EUR/NZD REVERSED FROM SUPPORT ZONE
20:22 07.08.2017
EUR/NZD reversed from support zone
Next buy target - 1.6200
EUR/NZD continues to rise inside the minor impulse wave (iii) which earlier reversed up from the key support zone lying between the support level 1.5890 (which stopped the previous impulse wave (i) in the middle of June, as can be seen below) and the 38.2% Fibonacci correction of the previous sharp upward impulse from the end of July. EUR/NZD is expected to rise further to the next buy target at the next resistance level 1.6200 (top of the earlier wave A and the target price for the completion of the active impulse (iii)).
USD/JPY: BULLS PREVENTED BY CLOUD
11:34 08.08.2017
Technical levels: support – 110.00, 110.40; resistance – 110.70.
Trade recommendations:
Sell — 110.40; SL — 110.60; TP1 — 110.00; TP2 — 109.60.
Buy — 110.80; SL — 110.60; TP1 — 111.40; TP2 — 111.80.
Reason: bearish Ichimoku Cloud with horizontal Senkou Span A and B; a corretional dead cross of Tenkan-sen and Kijun-sen, rising Tenkan-sen; the Cloud’s resistance is under the bull’s attack.
The 34 Moving Average has acted as support, so the price is consolidating. Nevertheless, bears are likely going to test the next support at 1.1757, so we could have a new low soon. If a pullback from this level happens, there'll be an opportunity to have an upward price movement towards the nearest resistance at 1.1801 - 1.1845.
There's a "V-Top" pattern, so the market is likely going to reach the closest support at 1.1757 - 1.1727. However, if we see a pullback from this area, bulls will probably try to achieve resistance between the levels 1.1801 - 1.1818.
On the daily chart, AUD/USD keeps correction to the uptrend. For its further development bears need to pull the prices below 0.7900 and renew correction low at 0.7875. In this case, the “Shark” pattern will be triggered. Its 88.6% target corresponds to the lower border of the medium-term uptrend.
On H1, AUD/USD keeps consolidating in the 0.7880-0.7965 area in line with “Shakeout-Fakeout” and “Spike and ledge” patterns. The break of support at 0.7880 will be a signal for the development of correction towards 0.7760.
On the daily chart, NZD/USD reached targets on the inverted “Shark” pattern. After reaching 113% target of the wave XC the pair started correcting towards 23.6%, 38.2% and 50%. There’s a transformation of the 5-0 pattern with the following resumption of an uptrend. Use recoils from supports at 0.7280 and 0.7190 for opening long positions.
On H1, NZD/USD left the triangle and tested the 0.7460-0.7525 consolidation range in line with “Spike and ledge” pattern. This gave the pair a reason for correction to 0.7277 and 0.7241.
The price is consolidating under the broken downtrend. The 89 Moving Average is acting as support, but bears are likely going to test the next support at 1.2997 - 1.2982. If a pullback from these levels arrives little later on, we should keep an eye on the nearest resistance at 1.3083 as an intraday target.
It's likely that there's a bearish "Flag" pattern. If so, the pair is going to reach the closest support at 1.2997 - 1.2982 during the day. At the same time, this area could be a departure point for an upward correction.
EUR/USD: EURO MAY ENTER INTO CLOUD
11:33 08.08.2017
Technical levels: support – 1.1780; resistance – 1.1820.
Trade recommendations:
Buy — 1.1830; SL — 1.1810; TP1 — 1.1900; TP2 – 1.1930.
Sell — 1.1800; SL — 1.1820; TP1 — 1.1710; TP2 – 1.1650.
Reason: bullish Ichimoku Cloud with horizontal Senkou Span A and B; a dead cross of Tenkan-sen and Kijun-sen with horizontal Tenkan-sen and Kijun-sen; the market supported by the Cloud, but the correction may continue to Senkou Span B
USD/JPY: BULLS PREVENTED BY CLOUD
11:34 08.08.2017
Technical levels: support – 110.00, 110.40; resistance – 110.70.
Trade recommendations:
Sell — 110.40; SL — 110.60; TP1 — 110.00; TP2 — 109.60.
Buy — 110.80; SL — 110.60; TP1 — 111.40; TP2 — 111.80.
Reason: bearish Ichimoku Cloud with horizontal Senkou Span A and B; a corretional dead cross of Tenkan-sen and Kijun-sen, rising Tenkan-sen; the Cloud’s resistance is under the bull’s attack.
The 34 Moving Average has acted as support, so we've got a "Harami" pattern on this line. So, bulls are likely going to test the nearest resistance level, which could be a departure point for another decline towards the 55 MA.
The price is consolidating between the 34 & 55 MA. Also, there isn't any reversal pattern so far. In this case, the market is likely going to reach the closest resistance. If a pullback from this level happens, we could have a downward price movement in the direction of the last low.
The lower "Window" has acted as support, so we've got a local "Hammer". However, the price faced with the Moving Averages once again, which means bears are likely going to test the nearest "Window" one more time.
There isn't any reversal pattern so far, so all the last candles are bearish. Moreover, there's a "High Wave" pattern, which has been formed on the 55 Moving Average. So, we could have a new low pretty soon.
