Market news and trade recommendations by FBS

[riki143]

USD/JPY: "Window" going to act as a resistance
1/11/2017

We’ve got an “Inverted Hammer” and a “Harami”, which both have been confirmed. In this case, the market is likely going to test the upper “Window” in the short term. If a pullback from this level happens, bears will probably try to deliver another decline.

There’s a bullish “Three Methods”, which led to a new high. Previously, a “Three White Soldiers” has been formed. Under this circumstances, the pair is likely going to test the nearest “Window”, which could be a departure point for a new downward price movement.

More:
https://new.fxbazooka.com/analytics/12011

 

[riki143]

EUR/USD: wave i of (iii) is on the way
1/11/2017

The price has been declining since a pullback from 3/8 MM Level happened. Therefore, bears are likely going to deliver wave (iii) in the short term. In this case, we could have a new low soon.

As we can see on the one-hour chart, wave (ii) formed like a double zigzag, so the price is declining in wave i of (iii). The main intraday target is 3/8 MM Level, which could be a departure point for wave ii of (iii).

More:
https://new.fxbazooka.com/analytics/12014

 

[riki143]

EUR/CAD falling inside minor impulse wave 3
1/11/2017

EUR/CAD falling inside minor impulse wave 3
Next sell target - 1.3830
EUR/CAD has been falling sharply in the last few trading sessions inside the minor impulse wave 3, which started earlier from the resistance zone lying between the resistance levels 1.4400 and 1.4300, upper daily Bollinger Band and the 50% Fibonacci correction level of the previous sharp downward impulse from November.

EUR/CAD is expected to fall further in the active impulse waves 3 and (C) toward the next sell target at the support level 1.3830 (which stopped the previous minor impulse wave 1 in December). The pair is likely to correct up after reaching the support level 1.3830.

More:
https://new.fxbazooka.com/analytics/12015

 

[riki143]

EUR/AUD reached sell target 1.4300
1/11/2017

EUR/AUD reached sell target 1.4300
Next sell target - 1.4100
EUR/AUD continues to fall after the recent breakout of the support level 1.4300, which was set as the sell target in our previous forecast for this currency pair. The breakout of this support level accelerated the active minor impulse wave 3, which belongs to the extended intermediate impulse wave (C) from the middle of September.

EUR/AUD is expected fall further in the direction of the next sell target at the powerful support level 1.4100 (which reversed the previous waves (a), 1 and (b), as can be seen from the daily EUR/AUD chart below.). Sell stop-loss can be placed above the aforementioned price level 1.4300.

More:
https://new.fxbazooka.com/analytics/12016

 

[riki143]

EUR/USD after Donald Trump's press conference: temporary weakness on the USD?
1/12/2017

Donald Trump’s press conference helped to smash the US Dollar across the board, as the US president-elect didn’t say anything about key topics that investors were looking for. Trump kept its pro-Putin’s rhetoric and his promice to build a wall across the Mexico-USA border. Such comments favored to weaken the Mexican peso against the greenback and in the case of major pairs, all competitors won ground against the USD, as it was heavily sold during and after the press briefing from the Trump Tower in NY.

Our technical analysis at EUR/USD for H1 chart still keeps a bullish-recovery tone in the short-term, as the pair managed to rebound above the 200 SMA and if it does a breakout above the 1.0603 level, then it can test the 1.0655 zone. However, that resistance area could help to cap further gains in the pair and eventually, we can witness a strong pullback to test levels below the moving average mentioned above.

More:
https://new.fxbazooka.com/analytics/12017

 

[riki143]

USD/CHF: bears are hogging the cover
1/12/2017

On the daily USD/CHF chart, bears made another attack aiming to lead the pair outside of the rising channel. If they succeed, the test of support at 1.0025 will trigger the "Shark" pattern. Its 88.6% target is situated near 0.9625.

On H1, USD/CHF keeps forming the widening wedge pattern. Pay attention to the fact that 161.8% target of AB=CD shows that point 5 will be formed near the parity. The following retracement to 23.6%, 38.2% and 50% of the wave 4-5 is usually used for opening short positions.

More:
https://new.fxbazooka.com/analytics/12018

 

[riki143]

GBP/USD recovered from the bottom
1/12/2017

On the daily GBP/USD chart, the pair rebounded from the lower border of the downtrend channel. The pair's currently fighting for the important level of 1.2207 (23.6% of the last bearish wave). The bulls' victory will increase the risks of growth towards 1.2317 and 1.2405.

On H1, GBP/USD emerged from the short-term downtrend channel. Rising wedge pattern with the following return to 23.6% and 38.2% and rebound increases the possibility of continuation to the upside towards 1.24 (88.6% target of the "Shark" pattern).

Recommendation: BUY 1.2216 SL 1.2161 TP 1.2400.

