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Forecast on USD Minors (USDCHF, AUDUSD, USDCAD)
Written by article default Thursday, 05 May 2011 06:07
USDCHF
USDCHF closed @ 8615 which was UNCHANGED from 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 10 pips from Precise Trader's Sup Tgt 1. The Hourly Oscillators are MIXED and the Price is Within the MA, so CAUTIOUS approach is needed. Hourly Trend is Limited Down while 8665 holds and Daily Trend is also Limited Down while 9000 holds, so expect the Price to have a Minimum Downside and the Bears have to be Cautious. The Daily time frame ,the Price is well below the MA's , the Price closed unchanged. The Patterns are suggesting that the Bears may weaken soon . The Hourly time frame, the Price is within the MA's and the Oscillators are suggesting a mixed signals. The Patterns are suggesting a Range trading until the break but Wave 5 is about to complete. The 15min time frame, suggesting a choppy session until the break and the downside may be limited, 8640-65 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 and High-Low time does not gives a clear clue yet.
BULLS: 8580 8550 8500 BEARS: 8630 8675 8730
Today's Strategies: LONG @ the Break 8630 with a tight stop with a 35-50 pips price target.
AUDUSD
AUDUSD closed @ 10750 which was BELOW the open and breached the previous day's low. The High was PRECISELY at Precise Trader's Res Zone 1 and the Low was 10 pips from Precise Trader's Sup Zone 5 (U Turn Zone). The Hourly Oscillators are Bearish and the Price is Below the MA, so the Bulls have to be Sidelined. Hourly Trend is Limited Down while 10815 holds and Daily Trend is Limited Up while 10545 holds, so expect the Price to have a Minimum Downside and the Bears have to be Cautious. The Daily time frame ,the Price is approaching the MA's , the Bears gained aggressively towards the Close. The Patterns are suggesting that the Bears may weaken soon. The Hourly time frame, the Price is below the MA's and the Oscillators are suggesting a downside bias. The Patterns are suggesting lower lows are expected but may be limited and Wave 3 is in progress. The 15min time frame, suggesting a limited downside,10800-15 are the Critical levels to watch to maintain the Bearish Outlook. The Opening Price Principles suggests that AUD is weak against all the crosses but approaching price target so cautious approach is needed and High-Low time does not support the Bottom yet.
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USDCAD
USDCAD closed @ 9595 which was ABOVE the open and breached the previous day's high. The High was 20 pips from Precise Trader's Res Tgt 2 and the Low was 5 pips from Precise Trader's Sup Zone 1. The Hourly Oscillators are Bullish but Weak and the Price is Mildly Above the MA, so CAUTIOUS approach is needed for the Bulls. Hourly Trend is Sideways while 9500 holds and Daily Trend is Limited Down while 9725 holds, so expect the Price to be Choppy until the Breakout. The Daily time frame ,the Price is within the MA's , the Bulls gained towards the close. The Patterns are suggesting the low may have e been seen but no confirmation yet. The Hourly time frame, the Price is mildly above the MA's and the Oscillators are suggesting a weak upside bias. The Patterns are suggesting a range trading until the break . The 15min time frame, suggesting a choppy session until the break , 9550-00 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 and High-Low time does not give us a clear clue.
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