On the daily chart, GBP/USD «bulls managed to lead the pair outside of the downtrend channel and trigger the “Bat”. Its 88.6% target is at 1.41. After that, the rally may continue towards 88.6% target of the “Shark”.
On H1, the “Wolfe waves” pattern was activated with a target at 1.4240-1.4245. To continue the rally, bulls need to overcome resistance at 1.4070.
Buy — 1.2380; SL — 1.2360; TP1 — 1.2480; TP2 — 1.2520
Reason: narrow bullish Ichimoku Cloud with horizontal Senkou Span A and B; a dead cross of Tenkan-sen and Kijun-sen with horizontal lines and narrowing channel Tenkan-Kijun; the prices returned to the positive area and may continue uptrend.
Buy — 1.3940; SL — 1.3920; TP1 — 1.4010; TP2 — 1.4070.
Reason: narrowing bearish Ichimoku Cloud with horizontal Senkou Span A and B; a golden cross of Tenkan-sen and Kijun-sen; the prices returned to the positive area and the Bulls looks strong to continue market’s growing.
Buy — 0.7850; SL — 0.7830; TP1 — 0.7910; TP2 — 0.7940.
Sell — 0.7830; SL — 0.7850; TP1 — 0.7780; TP2 — 0.7740.
Reason: expanding bearish Ichimoku Cloud with rising Senkou Span A; a golden cross of Tenkan-sen and Kijun-sen with rising Kijun-sen; the prices in a correction to the Cloud and the market needs Cloud’s support.
Sell — 106.25; SL — 106.45; TP1 — 105.50; TP2 — 105.00.
Reason: bearish Ichimoku Cloud with falling Senkou Span A and B; a cancelled golden cross of Tenkan-sen and Kijun-sen with the falling lines; the prices entered into the negative area and may continue the downtrend.
On the daily chart of EUR/JPY, the “Shark” pattern is transforming into 5-0. A pullback from resistance at 132.2-132.5 (38.2% of the wave CD) allowed to form short positions. If bears manage to keep the pair below 131.25, the risks of the decline’s continuation will increase.
On H1, the inability of bulls to push the pair above 132.00 points at their weakness. A break of support at 130.9-130.95 will create the ground for the decline to 88.6% and 113% targets of the “Shark”.
On the daily chart of USD/JPY, bears managed to keep the pair inside the downtrend channel. The downtrend is sustainable. The pair keeps declining towards 161.8% target of AB=CD.
On H1, USD/JPY reached the targets of “Three Indians”. If the pair reaches 88.6% of the “Shark” pattern will increase the risks of the decline towards 23.6%, 38.2% and 50% of the wave CD. The correction will allow forming short positions.
Buy — 1.2380; SL — 1.2360; TP1 — 1.2480; TP2 — 1.2520
Sell — 1.2280; SL — 1.2300; TP1 — 1.2210; TP2 — 1.2130
Reason: narrow bearish Ichimoku Cloud with falling Senkou Span A and B; a new dead cross of Tenkan-sen and Kijun-sen with falling Tenkan-sen; the prices are fell down into the negative area.
On the daily chart, EUR/USD keeps forming a «Widening wedge”. The inability of bulls to hold to 1.2307-1.2320 will point at their weakness and open the way down towards 127.2% target of AB=CD.
On H1, EUR/USD bears are ready to test the support at 1.2275. Success will allow them to trigger the “Crab” pattern with a target at 161.8%. Conservative approach means selling at 23.6% of the wave 4-5 of the widening wedge pattern.
On the daily chart, EUR/GBP keeps consolidating in line with the “Spike and ledge” pattern on the basis of 1-2-3. The attempt of the bulls to hold at 0.8925 targeting 161.8% of the junior AB=CD failed. As a result, bears seized the initiative.
On H1, EUR/GBP reached the target of the “Widening wedge”. A break of support at 0.8820 will increase the risks of a “Shark” pattern with a target at 88.6%. The nearest resistance is near 0.8875.
The main trend is still bullish. The 89 Moving Average has acted as support, so there's a "V-Bottom" pattern. It's likely that the market is going to test the next resistance at 1.2346 - 1.2359 in the short term. If a pullback from these levels happens afterwards, there'll be a moment for a bearish correction.
Bears faced with resistance at 1.2290, so there's a "Thorn" pattern. In this case, we should keep an eye on the Moving Averages as the nearest bullish target. A pullback from these lines could be a departure point for another decline.
There's a bullish "Flag" pattern, so the pair is likely going to reach the next resistance at 1.3996 - 1.4069. However, if we have a pullback from these levels, there'll be a moment for a downward price movement towards the nearest support at 1.3928.
The price is consolidating above the Moving Averages. The main intraday target is the closest resistance at 1.3995 - 1.4023. If a pullback from this area happens little later on, bears will probably try to test the nearest support at 1.3928 - 1.3910.
There's a "Morning Star" pattern, which has been confirmed. Therefore, the 21 Moving Average is likely going to at as resistance, which could be a starting point for another decline.
The price has been declining since the last "Tweezers" pattern was formed. If the Moving Averages act as resistance, the market is likely going to test the lower "Window"
The price is declining under the Moving Averages. The main intraday target is the lower "Window". If a pullback from this level happens, there'll be a moment for an upward correction.
The last "Shooting Star" pattern led to the current decline. However, if any reversal pattern forms, there'll be an opportunity to have a bullish correction towards the Moving Averages.
On the daily chart of NZD/USD, the inability of bulls to return the pair inside the uptrend channel points at their weakness. Kiwi approached the lower border of the 0.7185-0.7430 consolidation range. In case of the successful test of the support, the risks of decline to 0.7080 will increase.
On H1, the fact that NZD/USD reached the interim target at 78.6% of the “Shark” pattern increases the odds of its transformation into 5-0. Pullbacks to 38.2% and 50% of the wave CD should be used for selling.
On the daily chart of AUD/USD, the inability of bulls to rise above resistance near 0.79 was the first signal of their weakness. The return of the pair inside the downtrend and their exit from the downside channel means that bears seized the initiative.
On H1, the closeness of 113% target of the “Shark” increases the odds of consolidation. Bears are in control of the situation, so the pullbacks may be used for selling.
Sell — 1.2280; SL — 1.2300; TP1 — 1.2210; TP2 — 1.2130
Reason: narrowing irregular bullish Ichimoku Cloud with falling Senkou Span A; a dead cross of Tenkan-sen and Kijun-sen with falling Tenkan-sen; the market are in the negative area and made the new lows.
Buy — 1.3950; SL — 1.3930; TP1 — 1.4010; TP2 — 1.4070.
Reason: bullish Ichimoku Cloud with horizontal Senkou Span A and B; a cancelled golden cross of Tenkan-sen and Kijun-sen, the lines are horizontal; the market is still on the support of the Cloud.
There's a bullish "Flag", so the market is likely going to test the next resistance at 1.3996 - 1.4069. This area could be a starting point for a decline towards another support at 1.3928 - 1.3888.
The price is still consolidating in a range of the developing "Flag" pattern. Also, there's a pullback from the Moving Averages, so the pair is likely going to test the closest resistance at 1.3996 - 1.4023 in the short term.
