Market analysis and trade recommendations by FBS

[riki143]

EUR/USD: "HARAMI" AND "THREE METHODS"
12:06 22.08.2017

We've got a bearish "Harami", which has been confirmed, so the market is likely going to test the 89 Moving Average. If a pullback from this line happens, there'll be an opportunity to have another upward price movement.

There are bearish patterns such a "Harami" and a "Three Methods". So, the price is likely going to decline in the coming hours. If any bullish pattern arrives afterwards, bulls will probably try to deliver a new local high.

More:
https://fbs.com/analytics/articles/eur_usd:_"harami"_and_"three_methods"_3147

 

[riki143]

USD/JPY: PULLBACK FROM THE LOWER "WINDOW"
12:09 22.08.2017

There's another pullback from the lower "Window". Also, we've got an "Inverted Hammer" and a "Hammer" patterns, which both have been confirmed. So, the market is likely going to the upper "Window" soon.

We've got a bullish "High Wave" and an "Engulfing". So, the price is likely going to test the 144 Moving Average, which could be a departure point for a decline.

More:
https://fbs.com/analytics/articles/usd_jpy:_pullback_from_the_lower_"window"_3148

 

[riki143]

EUR/USD: WEDGE AND DOUBLE ZIGZAG
13:16 22.08.2017

The price is still consolidating in wave [iv], which is likely going to take the form of a zigzag. The main intraday target is 7/8 MM Level, which could be a departure point for wave [iv].

We've got a wedge in wave (a) and a double zigzag in wave (b), so the price is declining in wave i of (c). If a pullback from 4/8 MM Level happens, there'll be an opportunity to have wave ii of (c).

More:
https://fbs.com/analytics/articles/eur_usd:_wedge_and_double_zigzag_3149

 

[riki143]

GBP/USD: BEARS GOING TO TEST NEAREST SUPPORT
10:41 22.08.2017

The price is consolidating between the levels 1.2830 - 1.2911. Meanwhile, bears are likely going to test the nearest support at 1.2853. If we have a pullback from this level, there'll be an option to have a bullish price movement in the direction of the next resistance at 1.2932 - 1.2951.

There's a consolidation, which is taking place near the Moving Averages. The market is likely going to reach the closest support at 1.2853 during the day. At the same time, if we have a pullback from this level, bulls will have a green light to catch another resistance at 1.2926 - 1.2932.

More:
https://fbs.com/analytics/articles/gbp_usd:_bears_going_to_test_nearest_support_3142

 

[riki143]

GBP/USD: BULLS SHOWED WEAKNESS
09:08 23.08.2017

Recommendation:

SELL 1.2845

SL 1.29

TP1 1.2665

On the daily chart, GBP/USD keeps forming the shark pattern with the target at 113%. It is situated near 1.2767 (38.2% of the last descending wave). The inability of the bulls to return the quotes inside the medium-term uptrend channel points at their weakness. In such environment, it makes sense to sell the pound on rallies.

On H1, GBP/USD formed 2 areas where players accumulated short positions: 1.2950-1.3025 and 1.2845-1.2910. A retest of the lower border of the previous consolidation range will allow bears to continue the decline.

More:
https://fbs.com/analytics/articles/gbp_usd:_bulls_showed_weakness_3171

 

[riki143]

USD/CAD: BEARS GOT SCARED OF A SHARK
09:15 23.08.2017

Recommendation:

SELL 1.2675

SL 1.273

TP1 1,2575

TP2 1.249

TP3 1.245

On the daily chart, USD/CAD keeps forming the 5-0 pattern. Recoil from convergence area at 1.2737-1.2765 allowed bears to try to resume the downtrend. If the pair renews low at 1.2525, it will increase odds of the continuation of the decline. On the other hand, if prices leave the short-term descending trend channel, a consolidation between 1.2525 and 1.2765 may develop.

On H1, a successful attack on resistance at 1.2595-1.2610 will trigger the inverse “Shark” pattern with 88.6% target. The inability of bulls to hold the pair above 1.2595 will point at their weakness.

More:
https://fbs.com/analytics/articles/usd_cad:_bears_got_scared_of_a_shark_3172

 

[riki143]

EUR/USD: EURO SUPPORTED BY CLOUD
09:22 23.08.2017

Technical levels: support – 1.1750; resistance – 1.1820.

