Forex Trading Signals Week #6

1) Forex Trading Signal For GBP/JPY

Forex Trend Analysis

Weekly Chart: The 50, 100 and 200 EMAs are stacked down with good angle and separation indicating a downtrend formation

Daily chart: The EMAs are flattening and no visible trend can be observed

Hourly Chart: The EMAs are flattening and no visible trend can be observed

Forex Technical Analysis

Weekly Chart: Similar to last week analysis for this chart, the price is currently at the 4th wave of Elliot wave pattern and is likely to fulfil its 5th wave in the coming week. As I am writing this post for you, I can see the price breaking through the support trend line at 152.559. The stochastic has started to punch down with good angle and separation indicating a downtrend.

Daily Chart: The price is held by the 100 EMA at 152.981 for four consecutive days and is currently having a down candle. Basically the stochastic has started to flatten and maybe going to punch down indicating a chance for downtrend movement.

Hourly Chart: There has been a hugh down movement on Friday 11 Sep 2009 of about 200 pips within 4 hours of trading. The stochastic is currently oversold and has bend up. However there is a 0.618 fibonacci resistance level at 151.350.

GBP/JPY Weekly

GBP/JPY Daily

GBP/JPY Hourly

Overall Forex Analysis

I will continue to go SHORT on this currency pair but I will look for opportunity at lower timeframe like the 15 minutes to give me a better entry signals.

2) Forex Trading Signal For EUR/USD

Forex Trend Analysis

Weekly Chart: The EMAs are flat and no visible trend can be observed

Daily Chart: The EMAs are flat and no visible trend can be observed

Hourly Chart: The EMAs are stacked up with good angle and separation signalling an uptrend

Forex Technical Analysis

Weekly Chart: The stochastic are currently highly overbought and will be looking for some downside movement soon

Daily Chart: The price has reached the upper trend wall and the stochastic has reached the zone of overbought as well. Therefore there may be chance for you to scalp the EURUSD when it hits the upper trend wall with stochastic started to bend down.

Hourly Chart: There appear a MACD negative divergence and stochastic negative divergence signalling a downside movement possible.

EUR/USD Weekly

EUR/USD Daily

EUR/USD Hourly

Overall Forex Analysis

I will personally go SHORT for this week as there are indications that there will be some downside movement from the higher timeframe chart.