Market news and trade recommendations by FBS

[riki143]

Forex Analytics

Forex trading plan for April 5
4 April 2016
By Elizabeth Belugina

The US dollar’s decline was tempered by good economic data released on Friday, but the dovish words by Janet Yellen still affect American currency. On Tuesday pay some attention to US trade balance at 12:30 GMT and ISM non-manufacturing PMI at 14:00 GMT.

EUR/USD keeps consolidating around 1.1380 after its thrust to the upside at the end of March. There was news about tensions between Greece and the IMF, though the impact on the euro wasn’t high. The euro area’s Sentix investor confidence index increased marginally to 5.7 from the previous 5.5, but below market's expectations of 6.9. Producer prices declined more than forecast. On Tuesday Germany will release factory orders data at 06:00 GMT (good forecast). All in all, there are buyers for the euro. Increase above 1.1440 should open the way to 1.1500. Support is at 1.1355 and 1.1300.

The Reserve Bank of Australia will announce its decision at 04:30 on Tuesday. The most interesting thing will be the RBA’s comments on the levels of Australian dollar. AUD/USD rose by almost 8% since the last meeting of the central bank. Although, the recent data from China and Australia were rather good, there’s a good chance that the regulator will try to make Aussie go down a bit, especially taking into account the fact that the Federal Reserve is now less hawkish. Support is at 0.7590 and 0.7550. Resistance is at 0.7680 (March 18 high).

USD/JPY is still vulnerable for more declines to 111.00/110.60. Japanese Prime Minister is expected to outline the specifics of budget at a cabinet meeting tomorrow and there may be talk of fiscal stimulus, which can benefit the yen. According to the Bank of Japan’s survey, Japanese companies' long-term inflation expectations weakened in March from three months ago. Still, for now traders are not focused on the Bank of Japan, and this weighs on the pair.

GBP/USD jumped to 1.4325, where it faces resistance. Britain will release services PMI at 08:30 GMT (the forecast is good). However, be careful of further longs, as pound risks being hit by political news. Support is at 1.4275, 1.4240 and 1.4200. Resistance is at 1.4350 and 1.4400.

More:
https://fxbazooka.com/en/analitycs/show/8492

 

[riki143]

Forex Analytics

EUR/USD: bearish correction through the "Thorns"
5 April 2016
Sergey Logachev

The main trend on the four-hour chart is a bullish one. At the same time, we’ve got a flat in progress under the nearest resistance at 1.1409. It’s likely to see a bearish movement towards a support at 1.1341 during the day. If a pullback arrives afterwards, then the market will have a chance to reach a resistance area at 1.1436 – 1.1460.

We’ve got a flat in progress between the 34 Moving Average and the the local resistance at 1.1409. The price is likely going to achieve a support area near the 89 Moving Average and the current trend line. Therefore, if sellers be stopped here, then buyers will probably try to reach a resistance area at 1.1436 – 1.1460.

More:
https://fxbazooka.com/en/analitycs/show/8496

 

[riki143]

Forex Analytics

GBP/USD: the trend line is waiting for bears
5 April 2016
Sergey Logachev

The pair was rising the last two days since a “Double Bottom” arrives at the local low. Finally, the market faced a resistance at 1.4325, which led to the current decline. It’s likely to see a support at the local up trend line. If so, the price will probably try to reach a resistance area at 1.4305 – 1.4342.

The price has formed a “V-Top” pattern and reached a support at 1.4241 afterwards. So, the market is likely going to test the next support area at 1.4190 – 1.4170. Considering a possible pullback from this area, bulls will have an opportunity to achieve a resistance at 1.4259 – 1.4283.

More:
https://fxbazooka.com/en/analitycs/show/8497

 

[riki143]

Forex Analytics

USD/JPY: sell target - 109.00
5 April 2016
By: Dmitriy Chernovolov

-USD/JPY broke pivotal support level 111.00
-Next sell target - 109.00

USD/JPY recently broke the pivotal support level 111.00 (which has been reversing the price from the middle of February, as can be seen below). The breakout of this support level is likely to accelerate the active minor impulse wave 5 – which started earlier - when the pair reversed down from the lower trendline of the daily down channel from last June (acting as resistance now, after it was broken by the previous minor impulse wave 3 in February).

USD/JPY is likely to fall in the active minor impulse wave 5 toward the next sell target at the support level 109.00. Strong resistance now stands at 111.00.

