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Forecast on USD Majors (EURUSD, GBPUSD, USDJPY)
Written by article default Tuesday, 09 March 2010 06:27
EURUSD
EURUSD closed @ 13635 which was ABOVE the open and breached the previous day's high. The High was 25 pips from Precise Trader's Res Tgt 1 and the Low was 15 pips from Precise Trader's Sup Zone 1. The Hourly Oscillators are Turning Bearish and the price is Within the MA, so the Bulls have to be CAUTIOUS. Hourly Trend is Sideways Down while 13690 holds and Daily Trend is Sideways while 13930 holds, so expect the price to be Choppy with a Downside bias. The Daily Trend breached the prior day's high but the Bulls gave up towards the close. The Hourly Trend has been in a Range Trading with a Downside Bias ,13655-90 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 13670-90 holds. The Opening price principles are mixed so Cautious approach is needed until the break.
BULLS: 13580 13490 13430 BEARS: 13670 13710 13780
Conservative Traders: SIDELINED or strictly trade only at Precise Trader's Report Levels.
Aggressive Traders : SHORT near 13655 13690 with a tight stop with a 50 pips price target.
GBPUSD
GBPUSD closed @ 15065 which was BELOW the open and was within prior day's trading range. The High was PRECISELY at Precise Trader's Res Tgt 1 and the Low was 20 pips from Precise Trader's Sup Tgt 2. The Hourly Oscillators are Bearish and the price is Below the MA, so the Bulls have to be sidelined. Hourly Trend is Sideways Down while 15125 holds and Daily Trend is Sideways while 15535 holds, so expect the price to make Lower Lows. The Daily Trend breached the prior day's High with the Bears gaining towards the close. The Hourly Trend has been creeping lower and expect the Bears to test the 14940-14870 soon ,15095-15125 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 15070-15125 holds. The Opening price principles suggests that GBP is Weak against at least five Crosses so it may be a Bears day today.
BULLS: 14985 14915 14870 BEARS: 15055 15125 15190
Conservative Traders: SIDELINED or strictly trade only at Precise Trader's Report Levels.
Aggressive Traders : SHORT near 15055 15095 with a tight stop with a 50 pips price target.
USDJPY
USDJPY closed @ 9030 which was UNCHANGED from the open and was within prior day's trading range. The High was PRECISELY at Precise Trader's Res Tgt 1 and the Low was 15 pips from Precise Trader's Sup Zone 1. The Hourly Oscillators are Bearish but Weak and the price is Above the MA, so CAUTIOUS approach is needed for the Bears. Hourly Trend is Sideways Up while 8910 holds and Daily Trend is also Sideways Up while 8815 holds, so expect the price to be Choppy and Downside may be limited. The Daily Trend breached the prior day's high marginally but closed Unchanged. The Hourly Trend has been in a Range Trading with a limited Downside Bias, 8955-10 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 the Downside may be limited. The Opening price principles suggests that JPY is Weak against all the Crosses so the Bulls must be Sidelined at least in the First session .
BULLS: 8950 8910 8870 BEARS: 9035 9080 9125
Conservative Traders: SIDELINED or strictly trade only at Precise Trader's Report Levels.
Aggressive Traders : LONG near 8950 8910 with a tight stop with a 50 pips price target.