Market news and trade recommendations by FBS

[riki143]

USD/JPY: the Bears are coming back
8/23/2016

Technical levels: support – 100.00; resistance – 100.40.

Trade recommendations:

1. Sell — 100.00; SL — 100.20; TP1 — 99.00; TP2 — 98.50.

Reason: a bearish Ichimoku Cloud; a new irregular golden cross of Tenkan-sen and Kijun-sen; a strong resistance of Senkou Span A.

More:
https://new.fxbazooka.com/analytics/10166

 

[riki143]

Key option levels for Tuesday, August 23th
8/23/2016

EUR/USD

Main trend Short-term period Medium-term period
Bullish Bearish
Changes in the open interest + 43 258 ? + 17 840 ?
Closest resistance levels 1.1360; 1.1384; 1.1402; 1.1426
Closest support levels 1.1319; 1.1298(82?); 1.1261; 1.1234
Trading recommendations
Baseline scenario Buy EUR/USD above 1.1360, with the target points at 1.1384 and 1.1402
Alternative scenario Moving below 1.1319 can be considered as a signal to sell the pair, with target at 1.1298 and 1.1261


GBP/USD

Main trend Short-term period Medium-term period
Bullish Bearish
Changes in the open interest + 695 ? + 386 ?
Closest resistance levels 1.3175; 1.3199; 1.3236; 1.3260
Closest support levels 1.3126; 1.3101; 1.3072
Trading recommendations
Baseline scenario Long GBP/USD above 1.3175, with the target points at 1.3199 and 1.3236
Alternative scenario Moving below 1.3126 can be considered as a signal to sell the pair, with target at 1.3101 and 1.3072


USD/JPY

Main trend Short-term period Medium-term period
Neutral Neutral
Changes in the open interest + 449 ? + 201 ?
Closest resistance levels 100.92; 101.12; 101.37; 101.66
Closest support levels 99.86; 99.55; 99.34; 99.09
Trading recommendations
Baseline scenario Short USD/JPY below 99.86, with target points at 99.55 and 99.34
Alternative scenario Moving above 100.92 can be considered as a signal to buy the pair, with target at 101.12 and 101.37


USD/CAD

Main trend Short-term period Medium-term period
Neutral Bullish
Changes in the open interest + 198 ? - 448 ?
Closest resistance levels 1.2967(80?); 1.3001; 1.3033; 1.3075
Closest support levels 1.2893; 1.2863; 1.2822; 1.2771
Trading recommendations
Baseline scenario Sell USD/CAD below 1.2893, with target points at 1.2863 and 1.2822
Alternative scenario Moving above 1.2967 can be considered as a signal to buy the pair, with target at 1.3001 and 1.3033

More:
https://new.fxbazooka.com/analytics/10167

 

[riki143]

EUR/USD: "Window" going to act as a support
8/23/2016

There’s a possible “Shooting Star” at the local high. If it confirms, there’ll be an opportunity to have a decline towards yesterday’s “Window”. As we can see on the Daily chart, the last “Harami” pattern hasn’t been confirmed enough, so right after a local correction, bulls are likely going to deliver a new high.

We’ve got an “Engulfing” at the last high. If this pattern confirms, sellers are likely going to test the previously formed “Window”. However, if a pullback from the “Window” happens, bulls will be free to move on.

More:
https://new.fxbazooka.com/analytics/10176

 

[riki143]

USD/JPY: correction inside the trend
8/23/206

There’s a still correction inside the current bearish trend. We’ve got a “Hammer” at the local low, but it hasn’t been confirmed yet. So, there’s an opportunity to have a test of the 13 Moving Average once again. As we can see on the Daily chart, the last “Harami” hasn’t been confirmed yet. Therefore, the market is likely going to falling down until any bearish pattern arrives.

The last “Window” has been closed, but we’ve got a confirmed “Hammer” at the local low. So, bulls are likely going to reach the 55 Moving Average during the day. If a pullback from this line happens, bears will probably try to move on.

More:
https://new.fxbazooka.com/analytics/10177

 

[Forex Signum]

On the EUR/USD interesting situation, possible return to 1.14-1.15

 

[riki143]

EUR/GBP ahead German GDP Q2: Will we see corrective rebounds?
8/24/2016

Today at 06:00 GMT will be released the German GDP Q2, where the markets are expecting an unchanged number from Q1 2016 data. This should bring some medium to high volatility during the early European session, especially on the EUR pairs and in case that we should see a higher-than-expected number, but for now, the chances are still low to that happen in coming release.

Our technical outlook for EUR/GBP at H1 chart is calling for more downside, but before any declines, we should see some corrective moves to the upside, as the pair is near to the lower band of bearish trend line channel. Around that, a rebound can happen towards the 0.8650 on a first degree. However, if bears gain momentum in coming days, the EUR/GBP can test the 61.8% Fibonacci retracement zone at the 0.8488 level.

