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Forecast on USD Majors (EURUSD, GBPUSD, USDJPY)
Written by article default Thursday, 29 July 2010 06:10
EURUSD
EURUSD closed @ 12995 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 PRECISELY at Precise Trader's Sup Zone 1. The Hourly Oscillators are MIXED and the Price is Within the MA, so CAUTIOUS approach is needed. Hourly Trend is Limited Up while 12885 holds and Daily Trend is also Limited 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 and the Price closed unchanged towards the Close . The Hourly Trend has been in a Range Trading with a Limited Upside Bias but the Bulls need to crack 13045 -60 for further gains, 12940-12885 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 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: 12940 12880 12815 BEARS: 13050 13125 13205
Today's Strategies: Trade @ the Bulls & Bears Levels Only.
GBPUSD
GBPUSD closed @ 15595 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 10 pips from Precise Trader's Sup Zone 1. The Hourly Oscillators are MIXED and the Price is Above the MA, so CAUTIOUS approach is needed. Hourly Trend is Turning Down while 15750 holds and Daily Trend is Limited Up while 15365 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 Price closed unchanged towards the Close . The Hourly Trend has been in a Range Trading with a Limited Upside Bias , 15535-15475 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 15685-15765 levels. The Opening Price Principles are Mixed , so Cautious approach is needed until the price breaks out of Zone 1 levels.
BULLS: 15555 15485 15430 BEARS: 15645 15710 15750
Today's Strategies: Trade @ the Bears Levels Only.
USDJPY
USDJPY closed @ 8745 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 10 pips from 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 8815 holds and Daily Trend is also Sideways while 8915 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, 8790-8815 are the Critical levels to watch to maintain the Bearish Outlook . On the 5 min is along the gradual Down Channel and the Patterns are suggesting Choppy session with a potential to make Lower Lows. The Opening Price Principles are Mixed but JPY should gain strength against most Crosses so the Bulls may have to be Sidelined.
BULLS: 8685 8630 8575 BEARS: 8765 8815 8865
Today's Strategies: Trade @ the Bulls & Bears Levels Only.
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