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Forecast on USD Majors (EURUSD, GBPUSD, USDJPY)
Written by article default Monday, 23 August 2010 07:08
EURUSD
EURUSD closed @ 12710 which was BELOW the open and breached the previous day's low. The High was 20 pips from Precise Trader's Res Zone 1 and the Low was 5 pips from Precise Trader's Sup Tgt 3. 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 12825 holds and Daily Trend is also Sideways Down while 13035 holds, so expect the Price to be Choppy with a potential to Break Lower. The Daily Trend breached the Prior few Day's Low but the Bears gave up mildly towards the Close which signifies Weakness but expect a Range Trading until the break . The Hourly Trend has been in a Range Trading but the Bears need to crack the 12660 levels for further gains, 12765-12825 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: 12660 12605 12540 BEARS: 12745 12795 12860
Today's Strategies: SHORT near 12745 12795 with a tight stop with a 50 pips price target.
GBPUSD
GBPUSD closed @ 15535 which was BELOW the open and was within prior day's trading range. The High was 25 pips from Precise Trader's Res Zone 1 and the Low was PRECISELY at Precise Trader's Sup Tgt 2. The Hourly Oscillators are Turning Bullish and the Price is Within the MA, so the Bears have to be CAUTIOUS. Hourly Trend is Sideways while 15710 holds and Daily Trend is Sideways Down while 15910 holds, so expect the Price to be Choppy until the Breakout. The Daily Trend breached the Prior Day's Low but the Bears gave up partially towards the Close which signifies some Strength during the First half of the Day . The Hourly Trend has been in a Range Trading with a Limited Upside Bias, 15595-15635 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 with a potential to turn down soon. The Opening Price Principles are Mixed , so Cautious approach is needed until the price breaks out of Zone 1 levels.
BULLS: 15515 15475 15400 BEARS: 15635 15705 15765
Today's Strategies: SHORT near 15595 15635 with a tight stop with a 50 pips price target.
USDJPY
USDJPY closed @ 8560 which was ABOVE 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 Turning Bearish and the Price is Within the MA, so the Bulls have to be CAUTIOUS. 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 gained mildly towards the Close which signifies no clear direction . The Hourly Trend has been in a Range Trading, 8585-8600 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: 8515 8470 8400 BEARS: 8585 8630 8685
Today's Strategies: Trade @ the Bulls & Bears Levels Only.
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