Market analysis and trade recommendations by FBS

[riki143]

EUR/USD reversed from support area
7/28/2016

EUR/USD rising inside minor correction (ii)
Next buy target – 1.1150
EUR/USD recently reversed up sharply from the support area located between the strong support level 1.0950 (which also previously reversed the earlier minor impulse wave (i) in June), the lower daily Bollinger Band and the 61.8% Fibonacci correction of the previous sharp intermediate ABC correction (2) from last December, as can be seen below. The upward reversal from this support area accelerated the active minor correction (ii) from June.

EUR/USD is likely to rise further to the next buy target at the resistance level 1.1150 (which reversed the pair with the daily Japanese candlesticks reversal pattern Shooting Star in June).

More:
https://new.fxbazooka.com/analytics/9825

 

[riki143]

AUD/USD: optimistic Aussie
7/28/2016

Technical levels: support – 0.7505; resistance – 0.7560, 0.7600, 0.7620.

Trade recommendations:

1. Sell — 0.7480; SL — 0.7500; TP1 — 0.7390; TP2 — 0.7320.

Reason: bearish Ichomoku Cloud, but Senkou Span B is growing up; neutral Tenkan-sen and Kijun-sen; a market is breaking out the Clouds resistance.

More:
https://new.fxbazooka.com/analytics/9811

 

[riki143]

EUR/USD: bears prepare their revenge
7/29/2016

On the daily EUR/USD chart the bulls came to the upper border of the rising channel. Successful test of the diagonal resistance will open the way to 1.1175 (38.2% Fibonacci of the last medium-term descending wave). However, if the bears manage to return the prices below support at 1.1070, the risks of the euro's fall to $1.1000 will increase.

On H1 a descending triangle was formed. It's a bearish formation. The break of support at 1.1070 will activate AB=CD pattern making the pair move down towards 1.1035 and 1.0970.

Recommendation: SELL 1.1070 SL 1.1120 TP 1.0970.

EUR

More:
https://new.fxbazooka.com/analytics/9826

 

[riki143]

USD/JPY: yen is resuming the trend
7/29/2016

On the daily USD/JPY chart recoil from the upper border of the long-term downtrend and the following decline of the price means that the bearish trend has resumed. It's target is at 100.8 (224% according to AB=CD). The nearest resistance is near 104.4 (23.6% Fibonacci of the last long-term descending wave).

On H1 the bears test the lower border of the descending short-term channel. Success will confirm the activation of AB=CD pattern. Its targets are at 102.4 (161.8%), 101.4 (200%) and 100.8 (224%). On the contrary, in case of failure, the pair will recover to the lower border of the channel (105.45).

More:
https://new.fxbazooka.com/analytics/9827

 

[riki143]

EUR/USD: consolidation above the cloud
7/29/2016

Technical levels: support – 1.0950, 1.1070; resistance – 1.1090, 1.1170.

Trade recommendations:

1. Buy — 1.1080; SL — 1.1060; TP1 — 1.1170.

Reason: bearish mood of Ichimoku Cloud, but there is a rising Senkou Span A, Tenkan and Kijun; the prices consolidation above the Cloud.

More:
https://new.fxbazooka.com/analytics/9828

 

[riki143]

USD/JPY: the Bears attacked again
7/29/2016

Technical levels: support – 102.90; resistance – 103.70, 104.40.

Trade recommendations:

1. Sell — 103.70; SL — 103.90; TP1 — 102.50; TP2 — 101.50.

Reason: dead cross of Tenkan-sen and Kijun-sen; bullish Ichomoku Cloud but falling Senkou Span A.

More:
https://new.fxbazooka.com/analytics/9829

 

[riki143]

EUR/USD: "Double Top" prevented further bullish steps
7/29/2016

The price faced a resistance at 1.1120, which led to form a “V-Top” pattern, so we’ve got a local decline. Therefore, the market is likely going to achieve the nearest support area’s lower side at 1.1032. However, if a pullback from this level happens, there’ll be an opportunity to have an upward correction in the direction of a resistance at 1.1145 – 1.1166.

