Technical levels: support – 1.3270; resistance – 1.3340.
Trade recommendations:
Sell — 1.3340; SL — 1.3360; TP1 — 1.3270; TP2 — 1.3240.
Reason: narrowing bearish Ichimoku Cloud, rising Senkou Span B; a golden cross of Tenkan-sen and Kijun-sen with rising Tenkan-sen and Kijun-sen; the prices are going to Senkou Span B after supported by Kijun-sen.
AUD/USD: AUSSIE ENTERED INTO CLOUD
07:38 13.10.2017
Technical levels: support – 0.7800; resistance – 0.7850, 0.7880.
Trade recommendations:
Sell — 0.7850; SL — 0.7870; TP1 — 0.7800; TP2 — 0.7780.
Reason: bearish Ichimoku Cloud with rising Senkou Span A; a golden cross of Tenkan-sen and Kijun-sen with rising Tenkan-sen; the prices are entered into the Cloud and will test the highs of a last week.
The price is consolidating between the levels 1.1892 - 1.1822. It's likely that bulls are going to reach the nearest resistance at 1.1892 in the short term. If a pullback from this level happens little later on, there'll be an opportunity to have a decline towards the closest support at 1.1822 - 1.1793.
The 34 Moving Average has acted as support, so the price is consolidating. In this case, bears are likely going to test the 55 Moving Average soon. However, if we have a pullback from this line, bulls will probably try to reach another resistance at 1.1879 - 1.1889.
Bulls faced with resistance at 1.3290, but the market is likely going to continue moving up, so we should keep an eye on the next resistance at 1.3290 - 1.3342 as an intraday target. If we have a pullback from this area, there'll be an opportunity to have a decline towards the nearest support at 1.3221 - 1.3182.
We've got a "Thorn" pattern, so the price is consolidating. Therefore, the market is likely going to reach the nearest support at 1.3256 - 1.3221 during the day. At the same time, if we have a pullback from these levels, bulls will probably try to test the next resistance at 1.3290 - 1.3343.
EUR/USD: BULLS GOING TO DELIVER WAVE [III]
10:26 13.10.2017
There's a zigzag in wave 4, so an upward impulse in wave has been formed. In this case, we could have a correction, which could be wave [ii]. Nevertheless, bulls are likely going to deliver wave [iii] afterwards.
Wave (v) of may have been ended, cause there's a pullback from 5/8 MM Level. Wave [ii] is likely going to take the form of a zigzag, so we should keep an eye on 2/8 MM Level, which could be a departure point for wave (i) of [iii].
NZD/USD: BEARS ARE IN THE FORTRESS
07:05 16.10.2017
Recommendation: SELL 0.7145 SL 0.72 TP 0.698
On the daily chart, NZD/USD formed AB=CD pattern with a target at 127.2%. The pair failed to reach 78.6% of the Gartley pattern. This gives bears hope for a resumption of the downtrend. Their main task is not to let bears get above 0.7190 and 0.7780.
On H1, further dynamics of the pair will depend on bears’ ability to return the pair below support at 0.7145. If they manage to do this, chances for a resumption of the downtrend will increase.
Technical levels: support – 0.7860; resistance – 0.7915, 0.7955
Trade recommendations:
Buy — 0.7880; SL — 0.7860; TP1 — 0.7915; TP2 — 0.7955.
Reason: narrowing bearish Ichimoku Cloud, rising Senkou Span A; a golden cross of Tenkan-sen and Kijun-sen, rising Tenkan-sen and Kijun-sen; the prices are on the strong support, but the market is overbought.
USD/JPY: DOLLAR WILL TEST SSB’S SUPPORT
07:49 16.10.2017
Technical levels: support – 111.50; resistance – 112.40.
Trade recommendations:
Buy — 111.50; SL — 111.30; TP1 — 112.40; TP2 — 112.80.
Reason: narrow bearish Ichimoku Cloud with falling Senkou Span A; a dead cross of Tenkan-sen and Kijun-sen with horizontal Tenkan-sen; the prices are falling down to the support of lower border of the Cloud.
On the daily chart, the inability of bears to pull the prices below 0?7727 pointed at their weakness. Bulls counterattacked and count on the inverted “Shark” pattern. To begin with, they need to hold above 0.7872.
On H1, AUD/USD formed a “widening wedge”. Pullbacks towards 23.6%, 38.2% and 50% of the wave 4-5 are usually used for buying. A decline below support levels at 78.6% and 88.6% may represent good selling opportunities.
The price reached the nearest support, so we could have a reversal bullish pattern soon. If so, the price is likely going to test the closes resistance level, which could be a departure point for another decline.
We've got a bullish "Harami" at the local low. Considering confirmation of this pattern, the market is likely going to test the next resistance level during the day. If any bearish pattern arrives little later on, we'll likely have just another decline.
