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Forecast on USD Majors (EURUSD, GBPUSD, USDJPY)
Written by article default Monday, 08 November 2010 06:50
EURUSD
EURUSD closed @ 14030 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 Within the MA, so the Bulls have to be Sidelined. Hourly Trend is Limited Down while 14105 holds and Daily Trend is Sideways Up while 13730 holds, so expect the Price to have a Minimum Downside and the Bears have to be Cautious. The Daily Trend was within the Prior two Day's Range but the Bears gained aggressively towards the Close which signifies some more Weakness. The MA is suggesting a Choppy session with a Limited Downside Bias and the Oscillators are Bearish . The Hourly Trend has been Creeping Lower with 13885-65/13790 as Price Targets and the Patterns are suggesting Lower Lows are expected but may be Limited, 13995-14085 are the Critical levels to watch to maintain the Bearish Outlook. The Opening Price Principles suggests that EUR is Weak against only Three Crosses , so Cautious approach is needed for the Bears.
BULLS: 13905 13865 13800 BEARS: 14025 14120 14175
Today's Strategies: SHORT near 14020 14065 with a tight stop with a 50 pips price target.
GBPUSD
GBPUSD closed @ 16180 which was BELOW the open and was within prior day's trading range. The High was 5 pips from Precise Trader's Res Zone 1 and the Low was 20 pips from Precise Trader's Res Tgt 1. The Hourly Oscillators are Turning Bearish and the Price is Within the MA, so the Bulls have to be CAUTIOUS. Hourly Trend is Turning Up while 16025 holds and Daily Trend is Sideways Up while 15890 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 Day's Range but the Bears gained towards the Close which signifies some more Weakness . The MA is suggesting a Choppy session with a Limited Downside Bias and the Oscillators are Turning Bearish. The Hourly Trend has been Creeping Lower with 16085-55/05 as Price Targets and the Patterns are suggesting Lower lows are expected but may be Limited, 16145-16240 are the Critical levels to watch to maintain the Bearish Outlook. The Opening Price Principles suggests that GBP is Weak against Three Crosses so the Bears may have to be Cautious.
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Today's Strategies: Get the full report by visiting www.precisetrader.com for a Free Trial.
USDJPY
USDJPY closed @ 8125 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 5 pips from 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 8050 holds and Daily Trend is also Sideways while 8285 holds, so expect the Price to be Choppy until the Breakout. The Daily Trend was within the Prior few Day's Range but the Bulls gained aggressively but gave up mildly towards the Close which signifies a Choppy Session . The MA is suggesting a Choppy session with a Mixed Bias and the Oscillators are Bullish but Weak. The Hourly Trend has been in a Range Trading with no Price Targets and the Patterns are suggesting a Choppy session until the break, 8085-50 are the Critical levels to watch to maintain the Bullish Outlook. The Opening Price Principles are Mixed , so Cautious approach is needed until the Price breaks out of Zone 2 levels.
BULLS & BEARS : Get the full report by visiting www.precisetrader.com for a Free Trial.
Today's Strategies: Get the full report by visiting www.precisetrader.com for a Free Trial.