Market analysis and trade recommendations by FBS

[riki143]

GBP/USD: bearish "Pennant"
1/10/2017

The main trend is still bearish. The price faced a support at 1.2113, so bulls are trying to set up an upward correction. If we see any bearish pattern in the coming hours, the market is likely going to test the next support at 1.2081. If a pullback from this level happens, there’ll be a chance to have a correction towards the nearest resistance at 1.2198 – 1.2227.

As we can see on the one-hour chart, bears found a support at 1.2113, so the price is consolidating. Also, there’s a “Pennant” pattern”, so the pair is likely going to test another support at 1.2081 during the day. If we see a pullback from this level, bulls will probably try to deliver an upward correction.

More:
https://new.fxbazooka.com/analytics/11987

 

[riki143]

AUD/USD: bulls are broke through SSB resistance
1/10/2017

Technical levels: support – 0.7340; resistance – 0.7430.

Trade recommendations:

1. Buy — 0.7360; SL — 0.7340; TP1 — 0.7415; TP2 — 0.7430.

Reason: bearish Ichimoku Cloud, but the rising Senkou Span A and the narrowing cloud’s range; a golden cross of Tenkan-sen and Kijun-sen and rising lines; the prices are breaking out the SBB resistance.

More:
https://new.fxbazooka.com/analytics/11988

 

[riki143]

USD/JPY: the Dollar is loosing its positions again
1/10/2017

Technical levels: support – 115.40, 115.15; resistance – 115.90, 116.30.

Trade recommendations:

1. Sell — 116.30; SL — 116.50; TP1 — 115.40; TP2 — 115.15.

Reason: bearish Ichimoku Cloud, falling Senkou Span A and expanding cloud; a dead cross of falling Tenkan-sen and Kijun-sen; the prices are under Senkou Span B.

More:
https://new.fxbazooka.com/analytics/11989

 

[riki143]

Key option levels for Tuesday, January 10th
1/10/2017

EUR/USD

Main trend Short-term period Medium-term period
Bearish Neutral
Changes in the open interest + 116 042 ? + 124 456 ?
Closest resistance levels 1.0608; 1.0629; 1.0659; 1.0683
Closest support levels 1.0574; 1.0557; 1.0532; 1.0496
Trading recommendations
Baseline scenario Short EUR/USD below 1.0574, with target points at 1.0557 and 1.0532
Alternative scenario Moving above 1.0608 can be considered as a signal to Buy the pair, with target at 1.0629 and 1.0659

GBP/USD

Main trend Short-term period Medium-term period
Bearish Neutral
Changes in the open interest + 352 ? + 1 446 ?
Closest resistance levels 1.2206; 1.2240; 1.2269; 1.2287
Closest support levels 1.2144; 1.2123; 1.2091; 1.2071
Trading recommendations
Baseline scenario Short GBP/USD below 1.2144, with target points at 1.2123 and 1.2091
Alternative scenario Moving above 1.2206 can be considered as a signal to Buy the pair, with target at 1.2240 and 1.2269

USD/JPY

Main trend Short-term period Medium-term period
Neutral Bearish
Changes in the open interest + 547 ? + 479 ?
Closest resistance levels 116.09; 116.39/50; 116.78; 116.96
Closest support levels 115.27; 114.82; 114.61; 114.38
Trading recommendations
Baseline scenario Long USD/JPY above 116.09, with the target points at 116.39 and 116.78
Alternative scenario Moving below 115.27 can be considered as a signal to Sell the pair, with target at 114.82 and 114.61

USD/CAD

Main trend Short-term period Medium-term period
Neutral Bullish
Changes in the open interest + 283 ? + 252 ?
Closest resistance levels 1.3221; 1.3254; 1.3277; 1.3308
Closest support levels 1.3210; 1.3187; 1.3146; 1.3113
Trading recommendations
Baseline scenario Long USD/CAD above 1.3221, with the target points at 1.3254 and 1.3277
Alternative scenario Moving below 1.3210 can be considered as a signal to Sell the pair, with target at 1.3187 and 1.3146

More:
https://new.fxbazooka.com/analytics/11990

 

[riki143]

EUR/USD: resistance by 3/8 MM Level
1/10/2017

We’ve got the third pullback from 3/8 MM Level in a row, so there’s an opportunity to have another bearish impulse in wave (iii). However, this wave count requires a confirmation, which could be a lodgement under 2/8 MM Level.