More:
https://fxbazooka.com/en/analitycs/show/8502

 

[riki143]

Forex Analytics

USD/JPY: "Three Methods" put new heart into bears
5 April 2016
Galina Svetlova

The market has been declining since an “Evening Star” was formed at the last high. Moreover, there’s a “Three Methods” pattern, which led to the more bearish pressure. So, it’s likely that the price is going to falling down until any bullish pattern arrives. As we can see on the Daily chart, all last candles are bearish and we don’t have any reversal pattern so far. Therefore, today’s candle is probably going to be a black one.

We’ve got a “High Wave” and an “Inverted Hammer” at the local low, but they haven’t been confirmed yet. It’s likely to see a bullish correction during the day. If the price faces a resistance on the 21 Moving Average, then it’ll be an opportunity to see a new low shortly.

More:
https://fxbazooka.com/en/analitycs/show/8507

 

[riki143]

Forex Analytics

Forex trading plan for April 6

By Kira Iukhtenko

US Dollar extended recovery on Tuesday following the relatively upbeat US labor market figures on Friday. On Wednesday, the market will focus on on the FOMC meeting minutes release фе 18:00 GMT on Wednesday. As for the EUR/USD currency pair, we could see more weakness here tomorrow. Selling below 1.1350 is good trading idea. However, in the medium term we still remain bullish for the European currency.

GBP/USD remains under bearish pressure, but the market is strongly oversold now. We expect a temporarily pullback to 1.4200 before a new wave of weakness will follow. The pair targets the 1.4070/50 support area this week. As for the economic calendar, watch the UK housing price indx tomorrow.

USD/JPY was a big mover on Tuesday, smashed by a wave of risk aversion. A new selling impulse followed in the American session. Break below 110.00 yen (channel support) will triger a stronger selling impulse for the pair.

More:
https://fxbazooka.com/en/analitycs/show/8508

 

[riki143]

Forex Analytics

EUR/USD: bulls have a rest in a range of "Triangle"
6 April 2016
Sergey Logachev

The main trend on the four-hour chart is a still bullish. The price has broken “Triangle” pattern’s upper side and reached a resistance at 1.1460 afterwards. So, we’ve got a local consolidation above the current trend line. The market is likely going to get a support at 1.1341 – 1.1334. If so, bulls will have a chance to resume their rally towards a resistance at 1.1437.

There’s a flat in progress between the levels 1.1409 and 1.1334. Moreover, the current price movement is likely going to form a “Triangle” pattern. So, its lower side can act as a support. If we see a pullback from it, then a rise will be on the table once again, so we should keep an eye on a resistance area at 1.1409 – 1.1437.

More:
https://fxbazooka.com/en/analitycs/show/8514

 

[riki143]

Forex Analytics

GBP/USD: bears poking fun at bulls in the Pennant
6 April 2016
Sergey Logachev

The price has been falling down since a “Triple Top” arrived at the last high. We’ve got a support at 1.4117, but this is likely not the end of the current bearish rally. The market is probably going to get a support at 1.4052. If so, bulls will have an opportunity to achieve a resistance at 1.4170.

As we can see on the one-hour chart, the up trend line has been broken. There’s a possible “Pennant” pattern, so the pair is likely going to reach a support at 1.4056. If a pullback appears from this level, then it’ll be a chance to see at least a local correction.

More:
https://fxbazooka.com/en/analitycs/show/8515

 

[riki143]

Forex Analytics

GBP/JPY: sell targets - 155.00 and 152.50
6 April 2016
By: Dmitriy Chernovolov

-GBP/JPY broke daily Triangle
-Next sell targets - 155.00 and 152.50

GBP/JPY continues to fall inside the minor impulse wave 3, which earlier broke through the support zone lying at the intersection of the support trendline of the daily Triangle from February and the support level 158.60 (which stopped the previous minor impulse wave 1, as can be seen from the daily GBP/JPY chart below). The breakout of this support zone intensified the bearish pressure on this currency pair – accelerating the active impulse waves 3 and (5).

GBP/JPY is likely to fall to the next sell target at the nearby support level 155.00 (low of the previous intermediate impulse wave (3)) – the breakout of which can lead to further losses toward 152.50.

