Market analysis and trade recommendations by FBS

[riki143]

GBP/USD BROKE SUPPORT ZONE
18:11 12.06.2017

GBP/USD broke support zone
Next sell target - 1.2400
GBP/USD continues to fall after the earlier breakout of the support zone lying between the support level 1.2750 (which reversed earlier waves (iv) and 1, as can be seen from the daily GBP/USD chart below) and the 50-day moving average. The breakout of this support zone accelerated the active minor impulse wave 3, which belongs to the indeterminate impulse wave (C) from the middle of May. GBP/USD is expected to fall to the next sell target at the next support level 1.2400 (bottom of the pervious minor correction (ii) from April).

More:
https://fbs.com/analytics/articles/gbp_usd_broke_support_zone_1555

 

[riki143]

EUR/USD: EURO FALLING INTO CLOUD
04:50 13.06.2017

Technical levels: support – 1.1190; resistance – 1.1240.

Trade recommendations:

Buy — 1.1200; SL — 1.1180; TP1 — 1.1260; TP2 – 1.1300.
Reason: narrowing bullish Ichimoku Cloud, rising Senkou Span B; a dead cross of Tenkan-sen and Kijun-sen; the prices entered into the cloudy area and may going lower to Senkou Span A.

More:
https://fbs.com/analytics/articles/eur_usd:_euro_falling_into_cloud_1560

 

[riki143]

GBP/USD: POUND IS OVERSOLD
04:51 13.06.2017

Technical levels: support – 1.2630; resistance – 1.2700, 1.2740.

Trade recommendations:

Buy — 1.2630; SL — 1.2610; TP1 — 1.2700; TP2 — 1.2740.
Reason: expanding bearish Ichimoku Cloud with falling Senkou Span A; a new dead cross of Tenkan-sen and Kijun-sen; but the prices are on the strong support and a market is oversold.

More:
https://fbs.com/analytics/articles/gbp_usd:_pound_is_oversold_1561

 

[riki143]

EUR/USD: CONSOLIDATION ABOVE THE "WEDGE"
06:52 13.06.2017

The price is still consolidating above the "Wedge" pattern's lower side. However, the pair is likely going to continue falling down towards the nearest support at 1.1165 - 1.1108. If we see a pullback from this area, there'll be an opportunity to have another upward price movement in the direction of the next resistance at 1.1204 - 1.1232.

There's a "Double Top", which has been confirmed. Therefore, bears are likely going to reach the closest support at 1.1161 - 1.1137. Meanwhile, if we see a pullback from these levels, bulls will have an option to achieve resistance at 1.1194 - 1.1204.

More:
https://fbs.com/analytics/articles/eur_usd:_consolidation_above_the_"wedge"_1564

 

[riki143]

GBP/USD: "THORN" ACTED AS SUPPORT
06:57 13.06.2017

The last "Thorn" pattern has acted as support, so the price is consolidating. Nevertheless, the local low is likely going to be broken, so we should keep an eye on the nearest support at 1.2634 - 1.2581 as an intraday target. If a pullback from this area happens, there'll be a green light for an upward correction towards resistance at 1.2678 - 1.2705.

The price is consolidating between the levels 1.2678 - 1.2634. Also, there's a "Pennant" pattern, so the market is likely going to decline in the direction of the closest support at 1.2634 - 1.2581. At the same time, bulls will probably try to reach resistance at 1.2678 - 1.2705 afterwards.

More:
https://fbs.com/analytics/articles/gbp_usd:_"thorn"_acted_as_support_1565

 

[riki143]

EUR/USD: SHARK FRIGHTENED THE EURO
07:18 13.06.2017

Recommendation: SELL 1.1170, SL 1.1225, TP1 1.1095, TP2 1.1000.

On the daily EUR/USD chart, the risks of correction of the medium-term uptrend increase. Successful test of support at 1.1700 with the following decline to 1.1100-1.1130 will provoke further decline to 1.1000, 1.0930 and 1.0890. The latter level corresponds to 88.6% target of the shark pattern.

On H1 EUR/USD is trading within the descending channel. Bears are trying to get the pair under control. In the case of the break of support at 1.1170 and triggering of AB=CD pattern, they will succeed.

More:
https://fbs.com/analytics/articles/eur_usd:_shark_frightened_the_euro_1567

 

[riki143]

USD/CHF: FRANC WAS CAUGHT BY THE DRAGON
07:42 13.06.2017

Recommendation:

BUY 0.9725

SL 0.9670

TP1 0.9915, TP2 1.0000.

On the daily chart, bulls managed to return the pair inside the previous descending channel. As a result, the risks of correction to the current bearish trend increased. Buyers firstly have to conquer resistance at 0.9716 and then trigger the “Shark” pattern. Upside targets are at 0.9917 and 1.0050.