More:
https://new.fxbazooka.com/analytics/12019

 

[riki143]

EUR/USD: bulls going to test resistance
1/12/2017

We’ve got a “Thorn” pattern, which stopped the last bearish price movement. So, the pair is trying to break a resistance at 1.0594 – 1.0655. It’s likely that bulls are going to reach the next resistance at 1.0669 – 1.0689. If a pullback from this area happens, there’ll be an opportunity to have a correction towards the 89 Moving Average.

Bulls faced a resistance at 1.0620, so the price is consolidating. Meanwhile, the market is likely going to test the next resistance at 1.0669 – 1.0689 during the day. Considering a possible pullback from these levels, there’s a chance to have a decline towards a support at 1.0575 – 1.0552 later on.

More:
https://new.fxbazooka.com/analytics/12020

 

[riki143]

GBP/USD: "V-Bottom" stopped bears
1/12/2107

The main trend is still bearish, but the price is likely going to test the nearest resistance between the levels 1.2270 – 1.2309. If we see a pullback from this area, bears will probably try to test the closest support at 1.2198 – 1.2170.

The price faced a resistance at 1.2269, so we’ve got a “V-Top” pattern, which led to a consolidation between a resistance at 1.2219 and a support at 1.2170. Nevertheless, bulls are likely going to test the nest resistance at 1.2309, which is strengthened by the local downtrend. If a pullback from this level happens, there’ll be an opportunity to have a decline in the direction of a support at 1.2198 – 1.2170.

More:
https://new.fxbazooka.com/analytics/12021

 

[riki143]

Key option levels for Thursday, January 12th
1/12/2017

EUR/USD

Main trend Short-term period Medium-term period
Bearish Neutral
Changes in the open interest + 59 778 ? + 78 859 ?
Closest resistance levels 1.0657; 1.0681; 1.0714; 1.0756
Closest support levels 1.0591; 1.0555; 1.0529; 1.0494
Trading recommendations
Baseline scenario Short EUR/USD below 1.0591, with target points at 1.0555 and 1.0529
Alternative scenario Moving above 1.0657 can be considered as a signal to Buy the pair, with target at 1.0681 and 1.0714

GBP/USD

Main trend Short-term period Medium-term period
Bullish Neutral
Changes in the open interest + 549 ? + 194 ?
Closest resistance levels 1.2247; 1.2277; 1.2303; 1.2338
Closest support levels 1.2176; 1.2149; 1.2112; 1.2089
Trading recommendations
Baseline scenario Long GBP/USD above 1.2247, with target points at 1.2277 and 1.2303
Alternative scenario Moving below 1.2176 can be considered as a signal to Sell the pair, with target at 1.2149 and 1.2112

USD/CAD

Main trend Short-term period Medium-term period
Neutral Bullish
Changes in the open interest + 344 ? + 738 ?
Closest resistance levels 1.3163; 1.3212; 1.3240; 1.3280
Closest support levels 1.3106; 1.3079; 1.3041; 1.2995
Trading recommendations
Baseline scenario (High risk of reversal) Short USD/CAD below 1.3106, with the target points at 1.3079 and 1.3041
Alternative scenario Moving above 1.3163 can be considered as a signal to Buy the pair, with target at 1.3212 and 1.3240

More:
https://new.fxbazooka.com/analytics/12022

 

[riki143]

GBP/USD: under the Cloud
1/12/2017

Technical levels: support – 1.2215; resistance – 1.2330.

Trade recommendations:

1. Sell — 1.2330; SL — 1.2350; TP1 — 1.2215; TP2 — 1.2160.

Reason: bearish Ichimoku Cloud; a dead cross of Tenkan-sen and Kijun-sen, but Tenkan-sen is rising; the prices are under the strong resistance of Senkou Span A.

More:
https://new.fxbazooka.com/analytics/12023

 

[riki143]

AUD/USD: market is overbought
1/12/2017

Technical levels: support – 0.7450, 0.7410; resistance – 0.7525/45.

Trade recommendations:

1. Sell — 0.7530; SL — 0.7550; TP1 — 0.7450; TP2 — 0.7410.

Reason: bearish Ichimoku Cloud the rising Senkou Span A and B; a golden cross of Tenkan-sen and Kijun-sen and rising lines; but the market is overbought and the prices are under the strong resistance.

More:
https://new.fxbazooka.com/analytics/12024

 

[riki143]

EUR/USD: pullback from the "Window"
1/12/2017

The price reached the upper “Window”, so we’ve got a “Harami” here. If this pattern confirms, bears are likely going to test the 13 Moving Average, which could be a departure point for another bullish rally.

We’ve got a “Hanging Man” at the local high, which is likely going to be confirmed in the coming hours. Therefore, there’s an opportunity to have a bearish correction. In this case, we should keep an eye on the 55 Moving Average as a possible intraday target.

