Market analysis and trade recommendations by FBS

[riki143]

GOLD: BULLS SHOWED WEAKNESS
09:50 16.08.2017

Recommendation:

SELL $1267

SL $1280

TP $1250 TP2 $1235 TP3 $1224

On the daily chart, the second attempt of bulls to return the quotes inside the previous medium-term bullish channel failed. If bears manage to let gold outside the short-term bullish channel and then pull the price below support at $1250 an ounce, the odds of reaching 88.6% target of the Shark pattern will strengthen.

On H1, bears still have a chance of the “Widening wedge” pattern. For that, there’s the need of successful test of support at $1267 and $1252.

More;
https://fbs.com/analytics/articles/gold:_bulls_showed_weakness_2999

 

[riki143]

USD/CAD: BULLS SAW A RED RAG
10:02 16.08.2017

Recommendation: BUY 1,277 SL 1,2715 TP1 1,287 TP2 1,294.

On the daily chart, bulls are trying to develop their advantage and conquer resistance at 1.2737-1.2765. If they succeed, the odds of correction towards 1.2925-1.2939 will increase. To resume the downtrend, bears need to lead the pair outside of the bullish trend channel and then overcome support at 1.2650.

On H1, USD/CAD formed the “Dragon” pattern. A successful test of resistance at 1.2770 will strengthen the risks of a pullback to 1.2870 and 1.2940.

More:
https://fbs.com/analytics/articles/usd_cad:_bulls_saw_a_red_rag_3000

 

[riki143]

EUR/USD: "V-BOTTOM" PATTERN
11:43 16.08.2017

We've got a "Triple Top", so the price is declining, but bears faced support at 1.1683. Anyway, the market is likely going to test the 89 Moving Average soon. If a pullback from this line happens, we could have an upward price movement towards the nearest resistance at 1.1757 - 1.1801.

There's a "V-Bottom", so we've got a consolidation, which is taking place under resistance at 1.1748. However, the market is likely going to reach another support at 1.1670 - 1.1649 in the short term. If we have a pullback from this area, bulls will probably try to achieve the nearest resistance at 1.1757 - 1.1767.

More:
https://fbs.com/analytics/articles/eur_usd:_"v_bottom"_pattern_3006

 

[riki143]

GBP/USD: ANOTHER BEARISH "PENNANT"
11:46 16.08.2017

The last "Flag" has been broken, so price plunged. It seems like bears are ready to move on, so we should keep an eye on the next support at 1.2830 - 1.2811 as an intraday target. Meanwhile, if a pullback from these levels happens little later on, there'll be an opportunity to have an upward price movement towards resistance at 1.2853 - 1.2892.

There's a "Pennant" pattern, so the pair is likely going to reach the closest support at 1.2830 - 1.2811 during the day. If we have a pullback from this area, bulls will have a green light to deliver an upward correction.

More:
https://fbs.com/analytics/articles/gbp_usd:_another_bearish_"pennant"_3008

 

[riki143]

EUR/USD: BEARISH "DOJI"
14:52 16.08.2017

There's a bullish "Harami", but this pattern hasn't been confirmed yet. So, the price is likely going to test the 89 Moving Average. If any bullish pattern forms on this line, there'll be an opportunity to have an upward correction.

The 34 & 144 Moving Averages acted as resistance, so there's a bearish "Doji", which has been confirmed. So, the market is likely going to continue moving down towards the next support level.

More:
https://fbs.com/analytics/articles/eur_usd:_bearish_"doji"_3009

 

[riki143]

USD/JPY: PRICE REACHED 89 MOVING AVERAGE
14:56 16.08.2017

The price has reached the 89 Moving Average, but there isn't any reversal pattern so far. We could have a local bearish correction, but the pair is likely going to climb even higher afterwards.

We've got a bearish "Tweezers", but confirmation of this pattern is a quite weak. Therefore, the market is likely going to reach the upper "Window", which could be a departure point for a decline.

More:
https://fbs.com/analytics/articles/usd_jpy:_price_reached_89_moving_average_3010

 

[riki143]

AUD/JPY REVERSED FROM SUPPORT AREA
19:42 16.08.2017

AUD/JPY reversed from support area
Next buy target - 88.00
AUD/JPY has been rising in the last few trading sessions – following the earlier upward reversal from support area lying between the strong support level 85.70 (which reversed earlier waves 4 and (ii), as can be seen from the daily AUD/JPY chart below), lower daily Bollinger Band and the 50% Fibonacci correction of the previous upward price impulse from the start of June. AUD/JPY is expected to rise to next buy target at the next resistance level 88.00 (target price for the completion of wave (2)).