More:
https://new.fxbazooka.com/analytics/10178

 

[riki143]

EUR/USD: bulls showed weakness
8/24/2016

On the daily EUR/USD chart the bulls for the second time tried to test important convergence area near 1.1345 (161.8% of AB=CD target, 61.8% of the last medium-term bearish wave and the lower border of the long-term bullish channel) failed. This means that the buyers are weak. Traders should expect the euro to weaken.

On H1 EUR/USD formed a combination of "Three Indians" pattern and 1-2-3. If the bears manage to settle below the lower border of the bullish trend channel and pull the prices below 1.129, the risk of decline towards 1.1233-1.1244 and then to 1.117 will significantly increase.

More:
https://new.fxbazooka.com/analytics/10179

 

[riki143]

AUD/USD: testing the lower boundary of the Cloud
8/24/2016

Technical levels: support – 0.7590; resistance – 0.7640, 0.7680.

Trade recommendations:

1. Buy — 0.7590; SL — 0.7570; TP1 — 0.7680; TP2 — 0.7720.

Reason: a weak dead cross of Tenkan-sen and Kijun-sen and narrowing channel of Tenkan and Kijun; bullish Ichimoku Cloud; strong support of Senkou Span B.

More:
https://new.fxbazooka.com/analytics/10181

 

[riki143]

cd
USD/JPY: 100.00 stopped the Bears again
8/24/2016

Technical levels: support – 100.00; resistance – 100.40.

Trade recommendations:

1. Sell — 100.40; SL — 100.60; TP1 — 99.00; TP2 — 98.50.

Reason: a bearish Ichimoku Cloud; the cancelled golden cross of Tenkan-sen and Kijun-sen; a strong resistance of Senkou Span A.

More:
https://new.fxbazooka.com/analytics/10182

 

[riki143]

Key option levels for Wednesday, August 24th
8/24/2016

EUR/USD

Main trend Short-term period Medium-term period
Neutral Bearish
Changes in the open interest + 62 208 ? + 111 514 ?
Closest resistance levels 1.1328; 1.1352(67?); 1.1388; 1.1414
Closest support levels 1.1273; 1.1254; 1.1230; 1.1200
Trading recommendations
Baseline scenario Short EUR/USD below 1.1273, with target points at 1.1254 and 1.1230
Alternative scenario Moving above 1.1328 can be considered as a signal to buy the pair, with target at 1.1352 and 1.1388


GBP/USD

Main trend Short-term period Medium-term period
Bullish Bearish
Changes in the open interest + 1 505 ? + 356 ?
Closest resistance levels 1.3222; 1.3240; 1.3268; 1.3287
Closest support levels 1.3159; 1.3131; 1.3112; 1.3089
Trading recommendations
Baseline scenario Buy GBP/USD above 1.3222, with the target points at 1.3240 and 1.3268
Alternative scenario Moving below 1.3159 can be considered as a signal to sell the pair, with target at 1.3131 and 1.3112


USD/JPY

Main trend Short-term period Medium-term period
Neutral Neutral
Changes in the open interest + 939 ? + 831 ?
Closest resistance levels 100.84; 101.04; 101.30; 101.60
Closest support levels 99.94; 99.56; 99.35; 99.11
Trading recommendations
Baseline scenario Long USD/JPY above 100.84, with the target points at 101.04 and 101.30
Alternative scenario Moving below 99.94 can be considered as a signal to sell the pair, with target at 99.56 and 99.35

More:
https://new.fxbazooka.com/analytics/10185

 

[riki143]

EUR/USD: "V-Top" points to possible bearish movement
8/24/2016

The price hasn’t broken the last high. Also, there’s a “V-Top” pattern under a resistance at 1.1349, so the market is likely going to decline towards a support near the local uptrend. However, bulls will probably try to reach a resistance at 1.1349 – 1.1365 afterwards.

We’ve got a “Double Top”, which has been confirmed, so the price is falling down. Therefore, bears are likely going to get a support at 1.1268 – 1.1253 during the day. If a pullback from this area happens, there’ll be an opportunity to have an upward movement in the direction of a resistance at 1.1324 – 1.1349.

More:
https://new.fxbazooka.com/analytics/10186

 

[riki143]

GBP/USD: "Double Top" highlights possible decline
8/24/2016

The price found a resistance at 1.3214, which stopped bullish rally. So, the market is likely going to decline, so we should keep an eye on the nearest support at 1.3119 – 1.3092. However, if we get a pullback from this area, there’ll be a chance to see a bullish movement towards a resistance at 1.3214 – 1.3247.

There’s a consolidation under a resistance at 1.3214. So, we’ve got a “Double Top” pattern, which has been confirmed enough. In this case, it’s likely to see a decline towards a support at 1.3119 – 1.3092 during the day. At the same time, if a pullback from these levels be on the table, bulls will probably try to deliver a local correction.

More:
https://new.fxbazooka.com/analytics/10187

 

[riki143]

EUR/USD: bears going to form impulse wave
8/24/2016

We’ve got a possible truncated wave v of (c), so there’s an opportunity to have a downward impulse in wave i. The main intraday target is 4/8 Murrey Math Level (P=200). If we see a pullback from this level, bulls will probably try to deliver wave ii.

