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Forecast on USD Majors (EURUSD, GBPUSD, USDJPY)
Written by article default Friday, 05 March 2010 06:38
EURUSD
EURUSD closed @ 13580 which was BELOW the open and breached the previous day's low. The High was 15 pips from Precise Trader's Res Zone 1 and the Low was PRECISELY at Precise Trader's Sup Zone 5 (U Turn Zone). The Hourly Oscillators are Bearish and the price is Within the MA, so the Bulls have to be sidelined. Hourly Trend is Sideways while 13730 holds and Daily Trend is also Sideways while 13865 holds, so expect the price to be Choppy with a Downside bias. The Daily Trend plunged with the Bears giving up marginally towards the close. The Hourly Trend has been in a Range Trading with the Downside Bias ,13660-13730 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 with a potential to break lower. The Opening price principles are mixed so Cautious approach is needed until the break.
BULLS: 13545 13485 13435 BEARS: 13635 13675 13730
Conservative Traders: SIDELINED or strictly trade only at Precise Trader's Report Levels.
Aggressive Traders : SHORT near 13635 13660 with a tight stop with a 50 pips price target.
GBPUSD
GBPUSD closed @ 15030 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 PRECISELY at Precise Trader's Hrly Level. The Hourly Oscillators are Bearish and the price is Within the MA, so the Bulls have to be sidelined. Hourly Trend is Sideways while 15155 holds and Daily Trend is also Sideways while 15535 holds, so expect the price to be Choppy with a Downside bias. The Daily Trend breached the prior day's High but the Bears gained towards the close. The Hourly Trend has been in a Range Trading with no clear direction ,15085-15155 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 with a potential to break lower. The Opening price principles are mixed so Cautious approach is needed until the break.
BULLS: 15005 14930 14880 BEARS: 15085 15145 15180
Conservative Traders: SIDELINED or strictly trade only at Precise Trader's Report Levels.
Aggressive Traders : SHORT near 15085 15135 with a tight stop with a 50 pips price target.
USDJPY
USDJPY closed @ 8900 which was ABOVE the open and was within prior day's trading range. The High was 5 pips from Precise Trader's Hrly Level and the Low was PRECISELY at Precise Trader's Sup Zone 1. The Hourly Oscillators are Bullish and the price is Within the MA, so the Bears have to be sidelined. Hourly Trend is Sideways Up while 8820 holds and Daily Trend is Sideways while 9030 holds, so expect the price to be Choppy with a Upside bias. The Daily Trend breached the prior day's Low but the Bulls gained towards the close. The Hourly Trend has been in a Range Trading with an Upside Bias, 8870-20 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 provided 8945 gives way. The Opening price principles are mixed so Cautious approach is needed until the Break but JPY may be Weak against most Crosses.
BULLS: 8870 8820 8785 BEARS: 8965 9030 9085
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.