Market analysis and trade recommendations by FBS

[riki143]

USD/JPY: the Dollar is still under pressure
9/2/2016

Technical levels: support – 102.50, 101.20; resistance – 103.70, 104.10.

Trade recommendations:

1. Sell — 103.50; SL — 103.70; TP1 — 102.50; TP2 — 101.20.

Reason: a bullish Ichimoku Cloud and the golden cross of Tenkan-sen and Kijun-sen, but the strong resistance near 104.00.

More:
https://new.fxbazooka.com/analytics/10316

 

[riki143]

Key option levels for Friday, September 2nd
9/2/2016

GBP/USD

Main trend Short-term period Medium-term period
Bullish Bearish
Changes in the open interest + 2 563 ? + 2 158 ?
Closest resistance levels 1.3296; 1.3322; 1.3342; 1.3367
Closest support levels 1.3260; 1.3242; 1.3207; 1.3182
Trading recommendations
Baseline scenario Long GBP/USD above 1.3296, with target points at 1.3322 and 1.3342
Alternative scenario Moving below 1.3260 can be considered as a signal to Sell the pair, with target at 1.3242 and 1.3207

USD/JPY

Main trend Short-term period Medium-term period
Bullish Neutral
Changes in the open interest + 1 426 ? + 1 703 ?
Closest resistance levels 103.63; 103.97; 104.24; 104.57
Closest support levels 102.89; 102.68; 102.42; 102.09
Trading recommendations
Baseline scenario Buy USD/JPY above 103.63, with the target points at 103.97 and 104.24
Alternative scenario Moving below 102.89 can be considered as a signal to sell the pair, with target at 102.68 and 102.42

More:
https://new.fxbazooka.com/analytics/10317

 

[riki143]

EUR/USD: wave iv going to be continued
9/2/2016

Yesterday wave iv was started, so there’s an upward correction on the way. Nevertheless, if we see a pullback from 4/8 Murrey Math Level (P=200), bears are likely going to deliver wave v of (a). If so, we should keep an eye on 2/8 MM Level as a possible target for wave (a).

As we can see on the one-hour chart, bears couldn’t find a lodgement under 1/8 MM Level, which led to the current upward price movement. Therefore, wave iv is likely going to be continued during the day. The main target for this correction is 4/8 MM Level, which could be a departure point for wave v of (a).

More:
https://new.fxbazooka.com/analytics/10318

 

[riki143]

NZD/CAD approached pivotal resistance level 0.9550
9/2/2016

NZD/CAD approached pivotal resistance level 0.9550
Next buy target - 0.9650
NZD/CAD has been rising in the last few trading session inside the minor impulse wave (iii) – which belongs to the impulse wave 3 - which began recently – when the pair reversed up from the support zone lying between the support level 0.9300 (previous buy target set for this currency pair), lower daily Bollinger Band and the 38.2% Fibonacci correction of the previous upward impulse 1 from the middle of July.

NZD/CAD is currently trading close to the pivotal resistance level 0.9550 (which has been reversing the price from December). If the pair breaks above 0.9550 – the price can then rise to the next buy target 0.9650. Alternatively, the downward correction to 0.9400 is likely.

More:
https://new.fxbazooka.com/analytics/10319

 

[riki143]

NZD/JPY rising inside minor correction 2
9/2/2016

NZD/JPY rising inside minor correction 2
Next buy target - 76.60
NZD/JPY continues to rise inside the (c)-wave of the minor correction 2, which started earlier – when the pair reversed up from the support zone lying between the lower daily Bollinger Band and the powerful support level 72.00 (which also stopped the previous minor impulse wave 1 at the start of August (as can be seen from the daily NZD/JPY chart below).

NZD/JPY is expected to rise further in the active (c)-wave toward the next buy target at the key resistance level 76.60 (which reversed the previous intermediate correction (2)). The resistance level 76.60 is also the forecast price calculated for the termination of the active minor correction 2.

More:
https://new.fxbazooka.com/analytics/10320

 

[riki143]

EUR/USD: "Shooting Star" led to bearish correction
9/2/2016

We’ve got a “Doji” and a “Tower” at the local high, but these patterns haven’t been confirmed yet. So, the market is likely going to test the nearest support line. If we have a pullback from this line, bulls will probably try to deliver a new high. As we can see on the Daily chart, there’re a “Hammer” and a “Harami”, which both have a confirmation. Therefore, the pair is likely going reach the closest resistance line.

There’s a support by the Moving Averages. Also, we’ve got a confirmed “Shooting Star”, so bears are likely going to test the nearest support line, which could reverse the price movement into an upward direction.

More:
https://new.fxbazooka.com/analytics/10321

 

[riki143]

USD/JPY: bulls going to reach "Window"
9/2/2016

The last bearish “Engulfing” hasn’t been confirmed, so the price is still moving up. So, bulls are likely going to get a resistance on the nearest “Window”. As we can see on the Daily chart, there’s a “Shooting Star”, but it doesn’t have a confirmation. Therefore, if we see a pullback from the closest support line, there’ll be a chance to have a new high.

