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Forecast on USD Majors (EURUSD, GBPUSD, USDJPY)
Written by article default Wednesday, 25 August 2010 06:29
EURUSD
EURUSD closed @ 12630 which was BELOW the open and breached the previous day's low. The High was 5 pips from Precise Trader's Res Tgt 1 and the Low was 5 pips from Precise Trader's Sup Tgt 1. The Hourly Oscillators are Bullish but Weak and the Price is Below the MA, so CAUTIOUS approach is needed for the Bulls. Hourly Trend is Turning Up while 12545 holds and Daily Trend is Sideways Down while 12900 holds, so expect the Price to Turn Up Soon, so the Bears may stay Sidelined and the Bulls get ready to pull the Trigger. The Daily Trend breached the Prior Day's Low but the Bears gave up mildly towards the Close which signifies some Strength in the First half of the Day . The Hourly Trend has been in a Range Trading with an Upside Bias but the Bulls need to ensure that 12685-12720 for further gains, 12575-45 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: 12615 12575 12490 BEARS: 12705 12765 12835
Today's Strategies: LONG near 12620 12575 with a tight stop with a 50 pips price target.
GBPUSD
GBPUSD closed @ 15395 which was BELOW the open and breached the previous day's low. The High was 25 pips from Precise Trader's Res Zone 1 and the Low was 10 pips from Precise Trader's Sup Zone 5 (U Turn Zone). The Hourly Oscillators are Turning Bullish and the Price is Below the MA, so the Bears have to be CAUTIOUS. Hourly Trend is Turning Up while 15335 holds and Daily Trend is Sideways Down while 15725 holds, so expect the Price to Turn Up Soon, so the Bears may stay Sidelined and the Bulls get ready to pull the Trigger. The Daily Trend Plunged below the Prior Day's Low but the Bears gave up mildly towards the Close which signifies some Strength during the First half of the Day . The Hourly Trend has been in a Range Trading with an Upside Bias but the Bulls need to crack 15455-80 for further gains, 15360-35 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. The Opening Price Principles are Mixed , so Cautious approach is needed until the price breaks out of Zone 1 levels.
BULLS: 15390 15340 15275 BEARS: 15475 15505 15545
Today's Strategies: LONG near 15390 15340 with a tight stop with a 50 pips price target.
USDJPY
USDJPY closed @ 8395 which was BELOW the open and breached the previous day's low. The High was 15 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 Turning Bullish and the Price is Below the MA, so the Bears have to be CAUTIOUS. Hourly Trend is Turning Up while 8350 holds and Daily Trend is Limited Down while 8660 holds, so expect the Price to Turn Up Soon, so the Bears may stay Sidelined and the Bulls get ready to pull the Trigger. The Daily Trend Plunged below the Prior Day's Low but the Bears gave up mildly towards the Close which signifies some strength in the First half of the Day . The Hourly Trend has been in a Range Trading with an Upside Bias, 8370-50 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 break higher . The Opening Price Principles suggests that JPY is Weak against all the Crosses , so the Bears have to be Sidelined until 8370-50 is regained.
BULLS: 8390 8360 8300 BEARS: 8490 8540 8600
Today's Strategies: LONG near 8390 8360 with a tight stop with a 50 pips price target.
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