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Forecast on USD Majors (EURUSD, GBPUSD, USDJPY)
Written by article default Monday, 01 March 2010 07:24
EURUSD
EURUSD closed @ 13630 which was ABOVE the open and breached the previous day's high. The High was PRECISELY at Precise Trader's Hrly Level and the Low was 10 pips from Precise Trader's Sup Zone 1. The Hourly Oscillators are Bullish but Weak and the price is Above the MA, so CAUTIOUS approach is needed for the Bulls. Hourly Trend is Sideways Down while 13685 holds and Daily Trend is Sideways while 13840 holds, so expect the price to be Choppy with a Downside bias. The Daily Trend was within prior day's Range with the Bulls giving up marginally toward the close. The Hourly Trend has been in a Range Trading with a Downside Bias ,13665-85 are the critical levels to watch to maintain the bearish outlook . On the 5 min is along the gradual Down Channel and the price patterns are suggesting lower lows are expected provided 13665-85 holds. The Opening price principles are mixed so Cautious approach is needed.
BULLS: 13565 13525 13485 BEARS: 13665 13740 13780
Conservative Traders: SIDELINED or strictly trade only at Precise Trader's Report Levels.
Aggressive Traders : SHORT near 13665 13685 with a tight stop with a 50 pips price target.
GBPUSD
GBPUSD closed @ 15240 which was BELOW the open and was within prior day's trading range. The High was PRECISELY at Precise Trader's Res Tgt 1 and the Low was 10 pips from Precise Trader's Sup Tgt 2. The Hourly Oscillators are Bearish but Weak and the price is Below the MA, so CAUTIOUS approach is needed for the Bears. Hourly Trend is Sideways Down while 15300 holds and Daily Trend is also Sideways Down while 15530 holds, so expect the price to be Choppy and Downside may be limited. The Daily Trend breached the prior low and the Bears gave up most of the gains towards the close. The Hourly Trend has been in a Range Trading with a limited Downside Bias ,15240-15300 are the critical levels to watch to maintain the bearish outlook . On the 5 min is along the Horizontal Channel and the price patterns are suggesting lower lows are expected but may be limited. The Opening price principles suggests that GBP is Weak against most of the Crosses so the Bulls may have to be Sidelined and expect GBP to close near the lows provided 15240 is not breached.
BULLS: 15130 15050 14970 BEARS: 15240 15300 15395
Conservative Traders: SIDELINED or strictly trade only at Precise Trader's Report Levels.
Aggressive Traders : SHORT near 15240 15300 with a tight stop with a 50 pips price target.
USDJPY
USDJPY closed @ 8895 which was BELOW the open and was within prior day's trading range. The High was PRECISELY at Precise Trader's Res Tgt 1 and the Low was PRECISELY at Precise Trader's Sup Zone 1. The Hourly Oscillators are Turning Bullish and the price is Below the MA, so the Bears have to be CAUTIOUS. Hourly Trend is Turning Up while 8850 holds and Daily Trend is Sideways Down while 9100 holds, so expect the price to be Choppy with a Upside bias. The Daily Trend breached the prior day's low marginally and the Bears gave up mildly towards the close. The Hourly Trend has been in a Range Trading with an Upside Bias ,8875-50 are the critical levels to watch to maintain the bullish outlook . On the 5 min is along the Horizontal Channel and the price patterns are suggesting it may have bottomed provided 8875 holds and 8940 gives way. The Opening price principles suggests that JPY may be Weak against most Crosses so Cautious approach is needed.
BULLS: 8850 8800 8745 BEARS: 8945 8975 9010
Conservative Traders: SIDELINED or strictly trade only at Precise Trader's Report Levels.
Aggressive Traders : Trade @ the Bulls & Bears Levels Only