We’ve got a “Doji” on the 21 Moving Average, which has been confirmed, so the market is likely going to test the 34 Moving Average. If we have a pullback from this line, bulls will probably try to reach the upper “Window”.

More:
https://new.fxbazooka.com/analytics/10322

 

[riki143]

GBP/USD & UK Services PMI: Where will we see the top on Sterling?
9/5/2016

Today at 08:30 GMT will be published the UK services PMI and analysts are expecting a somehow of increase from 47.4 to 49.1. As that indicator had been posting numbers below the 50.0 levels, we're in front of a contraction in the industry expansion. June and July's readings showed a 47.4 data. With the current “improvement” forecast, GBP pairs should have some strength during today's session, which is expected to be slow due to the Labour day in the United States.

The technical analysis for GBP/USD at H4 chart is showing that the pair is following a bullish trend line from the August 15th low. A consolidation above the support zone of 1.3260 is showing a higher high pattern formation below a strong sellers area at the 1.3355 level. Remind that the Cable consolidated gains above the 200 SMA during last week and a good data from the UK services PMI can push it to test the 1.3424 level.

More:
https://new.fxbazooka.com/analytics/10323

 

[riki143]

EUR/USD: noone wanted to yield
9/5/2016

On the daily EUR/USD chart there's desperate struggle between large buyers and sellers. The pair recoiled from the lower border of the shorts accumulation area of 1.1250-1.1350 and returned to longs accumulation area of 1.1130-1.12. The decline will resume only below 1.113.

On H1 EUR/USD, as expected, reached the targets of the widening wedge. Hold shorts from 1.1231. Replace Stop Loss to the breakeven area. The break of support at 1.1130 will allow traders to increase positions. The nearest resistance is at 1.125

More:
https://new.fxbazooka.com/analytics/10324

 

[riki143]

USD/JPY: bulls made a large player angry
9/5/2016

On the daily chart USD/JPY didn't managed to overcome resistance at 104.24, which lies at the upper border of the descending trend channel. gere is also 38.2% Fibo of the previous descending wave and the lower border of the shorts accumulation range. In the coming days we'll watching whether the large player will defend his positions or not.

On H1 USD/JPY is forming a widening wedge. reversal model will start working after the pair gets to point 3 (102,8). The following correction will provide a chance to enter short positions targeting at least 102. The break of resistance at 104.24, on the contrary, will allow the bulls to continue rally.

More:
https://new.fxbazooka.com/analytics/10325

 

[riki143]

EUR/USD: the Bulls are active again
9/5/2016

Technical levels: support – 1.1170; resistance – 1.1205, 1.1245.

Trade recommendations:

1. Buy — 1.1170; SL — 1.1150; TP1 — 1.1245; TP2 – 1.1280.

Reason: a golden cross of Tenkan-sen and Kijun-sen; a bearish Ichimoku Cloud but the rising Senkou Span A.

More:
https://new.fxbazooka.com/analytics/10326

 

[riki143]

AUD/USD: testing the Cloud
9/5/2016

Technical levels: support – 0.7560; resistance – 0.7610, 0.7625.

Trade recommendations:

1. Sell — 0.7620; SL — 0.7640; TP1 — 0.7560; TP2 — 0.7530.

Reason: a golden cross, but the all lines of Ichimoku Indicator are horizontal; a bearish Ichimoku Cloud.

More:
https://new.fxbazooka.com/analytics/10327

 

[riki143]

USD/JPY: the overbought market
9/5/2016

Technical levels: support – 102.50, 101.20; resistance – 103.70, 104.10.

Trade recommendations:

1. Sell — 103.50; SL — 103.70; TP1 — 102.50; TP2 — 101.20.

Reason: a bullish Ichimoku Cloud and the golden cross of Tenkan-sen and Kijun-sen, but the strong resistance near 104.00; overbought market.

More:
https://new.fxbazooka.com/analytics/10328

 

[riki143]

EUR/USD: "V-top" led to decline
9/5/2016

The price faced a resistance at 1.1244, which led to form a “Thorn” pattern, so bears reached a support at 1.1160 last Friday. Therefore, the market is likely going to continue falling down towards the next support at 1.1130 in the short term. If we see a pullback from this level, then bulls will probably try to get a resistance at 1.1232 – 1.1244.

More:
https://new.fxbazooka.com/analytics/10329

 

[riki143]

GBP/USD: support waiting for bears
9/5/2016

We’ve got a “Triple Bottom” pattern, which led to the current upward price movement. Bulls faced a resistance at 1.3345 last Friday, so there’s a local consolidation. Therefore, the market is likely going to reach a support at 1.3277 – 1.3247 in the short term. However, if a pullback from this area happens, bulls will probably try to move on.

