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Forecast on USD Majors (EURUSD, GBPUSD, USDJPY)
Written by article default Tuesday, 27 July 2010 06:36
EURUSD
EURUSD closed @ 12995 which was ABOVE the open and breached the previous day's high. The High was 15 pips from Precise Trader's Res Tgt 2 and the Low was PRECISELY at Precise Trader's Sup Tgt 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 Limited Up while 12885 holds and Daily Trend is Sideways Up while 12705 holds, so expect the Price to have a Minimum Upside and the Bulls have to be Cautious. The Daily Trend was within the Prior few Day's Range but the Bulls gained towards the Close . The Hourly Trend has been in a Range Trading with a Limited Upside Bias but the Bulls need to crack 13035 -50 for further gains, 12940-12885 are the Critical levels to watch to maintain the Bullish Outlook . On the 5 min is along the gradual Up Channel and the Patterns are suggesting Choppy Session with a potential to test the Highs but should be Limited. The Opening Price Principles are Mixed , so Cautious approach is needed until the price breaks out of Zone 1 levels.
BULLS: 12960 12915 12860 BEARS: 13045 13100 13145
Today's Strategies: LONG near 12960 12915 with a tight stop with a 50 pips price target.
GBPUSD
GBPUSD closed @ 15490 which was ABOVE the open and breached the previous day's high. The High was 25 pips from Precise Trader's Res Tgt 2 and the Low was PRECISELY at 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 Turning Down while 15645 holds and Daily Trend is Sideways Up while 15215 holds, so expect the Price to Turn Down Soon, so the Bulls may stay Sidelined and the Bears get ready to pull the Trigger. The Daily Trend breached the Prior Day's High and the Bulls were holding their gains till the Close . The Hourly Trend has been in a Range Trading with a Limited Upside Bias , 15460-30 are the Critical levels to watch to maintain the Bullish Outlook . On the 5 min is along the Horizontal Channel and the Patterns are suggesting a Choppy session with a potential to break Higher but should be limited near 15600-45 levels. The Opening Price Principles are Mixed , so Cautious approach is needed until the price breaks out of Zone 1 levels.
BULLS: 15400 15350 15285 BEARS: 15575 15610 15650
Today's Strategies: SHORT near 15600 15650 with a tight stop with a 50 pips price target.
USDJPY
USDJPY closed @ 8685 which was BELOW 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 Hrly Level. The Hourly Oscillators are Bearish but Weak and the Price is Within the MA, so CAUTIOUS approach is needed for the Bears. Hourly Trend is Sideways while 8765 holds and Daily Trend is also Sideways while 8870 holds, so expect the Price to be Choppy until the Breakout. The Daily Trend was within the Prior few Day's Range but the Bears gained towards the Close . The Hourly Trend has been in a Range Trading with a Downside Bias, 8730-65 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 Choppy session until there is a Clear break. The Opening Price Principles are Mixed , so Cautious approach is needed until the price breaks out of Zone 1 levels.
BULLS: 8645 8585 8525 BEARS: 8735 8780 8835
Today's Strategies: Trade @ the Bulls & Bears Levels Only.
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