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Forecast on USD Majors (EURUSD, GBPUSD, USDJPY)
Written by article default Wednesday, 01 September 2010 06:39
EURUSD
EURUSD closed @ 12680 which was ABOVE the open and was within prior day's trading range. The High was 15 pips from Precise Trader's Hrly Level and the Low was 10 pips from Precise Trader's Sup Tgt 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 12585 holds and Daily Trend is also Sideways while 12935 holds, so expect the Price to be Choppy until the Breakout. The Daily Trend was within the Prior Day's Range but the Bulls gained mildly towards the Close which signifies Choppy Trading with a mild Strength . The Hourly Trend has been in a Range Trading No Clear Direction, 12625-12585 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: 12660 12610 12560 BEARS: 12730 12790 12860
Today's Strategies: LONG @ the Break 12730 with a tight stop with a 50 pips price target.
GBPUSD
GBPUSD closed @ 15345 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 15 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 15285 holds and Daily Trend is Sideways while 15730 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 Open 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 a Upside Bias, 15310-15285 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: 15330 15270 15200 BEARS: 15400 15465 15525
Today's Strategies: LONG @ the Break 15405 with a tight stop with a 50 pips price target.
USDJPY
USDJPY closed @ 8420 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 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 Turning Up while 8360 holds and Daily Trend is Sideways 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 was within the Prior few Day's Range 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, 8395-60 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 suggests that JPY is Weak against most Crosses so the Bears may have to be Sidelined until 8395-60 is regained.
BULLS: 8420 8360 8300 BEARS: 8465 8505 8585
Today's Strategies: Trade @ the Bulls Levels Only.
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