As we can see on the one-hour chart, there’s a resistance by 8/8 MM Level. Wave (ii) has been formed like a double zigzag. In this case, bears are likely going to deliver wave i in the short term. The main intraday target is 4/8 MM Level.

More:
https://new.fxbazooka.com/analytics/11991

 

[riki143]

EUR/USD: "Shooting Star" set up bearish correction

The last “Tower” and “Engulfing” patterns are still on the table. Also, there’s a bearish “Harami”, so the 13 Moving Average is likely going to act as a support. If we see any bullish pattern on this line, bulls will probably try to test the nearest “Window” once again.

Bulls has almost achieved the upper “Window”, so the price is declining. Meanwhile, we’ve got a “Shooting Star” at the last high, which has been confirmed enough. Therefore, the market is likely going to test the closest support by the last “Three Methods” pattern.

More:
https://new.fxbazooka.com/analytics/11992

 

[riki143]

USD/JPY: bullish "Three White Soldiers"
1/10/2017

We’ve got an “Engulfing” and a “Three Black Crows” at the last high, which both have been confirmed. However, there’s a bullish “Harami” at the local low, but this pattern doesn’t have a confirmation. So, if the 13 Moving Average acts as a resistance, there’ll be an opportunity to have another decline.

There’s a “Three Methods” pattern, which led to the last decline. At the same time, we’ve got a “Harami” and a “Three White Soldiers”, so the price is likely going to test the nearest resistance. If we see a pullback from this level, bears will probably try to deliver a local downward price movement.

More:
https://new.fxbazooka.com/analytics/11993

 

[riki143]

USD/CAD ahead of Crude Oil Inventories: Can we expect another selling's wave?
1/11/2017

The oil has been on the wires during the last weeks and during yesterday’s session, we saw a decline in the prices per barrel. Today we’ll have a key event at 15:30 GMT with the Crude Oil Inventories from the US. Market’s consensus is calling for an increase of about 0.9M in stockpiles, which is a data higher than the last week’s draw of -7.1M. If data comes in better than expected, CAD should strengthen across the board against its major competitors.

Our technical view for USD/CAD at H1 chart remains bearish as the pair continues to trade below the 200 SMA at H1 chart, as well as below the bearish trend line plotted from December 28th highs. We can expect a strong breakout below the support level of 1.3200 if Oil’s data comes in better-than-expected, with a near-term target around 1.3100, while a weak data or within the expectations should send the Loonie to test the 1.3280 level, which is near to the trend line mentioned above.

More:
https://new.fxbazooka.com/analytics/12000

 

[riki143]

EUR/USD: bears going to test the next support
1/11/2017

We’ve got a new local high on the four-hours chart. Also, there’s a “V-Top” pattern, so the price reached a support at 1.0552. However, bears are likely going to continue pushing the price lower, so we should keep an eye on the next support at 1.0524 – 1.0504 as a possible intraday target. If a pullback from this area happens, there’ll be an opportunity to have another bullish price movement.

The price has broken a local uptrend, which led to the current consolidation. The 55 Moving Average acted as a support, but the pair is likely going to reach the next support at 1.0524 – 1.0504 in the short term. Considering a possible pullback from these levels, bulls will probably try to test a resistance at 1.0620 – 1.0626 later on.

More:
https://new.fxbazooka.com/analytics/12005

 

[riki143]

GBP/USD: correction going to move on
1/11/2017

The main trend is still bearish. The price is consolidating between a support at 1.2113 and a resistance at 1.2198. So, the market is likely going to decline towards a support at 1.2081. If we see a pullback from this level, there’ll be an option to have an upward movement in the direction of the nearest resistance at 1.2198 – 1.2227.