More:
https://fxbazooka.com/en/analitycs/show/8518

 

[riki143]

Forex Analytics

CHF/JPY: sell target – 114.00
6 April 2016
By: Dmitriy Chernovolov

-CHF/JPY falling inside impulse waves 5 and (3)
-Next sell target – 114.00

CHF/JPY has been falling sharply in the last few trading sessions inside the minor impulse wave 5, which belongs to the intermediate impulse wave (3) from the middle of October. The active impulse wave 5 started earlier – when the pair reversed down from the resistance zone lying between the resistance level 117.30, 50% Fibonacci correction of the preceding downward impulse from December and the upper resistance trendline of the daily down channel from June of 2015.

Having recently broken below the support level 116.00 - CHF/JPY is likely to fall toward the next sell target at the support level 114.00.

More:
https://fxbazooka.com/en/analitycs/show/8519

 

[riki143]

Forex Analytics

EUR/USD: the flat is rich of candle patterns
6 April 2016
Galina Svetlova

There’re a “Doji” and an “Engulfing” at the last high, which have been confirmed enough. So, the market is likely going to reach the nearest support line. As we can see on the Daily chart, we’ve got a confirmation for the previously formed “High Wave” and “Hanging Man”, so today’s candle has a reason to be a black one.

The current flat is going on, which already brought a “Harami” and a “High Wave”. The pair is likely going to get a support on the 89 Moving Average. If so, bulls will have a chance to return to the market.

More:
https://fxbazooka.com/en/analitycs/show/8520

 

[riki143]

Forex Analytics

EUR/USD: "Belt Hold" throw bulls for a loop
7 April 2016
Galina Svetlova

We've got a “Doji”, an “Engulfing” and a “Harami” patterns at the last highs, but their confirmation hasn't formed yet. Also, there’s a bullish “Harami” at the local low. The market is likely going to reach the nearest support line, which has effectively stopped bears earlier. So, if it happens for the second time, bulls will be unstoppable. As we can see on the Daily chart, there’re a “High Wave” and a “Hanging Man”, but they both haven’t confirmed. So, the only thing bears can deliver at this moment is just a movement towards to the nearest support.

There's a “High Wave” on the 89 Moving Average. At the same time, we've got an “Engulfing” and a “Belt Hold” at the local high. So, the pair is likely going to get a support on the 89 Moving Average once again.

More:
https://fxbazooka.com/en/analitycs/show/8530

 

[riki143]

Forex Analytics

EUR/JPY: sell target – 122.10
7 April 2016
By: Dmitriy Chernovolov

-EUR/JPY falling inside impulse wave (5)
-Next sell target – 122.10

EUR/JPY has been falling in the last few trading sessions inside the sharp indeterminate impulse wave (5) – which started earlier - when the price reversed down from the resistance zone lying between the resistance level 128.00, upper daily Bollinger Band, and the 61.8% Fibonacci correction of the previous sharp downward impulse from the end of January. The price earlier broke the daily Rising Wedge from February and the support level 124.00 – which further accelerated the active impulse wave (5)

EUR/JPY is likely to fall to the next sell target at the support level 122.10 (which stopped the previous sharp intermediate impulse wave (3) in February).

More:
https://fxbazooka.com/en/analitycs/show/8533

 

[riki143]

Forex Analytics

Trading plan for April 8

By Kira Iukhtenko

USD/JPY was the major mover on Thuesday, plummeting below 108.00. The recent nearish trend was strengthened by the dovish FOMC meeting minutes, released on Wednesday. We maintain a bearish view for the pair, targeting 100 yen in the medium term. Intermediate support is seen at 107.30 and 105.10. Bullish correction is somewhere close, but we’d recommend using it for opening new selling positions.

Meanwhile, EUR/USD remains rather resilient despite the dovish ECB minutes released today. It holds in a sideways 1.1450/1.1340 range. Pay attention: we are close to a strong resistance at 1.1500, so buying at the current levels seems to be risky. At the same time, the medium-term prospects of the pair remain upbeat.

GBP/USD found some support at 1.4050, but still remains under bearish control. Watch the UK manufacturing production data on Friday – the forecast is downbeat, so it could trigger a new wave of GBP selling. We recommend going short on a break below 1.4050.

AUD/USD holds below the former March support line. A break below the 0.7475 support could confirm a double top formation and open the way to our next target at 0.7380.

