Market analysis and trade recommendations by FBS

[riki143]

GBP/USD: BULLS GOING TO TEST 89 MA
07:46 22.06.2017

There's a "Double Bottom", which pushed the price towards resistance at 1.2705. In this case, the market is likely going to reach the nearest resistance at 1.2705 - 1.2757. Meanwhile, if a pullback from this area happens, we should keep an eye on the next support at 1.2581 - 1.2514 as a bearish intraday target.

The 55 Moving Average has acted as resistance, so we've got a "V-Top" pattern on this line. However, bulls are likely going to test the 89 MA in the coming hours. If we see a pullback from this line, bears will probably try to deliver a new local low.

More:
https://fbs.com/analytics/articles/gbp_usd:_bulls_going_to_test_89_ma_1761

 

[riki143]

EUR/USD: BEARISH "HARAMI"
16:00 22.06.2017

The 55 Moving Average has acted as resistance, so we've got a bearish "High Wave" on this line. Therefore, the market is likely going to test the nearest support in the short term.

We've got a bearish "Harami", which has been confirmed enough. In this case, the pair is likely going to continue moving down in the direction of the last low.

More:
https://fbs.com/analytics/articles/eur_usd:_bearish_"harami"_1767

 

[riki143]

USD/JPY: PULLBACK FROM THE LOWER "WINDOW"
16:04 22.06.2017

We've got a "Tweezers" and a "Hammer", which both have been confirmed enough. So, the market is likely going to test the 144 Moving Average, which could be a departure point for another upward price movement.

There's a pullback from the lower "Window", so we've got a "Tweezers" on this level. In this case, the market is likely going to rise in the short term until any bearish pattern forms.

More:
https://fbs.com/analytics/articles/usd_jpy:_pullback_from_the_lower_"window"_1768

 

[riki143]

EUR/USD: PULLBACK FROM 2/8 MM LEVEL
16:25 22.06.2017

We've got a pullback from 4/8 MM Level, so wave 2 may have been formed. Also, wave (i) is about to end, so if we have a pullback from 3/8 MM Level, there'll be a green light for wave (ii).

There's a pullback from 2/8 MM Level, so wave iv of (i) may have been ended. Therefore, bears are likely going to deliver wave v of (i). The main intraday target is 0/8 MM Level, which could be a departure point for an upward correction.

More:
https://fbs.com/analytics/articles/eur_usd:_pullback_from_2_8_mm_level_1769

 

[riki143]

CAD/JPY REVERSED SUPPORT ZONE
20:56 22.06.2017

CAD/JPY reversed support zone
Next buy target - 85.00
CAD/JPY today reversed up sharply from the support zone lying between the support level 83.70 (previous buy target and the strong resistance level which reversed the pair in May) and the 38.2% Fibonacci correction of the previous sharp downward impulse from the start of June. If the price today closes near the current levels it will form the daily Japanese candlesticks reversal pattern Bullish Engulfing – in line with the active minor impulse waves (iii) and 3. CAD/JPY is expected to rise to the next buy target at the next resistance level 85.00.

More:
https://fbs.com/analytics/articles/cad_jpy_reversed_support_zone_1770

 

[riki143]

AUD/NZD FALLING INSIDE MINOR IMPULSE WAVE (III)
20:58 22.06.2017

AUD/NZD falling inside minor impulse wave (iii)
Next sell target - 1.0350
AUD/NZD continues to fall inside the minor impulse wave (iii), which started earlier from the resistance zone lying between the resistance level 1.0550 and the 38.2% Fibonacci correction of the previous sharp downward impulse from the middle of May. AUD/NZD is expected to fall to the next sell target at the next strong support level 1.0350 (former strong support level which reversed the price in January and February). Expect the price to correct up after reaching this support level.

More:
https://fbs.com/analytics/articles/aud_nzd_falling_inside_minor_impulse_wave_(iii)_1771

 

[riki143]

EUR/USD: EURO HUNG ON TENKAN-KIJUN
08:56 23.06.2017

Technical levels: support – 1.1150; resistance – 1.1190, 1.1210.

Trade recommendations:

Buy — 1.1150/60; SL — 1.1130; TP1 — 1.1190; TP2 – 1.1210.
Reason: narrowing bearish Ichimoku Cloud with rising Senkou Span A; a dead cross of Tenkan-sen and Kijun-sen, but rising Tenkan-sen; the bulls could breakout the Kijun’s resistance.

More:
https://fbs.com/analytics/articles/eur_usd:_euro_hung_on_tenkan_kijun_1781

 

[riki143]

GBP/USD: POUND IN CORRECTION TO CLOUD
08:57 23.06.2017

Technical levels: support – 1.2670; resistance – 1.2765.

Trade recommendations:

Buy — 1.2700; SL — 1.2680; TP1 — 1.2765; TP2 — 1.2800.
Reason: narrowing bearish Ichimoku Cloud; rising Senkou Span A; a dead cross of Tenkan-sen and Kijun-sen with rising Tenkan-sen; the local market in a correction phase and the bulls may go higher.

