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Forecast on USD Majors (EURUSD, GBPUSD, USDJPY)
Written by article default Tuesday, 24 August 2010 06:31
EURUSD
EURUSD closed @ 12655 which was BELOW the open and breached the previous day's low. The High was 5 pips from Precise Trader's Res Zone 1 and the Low was 5 pips from Precise Trader's Sup Tgt 1. The Hourly Oscillators are Bearish but Oversold and the Price is Below the MA, so CAUTIOUS approach is needed for the Bears. Hourly Trend is Sideways Down while 12745 holds and Daily Trend is also Sideways Down while 13000 holds, so expect the Price to be Choppy with a potential to Break Lower. The Daily Trend breached the Prior Day's Low marginally but the Bears gave up mildly towards the Close which signifies some Weakness . The Hourly Trend has been in a Range Trading but the Bears need to ensure that 12745 holds for further gains, 12710-45 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: 12605 12525 12445 BEARS: 12700 12775 12835
Today's Strategies: SHORT near 12700 12745 with a tight stop with a 50 pips price target.
GBPUSD
GBPUSD closed @ 15510 which was BELOW the open and was within prior day's trading range. The High was 20 pips from 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 Below the MA, so the Bulls have to be Sidelined. Hourly Trend is Limited Down while 15575 holds and Daily Trend is Sideways Down while 15760 holds, so expect the Price to have a Minimum Downside and the Bears have to be Cautious. The Daily Trend was within the Prior Day's Range but the Bears gained mildly towards the Close which signifies some Weakness during the First half of the Day . The Hourly Trend has been Creeping Lower but may be limited, 15545-75 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 Lower lows but may be limited. The Opening Price Principles suggests that GBP is Weak against Three Causes so cautious approach is needed for the Bears.
BULLS: 15430 15380 15300 BEARS: 15500 15580 15635
Today's Strategies: Trade @ the Bulls & Bears Levels Only.
USDJPY
USDJPY closed @ 8515 which was BELOW the open and breached the previous day's low. The High was 5 pips from Precise Trader's Res Zone 1 and the Low was PRECISELY at Precise Trader's Sup Tgt 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 8585 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 Bears 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: 8465 8400 8350 BEARS: 8560 8600 8665
Today's Strategies: Trade @ the Bulls & Bears Levels Only.
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