Members login
Forecast on USD Majors (EURUSD, GBPUSD, USDJPY)
Written by article default Tuesday, 31 August 2010 06:28
EURUSD
EURUSD closed @ 12665 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 PRECISELY at Precise Trader's Hrly Level. 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 12725 holds and Daily Trend is Sideways while 12935 holds, so expect the Price to be Choppy with a potential to Break Lower. The Daily Trend was within the Prior Day's Range but the Bears gained aggressively towards the Close which signifies some more Weakness in the First half of the Day . The Hourly Trend has been in a Range Trading with a Downside Bias, 12700-25 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 break Lower . The Opening Price Principles are Mixed , so Cautious approach is needed until the price breaks out of Zone 1 levels.
BULLS: 12605 12535 12465 BEARS: 12685 12740 12815
Today's Strategies: SHORT near 12685 12725 with a tight stop with a 50 pips price target.
GBPUSD
GBPUSD closed @ 15460 which was BELOW 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 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 Down while 15535 holds and Daily Trend is Sideways while 15730 holds, so expect the Price to be Choppy with a potential to Break Lower. The Daily Trend was within the Prior two Day's Range but the Bears gained aggressively towards the Close which signifies some Weakness in the first half of the Day. The Hourly Trend has been in a Range Trading with a Downside Bias, 15495-15535 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 break Lower. The Opening Price Principles are Mixed , so Cautious approach is needed until the price breaks out of Zone 1 levels.
BULLS: 15425 15365 15300 BEARS: 15495 15535 15615
Today's Strategies: SHORT near 15495 15535 with a tight stop with a 50 pips price target.
USDJPY
USDJPY closed @ 8465 which was BELOW the open and was within prior day's trading range. The High was 10 pips from Precise Trader's Res Tgt 1 and the Low was 5 pips from Precise Trader's Sup Tgt 2. 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 8505 holds and Daily Trend is Sideways while 8660 holds, so expect the Price to be Choppy with a potential to Break Lower. The Daily Trend breached the Prior Day's High but the Bears gained aggressively towards the Close which signifies more Weakness in the First half of the Day. The Hourly Trend has been Creeping Lower and expect it to continue, 8490-8510 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 a Choppy Session with a Potential to break Lower. The Opening Price Principles suggests that JPY is Weak against only Two Crosses so Cautious approach is needed.
BULLS: 8400 8360 8300 BEARS: 8485 8555 8605
Today's Strategies: Trade @ the Bulls & Bears Levels Only.
For regular updates, please visit www.precisetrader.com