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Forecast on USD Majors (EURUSD, GBPUSD, USDJPY)
Written by article default Monday, 08 March 2010 05:55
EURUSD
EURUSD closed @ 13620 which was ABOVE the open and was within prior day's trading range. The High was 25 pips from Precise Trader's Res Tgt 1 and the Low was 10 pips from Precise Trader's Sup Zone 1. The Hourly Oscillators are Bullish and the price is Above the MA, so the Bears have to be sidelined. Hourly Trend is Sideways Up while 13565 holds and Daily Trend is Sideways while 13930 holds, so expect the price to make Higher Highs. The Daily Trend breached the prior day's low marginally but the Bulls gained towards the close. The Hourly Trend has been Creeping higher and expect the Bulls to test the prior swing high 13735 soon ,13615-13565 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 higher highs are expected provided 13615 holds. The Opening price principles suggests that EUR is Strong against three Crosses so it may be the Bulls day today.
BULLS: 13595 13515 13475 BEARS: 13755 13835 13865
Conservative Traders: SIDELINED or strictly trade only at Precise Trader's Report Levels.
Aggressive Traders : LONG near 13655 13615 with a tight stop with a 50 pips price target.
GBPUSD
GBPUSD closed @ 15130 which was ABOVE the open and was within prior day's trading range. The High was 5 pips from Precise Trader's Res Zone 5 (U Turn Zone) and the Low was PRECISELY at Precise Trader's Sup Zone 1. The Hourly Oscillators are Bullish and the price is Above the MA, so the Bears have to be sidelined. Hourly Trend is Sideways Up while 15065 holds and Daily Trend is Sideways while 15535 holds, so expect the price to make Higher Highs. The Daily Trend was within prior day's Range with the Bulls gained towards the close. The Hourly Trend has been in a Range Trading with an Upside Bias ,15095-65 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 15095-65 holds. The Opening price principles are mixed so Cautious approach is needed for the Bulls.
BULLS: 15095 15065 15005 BEARS: 15190 15260 15325
Conservative Traders: SIDELINED or strictly trade only at Precise Trader's Report Levels.
Aggressive Traders : LONG near 15125 15095 with a tight stop with a 50 pips price target.
USDJPY
USDJPY closed @ 9025 which was ABOVE the open and breached the previous day's high. The High was 5 pips from Precise Trader's Res Tgt 3 and the Low was 25 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 while 8980 holds and Daily Trend is Sideways Up while 8815 holds, so expect the price to be Choppy with a Upside bias. The Daily Trend Rallied above the prior few day's high with the Bulls giving up marginally towards the close. The Hourly Trend has been in a Range Trading with a limited Upside Bias, 8995-80 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 Choppy session until the break. The Opening price principles are mixed so Cautious approach is needed until the Break but JPY may be Weak against most Crosses.
BULLS: 8995 8930 8870 BEARS: 9070 9120 9180
Conservative Traders: SIDELINED or strictly trade only at Precise Trader's Report Levels.
Aggressive Traders : LONG @ the Break 9075 with a tight stop with a 50 pips price target.