More:
https://fbs.com/analytics/articles/gbp_usd:_pound_in_correction_to_cloud_1782

 

[riki143]

EUR/USD: MARKET GOING TO REACH NEXT RESISTANCE
10:20 23.06.2017

The price is consolidating near the 55 Moving Average. It seems like bulls are going to test the 34 MA, which could be a departure point for a decline towards the nearest support at 1.1108.

Bulls faced resistance at 1.1165. However, the market is likely going to reach the next resistance at 1.1181 - 1.1193 in the coming hours. If a pullback from this area happens, there'll be an opportunity to have a downward price movement in the direction of support at 1.1131 - 1.1118.

More:
https://fbs.com/analytics/articles/eur_usd:_market_going_to_reach_next_resistance_1785

 

[riki143]

GBP/USD: PRICE NEAR THE LAST HIGH
10:38 23.06.2017

There's a consolidation, which is taking place below resistance at 1.2705. So, the pair is likely going to achieve the 34 Moving Average in the short term. If we have a pullback from this line, bears will have a green light to reach the closest support at 1.2634 - 1.2581.

The price is near the last high. Considering that there isn't any reversal pattern so far, the pair is likely going to test the next resistance at 1.2722 - 1.2757. If a pullback from these levels happens, we should keep an eye on the nearest support at 1.2643 - 1.2581 as an intraday bearish target.

More:
https://fbs.com/analytics/articles/gbp_usd:_price_near_the_last_high_1786

 

[riki143]

USD/CHF: BULLS SHOWED WEAKNESS
10:41 23.06.2017

Recommendation

BUY 0.9770

SL 0.9715

TP 0.9925

On the daily chart, bulls didn’t manage to push USD/CHF above resistance at 0.9770 and this is the sign of their weakness. A successful test of the diagonal support in the form of the lower border of the uptrend channel will lead to the resumption of the bearish trend. On the contrary, the bounce up from this level will create a base for consolidation in the 0.9675-0.9775 area.

On H1, bulls still retain hopes for the “Crab” pattern. To reach 161.8% target the pair has to overcome resistance at 0.9770 and 0.9805.

More:
https://fbs.com/analytics/articles/usd_chf:_bulls_showed_weakness_1787

 

[riki143]

EUR/USD: EURO RESISTS CORRECTION
10:48 23.06.2017

Recommendation

BUY 1.1175

SL 1.112

TP1 1.1235 TP2 1.1285

On the daily chart, EUR/USD is undergoing short-term consolidation in the 1.1110-1.1180 area. Bears try to return inside the previous rising channel. If they fail, risks of the uptrend’s resumption will increase.

On H1, EUR/USD formed “Wolfe waves” pattern. The break of resistance at 1.1175 will trigger 1-2-3 and “Crab” patterns. The 161.8% target of the latter is at 1.1275. Together with the historic resistance, it allows distinguishing convergence area of 1.1275-1.1285.

More:
https://fbs.com/analytics/articles/eur_usd:_euro_resists_correction_1788

 

[riki143]

EUR/USD: "SHOOTING STAR" ON MOVING AVERAGE
14:02 23.06.2017

The lower "Window" acted as support once again. However, we've got a "Shooting Star" on the 55 Moving Average. So, the market is likely going to test the nearest support.

We've got a "Shooting Star" on the 144 Moving Average. This pattern has been confirmed, so bears are likely going to reach the closest support, which could be a departure point for another upward price movement.

More:
https://fbs.com/analytics/articles/eur_usd:_"shooting_star"_on_moving_average_1790

 

[riki143]

USD/JPY: "TWEEZERS" AND "HAMMER" ON THE TABLE
14:06 23.06.2017

The last "Tweezers" and "Hammer" are still on the table. However, the 55 Moving Average could act as support once again. If so, bulls are likely going to deliver a new local high.

We've got a bearish "Tweezers", which has been confirmed enough. Therefore, the pair is likely going to test the lower "Window". If we have a pullback from this level, there'll be an option to have another bullish rally.

More:
https://fbs.com/analytics/articles/usd_jpy:_"tweezers"_and_"hammer"_on_the_table_1791

 

[riki143]

EUR/USD: BEARS GOING TO DELIVER ANOTHER IMPULSE
14:11 23.06.2017

The price is still consolidating under 4/8 MM Level. The main target for wave (i) is 3/8 MM Level, which could be a departure point for wave (ii). Anyway, bears are likely going to deliver wave (iii) afterwards.

There's a pullback from 2/8 MM Level, so wave iv of (i) may have been formed. Therefore, we could have wave v of (i) in the coming hours. However, if a pullback from 0/8 MM Level happens, there'll be an opportunity to have wave (ii).

