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Forecast on USD Majors (EURUSD, GBPUSD, USDJPY)
Written by article default Wednesday, 18 August 2010 07:05
EURUSD
EURUSD closed @ 12885 which was ABOVE the open and breached the previous day's high. The High was 20 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 Bearish but Weak and the Price is Within the MA, so CAUTIOUS approach is needed for the Bears. Hourly Trend is Sideways while 12790 holds and Daily Trend is Turning Down while 13335 holds, so expect the Price to be Choppy until the Breakout. The Daily Trend breached the Prior Day's High marginally but the Bulls gave up mildly towards the Close which signifies mild Weakness in the first half of the Day . The Hourly Trend has been In a Range Trading with no Clear Direction, 12830-12790 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 Turn Up Soon . The Opening Price Principles are Mixed , so Cautious approach is needed until the price breaks out of Zone 1 levels.
BULLS: 12830 12785 12725 BEARS: 12925 13010 13045
Today's Strategies: Trade @ the Bulls & Bears Levels Only.
GBPUSD
GBPUSD closed @ 15585 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 5 pips from Precise Trader's Hrly Level. The Hourly Oscillators are Bullish and the Price is Within the MA, so the Bears have to be Sidelined. Hourly Trend is Sideways while 15625 holds and Daily Trend is Turning Down while 16000 holds, so expect the Price to be Choppy until the Breakout. The Daily Trend was within the Prior Day's Range but the Bears gave up mildly towards the Close which signifies mild Strength in the First half of the Day provided 15590 gives way . The Hourly Trend has been in a Range Trading with a Downside Bias , 15620-45 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 price breaks out of Zone 1 levels.
BULLS: 15525 15475 15395 BEARS: 15630 15705 15765
Today's Strategies: Trade @ the Bulls & Bears Levels Only.
USDJPY
USDJPY closed @ 8550 which was ABOVE 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 MIXED and the Price is Below the MA, so CAUTIOUS approach is needed. Hourly Trend is Sideways while 8600 holds and Daily Trend is also Sideways while 8725 holds, so expect the Price to be Choppy until the Breakout. The Daily Trend was within the Prior few Day's Range but the Bulls gave up mildly towards the Close but the Price is approaching critical levels . The Hourly Trend is in a Range Trading but the Bears need to crack 8475 for further gains, 8505-8475 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 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: 8505 8445 8360 BEARS: 8600 8660 8715
Today's Strategies: Trade @ the Bulls & Bears Levels Only.
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