There’s a consolidation, which is taking place above a support at 1.2113. Considering a resistance at 1.2198, bears are likely gong to test a support at 1.2106 – 1.2081 during the day. If a pullback from this area be on the table, bulls will have a chance to test a resistance at 1.2219.

More:
https://new.fxbazooka.com/analytics/12006

 

[riki143]

EUR/USD: bulls can’t overcome the SSB resistance
1/11/2017

Technical levels: support – 1.0500, 1.0530; resistance – 1.0610, 1.0650/60.

Trade recommendations:

1. Buy — 1.0550; SL — 1.0530; TP1 — 1.0650; TP2 – 1.0690.

Reason: bullish mood of the Ichimoku Cloud, but horizontal Senkou Span A and B; a golden cross of Tenkan-sen and Kijun-sen; the prices are still in the Cloud; the strong support of and Kijun-sen and the weak resistance of Senkou Span B.

More:
https://new.fxbazooka.com/analytics/12007

 

[riki143]

GBP/USD: Pound may correct deeper
1/11/2017

Technical levels: support – 1.2150; resistance – 1.2230, 1.2270, 1.2330.

Trade recommendations:

1. Buy — 1.2170; SL — 1.2150; TP1 — 1.2230; TP2 — 1.2270.

2. Sell — 1.2270; SL — 1.2290; TP1 — 1.2150; TP2 — 1.2110.

Reason: expanding bearish Ichimoku Cloud; a dead cross of Tenkan-sen and Kijun-sen; the prices are in the correctional movement and in the channel of Tenkan and Kijun.

More:
https://new.fxbazooka.com/analytics/12008

 

[riki143]

Key option levels for Wednesday, January 11th
1/11/2017

EUR/USD

Main trend Short-term period Medium-term period
Neutral Neutral
Changes in the open interest + 129 660 ? + 19 362 ?
Closest resistance levels 1.0588; 1.0610; 1.0641; 1.0666
Closest support levels 1.0543; 1.0520; 1.0487; 1.0467
Trading recommendations
Baseline scenario (High risk of reversal) Long EUR/USD above 1.0588, with target points at 1.0610 and 1.0641
Alternative scenario Moving below 1.0543 can be considered as a signal to Sell the pair, with target at 1.0520 and 1.0487

USD/CAD

Main trend Short-term period Medium-term period
Neutral Bullish
Changes in the open interest + 298 ? + 222 ?
Closest resistance levels 1.3222; 1.3252; 1.3275; 1.3307
Closest support levels 1.3214; 1.3191; 1.3151; 1.3118
Trading recommendations
Baseline scenario Long USD/CAD above 1.3222, with the target points at 1.3252 and 1.3275
Alternative scenario Moving below 1.3214 can be considered as a signal to Sell the pair, with target at 1.3191and 1.3151

AUD/USD

Main trend Short-term period Medium-term period
Neutral Bearish
Changes in the open interest + 224 ? + 38 ?
Closest resistance levels 0.7382; 0.7408; 0.7428; 0.7454
Closest support levels 0.7349; 0.7321; 0.7279; 0.7249
Trading recommendations
Baseline scenario Short AUD/USD below 0.7349, with the target points at 0.7321 and 0.7279
Alternative scenario Moving above 0.7382 can be considered as a signal to Buy the pair, with target at 0.7408 and 0.7428

More:
https://new.fxbazooka.com/analytics/12009

 

[riki143]

EUR/USD: bears broke "Window"
1/11/2017

We’ve got a “Tower”, an “Engulfing” and a “Harami”, which all have been confirmed enough. Therefore, the market is likely going to continue falling down towards the nearest support. If a pullback from this level happens, there’ll be an opportunity to have another bullish rally.

There’s a bearish “Tweezers”, so the price reached the 144 Moving Average. If this line acts as a support, bulls are likely going to deliver an upward correction. However, there’s an option to have another decline later on.