NZD/JPY REVERSED FROM RESISTANCE AREA
21:15 08.08.2017
NZD/JPY reversed from resistance area
Next sell target - 80.00
NZD/JPY recently reversed down from the resistance area lying between the resistance level 83.600 (which was set as the buy target in our earlier forecast for this currency pair and which reversed the earlier sharp upward impulse waves (3) and (5), as can be seen below) and the upper weekly Bollinger Band. NZD/JPY is expected to fall further to next sell target at the next round support level 80.00 (intersecting with the 50% Fibonacci correction of the weekly upward impulse from April).
NZD/USD BROKE SUPPORT LEVEL 0.7340
21:17 08.08.2017
NZD/USD broke support level 0.7340
Next sell target - 0.7200
NZD/USD today broke below the support level 0.7340 (former resistance level from June which was set as the sell target in our earlier forecast for this currency pair). The breakout of the support level 0.7340 should accelerate the active minor corrective wave 2 (which started earlier from the powerful resistance level 0.7550). NZD/USD is expected fall further toward the next sell target at the next support level 0.7200 (low of the previous corrective waves 4 and (2)).
EUR/NZD TOWARDS THE 1.6115 AREA IN THE SHORT-TERM
06:33 09.08.2017
EUR/NZD has been consolidating above the 200 SMA, gaining momentum across the board and looks forward to duplicating a cycle started from the last week of June, until the second week of July. According to our Fibonacci projections, the pair needs to rally towards the resistance level of 1.6114, at which is located the 100% Fibonacci expansion level.
On that area, EUR/NZD can start to consolidate gains and later it can retrace to test the support level of 1.5874. RSI indicator continues to favor the bullish side in the pair.
GBP/USD: POUND ENTERED INTO NEGATIVE AREA
09:11 09.08.2017
Technical levels: support – 1.2910; resistance – 1.3030.
Trade recommendations:
Sell — 1.3030; SL — 1.3050; TP1 — 1.2950; TP2 — 1.29100.
Reason: narrow bullish Ichimoku Cloud with falling Senkou Span A; a dead cross of Tenkan-sen and Kijun-sen; the bears are breaking down SSB’s support and going to 3W-lows.
AUD/USD: AUSSIE IS IN CORRECTION TO SSB
09:12 09.08.2017
Technical levels: support – 0.7820/30; resistance – 0.7910.
Trade recommendations:
Sell — 0.7910; SL — 0.7930; TP1 — 0.7830.
Reason: narrowing bullish Ichimoku Cloud, falling Senkou Span A; a dead cross of Tenkan-sen and Kijun-sen; the prices are in the Cloud and going to the support of Senkou Span B.
The last "Pennant" pattern has been broken, so the price faced support at 1.1712. However, the market is likely going to continue falling down towards the 55 Moving Average. If a pullback from this line happens, there'll be an opportunity to have an upward price movement in the direction of the nearest resistance at 1.1757 - 1.1801.
Bears found support at 1.1712, so the price is consolidating. It's likely that the pair is going to test the nearest resistance at 1.1757 - 1.1776 during the day. Meanwhile, if we have a pullback from this area, sellers will probably try to achieve the next support at 1.1683.
We've got a "Thorn" pattern, so the price reached the 89 Moving Average. There's time for correction, so we should keep an eye on the 34 MA as a bullish target. If a pullback from this line happens, we could have just another decline towards the next support at 1.2932.
There's a "Double Bottom", so the price is rising. The main intraday target is the nearest resistance at 1.3069 and the 55 MA. If we have a pullback from these levels, bears are likely going to deliver a new local low.
On the daily chart, EUR/USD finished the wave 4-5 within the “Widening wedge”. Use pullbacks towards 23.6%, 38.2% and 50% for opening long positions. We don’t exclude the possibility that the prices will rebound from the lower border of the uptrend channel.
On H1, the break of diagonal support in the form of the lower border of the uptrend is a signal for a correction towards 113% and 88.6% targets of the junior and senior “Shark” patterns.
USD/CAD: BEARS ARE GATHERING STRENGTH
11:08 09.08.2017
On the daily chart, USD/CAD left the downtrend channel. As a result, the pair is correcting towards 23.6%, 38.2% and 50% within the transformation of the “Shark” pattern into 5-0. It will be sensible to use recoil from important resistance levels for opening short positions.
On H1, USD/CAD formed “Dragon” pattern. The pair’s currently consolidating within the “Spike and ledge” pattern in the 1.2660-1.2705 range. The break of its upper border will allow the pair to continue correction. A successful test of the lower border will strengthen the risks of the bearish trend resumption.
EUR/USD: CONSOLIDATION IN A TINY RANGE
14:44 09.08.2017
There's a bearish correction, which is taking place on the four-hours chart. The last bullish "High Wave" pattern hasn't been confirmed yet, so the market is likely going to test the 55 Moving Average in the short term.
The price is still consolidating in a tiny range of bullish and bearish patterns. If the 34 Moving Average acts as resistance, we're likely going to have a new local low shortly.