More:
https://fxbazooka.com/en/analitycs/show/8537

 

[riki143]

Forex Analytics

EUR/USD: series of "V" tops
8 April 2016
Sergey Logachev

The main trend remains bullish. There's a flat in progress above the upper side of “Triangle” pattern. The market is likely going to decline towards a support at 1.1326 in the short term. If a pullback arrives, then bulls will probably try to reach a resistance at 1.1437.

As we can see on the one-hour chart, the last upward channel has been broken, but then the price got a support at 1.1356, so bears couldn't do anything. At the same time, it's likely to see a local downward movement towards a support at 1.1341 – 1.1326 during the day. Considering a possible pullback from this area, we should keep an eye on a resistance at 1.1376 – 1.1409.

More:
https://fxbazooka.com/en/analitycs/show/8542

 

[riki143]

Forex Analytics

GBP/USD: "Triple Top" is still on the table
8 April 2016
Sergey Logachev

We've got a “V-Bottom” pattern, which led to the current upward correction. Finally, the price faced a resistance at 1.4117 and started to decline afterwards. The market is likely going to continue falling down. If the price gets a support at 1.3995, it’ll be a chance to see a bullish movement towards a resistance at 1.4117 – 1.4170.

The pair has found a resistance at 1.4170, which brought a “Double Top” pattern. So, the market is likely going to get a support at 1.4018 – 1.4004. If so, a rise becomes possible towards a resistance at 1.4108 – 1.4156.

More:
https://fxbazooka.com/en/analitycs/show/8543

 

[riki143]

Forex Analytics

EUR/USD: "Engulfing" brought correction to naught
8 April 2016
Galina Svetlova

The current flat is going on, which has a support by the 21 Moving Average. There's a “Harami” at the local low, so the market is likely going to reach the nearest resistance line. As we can see on the Daily chart, a reversal “High Wave” and a “Hanging Man” haven’t confirmed yet, so today’s candle is probably going to be a white one.

There’re an “Engulfing Bearish” and a “Belt Hold” on the nearest resistance line. Therefore, an “Engulfing Bullish” was formed on the 89 Moving Average. Under this circumstances, the current flat is likely going to be continued.

More:
https://fxbazooka.com/en/analitycs/show/8544

 

[riki143]

Forex Analytics

AUD/NZD reversed from pivotal support level 1.1080
8 April 2016
By: Dmitriy Chernovolov

-AUD/NZD reversed from pivotal support level 1.1080
-Next buy target - 1.1200

AUD/NZD recently reversed up from the support zone lying at the intersection of the pivotal support level 1.1080 (former strong resistance level, which stopped the previous minor impulse wave 1 in November, as can be seen below), 38.2% Fibonacci correction of the previous upward impulse from the end of February and the lower daily Bollinger Band. The upward reversal from this support zone completed the previous minor correction (iv).

AUD/NZD is likely to rise further in the active impulse wave (v) toward the next buy target at the next resistance level 1.1200. Buy stop-loss can be placed below the aforementioned support level 1.1080.

More:
https://fxbazooka.com/en/analitycs/show/8545

 

[riki143]

Forex Analytics

NZD/JPY reversed from long-term support level 73.20
8 April 2016
By: Dmitriy Chernovolov

-NZD/JPY reversed from long-term support level 73.20
-Next buy target – 74.60

NZD/JPY recently reversed up sharply from the long-term support level 73.20, which is the lower boundary of the strong support zone which has been repeatedly reversing this currency pair from the end of last October (as can be seen from the daily NZD/JPY chart below). The upward reversal from the support level 73.20 stopped the active intermediate impulse wave (3) from the end of March.

With the daily Stochastic still moving in the oversold area - NZD/JPY is likely to rise further from the current levels toward the next buy target at the resistance level 74.60 (top of the aforementioned support zone).

More:
https://fxbazooka.com/en/analitycs/show/8546

 

[riki143]

Forex Analytics

USD/JPY: "Window" has stopped the bearish rally
8 April 2016
Galina Svetlova

The price has achieved the lower “Window”, which brought a “Hammer” and an “Inverted Hammer” at the last low. Moreover, these patterns have been confirmed, so the market is likely going to rise in the short term. As we can see on the Daily chart, there’s a possible “Harami” pattern in progress, but it requires a confirmation. So, today’s candle is probably going to be a bullish one.

The market has been rising since a “Hammer” arrived at the last low. Considering a “Three Methods” pattern, the pair is likely going to get a resistance on the 34 Moving Average.

More:
https://fxbazooka.com/en/analitycs/show/8547