Forex Trading Signals Week #9
October 14, 2009 by Kelvin
Filed under Forex Signals
1) Forex Trading Signal For GBPJPY
Forex Trend Analysis
Weekly Chart: The EMAs are stacked downward with good angle and separation showing strength in the downtrend
Daily chart: The EMAs are stacked downwards with the 100 EMA starting to align downwards with greater angle and separation
Forex Technical Analysis
Weekly Chart: The Stochastic is pointing down with good angle and separation but it is slowly approaching the oversold region and do be careful. The price now is in fact the last wave of a Elliot wave movement which has a good potential for more downward movement
Daily Chart: After the breakout of a trend wall, the price is moving sideway for 2 weeks. As the stochastic is at the oversold region, there is a possibility that the price is going sideway until the MACD neutralises before it resumes its downward movement
Overall Forex Analysis
AS a whole, the outlook for the GBPJPY currency pair is still SHORT. As it is consolidating now, you can now trend by SELLING the RALLY. Good Luck!
2) Forex Trading Signal For EURUSD
Forex Trend Analysis
Weekly Chart: The 50 and 100 EMAs are stacked up with good angle and separation while the 200 EMA is slowly aligning itself up as well
Daily Chart: All the EMAs are stacked up with good angle and separation signaling an uptrend
Forex Technical Analysis
Weekly Chart: The stochastic for this pair is highly overbought and MACD histogram divergence can be seen indicating a possible downward movement
Daily Chart: MACD negative divergence can be seen on this currency pair again indicating a possible downward retracement
Overall Forex Analysis
As a whole, I will go Long for this pair but will look for possible trading opportunity to go SHORT for the negative divergence movement
*Read the following post if you are interested in learning how to identify forex buy and sell signals.
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