Thursday, July 11, 2013

Forex Technical Analysis (11 Jul 2013)

MACD Settings:- First EMA = 12 | Second EMA = 26 | Signal EMA = 9
Stochastic Settings:- Period = 5 | Average Period Fast = 7 | Average Period Full =7
Bollinger Bands Settings:- Average = 20 | Standard Deviation = 2
Date: 11 July 2013
Time: 14:44 Hrs (+8 GMT)

GBP-JPY
Technical Indicators 4 Hourly Daily Weekly Monthly
MACD DOWN DOWN DOWN UP
Full Stochastic UP DOWN DOWN DOWN
Bollinger Bands N/A N/A N/A N/A
Chart Formation Head/Shoulder Head/Shoulder N/A N/A
Market Direction Neutral DOWN DOWN Neutral
Market Comments MACD and Stochastic in Daily/Weekly time frame synced downward, strong indication the intermediate term correction is on the way. The safest target is at 147.695 or technically it could be as deep as 140.648. There are 2 days left of this week the expectation should be at least today or tomorrow the target 147.695 should be reached. From fundamental outlook there are no significant economic news that could affect the movement along the way for the next these 2 days. Therefore the progress should be smooth and breakout could happen any time either during Asian, European, or US market open.


EUR-JPY
Technical Indicators 4 Hourly Daily Weekly Monthly
MACD Up Up Down UP
Full Stochastic Up Down Down Down
Bollinger Bands N/A N/A N/A N/A
Chart Formation N/A Head/Shoulder N/A N/A
Market Direction Up Neutral Down Monthly
Market Comments Usually the EUR-JPY will follow GBP-JPY movement identically, however there is a slight difference in the correlation of the pair. The chart shows that the EUR-JPY has a stronger uptrend strength compare to the GBP-JPY. Today's movement could be neutral but the in the intermediate term is should follow GBP-JPY.



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