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Forecast on USD Majors (EURUSD, GBPUSD, USDJPY)
Written by article default Monday, 23 May 2011 06:18
EURUSD
EURUSD closed @ 14155 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 PRECISELY at Precise Trader's Sup Tgt 3. 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 14275 holds and Daily Trend is Sideways while 14660 holds, so expect the Price to be Choppy with a potential to Break Lower. The Daily time frame ,the Price is within the MA's , the Bears gained aggressively towards the close. The Patterns are suggesting that the Bears are expected to test the lows .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 . The 15min time frame, suggesting lower lows are expected but be weary of some retracement , 14210-75 are the Critical levels to watch to maintain the Bearish Outlook. The Opening Price Principles are suggesting that EUR is Weak against four crosses so the Bulls may have to be Sidelined and High-Low time does not gives us good signals.
BULLS: 14045 14000 13910 BEARS: 14165 14225 14275
Today's Strategies: SHORT near 14165 14225 with a tight stop with a 35-50 pips price target.
GBPUSD
GBPUSD closed @ 16230 which was UNCHANGED from 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 1. The Hourly Oscillators are Bearish and the Price is Within the MA, so the Bulls have to be Sidelined. Hourly Trend is Turning Down while 16305 holds and Daily Trend is Sideways while 16505 holds, so expect the Price to Turn Down Soon, so the Bulls may stay Sidelined and the Bears get ready to pull the Trigger. The Daily time frame ,the Price is within the MA's , the Price Closed unchanged towards the close. The Patterns are suggesting a Range trading until the break . The Hourly time frame, the Price is within the MA's and the Oscillators are suggesting a downside bias. The Patterns are suggesting a choppy session until the break. The 15min time frame, suggesting a choppy session until the break but the upside may be limited, 16265/16305 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 us good signals.
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USDJPY
USDJPY closed @ 8170 which was ABOVE the open and was within prior day's trading range. The High was PRECISELY at Precise Trader's Res Zone 1 and the Low was 10 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 8135 holds and Daily Trend is Sideways Down while 8415 holds, so expect the Price to be Choppy until the Breakout. The Daily time frame ,the Price is within the MA's , the Bulls gave up mildly towards the Close. The Patterns are suggesting a Range trading until the break . 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 and Corrective Wave in progress . The 15min time frame, suggesting a choppy session until the break, 8135-25 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 good signals.
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Today's Strategies: Get the full report by visiting Precise Trader for a Free Trial.