More:
https://fbs.com/analytics/articles/aud_jpy_reversed_from_support_area_3019

 

[riki143]

CAD/JPY RISING INSIDE MINOR B-WAVE
19:43 16.08.2017

CAD/JPY rising inside minor B-wave
Next buy target - 89.00
CAD/JPY continues rise inside the minor B-wave which started earlier from the support zone lying between the support level 85.60, 50% Fibonacci retracement of the previous upward impulse (3) from the start of June and the lower daily Bollinger Band. The active B-wave belongs to the intermediate ABC correction (4) from the end of July. CAD/JPY is expected to rise to next buy target at the next resistance level 89.00 (target price for the termination of the active wave B).

More:
https://fbs.com/analytics/articles/cad_jpy_rising_inside_minor_b_wave_3020

 

[riki143]

SILVER (XAG/USD): LOOKING FORWARD TO RIDE A BULLISH WAVE
19:58 16.08.2017

Silver has been riding an overall bullish structure that it’s looking for a consolidation above the 200 SMA at H1 chart. According to our Fibonacci’s projections, the XAG/USD pair has made a rebound above a key demand zone between the 16.67 and 16.50 levels (50% - 65%) and it’s now pointing to test the 17.49 level, at which lies the -23.6% Fibonacci retracement level.

To the downside, if Silver manages to break below 16.50, then it can plummet towards 16.35 (78.6%), which is the last hurdle before to invalidate the bullish bias. RSI indicator remains in the positive territory.

More:
https://fbs.com/analytics/articles/silver_(xag_usd):_looking_forward_to_ride_a_bullish_wave_3023

 

[riki143]

GBP/USD: BEARS FULFILLED THEIR MISSION
09:33 17.08.2017

Recommendation:

SELL 1.2940 SL 1.3005 TP 1.2730

SELL 1.3005 SL 1.3060 TP1 1.2850 TP2 1.2730

SELL 1.3055 SL 1.3110 TP1 1.2925 TP2 1.285 TP3 1.2730

On the daily chart, GBP/USD reached 88.6% target of Shark pattern and reached the lower border of the uptrend channel. This increases the risks of correction towards 23.6%, 38.2% and 50% of the wave CD within the transformation of the “Shark” into 5-0.

On H1, GBP/USD formed a “Widening wedge” and a “Shark”. Correction movement towards 1.2940, 1.3005 and 1.3055 may be used for selling.

More;
https://fbs.com/analytics/articles/gbp_usd:_bears_fulfilled_their_mission_3031

 

[riki143]

USD/CHF: BEARS ARE WINNING
09:47 17.08.2017

Recommendation:

SELL 0.9585 SL 0.9630 TP1 0.9510 TP2 0.9475

On the daily chart, USD/CHF failed to overcome resistance at 0.9765. This points at buyer’s weakness. If bears manage to settle above 0.9650 and trigger Gartley pattern, risks of decline towards the lower border of the downtrend channel will increase.

On H1, USD/CHF keeps forming “Widening wedge”. A break of support at 0.9585 will end the process (point 5) will strengthen the odds of a pullback to 78.6% and 88.6% of the last bullish wave.

More:
https://fbs.com/analytics/articles/usd_chf:_bears_are_winning_3032

 

[riki143]

EUR/USD: BEARS GOING TO TEST CLOSEST SUPPORT
10:36 17.08.2017

There's a "Double Bottom", so the price reached the nearest resistance at 1.1801. In this case, bears are likely going to test the closest support at 1.1727 - 1.1712 in the short term. If we have a pullback from this area, bulls will probably try to achieve the next resistance at 1.1801 - 1.1846.

Bulls found resistance at 1.1784, so the price is consolidating. Therefore, the market is likely going to reach the 34 Moving Average soon. If a pullback from this line happens little later on, there'll be an opportunity to have an upward price movement towards another resistance at 1.1801 - 1.1823.

More:
https://fbs.com/analytics/articles/eur_usd:_bears_going_to_test_closest_support_3035

 

[riki143]

GBP/USD: "TRIPLE BOTTOM" PATTERN
10:39 17.08.2017

We've got a "Triple Bottom" pattern, which has been confirmed. It's likely that bears are going to achieve the closest support at 1.2853 in the short term. However, if a pullback from this level happens, bulls will have a green light to reach the nearest resistance at 1.2832 - 1.2951.

The price is consolidating near the 34 Moving Average. Also, the price faced resistance at 1.2911, so we should keep an eye on the closest support at 1.2853. If we have a pullback from this level, there'll be an opportunity to have a bullish price movement towards the next resistance at 1.2926 - 1.2932

More:
https://fbs.com/analytics/articles/gbp_usd:_"triple_bottom"_pattern_3036

 

[riki143]

EUR/USD: BEARISH "TWEEZERS"
14:02 17.08.2017

There's a local bearish "Tweezers" pattern, which has been confirmed. So, bears are likely going to test the 89 Moving Average. If any bullish pattern arrives little later on, there'll be an opportunity to have an upward price movement.