More:
https://new.fxbazooka.com/analytics/12025

 

[riki143]

USD/JPY: bears going to move on
1/12/2017

There’s a “Shooting Star” on the 21 Moving Average, which has been confirmed enough. Considering that we don’t have any reversal pattern here, the market is likely going to continue falling down towards the nearest support level.

The last “Three Methods” led to the current decline. However, there’s a bullish “Inverted Hammer”, so the price is likely going to test the nearest resistance. If a pullback from this level happens, there’ll be an open door for a new low.

More:
https://new.fxbazooka.com/analytics/12026

 

[riki143]

EUR/USD: zigzag in wave 2
1/12/2017

There’re four pullbacks in a row from 1/8 MM Level, so the price is rising. In this case, wave 2 is likely going to be continued. The main intraday target is 4/8 MM Level, which could act as a resistance.

As we can see on the one-hour chart, wave 2 is taking form of a zigzag. Therefore, a bullish impulse in wave [c] is likely going to move on. So, we should keep an eye on 8/8 MM Level as a possible intraday target.

More:
https://new.fxbazooka.com/analytics/12028

 

[riki143]

NZD/USD broke resistance zone
1/12/2017

NZD/USD broke resistance zone
Next buy target - 0.7230
NZD/USD continues to rise after the recent breakout of the resistance zone lying between the resistance level 0.7100 (previous buy target set in our previous forecast for this currency pair), 61.8% Fibonacci correction level of the earlier sharp minor impulse wave 3 from the middle of December, 50-day moving average and the resistance trendline of the daily Falling Wedge from October.

NZD/USD is expected rise further in the active minor corrective wave 4 in the direction of the next buy target at the resistance level 0.7230 (which stopped the previous minor correction 2 in December, as can be seen below).

More:
https://new.fxbazooka.com/analytics/12030

 

[riki143]

AUD/USD reached buy target 0.7400
1/12/2017

AUD/USD reached buy target 0.7400
Next buy target - 0.7520
AUD/USD continues to rise strongly after the recent breakout of the resistance level 0.7400, which was set as the buy target in our previous forecast for this currency pair. The breakout of this resistance level accelerated the active intermediate impulse wave (3), which started with the weekly Japanese candlesticks reversal pattern Morning Star from the powerful support level 0.7150.

AUD/USD is expected rise further in the direction of the next buy target at the resistance level 0.7520 (which reversed the price in December) – the breakout of which can lead to further gains toward the next buy target 0.76140.

More:
https://new.fxbazooka.com/analytics/12031

 

[riki143]

USD/JPY: bears are running out of power
1/13/2017

On the daily USD/JPY chart, 88.6% target of the "Bat" pattern and 23.6% Fibo of the last long-term bullish wave managed to stop the bears for a while. To develop correction they need to pull the prices below convergence area of 113.60-114.00. On the other hand, successful test of yesterday's pin bar high (115.55) will increase the risks of uptrend resumption.

On H1, USD/JPY keeps forming Wolfe waves. The pair's return to the bar's high, marked by point 3, will be a signal for opening long positions. Use 78.6% and 88.6% correction levels of the wave 2-5 as targets.

Recommendation: BUY 115,55 SL 115 TP1 117,77 TP2 118,05.

More:
https://new.fxbazooka.com/analytics/12032

 

[riki143]

EUR/USD: bulls have stopped
1/13/2017

On the daily EUR/USD chart, the bulls managed to leave the medium-term descending channel but met resistance located at 1.0638 (23.6% Fibo of the last bearish wave). Despite the recent success of the euro, sellers are keeping the pair under control, so traders should focus on short positions.

On H1, EUR/USD continues to form the widening wedge pattern. Aggressive entry would mean a short on the break of the bar's low, marked by point 2. Conservative entry requires the pair's decline to the point 3.

Recommendation: SELL 1,0603 SL 1,0658 TP1 1,045 TP2 1,037.

More:
https://new.fxbazooka.com/analytics/12033

 

[riki143]

EUR/USD: "Triple Top" stopped bullish rally
1/13/2017

The price faced a resistance at 1.0689, which led to form a “V-Top” pattern, so the market is likely going to get a support between the 89 Moving Average and the level 1.0551. If a pullback from this area happens, there’ll be an opportunity to have another bullish movement towards a resistance between the levels 1.0689 – 1.0745.

We’ve got a “Triple Top”, which has been confirmed, so the price is consolidating above the 34 Moving Average. Therefore, the pair is likely going to test a support at 1.0575 – 1.0551 in the short term. If we see a pullback from these levels, bulls will probably try to reach the nearest resistance at 1.0697 – 1.0709.

More:
https://new.fxbazooka.com/analytics/12034