The 89 Moving Average is acting as support, so we've got a bullish "Hammer" on this line. Therefore, the pair is likely going to test the 34 MA, which could act as resistance.
There's a bullish "Hammer", so the market is likely going to test the Moving Averages in the coming hours. If a pullback from these lines happens, there'll be an opportunity to have a new local low.
EUR/USD: WAVE [II] ENDED LIKE A ZIGZAG
15:43 16.10.2017
There's a pullback from 1/8 MM Level, so wave [ii] may have been formed. So, we're likely going to have another upward price movement. The main target for wave [iii] is 6/8 MM Level.
Wave [ii] ended like a zigzag, so the price is rising. 2/8 MM Level has acted as support. In this case, we could have wave (i) in the coming hours and wave (ii) little later on.
EUR/USD: EURO RETURNED TO SENKOU SPAN A
06:02 17.10.2017
Technical levels: support – 1.1770, 1.1730; resistance – 1.1825.
Trade recommendations:
Buy — 1.1730; SL — 1.1710; TP1 — 1.1800; TP2 – 1.1825
Reason: bearish Ichimoku Cloud wit falling Senkou Span A; a new weak dead cross of Tenkan-sen and Kijun-sen with horizontal lines; the prices are breakdown the Kijun’s support and going to bottom border of a Cloud.
GBP/USD: POUND SUPPORTED BY KIJUN-SEN
06:03 17.10.2017
Technical levels: support – 1.3230; resistance – 1.3340.
Trade recommendations:
Buy — 1.3230; SL — 1.3210; TP1 — 1.3340; TP2 — 1.3375.
Reason: bearish Ichimoku Cloud with horizontal Senkou Span A and B; a new golden cross of Tenkan-sen and Kijun-sen, but the lines are horizontal; the prices are returned to Kijun-sen in a correctional movement.
XAU/USD: GOLD IS FALLING INTO ABYSS
07:14 17.10.2017
Recommendation:
SELL $1267
SL 1282
TP1 $1237 TP2 $1222 TP3 $1212
On the daily chart, the inability of bulls to overcome resistance at $1299-1302 an ounce points at their weakness. If sellers manage to trigger AB=CD, risks of continuation towards the 200% target will significantly increase.
On H1, gold is correcting as the “Shark” pattern is transforming into 5-0. If bears want to return the quotes to support levels at 78.6% and 88.6% and conquer them, the continuation of the downtrend will become a reality.
USD/CAD: BULLS ARE READY FOR NEW HIGHS
07:45 17.10.2017
Recommendation:
BUY 1.256
SL 1.2505
TP1 1.2715 TP2 1.292 TP3 1.324
On the daily chart, bulls are trying to restore the short-term uptrend. They managed to defend their fortress near 1.2460. Now buyers are counting on growth towards 88.6% target of the inverted “Shark” pattern.
On H1, USD/CAD formed a “Spike and ledge” pattern. The pair’s trading within the consolidation range of a ledge (1.2435-1.2560). A break of its upper border will strengthen the case for the uptrend to resume.
The last "Double Top" pattern led to the current decline. The main intraday target is the nearest support at 1.1745 - 1.1719. If we see a pullback from this area, there'll be an opportunity to have an upward price movement towards the closest resistance at 1.1822 - 1.1837.
There's a "Double Top" pattern, which has been formed under the Moving Averages. In this case, the market is likely going to test the next support at 1.1761 - 1.1738. If a pullback from these levels happens little later on, we could have an upward correction in the direction of the 34 Moving Average.
We've got a local "V-Top", so the price is consolidating. Also, there's a possible "Pennant" pattern, so the pair is likely going to test another support at 1.3221 - 1.3150. Meanwhile, if we have a pullback from these levels, there'll be an opportunity to have a bullish price movement towards the closest resistance at 1.3342 - 1.3400.
The price is still consolidating. Also, there's a possible developing "Pennant" pattern. Therefore, bears are likely going to test the nearest support at 1.3221 - 1.3202. If a pullback from this area happens, we should keep an eye on the nearest resistance at 1.3290 - 1.3342 as an intraday target.
The price is still declining, which means we should keep an eye on 0/8 MM Level as the nearest bearish target. If a pullback from this level happens, there'll be an opportunity to have another upward impulse in wave [iii].
There's a developing wave [ii], which hasn't been finished yet, so an impulse in wave (c) is likely going to be continued. The main intraday target is 0/8 MM Level, which could be a departure point for wave (i) of [iii].
The 89 Moving Average has acted as support, so we've got a "Hammer" and a "Tweezer" patterns. So, bulls are likely going to test the nearest "Window" in the short term.
The last bullish "Hammer" has been confirmed. However, there's a pullback from the Moving Averages, so we could have a local correction during the day. Nevertheless, bulls will probably try to deliver a new local high afterwards.