On H1 USD/CHF is finishing the “Dragon” pattern. In the case of the resistance’s break at the level of the “Dragon’s head", bulls will have good chances for the continuation of the rally.

More:
https://fbs.com/analytics/articles/usd_chf:_franc_was_caught_by_the_dragon_1568

 

[riki143]

EUR/USD: WAVE IV OF (I) GOING TO END SOON
10:12 13.06.2017

There's a diagonal triangle in wave (v) of [c], so wave 2 may have been ended. In this case, we're likely going to have wave (i) in the coming hours. In this case, we should keep an eye on 3/8 MM Level as the nearest bearish target.

Wave iv of (i) is going to end soon. If we have a pullback from 8/8 MM Level, there'll be a green light for wave v of (i). Therefore, the low of wave iii is likely going to be broken.

More:
https://fbs.com/analytics/articles/eur_usd:_wave_iv_of_(i)_going_to_end_soon_1572

 

[riki143]

EUR/USD: YESTERDAY'S "WINDOW" GOING TO ACT AS SUPPORT
11:23 13.06.2017

There's a developing consolidation, but we've got a confirmed "Inverted Hammer" on the 55 Moving Average. So, the market is likely going to test the nearest resistance in the short term. If we see a pullback from this level, the 55 MA could be tested once again.

We've got a bearish "Harami" at the local high, but yesterday's "Window" is likely going to act as support. If so, we could have a new high soon. However, if a pullback from the nearest resistance happens afterwards, there'll be an opportunity to have just another decline.

More:
https://fbs.com/analytics/articles/eur_usd:_yesterday's_"window"_going_to_act_as_support_1574

 

[riki143]

USD/JPY: BULLISH "HARAMI"
11:25 13.06.2017

There's a bullish "Harami", which has been confirmed enough. In this case, the market is likely going to test the closest resistance, which could be a departure point for a decline in the direction of the lower "Window".

We've got a "Harami" on the 89 Moving Average, but this pattern hasn't been confirmed yet. So, the pair is likely going to test the last "Three Methods" pattern's level.

More:
https://fbs.com/analytics/articles/usd_jpy:_bullish_"harami"_1575

 

[riki143]

USD/CAD BROKE PIVOTAL SUPPORT LEVEL 1.3260
17:40 13.06.2017

USD/CAD broke pivotal support level 1.3260
Next sell target - 1.3150
USD/CAD has been falling sharply in the last few trading sessions inside the C-wave of the minor ABC correction 2 from the start of May. The price earlier broke the support trendline of the daily up channel from February – which accelerated the active C-wave. The price today broke below the pivotal support level 1.3260 (which has been reversing the price from March). USD/CAD is expected to fall to the next sell target at the next support level 1.3150.

More:
https://fbs.com/analytics/articles/usd_cad_broke_pivotal_support_level_1.3260_1581

 

[riki143]

EUR/CAD APPROACHED SUPPORT LEVEL 1.4830
17:41 13.06.2017

EUR/CAD approached support level 1.4830
Next sell target - 1.4600
EUR/CAD continues to fall sharply after the recent breakout of the round support level 1.5000 (which reversed earlier wave 4 and which was set as the sell target in our previous forecast for this currency pair). The breakout of the support level 1.5000 strengthened the bearish pressure on this currency pair. The price is currently trading close to the support level 1.4830 (low of wave 2 from May). If the pair breaks below the support level 1.4830 –GBP/USD can then be expected to fall to the next sell target at the next support level 1.4600 (previous monthly high from March).

More:
https://fbs.com/analytics/articles/eur_cad_approached_support_level_1.4830_1582

 

[riki143]

GBP/USD: DECISION TIME FOR THE POUND
07:11 14.06.2017

On the daily chart, GBP/USD broke down through the lower border of the rising trend channel. The return above resistance at 1.2770 will strengthen the possibility of the pound increase to 1.2900. On the other hand, decline below 1.2640 will lead the pair down to 1.2500 and 1.2400.

On H1, in the case of the successful test of 1.2770 bulls can count on the realization if the inverted “Bat” pattern. Its 78.6% and 88.6% targets correspond to 1.2905 and 1.2940. On the contrary, recoil from the convergence area of 1.2755-1.2770 to the downside will return control of the pair to bears.

More:
https://fbs.com/analytics/articles/gbp_usd:_decision_time_for_the_pound_1588

 

[riki143]

EUR/USD: CONSOLIDATION RIGHT ABOVE THE "WEDGE"
09:16 14.06.2017

The price is still consolidating right above the "Wedge" pattern's lower side. So, the market is likely going to test the nearest resistance at 1.1232 - 1.1249 in the short term. If we see a pullback from this area, there'll be an opportunity to have another decline in the direction of the next support at 1.1204 - 1.1165.

