Market analysis and trade recommendations by FBS

[riki143]

EUR/USD: new low coming soon
8/30/2016

The price faced a support at 1.1160, so we’ve got a local consolidation. Considering a bearish “Triple Top” pattern, the market is likely going to falling down in the short term. If we see a pullback from the next support at 1.1130, there’ll be an opportunity to have an upward correction.

The pair is moving up and down between a support at 1.1152 and a resistance at 1.1176. Therefore, the market is likely going to reach the closest support at 1.1130 shortly. At the same time, if a pullback from this level happens, bulls will probably try to deliver a new high.

More:
https://new.fxbazooka.com/analytics/10253

 

[riki143]

GBP/USD: "Double Top" highlights possible decline
8/30/2016

Bears faced a support at 1.3056, so we’ve got an upward correction in progress. Also, there’s a “Double Top”, so bears are likely going to reach a support at 1.3022. However, if a pullback from this level be on the table, there’ll be a chance to see a bullish correction towards a resistance at 1.3119 – 1.3183.

We’ve got a “V-Bottom” pattern, so the market is consolidating. At the same time, there’s a “Double Top”, so the price is likely going to decline in the direction of the nearest support at 1.3022 in the short term.

More:

https://new.fxbazooka.com/analytics/10254

 

[riki143]

AUD/USD reversed from strong resistance zone
8/30/2016

AUD/USD reversed from strong resistance zone
Next sell targets - 0.7500 and 0.7400
AUD/USD has been falling in the last two weeks inside the intermediate impulse wave (3) – which started earlier – when the pair reversed down from the strong resistance zone lying between the resistance levels 0.7700 and 0.7800 (which also earlier reversed the previous primary ABC correction ?, as can be seen below). The downward reversal from this resistance zone created the weekly Japanese candlesticks reversal pattern Falling Star.

AUD/USD is expected to fall down further to the next sell target at the support level 0.7500 – the breakout of which can lead to further losses toward 0.7400.

More:
https://new.fxbazooka.com/analytics/10255

 

[riki143]

EUR/GBP rising inside intermediate impulse wave

EUR/GBP rising inside intermediate impulse wave
Next buy target - 0.8600
EUR/GBP recently reversed up from the support zone lying between the support level 0.8500 and the 50% Fibonacci correction of the previous sharp upward impulse from the middle of July. The upward reversal from this support area completed the previous intermediate ABC correction (4) - which is a part of the primary impulse wave ? from the end of May.

EUR/GBP is expected to rise further in the active impulse waves (5) and ? toward the next buy target at the resistance level 0.8600. Buy stop-loss can be placed below the aforementioned support level 0.8500.

More:
https://new.fxbazooka.com/analytics/10256

 

[riki143]

EUR/USD: "Hammer" points to possible bullish correction
8/30/2016

We’ve got a “Hammer” and a “Harami” at the last local lows, but their confirmation is a quite weak. So, the market is likely going to test the nearest support line once again. If a pullback from this level happens, there’ll be an opportunity to have an upward correction. As we can see on the Daily chart, the price has achieved the 89 Moving Average, so bulls will probably try to deliver a pullback from this line.

The main trend is a still bullish, but we’ve got a “Hammer” at the local low. Therefore, the pair is likely going to get a resistance on the 21 Moving Average. If a pullback from this line happens, the nearest support could be tested again.

More:
https://new.fxbazooka.com/analytics/10260

 

[riki143]

USD/JPY: "Window" waiting for bears
8/30/2016

Bulls have got a support by the nearest “Window”, so there’s a “Morning Doji Star”, which has been confirmed. Therefore, the price is likely going to test the “Window” once again, but if we see a pullback from it, then bulls will be free to deliver a new high. As we can see on the Daily chart, there’s a “Harami” at the local low, so there’s an opportunity to have an achievement of the nearest resistance line.

We’ve got an “Engulfing” and a “Harami” at the local high, but their confirmation isn’t enough. If we see a stronger confirmation later on, then bears will have a reason to get a support on the nearest “Window”.

More:
https://new.fxbazooka.com/analytics/10261

 

[riki143]

USD/CAD & Crude Oil Inventories: Strong resistance in place?
8/31/2016

Today at 14:30 GMT will be released the US crude oil inventories, following an unexpected number that weighed on the oil prices during last week. For this time, we could see a decrease from 2.5M to 1.1M, according to the most recent analysts' consensus. Overall higher prices of the oil are putting an interesting scenario across the commodity currencies. For example, USD/CAD is now heading up towards the 1.3100 handle.

Our technical overview for the Loonie at H4 chart is still bullish, as it has been trading above the 500 SMA. However, the pair is trapped inside a very volatile range in terms of price action and we should expect a lower reaction when it reaches the resistance zone of 1.3126 and eventually can re-test the support zone of 1.3025. If the USD/CAD clings to break the 1.3126 level, then a next target to the upside would be the 1.3184 price level.