Trade recommendations:

Buy — 1.1770; SL — 1.1750; TP1 — 1.1820; TP2 – 1.1890.
Reason: narrow Ichimoku Cloud with horizontal Senkou Span A and B; a golden cross of Tenkan-sen and Kijun-sen and rising Tenkan-sen; the prices are supported by the Cloud and may continue to rise.

More:
https://fbs.com/analytics/articles/eur_usd:_euro_supported_by_cloud_3173

 

[riki143]

USD/JPY: DOLLAR CORRECTED TO KIJUN-SEN
09:23 23.08.2017

Technical levels: support – 109.00; resistance – 109.750.

Trade recommendations:

Sell — 109.40/50; SL — 109.70; TP1 — 109.00; TP2 — 108.60.
Reason: bearish Ichimoku Cloud, but Senkou Span A and B are horizontal; a dead cross of Tenkan-sen and Kijun-sen; the market has been corrected to Kijun-sen; waiting to continue of downtrend.

More:
https://fbs.com/analytics/articles/usd_jpy:_dollar_corrected_to_kijun_sen_3174

 

[riki143]

EUR/USD: "DOUBLE TOP" PATTERN
10:40 23.08.2017

There's a "Double Top" pattern, which has been confirmed. So, the price reached the nearest support at 1.1757, which led to a consolidation. In this case, the market is likely going to test the next support at 1.1712 - 1.1683. If a pullback from this levels happens, there'll be an opportunity to have an upward price movement towards the closest resistance at 1.1801 - 1.1846.

The price is consolidating near the Moving Averages. Also, there's a bearish "Pennant" pattern, so the pair is likely going to achieve the next support at 1.1720 - 1.1708 during the day. If we have a pullback from these levels, bulls will probably try to reach resistance at 1.1798 - 1.1801.

More:
https://fbs.com/analytics/articles/eur_usd:_"double_top"_pattern_3178

 

[riki143]

GBP/USD: MARKET GOING TO TEST NEXT SUPPORT
10:45 23.08.2017

Bears faced support at 1.2811, so the price is consolidating. Therefore, the market is likely going to test the next support at 1.2793 - 1.2768 in the coming hours. If a pullback from this area happens little later on, bulls will have a green light to reach the nearest resistance at 1.2830 - 1.2853.

The last "Double Top" pattern led to a massive decline. The main intraday target is the closest support 1.2793 - 1.2768. If we have a pullback from these levels, there'll be an option to have a bullish price movement in the direction of the nearest resistance at 1.2831 - 1.2853.

More:
https://fbs.com/analytics/articles/gbp_usd:_market_going_to_test_next_support_3179

 

[riki143]

EUR/USD: BULLISH "HARAMI"
12:49 23.08.2017

There's a bullish "Harami", which has been formed on the 34 Moving Average. Considering confirmation of this pattern, the price is likely going to test the nearest resistance. If we see a pullback from this level, there'll be an opportunity to have a local decline.

All the Moving Averages have been broken, but we still don't have any reversal pattern. Also, there's resistance by the last "Three Methods" pattern. If we have a pullback from this level, bears are likely going to test the nearest support.

More:
https://fbs.com/analytics/articles/eur_usd:_bullish_"harami"_3181

 

[riki143]

USD/JPY: "ENGULFING" ON THE 34 MOVING AVERAGE
12:52 23.08.2017

We've got an "Engulfing" pattern on the 34 Moving Average, so bears are likely going to continue pushing the price lower. The main intraday target is the lower "Window".

Bulls faced resistance on the 144 Moving Average, so there's a bearish "High Wave" pattern, which has been confirmed. In this case, the market is likely going to continue falling down.

More:
https://fbs.com/analytics/articles/usd_jpy:_"engulfing"_on_the_34_moving_average_3182

 

[riki143]

EUR/USD: DEVELOPING WAVE [IV]
12:59 23.08.2017

There's a developing wave [iv], which is taking place on the four-hours chart. The main target for wave (c) is 7/8 MM Level, which could be a departure point for wave [v] of 3.

We've got a double zigzag in wave (b) and a bearish impulse in wave i. It seems like wave ii is going to end soon, so we could have wave iii of (c) in the short term. If a pullback from 3/8 MM Level happens later on, there'll be an opportunity to have an upward correction.

More:
https://fbs.com/analytics/articles/eur_usd:_developing_wave_[iv]_3183

 

[riki143]

GBP/USD: POUND IS OVERSOLD
09:37 24.08.2017

Technical levels: support – 1.2750, 1.2710; resistance – 1.2820.