The price faced a resistance at 1.3370, so there’s a “V-Top” pattern at the local high. It’s likely that bulls are going to test this resistance once again, but if we see a pullback from this level, there’ll be a chance to have another decline.

More:
https://new.fxbazooka.com/analytics/10330

 

[riki143]

EUR/USD: bearish wedge going to move on
9/5/2016

There’s a possible wedge in wave (a). Previously, we’ve got two pullbacks from 6/8 Murrey Math Level (P=200), which led to the current downward price movement. Wave iv was formed last Friday, so there’s an opportunity to have wave v of (a) in the short term. The main bearish target is 1/8 MM Level.

As we can see on the one-hour chart, there’s a zigzag in wave iv, so we’ve got a downward impulse in wave [1] as a result. Under this circumstances, it’s likely to have wave [3] of v soon, so we should keep an eye on -1/8 MM Level as a possible bearish target.

More:
https://new.fxbazooka.com/analytics/10331

 

[riki143]

Key option levels for Monday, September 5th
9/5/2016

EUR/USD (UPD 8:59 UTC)

Main trend Short-term period Medium-term period
Bearish Bearish
Changes in the open interest + 86 464 ? + 222 250 ?
Closest resistance levels 1.1187; 1.1205; 1.1231; 1.1266
Closest support levels 1.1157; 1.1134; 1.1110; 1.1078
Trading recommendations
Baseline scenario Short EUR/USD below 1.1157, with target points at 1.1134 and 1.1110
Alternative scenario Moving above 1.1187 can be considered as a signal to buy the pair, with target at 1.1205 and 1.1231

GBP/USD

Main trend Short-term period Medium-term period
Bullish Bearish
Changes in the open interest - 140 ? + 924 ?
Closest resistance levels 1.3325(38?); 1.3360; 1.3388; 1.3423
Closest support levels 1.3275; 1.3238; 1.3210; 1.3174
Trading recommendations
Baseline scenario Long GBP/USD above 1.3325, with the target points at 1.3360 and 1.3388
Alternative scenario Moving below 1.3275 can be considered as a signal to sell the pair, with target at 1.3238 and 1.3210

USD/JPY

Main trend Short-term period Medium-term period
Bullish Neutral
Changes in the open interest + 2 983 ? + 2 242?
Closest resistance levels 104.04; 104.24; 104.44; 104.70
Closest support levels 103.37(?); 103.09; 102.75; 102.35
Trading recommendations
Baseline scenario Long USD/JPY above 104.04, with target points at 104.24 and 104.44
Alternative scenario Moving below 103.37 can be considered as a signal to sell the pair, with target at 103.09 and 102.75
EUR JPY GBP

More:
https://new.fxbazooka.com/analytics/10336

 

[riki143]

EUR/NZD approaching support level 1.5220
9/5/2016

EUR/NZD approaching support level 1.5220
Next sell target - 1.5100
EUR/NZD has been falling sharply in the last few trading sessions – following the earlier breakout of the support level 1.5400 (which was set as the sell target in our previous forecast for this currency pair). The breakout of the support level 1.5400 accelerated the active impulse wave 3 – which belongs to the intermediate impulse wave (3) from July (which started when the pair reversed down from the major pivotal resistance level 1.5850, former powerful support from December).

EUR/NZD is approaching the support level 1.5220 (low of impulse wave 1). If the price breaks below 1.5220 - the pair can then fall to the next sell target at 1.5100 (low of impulse (1)).

More:
https://new.fxbazooka.com/analytics/10337

 

[riki143]

EUR/AUD falling inside minor impulse wave
9/5/2016

EUR/AUD falling inside minor impulse wave
Next sell target - 1.4600
EUR/AUD continues to fall inside the minor impulse wave (iii) – which started earlier – when the pair reversed down from the resistance zone lying between the resistance level 1.4900 (which reversed the previous minor correction (ii) in August), the upper daily Bollinger Band and the 38.2% Fibonacci correction of the previous sharp downward impulse from the middle of May.

The active impulse wave (iii) belongs to the sharp C-wave from May. EUR/AUD is expected to fall down further to the next sell target at the support level 1.4600. Strong resistance remains at 1.4900.

More:
https://new.fxbazooka.com/analytics/10338

 

[riki143]

EUR/USD: "Harami" points to a possible new low
9/5/2016

We’ve got a “Doji” and a “High Wave” at the last high, which both have been confirmed. Therefore, the market is likely going to test the nearest “Window” once again. If we see a pullback from this level, there’ll be an opportunity to have another upward price movement. As we can see on the Daily chart, the pair has been declining since a “Harami” was formed at the last high. So, it’s likely that we’re going to see the second test of the closest support line.

There’re a “High Wave” and a “Long Shadow” patterns, which all have a confirmation. Moreover, there’s a resistance by the 55 Moving Average, so the market is likely going to reach the next support line.

More:
https://new.fxbazooka.com/analytics/10339