More:
https://fbs.com/analytics/articles/eur_usd:_bears_going_to_deliver_another_impulse_1792

 

[riki143]

EUR/USD REVERSED FROM SUPPORT AREA
19:26 23.06.2017

EUR/USD reversed from support area
Next buy target - 1.1270
EUR/USD recently reversed up from the support area lying between the support levels 1.1160 (which was set as the sell target in our previous forecast for this currency pair) and 1.1100 (which reversed the price with the daily Hammer in May, as can be seen below). This support area was further strengthened by the lower daily Bollinger Band and by the upper trendline of the recently broken daily up channel (acting as support after it was broken). The upward reversal from this support area started the active minor impulse wave (v). EUR/USD is expected to rise to the next buy target at the resistance level 1.1270.

More:
https://fbs.com/analytics/articles/eur_usd_reversed_from_support_area_1794

 

[riki143]

CAD/JPY REVERSED SUPPORT ZONE
20:35 23.06.2017

CAD/JPY reversed support zone
Next buy target - 85.00
CHF/JPY continues to rise inside the minor impulse wave 3, which started earlier from the support area lying between the key support level 113.00 (previous sell target), lower daily Bollinger Band and the 38.2% Fibonacci correction of the upward price impulse 1 from the middle of April. The upward reversal from this support zone created the daily Japanese candlesticks reversal pattern Bullish Engulfing. CHF/JPY is expected to rise to the next buy target at the next resistance level 115.15 (top of impulse 1)

More:
https://fbs.com/analytics/articles/cad_jpy_reversed_support_zone_1795

 

[riki143]

AUD/USD APPROACHES A POSSIBLE BUY ZONE BETWEEN 0.7500 AND 0.7460
01:32 26.06.2017

AUD/USD is starting to retrace from June 14th highs and it’s now heading to a key demand zone established by the 50% Fibonacci retracement level, given that it reached an extreme zone in the upside which coincides with the 100% Fibonacci expansion level. If the pair manages to break below 0.7535, the doors are opened for a testing in the 0.7489 (61.8% Fibo extension zone). Around that area, we should expect a rebound to take place, targeting the 0.7697 level (-23.6%).

To the downside, if Aussie manages to consolidate below the 200 SMA at H4 chart, it can reach the support level of 0.7371, followed by the May 9th lows around 0.7327. RSI indicator remains flat.

More:
https://fbs.com/analytics/articles/...sible_buy_zone_between_0.7500_and_0.7460_1799

 

[riki143]

MORNING BRIEF FOR JUNE 26
09:32 26.06.2017

In the absence of the news catalysts over the weekend, the market moves were subdued in Asia today. In the early hours of the session, the focus was on the Bank of Japan's summary of opinion - the info from the last bank's meeting. It did the i's and crossed the t's and made clear that policymakers have no thoughts of tapering any time soon. Despite upbeat growth data, inflation is still far below the target. So, there is still lots of bond purchases going forward. USD/JPY ticked a little bit higher to 111.30 in the Asian session. There is a scope for a further surge towards 111.80. A failed test of this level may result in a rollback towards 111.00, 110.90.

USD/CAD rose to 1.3260. The Loonie still needs time to recover from Friday's losses. It weakened significantly at the end of the past week following the extremely poor Canadian CPI. The headline fell to 1.3% from 1.5% and in doing called a halt to the discussion of an imminent rate hike. It seems that the US dollar still has some strength to test the resistance of 1.3340. If the Loonie takes its heart again we will be waiting for its return to 1.3250/1.3210 levels.

EUR/USD slipped a few points today and reached 1.1190. German Ifo Business Climate is about to come out at 12:00 GMT+3. An upbeat headline indicating Germany's economic health will push the euro higher towards the nearest resistance at 1.1205 or even higher. A missing print would trigger EUR selling - EUR/USD falling towards the supports at 1.1175/1.1165.

Much more interesting than the economic data this week/today will be the number of central banks' head on the speaking roster. The ECB President Mario Draghi and former Fed's Chair Bernanke are set to kick off Sinatra's proceedings with the speeches later this day. In the upcoming three days there will a panel on Wednesday featuring Mark Carney, Mario Draghi, Haruhiko Kuroda and Stephen Poloz. Janet Yellen will be speaking on Wednesday.

The British pound increased to 1.2742 in the Asian session. Aussie also made some gains today against USD. It rose to 0.7575 from 0.7600/0.7625. Brent oil futures jumped above $46.20 after having fallen for almost 5 weeks in a row on concerns OPEC-led production cuts may fail to ease a global glut.

More:
https://fbs.com/analytics/articles/morning_brief_for_june_26_1804

 

[riki143]

EUR/USD: EURO BOUNCED FROM SENKOU SPAN B
09:41 26.06.2017

Technical levels: support – 1.1150; resistance – 1.1200.

Trade recommendations:

Sell — 1.1180/90; SL — 1.1210; TP1 — 1.1150; TP2 – 1.1110.
Reason: narrow bearish Ichimoku Cloud with horizontal Senkou Span A and B; a golden cross of Tenkan-sen and Kijun-sen, but the lines are horizontal; the market bounced from the top border of the Cloud and Bears may continue selling.

More:
https://fbs.com/analytics/articles/eur_usd:_euro_bounced_from_senkou_span_b_1806