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Forecast on USD Majors (EURUSD, GBPUSD, USDJPY)
Written by article default Thursday, 04 March 2010 06:18
EURUSD
EURUSD closed @ 13695 which was ABOVE the open and breached the previous day's high. The High was PRECISELY at Precise Trader's Res Tgt 2 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 Corrective Up while 13580 holds and Daily Trend is Sideways while 13865 holds, so expect the price to be Choppy and Upside may be limited. The Daily Trend breached the prior day's high but the Bulls gave up marginally towards the close. The Hourly Trend has been in a Range Trading with Bulls lacking strength ,13660-13580 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 a Choppy session until the break. The Opening price principles are mixed so Cautious approach is needed until the break. ECB Rate announcement today.
BULLS: 13630 13580 13545 BEARS: 13730 13795 13840
Conservative Traders: SIDELINED or strictly trade only at Precise Trader's Report Levels.
Aggressive Traders : Trade @ the Bulls & Bears Levels Only
GBPUSD
GBPUSD closed @ 15100 which was ABOVE the open and breached the previous day's high. The High was 5 pips from Precise Trader's Res Zone 5 (U Turn Zone) and the Low was PRECISELY at Precise Trader's Hrly Level. The Hourly Oscillators are Bullish but Weak and the price is Within the MA, so CAUTIOUS approach is needed for the Bulls. Hourly Trend is Corrective Up while 15005 holds and Daily Trend is Corrective Down while 15535 holds, so expect the price to be Choppy and Upside may be limited. The Daily Trend breached the prior day's High with the Bulls holding their gains towards the close. The Hourly Trend has been in a Range Trading with the Bulls Weakening ,15040-05 are the critical levels to watch to maintain the Bullish outlook . On the 5 min is along the gradual Down Channel and the price patterns are suggesting some Weakness before the Europe Session. The Opening price principles are mixed so Cautious approach is needed until the break.
BULLS: 15045 15005 14950 BEARS: 15135 15180 15230
Conservative Traders: SIDELINED or strictly trade only at Precise Trader's Report Levels.
Aggressive Traders : Trade @ the Bulls & Bears Levels Only
USDJPY
USDJPY closed @ 8845 which was BELOW the open and breached the previous day's low. The High was 10 pips from Precise Trader's Res Zone 1 and the Low was 5 pips from Precise Trader's Sup Tgt 1. 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 while 8915 holds and Daily Trend is Sideways Down while 9030 holds, so expect the price to be Choppy and Downside may be limited. The Daily Trend breached the prior day's Low with the Bears holding their gains till the close. The Hourly Trend has been in a Range Trading with the limited Downside Bias,8870-8915 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 Choppy with a limited Downside. The Opening price principles are mixed so Cautious approach is needed until the Break.
BULLS: 8815 8765 8730 BEARS: 8875 8925 8960
Conservative Traders: SIDELINED or strictly trade only at Precise Trader's Report Levels.
Aggressive Traders : Trade @ the Bulls & Bears Levels Only