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Forecast on USD Majors (EURUSD, GBPUSD, USDJPY)
Written by article default Thursday, 26 May 2011 06:11
EURUSD
EURUSD closed @ 14090 which was BELOW 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 PRECISELY at Precise Trader's Sup Tgt 1. The Hourly Oscillators are Bullish and the Price is Within the MA, so the Bears have to be Sidelined. Hourly Trend is Turning Down while 14260 holds and Daily Trend is Sideways while 14660 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 mildly below the MA's , the Bears gave up partially towards the close but was within range. The Patterns are suggesting that this move up is a corrective move. The Hourly time frame, the Price is within the MA's and the Oscillators are suggesting an upside bias . The Patterns are suggesting higher highs are expected but may be limited . The 15min time frame, suggesting higher highs are expected but the Bulls may struggle near 14235-65/14305 levels , 14125/14055 are the Critical levels to watch to maintain the Bullish Outlook. The Opening Price Principles are suggesting that EUR is strong against four crosses and High-Low time also suggests the same, so the Bears may have to be Sidelined until 14125/14055 is regained.
BULLS: 14115 14065 14000 BEARS: 14185 14235 14305
Today's Strategies: LONG near 14115 14065 with a tight stop with a 35-50 pips price target.
GBPUSD
GBPUSD closed @ 16275 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 5 pips from Precise Trader's Sup Tgt 1. The Hourly Oscillators are Bullish and the Price is Above the MA, so the Bears have to be Sidelined. Hourly Trend is Limited Up while 16215 holds and Daily Trend is Sideways while 16565 holds, so expect the Price to have a Minimum Upside and the Bulls have to be Cautious. The Daily time frame ,the Price is within the MA's , the Bulls gained towards the close. The Patterns are suggesting a range trading until the break . The Hourly time frame, the Price is well above the MA's and the Oscillators are suggesting an upside bias. The Patterns are suggesting higher highs are expected but may be limited. The 15min time frame, suggesting higher highs are expected but the upside may be limited, 16240-15 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 gives us good signals.
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USDJPY
USDJPY closed @ 8195 which was UNCHANGED from 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 5 pips from Precise Trader's Sup Zone 1. The Hourly Oscillators are MIXED and the Price is Within the MA, so CAUTIOUS approach is needed. Hourly Trend is Sideways while 8130 holds and Daily Trend is also Sideways 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 Price closed unchanged towards the Close but within range. 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 mixed signals. The Patterns are suggesting a range trading until the break . The 15min time frame, suggesting a choppy session until the break, 8150-30 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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