Forex Trading Signals Week #8
October 6, 2009 by Kelvin
Filed under Forex Signals
1) Forex Analysis For GBPJPY
Forex Trend Analysis
Weekly Chart: The EMAs are still nicely stacked downward signaling a downtrend in the weekly chart for this currency pair
Daily Chart: The EMAs are also stacked downward for the daily chart with the 100 EMA widenly downward from the 200 EMA
Hourly Chart: The EMAs are all stacking nicely downward, however the 100 EMA has started to become flat signaling the current sideway movement on the hourly chart
Forex Technical Analysis
Weekly Chart: The stochastic has punched down for some time now but it is still maintaining good angle and separation. In addition, the MACD is also having good angle and separation on pointed down.
Daily Chart: Although the stochastic is in the oversold zone, the lines has punched up and is now looking to punch down again signaling a downward movement. After breaking from the trend wall at the 147.484 point, the price has moved sideways for sometime.
Hourly Chart: The stochastic is now pointing down with good angle and separation with negative divergence. It is signaling another down run.
Overall Forex Analysis
I will be looking for SHORT trading as all indication is showing a downtrend in action.
2) Forex Analysis For EURUSD
Forex Trend Analysis
Weekly Chart: The 50 EMAs has cut up the 100 and 200 EMAs and should be stacking upward signaling an uptrend
Daily Chart: The EMAs are stacked upwards with good angle and separation indicating an uptrend
Hourly Chart: The 200 and 100 EMAs are stacked down with good angle and separation while the 50 EMA has started to move up
Forex Technical Analysis
Weekly Chart: The stochastic has reached the point of overbought and there is a negative divergence on the MACD histogram indicating the possibility of going down
Daily Chart: The stochastic is punching down with good angle and separation indicating a possible downward movement
Hourly Chart: The stochastic is pointing down but it is seen to be flattening at the time of writing this analysis
Overall Forex Analysis
I will look to SHORT the EURUSD pair for this week as there are indication that there is going to have some retracement. However the long term trend look set to be UP
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