There's a consolidation, which is taking place between the levels 1.1234 - 1.1161. Also, the price has broken the Moving Averages, so bulls are likely going to test the closest resistance at 1.1234 - 1.1249 during the day. However, if a pullback from this area happens, bears will have a chance to reach a support area at 1.1191 - 1.1178.

More:
https://fbs.com/analytics/articles/eur_usd:_consolidation_right_above_the_"wedge"_1590

 

[riki143]

GBP/USD: "DOUBLE BOTTOM" CONFIRMED BY "FLAG"
09:21 14.06.2017

We've got a "Double Bottom", which has been confirmed. Bulls faced resistance at 1.2793, but the market is likely going to rise even higher, so we should keep an eye on the next resistance at 1.2830 - 1.2845 as an intraday target. At the same time, if we see a pullback from this area, there'll be an opportunity to have a decline towards the closest support at 1.2793 - 1.2768.

The last "Double Bottom" has been confirmed by the "Flag" pattern. So, the market is likely going to reach the next resistance at 1.2829 - 1.2845 in the coming hours. If we have a pullback from this area, bears will have a green light to test a support at 1.2793 - 1.2768.

More:
https://fbs.com/analytics/articles/gbp_usd:_"double_bottom"_confirmed_by_"flag"__1591

 

[riki143]

EUR/USD: "HIGH WAVE" AT THE LOCAL LOW
10:43 14.06.2017

The price has been consolidating since the last "Inverted Hammer" formed. However, we've got a "High Wave" at the local low. Considering confirmation of this pattern, the market is likely going to test the nearest resistance, which could be a departure point for another decline.

The last "Window" has been closed, so there's a confirmed "High Wave". In this case, the price is likely going to test the nearest support level, which could be a departure point for a local upward price movement.

More:
https://fbs.com/analytics/articles/eur_usd:_"high_wave"_at_the_local_low_1593

 

[riki143]

USD/JPY: "WINDOW" ACTING AS SUPPORT
10:47 14.06.2017

The "Window" is acting as support, so we've got a bullish "Harami", which has been confirmed. Therefore, the market is likely going to test the closest resistance once again. If a pullback from this level happens, there'll be an opportunity to have another decline.

The price is consolidating along the 89 Moving Average, so there's a bearish "Doji", but this pattern hasn't been confirmed yet. In this case, we could have a local decline and a new high afterwards.

More:
https://fbs.com/analytics/articles/usd_jpy:_"window"_acting_as_support_1594

 

[riki143]

EUR/USD: EURO SUPPORTED BY CLOUD
05:17 15.06.2017

Technical levels: support – 1.1210; resistance – 1.1300.

Trade recommendations:

Buy — 1.1230; SL — 1.1210; TP1 — 1.1300; TP2 – 1.1340.
Reason: expanding bullish Ichimoku Cloud, rising Senkou Span a; a golden cross of Tenkan-sen and Kijun-sen; the prices tested a main resistance on 1.1300 and back again to the support of the Cloud.

More:
https://fbs.com/analytics/articles/eur_usd:_euro_supported_by_cloud_1603

 

[riki143]

USD/JPY: BEARS MADE A NEW LOWS
05:18 15.06.2017

Technical levels: support – 108.70; resistance – 109.70/90.

Trade recommendations:

Sell — 109.60; SL — 109.80; TP1 — 108.70; TP2 — 108.30.
Reason: expanding bearish Ichimoku Cloud, falling Senkou Span A; a dead cross of Tenkan-sen and Kijun-sen, but the lines are horizontal; the prices keep staying under the Cloud.

More:
https://fbs.com/analytics/articles/usd_jpy:_bears_made_a_new_lows_1604

 

[riki143]

GOLD NEEDS THE CORRECTION
06:41 15.06.2017

Recommendations: SELL $1260 SL $1280 TP1 $1230 TP2 $1220.

On the daily chart of gold, the formation of a double top and the inability of the "Bulls" to test the resistance at $1,280 tell us about weakness. A successful test of the convergence area $1245-1255 will allow the Bears to develop a correction.



On the hourly chart of gold, there are Fakeout-shakeout and Head and shoulders patterns. A false breakout of the upper border of the consolidation channel $1248-1274 with the subsequent return of quotes to its middle area shows that Bears are ready to attack. A breakout of the neckline will give us a signal for this attack.

More:
https://fbs.com/analytics/articles/gold_needs_the_correction_1606