see if it is going to be repelled or really manage to break through it this week.
As for the daily chart, the formation of a 123 bottom signify the end of a down run and the price has started to move up. However the stochastic is extremely overbought reaching the 100 mark.
For the 4 hourly chart, the price has broken out of a trend channel and has reached the price projection level and maybe moving down.
GBPJPY 4 Hourly
GBPJPY Daily
GBPJPY Weekly
Overall Forex Analysis
For this pair, I will go LONG if the price move above the 146.224 level and I will go SHORT if the price move below 141.000
2) Forex Trading Signal For EURUSD
Forex Trend Analysis
Except for the weekly chart, both the daily and 4 hourly chart demonstrate a downtrend in action.
Forex Technical Analysis
On the weekly chart, the price eventually failed to break below the Fibonacci 0.382 level at 1.34748. Looking at the MACD, it seems like the price is going for a up move this week.
As for the daily chart, the fifth wave of the Elliot wave has been completed and the price has started to move up.
As for the 4 hourly chart, you will see a formation of a 123 bottom which usually signify a reversal. However the price is now testing the support level.
EURUSD 4Hourly
EURUSD Daily
EURUSD Weekly
Overall Forex Analysis
I will go LONG if the price move above the 1.35861 level which is the next resistance level on the 4 hourly chart.
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