Trade recommendations:

Sell — 1.2820; SL — 1.2840; TP1 — 1.2750; TP2 — 1.2710.
Reason: expanding bearish Ichimoku Cloud with falling Senkou Span A and B; a dead cross of Tenkan-sen and Kijun-sen, with falling lines; the local market is oversold, waiting for correction to Tenkan-sen.

More:
https://fbs.com/analytics/articles/gbp_usd:_pound_is_oversold_3215

 

[riki143]

AUD/USD: BREAKDOWN OF SSA
09:38 24.08.2017

Technical levels: support – 0.7850, 0.7810; resistance – 0.7880.

Trade recommendations:

Buy — 0.7850; SL — 0.7830; TP1 — 0.7935; TP3 — 0.7980.
Reason: bearish Ichimoku Cloud with falling Senkou Span A and B; a new dead cross of Tenkan-sen and Kijun-sen; the prices are entered to negative area, but there is a strong support on the daily timeframe.

More:
https://fbs.com/analytics/articles/aud_usd:_breakdown_of_ssa_3216

 

[riki143]

EUR/USD: "DOUBLE BOTTOM" PATTERN
10:11 24.08.2017

There's a "Double Bottom" pattern, which has been confirmed, so the price is consolidating. The main intraday target is the nearest resistance at 1.1846 - 1.1875. If a pullback from this area happens, there'll be an opportunity to have a decline in the direction of the 34 Moving Average.

We've got a "Triple Top" pattern right under resistance at 1.1827. So, the price is likely going to test the 55 Moving Average in the short term. If a pullback from this line happens, bulls will probably try to achieve the closest resistance at 1.1827 - 1.1838

More:
https://fbs.com/analytics/articles/eur_usd:_"double_bottom"_pattern_3217

 

[riki143]

GBP/USD: BROKEN "FLAG"
10:19 24.08.2017

The last "Flag" pattern has been broken, so the price reached support at 1.2768. Nevertheless, bears are likely going to test the next support at 1.2768 - 1.2736 in the short term. If we have a pullback from these levels, bulls will have a green light to deliver a local upward correction.

Bears faced support at 1.2768, so the price is consolidating. In this case, we should keep an eye on the nearest resistance at 1.2811 as an intraday target. If a pullback from this level arrives little later on, there'll be an option to have another decline towards the next support at 1.2768 - 1.2736.

More:
https://fbs.com/analytics/articles/gbp_usd:_broken_"flag"_3218

 

[riki143]

USD/JPY: YEN MET 3 INDIANS
10:28 24.08.2017

Recommendation:

BUY 109.8

SL 109.25

TP1 110.8 TP2 112

On the daily chart, another attempt of bulls to return inside the triangle was unsuccessful. In order to have another chance, buyers need to keep the pair inside the medium-term channel between 108.50 and 114.50. A successful test of its lower border will open the way down to 161.8% target of the AB=CD pattern.

On USD/JPY there's consolidation within the inverted “Spike and ledge” pattern on the basis of 1-2-3. Together with “Three Indians” it’s a serious reversal pattern.

More:
https://fbs.com/analytics/articles/usd_jpy:_yen_met_3_indians_3220

 

[riki143]

USD/CHF DOESN’T WANT TO PART WITH WEDGE
10:41 24.08.2017

Recommendations:
SELL 0.9605
SL 0.966
TP1 0.9505 TP2 09475
BUY 0.975
SL 0.9695
TP 0.989

On the daily chart, USD/CHF keeps consolidation near an important level of 0.9650 (23.6% of the last long-term descending wave). If bears manage to lead the pair down below the diagonal support (lower border of the uptrend channel), the odds of reaching 88.6% target of Gartley pattern will increase.

On H1, USD/CHF is consolidating within a “Widening wedge”. A break of support levels at 0.9605 and 0.9585 won’t lead the pair south. On the other hand, successful test of resistance at 0.9750 and 0.9765 will open the way for further advance.

More:
https://fbs.com/analytics/articles/usd_chf_doesn’t_want_to_part_with_wedge_3221

 

[riki143]

EUR/USD: DEVELOPING ZIGZAG
11:07 24.08.2017

There's developing wave [iv], which is likely going to take the form of a zigzag. The main target is 7/8 MM Level, which could be a departure point for wave [v] of 3.

There are a bearish impulse in wave i and a zigzag in wave ii. So, there's an opportunity to have wave iii of (c) soon. In this case, we should keep in mind 3/8 MM Level as the next bearish target.

More:
https://fbs.com/analytics/articles/eur_usd:_developing_zigzag_3223