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Forecast on USD Majors (EURUSD, GBPUSD, USDJPY)
Written by article default Tuesday, 02 March 2010 06:42
EURUSD
EURUSD closed @ 13560 which was BELOW the open and was within prior day's trading range. The High was PRECISELY at Precise Trader's Res Zone 1 and the Low was 10 pips from Precise Trader's Sup Tgt 3. The Hourly Oscillators are Bearish and the price is Below the MA, so the Bulls have to be sidelined. Hourly Trend is Sideways while 13665 holds and Daily Trend is also 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 Bears giving up more than half of their gains toward the close. The Hourly Trend has been in a Range Trading with a Downside Bias ,13595-13665 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: 13485 13445 13380 BEARS: 13595 13665 13705
Conservative Traders: SIDELINED or strictly trade only at Precise Trader's Report Levels.
Aggressive Traders : SHORT near 13595 13630 with a tight stop with a 50 pips price target.
GBPUSD
GBPUSD closed @ 14990 which was BELOW the open and breached the previous day's low. The High was 30 pips from Precise Trader's Res Zone 1 and the Low was 105 pips from Precise Trader's Sup Zone 10. The Hourly Oscillators are Bearish and the price is Below the MA, so the Bulls have to be sidelined. Hourly Trend is Sideways while 15120 holds and Daily Trend is Corrective Down while 15350 holds, so expect the price to be Choppy with a Downside bias. The Daily Trend plunged with the Bears in total control before gave up partial of their gains towards the close. The Hourly Trend has been in a Range Trading with no clear direction in the immediate time frame ,15050-15120 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 a Choppy Session until the break. The Opening price principles are mixed so Cautious approach is needed.
BULLS: 14895 14830 14780 BEARS: 15050 15090 15140
Conservative Traders: SIDELINED or strictly trade only at Precise Trader's Report Levels.
Aggressive Traders : Trade @ the Bulls & Bears Levels Only
USDJPY
USDJPY closed @ 8915 which was ABOVE the open and was within prior day's trading range. The High was 5 pips from Precise Trader's Res Tgt 1 and the Low was 5 pips from 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 Sideways while 8870 holds and Daily Trend is also Sideways while 9100 holds, so expect the price to be Choppy with a Upside bias. The Daily Trend was within prior day's Range with the Bulls giving up mildly towards the close. The Hourly Trend has been in a Range Trading with an Upside Bias but 8950 is a critical level to watch for the break,8870-45 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 8950 gives way. The Opening price principles are mixed so Cautious approach is needed.
BULLS: 8885 8850 8800 BEARS: 8960 9010 9030
Conservative Traders: SIDELINED or strictly trade only at Precise Trader's Report Levels.
Aggressive Traders : LONG @ the Break 8945 with a tight stop with a 50 pips price target.