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Forecast on USD Majors (EURUSD, GBPUSD, USDJPY)
Written by article default Monday, 30 August 2010 07:03
EURUSD
EURUSD closed @ 12760 which was ABOVE the open and was within prior day's trading range. The High was 5 pips from Precise Trader's Res Tgt 1 and the Low was PRECISELY at Precise Trader's Sup Zone 1. The Hourly Oscillators are Bullish but Weak and the Price is Within the MA, so CAUTIOUS approach is needed for the Bulls. Hourly Trend is Sideways while 12660 holds and Daily Trend is also Sideways while 12965 holds, so expect the Price to be Choppy until the Breakout. The Daily Trend breached the Prior Day's High but the Bulls gave up mildly towards the Close which signifies a Choppy Session until the break with mild strength . The Hourly Trend has been in a Range Trading with no Clear Direction, 12705-12660 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 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: 12665 12600 12540 BEARS: 12800 12865 12930
Today's Strategies: Trade @ the Bulls & Bears Levels Only.
GBPUSD
GBPUSD closed @ 15520 which was BELOW the open and was within prior day's trading range. The High was 15 pips from Precise Trader's Res Zone 1 and the Low was 15 pips from Precise Trader's Hrly Level. The Hourly Oscillators are MIXED and the Price is Within the MA, so CAUTIOUS approach is needed. Hourly Trend is Sideways while 15445 holds and Daily Trend is also Sideways while 15730 holds, so expect the Price to be Choppy until the Breakout. The Daily Trend was within the Prior Day's Range but the Price Closed unchanged towards the Close which signifies indecisiveness . The Hourly Trend has been in a Range Trading with no Clear Direction,15460-45 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 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: 15465 15400 15365 BEARS: 15580 15635 15705
Today's Strategies: Trade @ the Bulls & Bears Levels Only.
USDJPY
USDJPY closed @ 8530 which was ABOVE the open and breached the previous day's high. The High was 5 pips from Precise Trader's Res Tgt 2 and the Low was PRECISELY at Precise Trader's Sup Zone 1. The Hourly Oscillators are Bullish and the Price is Above the MA, so the Bears have to be Sidelined. Hourly Trend is Sideways Up while 8525 holds and Daily Trend is Turning Up while 8360 holds, so expect the Price to be Choppy with a potential to Break Higher. The Daily Trend breached the Prior Day's High and the Bulls were holding till the Close which signifies some strength in the First half of the Day. The Hourly Trend has been Creeping Higher and expect it to continue, 8525-05 are the Critical levels to watch to maintain the Bullish Outlook . On the 5 min is along the gradual Up Channel and the Patterns are suggesting Higher Highs are expected . The Opening Price Principles suggests that JPY is Weak against all the Crosses so the Bears may have to be Sidelined until 8525-05 is regained.
BULLS: 8550 8470 8420 BEARS: 8635 8710 8760
Today's Strategies: LONG near 8535 8500 with a tight stop with a 50 pips price target.
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