Forex Weekly Update 12/13/2009

[Matt Catlin]

GBP USD , USD JPY , GBP JPY Forex Trading Analysis 12/13/09

Hey I hope everyone had a pleasant weekend.  Everything is great on my home front leading into X-Mas.  It's Sunday Evening prior to Asian Markets opening and I decided to just peak at the daily forex charts.  I trade only what I see on smaller time frames so this analysis doesn't mean entirely too much in my own forex trading.  I try to keep my opinion on the sidelines but if I encounter a trade and the daily chart is showing a clear direction it may indicate on how long I will hold onto a trade.

On the GBP JPY daily chart it looks like to me that we have some decent support in the 139 area.  Then price recently made a Sanuk trading setup. (Listed under trading systems and strategies.)  I think this direction may stay intact until 150's.  The stochastic indicator and Relative strength indicators are heading North as well.

On the USD JPY Daily forex chart I see a clear channel in a downtrend.  I speculate that price action will begin seeing resistance at 90's which when you receive a bearish trade signal may be a great trading setup to ride price down to the lower side of this channel.

GBP USD Forex price action is indicating to me that we could see a strong g move north if we receive buy trading signals.  The candle pattern and formation look to me like a falling wedge in an uptrend.  I would wait until you receive a bullish crossover on any oscillators. Oscillators include Relative strength index , macd, stochastic, and many other popular cross over trading systems.

Have a nice trading week and continue looking into my forex trading journal all week long as I try to share every trade.  http://trading-system-strategies.com is my website.