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Tuesday, May 4, 2010

Forex Trading Signals Week #12

November 3, 2009 by Kelvin  
Filed under Forex Signals

1) Forex Trading Signals For GBPJPY

Forex Trend Analysis

Weekly Chart: The current trend based on the EMAs on this chart is down as the EMAs are stacked downward with pretty good angle and separation.

Daily Chart: Although the steepness of the EMAs in this chart are not steep and in fact they are quite gentle, the fact that the EMAs are separation and stacked downward with good separation still indicates that the trend is still going down.

Forex Technical Analysis

Weekly Chart: The MACD histogram is shortening on the downside looking to flip over to the upside. The RSI is at the 50 mark which do not have much indication. However, it can be seen that the price has been resisted by the trend line and is going to continue its down run.

Daily Chart: The MACD of this chart has just flipped over to the downside at the time of my writing. The RSI is simply continuing with its down movement after hitting the overbought line on the 22 Oct 2009. In addition, the SMI is also pointing down with good angle and separation.

Retest Trend Line

Retest Trend Line

MACD Flipping

MACD Flipping Up

Overall Forex Analysis

At the point of writing this blog post, the hourly chart is demonstrating a downward continuation pattern as the price is hold by the 0.5 Fibonacci level at 148.385. I will go SHORT if the price break down to the value of below 147.621 and go LONG if the price break above the value of 149.001.

2) Forex Trading Signals for EURUSD

Forex Trend Analysis

Weekly Chart: The EMAs for this chart is still going up with good separation despite the angle being pretty gentle which indicates a lack of momentum.

Daily Chart: The EMAs are starting to arrange themselves in a upward manner as the price keeps on moving upward for the week.

Forex Technical Analysis

Weekly Chart: The price is currently moving along a steep trend line and the RSI has hit the overbought zone. Together with the shortening of the MACD histogram, the price of this currency pair may be looking for a downward movement.

Daily Chart: A negative MACD divergence has been formed and a RSI negative divergence is also formed. This usually indicates a downward movement but not necessary a long term downward movement.


Negative MACD Divergence

Overall Forex Analysis

I will go LONG for the long term but will look for opportunity to go SHORT to make money out of this negative divergence retracement. However, you need to look for proper buy sell signals on the lower time frame to help you spot an entry.

You can take a look at this blog post on forex buy sell signals to learn more

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