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Forecast on USD Majors (EURUSD, GBPUSD, USDJPY)
Written by article default Thursday, 23 June 2011 06:27
EURUSD
EURUSD closed @ 14355 which was BELOW 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 PRECISELY at Precise Trader's Sup Tgt 1. The Hourly Oscillators are Bullish but Weak and the Price is Mildly Below the MA, so CAUTIOUS approach is needed for the Bulls. Hourly Trend is Turning Down while 14445 holds and Daily Trend is Limited Down while 14560 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 and pointing horizontal , the Bears gained towards the Close which signifies some weakness at the initial stage. The Patterns are suggesting a range trading until the break. The Hourly time frame, the Price is mildly below the MA's and pointing horizontal , the Oscillators are suggesting a weak upside bias. The Patterns are suggesting a range trading with a potential to break lower. The 15min time frame, suggesting a choppy session with a downside bias, 14410-45 are the Critical levels to watch to maintain the Bearish Outlook. The High/ Low for the Week may be limited to 14445/14165-25 levels. The Opening Price Principles are suggesting that EUR is weak against three crosses and High-Low time suggests that the High for the day may have been seen.
BULLS: 14250 14160 14075 BEARS: 14350 14415 14465
Today's Strategies: SHORT near 14350 14410 with a tight stop with a 35-50 pips price target.
GBPUSD
GBPUSD closed @ 16070 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 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 16210 holds and Daily Trend is Limited Down while 16385 holds, so expect the Price to be Choppy with a potential to Break Lower. The Daily time frame ,the Price is mildly below the MA's and pointing down, the Bears gained aggressively towards the close which signifies more weakness during the initial stage of the day. The Patterns are suggesting lower lows are expected. The Hourly time frame, the Price is below the MA's and pointing down , the Oscillators are suggesting lower lows are expected. The Patterns are suggesting lower lows are expected. The 15min time frame, suggesting choppy session until the break , 16130/16210 are the Critical levels to watch to maintain the Bearish Outlook. The High/ Low for the Week may be limited 16285/15875 levels. 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 @ 8030 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 PRECISELY at Precise Trader's Sup Zone 1. The Hourly Oscillators are Turning Bullish and the Price is Within the MA, so the Bears have to be CAUTIOUS. Hourly Trend is Turning Up while 8000 holds and Daily Trend is Sideways while 8175 holds, so expect the Price to Turn Up Soon, so the Bears may stay Sidelined and the Bulls get ready to pull the Trigger. The Daily time frame ,the Price is mildly below the MA's and pointing down, the Price closed unchanged towards the close but was within a Range which signifies a choppy session until the break . The Patterns are suggesting a Range trading until the break . The Hourly time frame, the Price is within the MA's but pointing horizontal, the Oscillators are suggesting an upside bias. The Patterns are suggesting higher highs are expected. The 15min time frame, suggesting choppy session with a limited downside, 8000/7985 are the Critical levels to watch to maintain the Bullish Outlook. The High/ Low for the Week may be limited to 8175-8225/ 7955 levels. 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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