The price has reached the previously tested support level, but we still don't have any reversal pattern. So, the market is likely going to test the next support in the coming hours.

More:
https://fbs.com/analytics/articles/eur_usd:_bearish_"tweezers"_3047

 

[riki143]

USD/JPY: CONFIRMED BULLISH "HARAMI"
14:08 17.08.2017

We've got a "Tweezers" and a "Hanging Man", which both have been formed on the 89 Moving Average. Therefore, the pair is likely going to test the lower side of the nearest "Window" soon.

There's a bullish "Harami", which has been confirmed, so the price is likely going to test the upper "Window". If a pullback from this level happens afterwards, bears will have a green light to deliver another decline.

More:
https://fbs.com/analytics/articles/usd_jpy:_confirmed_bullish_"harami"_3048

 

[riki143]

EUR/USD: "V-BOTTOM" PATTERN[/NB]
09:56 18.08.2017

There's a "V-Bottom" pattern, so the price reached the 55 Moving Average. In this case, the market is likely going to test the nearest resistance at 1.1801 - 1.1846. If a pullback from this area happens, there'll be an opportunity to have a decline towards the closest support at 1.1638 - 1.1649.

The 34 Moving Average has acted as resistance, so the price is consolidating. It's likely that bears are going to achieve the nearest support at 1.1712 - 1.1703. However, if we have a pullback from these levels, bulls will have a green light to reach another resistance at 1.1757 - 1.1784.

More:
https://fbs.com/analytics/articles/eur_usd:_"v_bottom"_pattern_3062

 

[riki143]

USD/JPY IS LOOKING FOR DIRECTION
10:30 18.08.2017

Recommendation:

BUY 110.95 SL 110.40 TP 112.50

On the daily chart, bears managed to lead the pair outside of the triangle. This increases the possibility of pattern AB=CD with the target at 161.8% in case of a successful break below support at 108. On the contrary, the pair’s return inside the triangle will show sellers’ weakness.

On H1, USD/JPY bulls managed to seize the initiative and return the quotes to the upper border of the downtrend channel. Further activation of the inverted “Head and Shoulders” and “Shark” will strengthen the risks of a bearish trend.

More:
https://fbs.com/analytics/articles/usd_jpy_is_looking_for_direction__3066

 

[riki143]

GBP/USD: BEARISH "FLAG" PATTERN
10:00 18.08.2017

We've got a bearish "Flag" pattern, so the market is likely going to reach the next support at 1.2830 - 1.2811 in the short term. At the same time, bulls will probably try to achieve the nearest resistance at 1.2892 - 1.2911 afterwards

The price is consolidating near the 34 Moving Average. Also, there's a possible "Flag", so the price is likely going to test the upper side of this pattern. If a pullback from the closest resistance at 1.2911 - 1.2926 happens, there'll be an opportunity to have a decline towards another support at 1.2930 - 1.2811.

More:
https://fbs.com/analytics/articles/gbp_usd:_bearish_"flag"_pattern_3065

 

[riki143]

EUR/USD: BEARS ARE READY FOR A NEW ATTACK
10:37 18.08.2017

Recommendation:

SELL 128 SL 128.55 TP1 126.90 TP2 125.80

On the daily chart, bears attempted for the second time to test important support at 128. It failed, but sellers don’t give up and hope to develop correction and reach 88.6% target of “Shark” pattern.

On H1, EUR/JPY formed “Head and Shoulders” pattern. A break of the neckline near 128.00 support with simultaneous activation of the AB=CD pattern will create an opportunity for a pullback to the uptrend towards 125.60-125.80.

More:
https://fbs.com/analytics/articles/eur_usd:_bears_are_ready_for_a_new_attack_3067

 

[riki143]

GBP/USD: UNDER KIJUN’S RESISTANCE
13:17 18.08.2017

Technical levels: support – 1.2840; resistance – 1.2900.

Trade recommendations:

Sell — 1.2900; SL — 1.2920; TP1 — 1.2840; TP2 — 1.2810.
Reason: expanding bearish Ichimoku Cloud with horizontal Senkou Span B; a dead cross of Tenkan-sen and Kijun-sen, but the lines are horizontal; the prices are under the resistance of Kijun-sen and may continue falling down.

More:
https://fbs.com/analytics/articles/gbp_usd:_under_kijun’s_resistance_3071