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Forecast on USD Majors (EURUSD, GBPUSD, USDJPY)
Written by article default Thursday, 18 March 2010 06:35
EURUSD
EURUSD closed @ 13740 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 PRECISELY at Precise Trader's Sup Zone 1. The Hourly Oscillators are Bearish and the price is Within the MA, so the Bulls have to be sidelined. Hourly Trend is Sideways Down while 13820 holds and Daily Trend is Sideways while 13505 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 the Downside Bias , 13775-13820 are the critical levels to watch to maintain the Bearish Outlook . On the 5 min is along the Down Channel and the Patterns are suggesting a Choppy Session with a potential to test 13680-40 levels before any significant move up. The Opening Price Principles are mixed so Cautious approach is needed until the break.
BULLS: 13680 13620 13595 BEARS: 13775 13805 13885
Conservative Traders: SIDELINED or strictly trade only at Precise Trader's Report Levels.
Aggressive Traders : SHORT near 13745 13800 with a tight stop with a 50 pips price target.
GBPUSD
GBPUSD closed @ 15325 which was ABOVE the open and breached the previous day's high. The High was 10 pips from Precise Trader's Res Tgt 2 and the Low was PRECISELY at Precise Trader's Sup Zone 1. The Hourly Oscillators are Turning Bearish and the price is Above the MA, so the Bulls have to be CAUTIOUS. Hourly Trend is Sideways while 15220 holds and Daily Trend is Sideways Up while 14840 holds, so expect the price to be Choppy and Upside may be limited. The Daily Trend Rallied with the Bulls giving up some of their gains towards the close. The Hourly Trend has been in a Range Trading and expect a Choppy Session until the break , 15265-20 are the critical levels to watch to maintain the Bullish Outlook . On the 5 min is along the gradual Down Channel and the Patterns are suggesting a Choppy Session . The Opening Price Principles are mixed so Cautious approach is needed until the break.
BULLS: 15260 15155 15070 BEARS: 15360 15445 15480
Conservative Traders: SIDELINED or strictly trade only at Precise Trader's Report Levels.
Aggressive Traders : Trade @ the Bulls & Bears Levels Only
USDJPY
USDJPY closed @ 9030 which was UNCHANGED from the open and was within prior day's trading range. The High was 5 pips from Precise Trader's Res Zone 1 and the Low was PRECISELY at Precise Trader's Sup Zone 1. The Hourly Oscillators are Bearish and the price is Below the MA, so the Bulls have to be sidelined. Hourly Trend is Sideways while 9110 holds and Daily Trend is also Sideways while 8870 holds, so expect the price to be Choppy with a Downside bias. The Daily Trend was within the prior Day's Range and closed Unchanged towards the close. The Hourly Trend has been in a Range Trading with no Clear Direction , 9075-9110 are the critical levels to watch to maintain the Bearish Outlook . On the 5 min is along the Horizontal Channel and the Patterns are suggesting a Choppy Session until the break. The Opening Price Principles are mixed so Cautious approach is needed until the break but the Bears are showing some Strength.
BULLS: 8975 8930 8905 BEARS: 9065 9105 9150
Conservative Traders: SIDELINED or strictly trade only at Precise Trader's Report Levels.
Aggressive Traders : Trade @ the Bulls & Bears Levels Only