More:
https://new.fxbazooka.com/analytics/12010

 

[riki143]

USD/JPY: "Window" going to act as a resistance
1/11/2017

We’ve got an “Inverted Hammer” and a “Harami”, which both have been confirmed. In this case, the market is likely going to test the upper “Window” in the short term. If a pullback from this level happens, bears will probably try to deliver another decline.

There’s a bullish “Three Methods”, which led to a new high. Previously, a “Three White Soldiers” has been formed. Under this circumstances, the pair is likely going to test the nearest “Window”, which could be a departure point for a new downward price movement.

More:
https://new.fxbazooka.com/analytics/12011

 

[riki143]

EUR/USD: wave i of (iii) is on the way
1/11/2017

The price has been declining since a pullback from 3/8 MM Level happened. Therefore, bears are likely going to deliver wave (iii) in the short term. In this case, we could have a new low soon.

As we can see on the one-hour chart, wave (ii) formed like a double zigzag, so the price is declining in wave i of (iii). The main intraday target is 3/8 MM Level, which could be a departure point for wave ii of (iii).

More:
https://new.fxbazooka.com/analytics/12014

 

[riki143]

EUR/CAD falling inside minor impulse wave 3
1/11/2017

EUR/CAD falling inside minor impulse wave 3
Next sell target - 1.3830
EUR/CAD has been falling sharply in the last few trading sessions inside the minor impulse wave 3, which started earlier from the resistance zone lying between the resistance levels 1.4400 and 1.4300, upper daily Bollinger Band and the 50% Fibonacci correction level of the previous sharp downward impulse from November.

EUR/CAD is expected to fall further in the active impulse waves 3 and (C) toward the next sell target at the support level 1.3830 (which stopped the previous minor impulse wave 1 in December). The pair is likely to correct up after reaching the support level 1.3830.

More:
https://new.fxbazooka.com/analytics/12015

 

[riki143]

EUR/AUD reached sell target 1.4300
1/11/2017

EUR/AUD reached sell target 1.4300
Next sell target - 1.4100
EUR/AUD continues to fall after the recent breakout of the support level 1.4300, which was set as the sell target in our previous forecast for this currency pair. The breakout of this support level accelerated the active minor impulse wave 3, which belongs to the extended intermediate impulse wave (C) from the middle of September.

EUR/AUD is expected fall further in the direction of the next sell target at the powerful support level 1.4100 (which reversed the previous waves (a), 1 and (b), as can be seen from the daily EUR/AUD chart below.). Sell stop-loss can be placed above the aforementioned price level 1.4300.

More:
https://new.fxbazooka.com/analytics/12016

 

[riki143]

EUR/USD after Donald Trump's press conference: temporary weakness on the USD?
1/12/2017

Donald Trump’s press conference helped to smash the US Dollar across the board, as the US president-elect didn’t say anything about key topics that investors were looking for. Trump kept its pro-Putin’s rhetoric and his promice to build a wall across the Mexico-USA border. Such comments favored to weaken the Mexican peso against the greenback and in the case of major pairs, all competitors won ground against the USD, as it was heavily sold during and after the press briefing from the Trump Tower in NY.

Our technical analysis at EUR/USD for H1 chart still keeps a bullish-recovery tone in the short-term, as the pair managed to rebound above the 200 SMA and if it does a breakout above the 1.0603 level, then it can test the 1.0655 zone. However, that resistance area could help to cap further gains in the pair and eventually, we can witness a strong pullback to test levels below the moving average mentioned above.

More:
https://new.fxbazooka.com/analytics/12017

 

[riki143]

USD/CHF: bears are hogging the cover
1/12/2017

On the daily USD/CHF chart, bears made another attack aiming to lead the pair outside of the rising channel. If they succeed, the test of support at 1.0025 will trigger the "Shark" pattern. Its 88.6% target is situated near 0.9625.

On H1, USD/CHF keeps forming the widening wedge pattern. Pay attention to the fact that 161.8% target of AB=CD shows that point 5 will be formed near the parity. The following retracement to 23.6%, 38.2% and 50% of the wave 4-5 is usually used for opening short positions.

More:
https://new.fxbazooka.com/analytics/12018