As we can see on the one-hour chart, there’s a double pullback from 8/8 Murrey Math Level (P=200). Also, we’ve got a bearish impulse in wave [1], so the market is likely going to decline in wave [3] shortly. Under this circumstances, we should keep an eye on 3/8 MM Level as a possible bearish target.

More:
https://new.fxbazooka.com/analytics/10188

 

[riki143]

EUR/USD: market is sucked into correction bog
8/24/2016

There’s a downward correction inside the main bullish trend on the four-hour chart. The last candles are bearish and there isn’t any bullish pattern so far, which makes possible an achievement of the 34 Moving Average. As we can see on the Daily chart, there’s a bearish “Harami”. If it confirms, bears are likely going to push the market lower.

The price hasn’t found a lodgement under the “Window” yet. So if any bullish pattern arrives in the short term, there’ll be an opportunity to see an achievement of the 21 & 34 Moving Averages.

More:
https://new.fxbazooka.com/analytics/10189

 

[riki143]

USD/JPY: "Window" going to act as a resistance
8/24/2016

We’ve got a “Hanging Man” on the 13 Moving Average, which has been confirmed strongly. So, the market is likely going to continue falling down. As we can see on the Daily chart, the last “Harami” pattern at the local low is still unconfirmed. Therefore, bears are probably going to reach the nearest “Window” soon.

There’re a “Harami” and a “Doji”, which both have a confirmation. Also, there’s an opportunity to have a local upward correction because of the last bullish “Harami”. However, if a pullback from the 34 Moving Average happens, bears are likely going to move on.

More:
https://new.fxbazooka.com/analytics/10190

 

[riki143]

USD/JPY & US durable goods orders: Greenback ahead of Jackson Hole
8/25/2016

Today at 12:30 GMT we'll know the US durable goods orders on a monthly basis, where the analysts are looking for an increase from -3.9% to 3.3%. This data could be a market mover for today in US dollar, alongside with the Jackson Hole Symposium that will start today and Janet Yellen is due to speak on Friday. That rise from the durable goods orders is highly expected, following it had a dip on the last month's reading of 3.9%.

In terms of technical analysis, the USD/JPY pair at H1 chart is showing us a triangle pattern in formation between the 100.87 and 99.63 levels, According to the recent price action, the pair may face some selling pressure around the 200 SMA on this timeframe, as for now, it didn't manage to consolidate above it. However, if the pair does a breakout with a big candlestick at that zone to the upside, our next target would be the 101.00 psychological level.

More:
https://new.fxbazooka.com/analytics/10191

 

[riki143]

USD/JPY: calm before the storm
8/25/2016

On the daily chart USD/JPY is consolidating in the 99.8-100.8 area. The break of resistance at 100.83 will allow the correction to continue towards 102.25 and 102.69. If the pair renews August low, this will be a signal of the downtrend resumption and will send the pair to 98.96 and 97.84.

On H1 USD/JPY is finishing a triangle. If the pair rises above the upper border of the pattern and then gets to 100.83, its chances to reach 88.6% target (102) пof the "Bat" pattern will increase. On the other hand, break of support at 99.95 will mean resumption of the downtrend.

More:
https://new.fxbazooka.com/analytics/10192

 

[riki143]

USD/CAD: bulls are fighting back
8/25/2016

On the daily USD/CAD chart there was an unsuccessful attempt of bears to make the prices leave the rising triangle. Recoil from convergence area at 1.273-1.276 (88.6% of the Shark pattern + 61.8% Fibo of the last medium-term bullish wave) let the bulls take the lead. If the pair manages to settle above resistance at 1.2956-1.2977, risks of growth towards 1.3076 and 1.3306 will increase.

On H1 USD/CAD the downtrend changed to the uptrend. Break of resistance at 1.2956 will let the pair keep rising toewards convergence area of 1.303-1.3034 (161.8% target of AB=CD + 61.8% Fibo of the last bearish wave).

More:
https://new.fxbazooka.com/analytics/10193

 

[riki143]

EUR/USD: back into the Cloud
8/25/2016

Technical levels: support – 1.1270, 1.1230, 1.1200; resistance – 1.1330, 1.1360, 1.1450.

Trade recommendations:

1. Buy — 1.1200; SL — 1.1180; TP1 — 1.1330; TP2 – 1.1360.

Reason: a dead cross of Tenkan-sen and Kijun-sen, but the bullish Ichimoku Cloud.

More:
https://new.fxbazooka.com/analytics/10194

 

[riki143]

AUD/USD: rebounding from the Senkou Span B
8/25/2016

Technical levels: support – 0.7590, 0.7620; resistance – 0.7680, 0.7720.

Trade recommendations:

1. Buy — 0.7620; SL — 0.7600; TP1 — 0.7680; TP2 — 0.7720.

Reason: a new golden cross of Tenkan-sen and Kijun-sen; bullish Ichimoku Cloud; strong support of Senkou Span B.

More:
https://new.fxbazooka.com/analytics/10195