Wednesday, May 19, 2010

Forex Trading Signals Week #11

October 29, 2009 by Kelvin  
Filed under Forex Signals

1) Forex Trading Signal For GBPJPY

Forex Trend Analysis

Weekly Chart: The separation of the EMAs are getting more clearly this week as they started to separate from each other in a downside manner with better angle and separation

Daily Chart: The EMAs are stacked downward but the gradient of the EMAs are not steep showing a lack of momentum

Forex Technical Analysis

Weekly Chart: The price has just tested the trendline last week and it seems that it is now going to continue its downtrend movement. The stochastic is punching down with good angle and separation indicating a possible downward movement. The MACD has neutralises and it may then continue its trend

Daily Chart: The SMI for this pair has went overbought and has now cut downwards. Together with the MACD, the histogram of the MACD has dwindled and is going to flip to the downside which is again an indication of a downward movement

Overall Forex Analysis

I will go SHORT for this week as I will follow the trend of the weekly and daily chart. In addition, the SMI and the MACD for the daily chart looks like it is going to punch down.

2) Forex Trading Signal For EURUSD

Forex Trend Analysis

Weekly Chart: From the EMAs of the weekly chart, you can find that there are stacking upward. However the gradient of this currency pair is also quite flat showing no strength in the upward movement

Daily Chart: The angle and separation of the EMAs are starting to align better upward signifying an uptrend

Forex Technical Analysis

Weekly Chart: Like I have say from the previous post, the stochastic has became overbought. With the flattening of the histogram of the MACD, it looks like there will be a downward movement coming

Daily Chart: The stochastic is also overbought and has been so for sometime. The MACD has punched downward with the flipping of the histogram.

Overall Forex Analysis

I will not enter any trade for this currency pair because of the contradiction between the trend and the technical analysis. However, you can look for the chance to trade downward as the price retrace use and then exit your position to go long in the long run.

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