More:
https://new.fxbazooka.com/analytics/10262

 

[riki143]

EUR/USD: bears keep advancing
8/31/2016

On the daily chart EUR/USD, as expected, renewed minimum of the doji bar, which led to continuation of the downtrend. The sentiment remains bearish. Risks of decline towards 1.1110 and 1.1070 are significant. The nearest resistance levels are close to 1.1175 and 1.1206.

On H1 the bulls managed to hold at the lower border of the widening wedge. If the pair renews yesterday's low, the pair will keep moving down towards 1.1115 and 1.1080. Use advance towards 1.1206 to sell the euro against the US dollar.

More:
https://new.fxbazooka.com/analytics/10263

 

[riki143]

AUD/USD: bears have control
8/31/2016

AUD/USD has reached targets of "Three Indians" pattern. The break below the lower border of the bullish channel means that bears have seized the initiative. The buyers manages to find some support at 0.752, but if the pair falls to yesterday's minimum, this will increase risks of decline to 0.744-0.7450.

On H1 AUD/USD is moving within descending trend channel. It means that bears remain in control. The targets of the downtrend are at 0.7490 and 0.7550. The nearest resistance is at 0.755 and 0.7590.

More:
https://new.fxbazooka.com/analytics/10264

 

[riki143]

EUR/USD: local "V-top" helps bears to move on
8/31/2016

The price faced a support at 1.1130, which brought a consolidation into the market. Also, we’ve got a “V-Bottom” pattern, so bulls are likely going to get a resistance on the 89 Moving Average. Considering a “Triple Top” pattern, bears will probably try to achieve a support at 1.1113 afterwards.

There’s a “Triple Bottom” pattern, but it hasn’t been confirmed yet. So, the market is likely going to decline towards a support at 1.1145 – 1.1130 in the short term. However, if a pullback from this area happens, there’ll an opportunity to have an upward correction.

More:
https://new.fxbazooka.com/analytics/10267

 

[riki143]

GBP/USD: holding under the Cloud
8/31/2016

Technical levels: support – 1.3060, 1.3020, 1.2965; resistance – 1.3120.

Trade recommendations:

1. Sell — 1.3080; SL — 1.3100; TP1 — 1.3020; TP2 — 1.2965.

Reason: narrowing bullish Ichimoku Cloud; a dead cross of Tenkan-sen and Kijun-sen; the prices are fixed under the Cloud.

More:
https://new.fxbazooka.com/analytics/10268

 

[riki143]

USD/JPY: the Clouds breakout
8/31/2016

Technical levels: support – 102.50, 101.20; resistance – 103.50, 103.70, 104.10.

Trade recommendations:

1. Sell — 103.70; SL — 103.90; TP1 — 102.50; TP2 — 101.20.

Reason: a bullish Ichimoku Cloud and the golden cross of Tenkan-sen and Kijun-sen, but the strong resistance near 103.70.

More:
https://new.fxbazooka.com/analytics/10269

 

[riki143]

GBP/USD: flat going to end
8/31/2016

We’ve got a consolidation, which is taking place on the four-hour chart. Therefore, it’s likely to see a decline towards a support at 1.3056 – 1.3022 in the short term. At the same time, if we have a pullback from these levels, bulls will probably try reach the 89 Moving Average.

The price found a support at 1.3056, which led to the current flat. Also, we’ve got a resistance by the 34 Moving Average. In this case, the pair is likely going to get a support at 1.3069 – 1.3056 shortly, but if a pullback from this area happens, then we should keep an eye on the nearest resistance at 1.3119.

More:
https://new.fxbazooka.com/analytics/10270

 

[riki143]

EUR/USD: the third wave going to move on
8/31/2016

The market has been falling down since a pullback from 6/8 Murrey Math Level (P=200) happened. So, we’ve got a bearish impulse in wave iii of (a). Therefore, the price is likely going to reach 1/8 MM Level in the short term.

As we can see on the one-hour chart, there’s an extension in wave iii. However, if we see a pullback from 2/8 MM Level (P=400), there’ll be an opportunity to have a local correction. Nevertheless, bears are likely going to deliver wave [5] of iii later on.

