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Forecast on USD Majors (EURUSD, GBPUSD, USDJPY)
Written by article default Thursday, 02 June 2011 06:26
EURUSD
EURUSD closed @ 14325 which was BELOW 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 15 pips from Precise Trader's Sup Tgt 1. The Hourly Oscillators are Bearish but Weak and the Price is Within the MA, so CAUTIOUS approach is needed for the Bears. Hourly Trend is Limited Down while 14460 holds and Daily Trend is Sideways Down while 14740 holds, so expect the Price to have a Minimum Downside and the Bears have to be Cautious. The Daily time frame ,the Price is mildly above the MA's , the Bears gained towards the close but was within range. The Patterns are suggesting that the Bulls are approaching the price target. The Hourly time frame, the Price is within the MA's but pointing down and the Oscillators are suggesting a limited downside bias . The Patterns are suggesting a range trading but the downside may be limited . The 15min time frame, suggesting a range trading until the break , 14380/14460 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.
BULLS: 14305 14260 14200 BEARS: 14385 14475 14525
Today's Strategies: Trade @ the Bulls & Bears Levels Only.
GBPUSD
GBPUSD closed @ 16335 which was BELOW the open and breached the previous day's low. The High was 10 pips from Precise Trader's Res Zone 1 and the Low was 10 pips from Precise Trader's Sup Tgt 2. 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 16430 holds and Daily Trend is also Sideways Down while 16650 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 and pointing down , the Bears gained aggressively towards the close. The Patterns are suggesting lower lows are expected but approaching price target . The Hourly time frame, the Price is below the MA's and still pointing down , the Oscillators are suggesting a downside bias. The Patterns are suggesting range trading with a potential to break lower. The 15min time frame, suggesting a choppy session with a limited downside, 16395/16430 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 @ 8095 which was BELOW the open and was within prior day's trading range. The High was 15 pips from Precise Trader's Res Zone 1 and the Low was PRECISELY at Precise Trader's Sup Tgt 2. The Hourly Oscillators are Bearish and the Price is Within the MA, so the Bulls have to be Sidelined. Hourly Trend is Sideways while 8165 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 but pointing down , the Bears gained but gave up mildly 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 but pointing down, the Oscillators are suggesting a downside bias. The Patterns are suggesting a range trading until the break. The 15min time frame, suggesting a choppy session until the break, 8140-65 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 give us good signals.
BULLS & BEARS : Get the full report by visiting Precise Trader for a Free Trial.
Today's Strategies: Get the full report by visiting Precise Trader for a Free Trial.