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Forecast on USD Majors (EURUSD, GBPUSD, USDJPY)
Written by article default Wednesday, 03 March 2010 06:45
EURUSD
EURUSD closed @ 13615 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 Tgt 2. The Hourly Oscillators are Turning Bullish and the price is Above the MA, so the Bears have to be CAUTIOUS. Hourly Trend is Sideways Up while 13525 holds and Daily Trend is Sideways while 13865 holds, so expect the price to be Choppy with a Upside bias. The Daily Trend breached the prior day's Low marginally and quickly reversed toward the close. The Hourly Trend has been creeping higher and expect the Bulls to test the 13685 level soon ,13580-25 are the critical levels to watch to maintain the Bullish outlook . On the 5 min is along the gradual Up Channel and the price patterns are suggesting Higher highs are expected once 13655 level gives way. The Opening price principles are mixed so Cautious approach is needed until the break.
BULLS: 13580 13525 13470 BEARS: 13720 13760 13800
Conservative Traders: SIDELINED or strictly trade only at Precise Trader's Report Levels.
Aggressive Traders : LONG @ the Break 13655 with a tight stop with a 50 pips price target.
GBPUSD
GBPUSD closed @ 14970 which was BELOW the open and was within prior day's trading range. The High was 20 pips from Precise Trader's Res Zone 1 and the Low was 10 pips from Precise Trader's Sup Zone 5 (U Turn Zone). The Hourly Oscillators are Turning Bullish and the price is Below the MA, so the Bears have to be CAUTIOUS. Hourly Trend is Up while 14955 holds and Daily Trend is Corrective Down while 15535 holds, so expect the price to be Choppy with a Upside bias. The Daily Trend was within prior day's Range with the Bears giving up most of the gains towards the close. The Hourly Trend has been marching higher and expect the Bulls to continue ,14955-10 are the critical levels to watch to maintain the Bullish outlook . On the 5 min is along the Steep Up Channel and the price patterns are suggesting Higher highs are expected. The Opening price principles are suggesting that GBP is strong against all the Crosses so the Bears have to be Sidelined and expect the GBP to Close near the Highs.
BULLS: 14990 14945 14890 BEARS: 15080 15140 15230
Conservative Traders: SIDELINED or strictly trade only at Precise Trader's Report Levels.
Aggressive Traders : LONG near 15025 15000 with a tight stop with a 50 pips price target.
USDJPY
USDJPY closed @ 8885 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 5 pips from Precise Trader's Sup Tgt 1. The Hourly Oscillators are Bearish and the price is Below the MA, so the Bulls have to be sidelined. Hourly Trend is Corrective Down while 8945 holds and Daily Trend is Sideways while 9060 holds, so expect the price to be Choppy and Downside may be limited. The Daily Trend was within prior day's Range with the Bears giving up mildly towards the close. The Hourly Trend has been in a Range Trading with the limited Downside Bias,8930-45 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 Choppy with a limited Downside. The Opening price principles are mixed so Cautious approach is needed until the Break but the Bulls may gain today.
BULLS: 8840 8795 8740 BEARS: 8915 8960 9000
Conservative Traders: SIDELINED or strictly trade only at Precise Trader's Report Levels.
Aggressive Traders : Trade @ the Bulls & Bears Levels Only