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Forecast on USD Majors (EURUSD, GBPUSD, USDJPY)
Written by article default Thursday, 09 December 2010 06:40
EURUSD
EURUSD closed @ 13265 which was UNCHANGED from the open and was within prior day's trading range. The High was 10 pips from Precise Trader's Res Zone 1 and the Low was 20 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 Limited Down while 13350 holds and Daily Trend is Turning Up while 13065 holds, so expect the Price to have a Minimum Downside and the Bears have to be Cautious. The Daily Trend was within the Prior few Day's Range but the Price Closed unchanged towards the Close which signifies a Range Trading. The MA is suggesting a Choppy session with an Upside Bias and the Oscillators are suggesting the same. The Hourly Trend has been in a Range Trading with no Price Targets and the Patterns are suggesting a Choppy session until the Break, 13320-50 are the Critical levels to watch to maintain the Bearish Outlook. The Opening Price Principles are Mixed , so Cautious approach is needed until the Price breaks out of Zone 2 levels.
BULLS: 13225 13180 13125 BEARS: 13370 13460 13525
Today's Strategies: Trade @ the Bulls & Bears Levels Only.
GBPUSD
GBPUSD closed @ 15805 which was ABOVE the open and was within prior day's trading range. The High was 15 pips from Precise Trader's Res Tgt 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 15650 holds and Daily Trend is Turning Up while 15485 holds, so expect the Price to be Choppy until the Breakout. The Daily Trend was within the Prior Day's Range but the Bulls gave up partially towards the Close which signifies some more Weakness . The MA is suggesting a Choppy session with a Limited Downside Bias and the Oscillators are suggesting Mixed Signals. The Hourly Trend has been in a Range Trading with no Price Targets and the Patterns are suggesting the Downside may be limited, 15680-50 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.
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USDJPY
USDJPY closed @ 8405 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 15 pips from Precise Trader's Sup Zone 1. The Hourly Oscillators are Bullish but Weak and the Price is Above the MA, so CAUTIOUS approach is needed for the Bulls. Hourly Trend is Limited Up while 8305 holds and Daily Trend is Sideways Up while 8230 holds, so expect the Price to have a Minimum Upside and the Bulls have to be Cautious. The Daily Trend was within the Prior few Day's Range but the Bulls gained towards the Close which signifies some more strength. The MA is suggesting an Upside Bias and the Oscillators are suggesting at Limited Upside Bias. The Hourly Trend has been in a Range Trading with no Price Targets and the Patterns are suggesting ,we may see a pullback and the Bulls need to crack 8440 mark for further gains, 8360-05 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.
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Today's Strategies: Get the full report by visiting Precise Trader for a Free Trial.