More:
https://new.fxbazooka.com/analytics/10275

 

[riki143]

Key option levels for Wednesday, August 31th
8/31/2016

EUR/USD

Main trend Short-term period Medium-term period
Neutral Bearish
Changes in the open interest + 60 553 ? + 121 195 ?
Closest resistance levels 1.1180(96?); 1.1218; 1.1246; 1.1280
Closest support levels 1.1130; 1.1103; 1.1081; 1.1053
Trading recommendations
Baseline scenario Short EUR/USD below 1.1130, with target points at 1.1103 and 1.1081
Alternative scenario Moving above 1.1180 can be considered as a signal to buy the pair, with target at 1.1218 and 1.1246


USD/JPY

Main trend Short-term period Medium-term period
Bullish Neutral
Changes in the open interest + 1 206 ? + 1 247 ?
Closest resistance levels 103.36; 103.56; 103.82; 104.14
Closest support levels 102.68(56?); 102.41; 102.20; 101.93
Trading recommendations
Baseline scenario Buy USD/JPY above 103.36, with the target points at 103.56 and 103.82
Alternative scenario Moving below 102.68 can be considered as a signal to sell the pair, with target at 102.41 and 102.20


USD/CAD

Main trend Short-term period Medium-term period
Neutral Bullish
Changes in the open interest + 556 ? + 443 ?
Closest resistance levels 1.3123; 1.3160; 1.3210; 1.3273
Closest support levels 1.3031; 1.2995; 1.2945
Trading recommendations
Baseline scenario Long USD/CAD above 1.3123, with the target points at 1.3160 and 1.3210
Alternative scenario Moving below 1.3031 can be considered as a signal to sell the pair, with target at 1.2995 and 1.2945

More:
https://new.fxbazooka.com/analytics/10276

 

[riki143]

AUD/NZD under bearish pressure
8/31/2016

AUD/NZD under bearish pressure
Next sell target - 1.0310
AUD/NZD has been falling in the last few trading sessions – following the earlier breakout of the round support level 1.0500 (which reversed the previous minor impulse wave 1). The breakout of the support level 1.0500 accelerated the active minor impulse wave 3 – which belongs to the intermediate impulse wave (3) from the middle of July.

AUD/NZD is expected to fall down further toward the next sell target at the support level 1.0310 (which reversed the previous sharp intermediate impulse wave (1) in July, as can be seen from the daily AUD/NZD chart below). Strong resistance remains at 1.0500.

More:
https://new.fxbazooka.com/analytics/10277

 

[riki143]

GBP/JPY rising inside intermediate correction
8/31/2016

GBP/JPY rising inside intermediate correction
Next buy target - 140.00
GBP/JPY continues to rise inside the second intermediate corrective wave (2) – which started earlier - when the pair reversed up from the support zone lying between the support level 130.00 (previous sell target and the low of the earlier primary impulse wave ?) and the lower daily Bollinger Band.

GBP/JPY is expected to rise further in the active intermediate wave (2) toward the next buy target at the resistance level 140.00 (top of the earlier minor B-wave from July) - coinciding with the 38.2% Fibonacci correction of the previous sharp downward impulse from the end of June).

More:
https://new.fxbazooka.com/analytics/10278

 

[riki143]

AUD/USD: bears going to deliver wave iii of (iii)
8/31/2016

There’s a possible wedge in wave , which led to form wave [ii] in a form of a zigzag. Previously, we’ve got two pullbacks from 7/8 Murrey Math Level (P=200) in a row. Therefore, wave [iii] is likely going to be continued, so we should keep an eye on 1/8 MM as a possible bearish target.

As we can see on the one-hour chart, wave i was formed yesterday, so we’ve got wave ii in progress. It’s likely that the price is going to test 3/8 MM Level during the day. If we see a pullback from this level, there’ll be an opportunity to have wave iii of (iii).

More:
https://new.fxbazooka.com/analytics/10279

 

[riki143]

EUR/USD: "Inverted Hammer" set up bullish correction
8/31/2016

We’ve got a bullish “Inverted Hammer”, but its confirmation is a quite weak. Therefore, the price is likely going to test the nearest “Window” once again. If a pullback from this level happens, there’ll be an opportunity to have an upward correction. As we can see on the Daily chart, there isn’t any reversal pattern so far. However, if we see one on the nearest support line, bulls will probably try to deliver an upward correction.

There’s another “Inverted Hammer” at the local low, which has been confirmed enough. So, the market is likely going to reach the 21 Moving Average during the day. If we have a pullback from this line, bears are likely going to break the last low.

More:
https://new.fxbazooka.com/analytics/10280

 

[riki143]

USD/JPY: "Window" acted as support
8/31/2016

We’ve got a bullish trend without any reversal patterns, so the price is likely going to reach the nearest resistance level. As we can see on the Daily chart, the pair is rising towards the 34 Moving Average. If we see any bearish pattern on this line, there’ll be an opportunity to have a local correction.

The price faced a support on the previously formed “Window”, which led to the current bullish rally. There’s a “Doji” at the local high, but its confirmation isn’t enough. So, if we get stronger confirmation of this pattern, then bears will have a chance to achieve the closes support level.

More:
https://new.fxbazooka.com/analytics/10281