As we can see on the one-hour chart, bulls found a resistance at 1.1120, so we’ve got a “Double Top” pattern here. The main intraday target is the closest support at 1.1059 – 1.1041. At the same time, bulls are likely going to catch a resistance at 1.1125 – 1.1145 soon.

More:
https://new.fxbazooka.com/analytics/9830

 

[riki143]

GBP/USD: price consolidating under "Triangle"
7/29/2016

The price is consolidating between the 55 Moving Average and the nearest support at 1.3116. So, the pair is likely going to get the next support at 1.3015 in the short term. However, if we see a pullback from this support, a bullish movement in the direction of a resistance at 1.3289 becomes possible.

Bears faced a support at 1.3116, which led to form a “Triple Bottom”, so the price started rising. Also, we’ve got a local “V-Top”, which makes possible an achievement of a support at 1.3071 – 1.3056. Nevertheless, bulls will probably try to get a resistance at 1.3247 – 1.3273.

More:
https://new.fxbazooka.com/analytics/9831

 

[riki143]

EUR/USD: "Harami" prevented bearish correction
7/29/2016

Bulls have been moving up since a “Hammer” arrived at the local low. Also, we’ve got a bullish “Hammer”, which canceled a confirmation of the last “Hanging Man” pattern. Therefore, the market is likely going to test the 144 Moving Average. If a pullback from this line happens, there’ll be an opportunity to have a local downward correction. As we can see on the Daily chart, there’s a “Shooting Star”, but it still hasn’t got a confirmation. So, today’s candle is likely going to be a white one.

We’ve got a “Harami” and a “Tweezers” at the local low, which both have been confirmed enough. So, bulls are likely going to deliver a new high very soon.

More:
https://new.fxbazooka.com/analytics/9834

 

[riki143]

USD/JPY: plenty of bullish patterns
7/29/2016

There’s a “Harami” at the local low, but it hasn’t been confirmed yet. So, the market is likely going to get a resistance on the two nearest “Windows”, which could reverse the price movement into the direction of the local low. As we can see on the Daily chart, the last “Harami” is still unconfirmed, but if the price finds a lodgement under the closest “Window”, then bears will probably try to move on.

We’ve got plenty of bullish patterns such a “High Wave”, an “Engulfing” and a “Harami”. However, all of them have a quite weak confirmation, so the coming upward movement could be just a small correction.

More:
https://new.fxbazooka.com/analytics/9835

 

[riki143]

USD/CHF under bearish pressure
7/29/2016

USD/CHF under bearish pressure
Next sell target – 0.9700
USD/CHF recently reversed down sharply from the resistance zone lying between the resistance levels 0.9950 and 0.9900 (this resistance zone has been reversing the price from the end of May). This resistance zone was further strengthened by the upper daily Bollinger Band. The downward reversal from this resistance area created the daily Bearish Engulfing (encircled below) – which marked the start of the active minor correction (ii).

USD/CHF will, most likely, continue to fall toward the next sell target at the strong support level 0.9700 (which reversed the previous minor corrective wave 2 at the start of July, as can be seen below).

More:
https://new.fxbazooka.com/analytics/9836

 

[riki143]

USD/JPY reversed from resistance zone
7/29/2016

USD/JPY reversed from resistance zone
Next sell target - 102.00
USD/JPY continues to fall inside the intermediate impulse wave (3) - which started earlier – when the pair reversed down from the resistance zone lying between the resistance level 108.00 (previous buy target), 38.2% Fibonacci correction of the previous downward impulse from January and the resistance trendline of the daily down channel from the start of this year.

The downward reversal from the aforementioned resistance zone created the daily Japanese candlesticks reversal pattern Bearish Engulfing. USD/JPY is expected to continue to fall toward the next sell target at the support level 102.00.

More:
https://new.fxbazooka.com/analytics/9837

 

[riki143]

Key option levels: August 1
7/31/2016

EUR/USD

Main trend Short-term period Medium-term period
Bullish Bearish
Changes in the open interest + 26 992 ? - 84 630 ?
Closest resistance levels 1.1210; 1.1230; 1.1250; 1.1277
Closest support levels 1.1152; 1.1121; 1.1084; 1.1041
Trading recommendations
Baseline scenario Buy pair above 1.1210, with the target points at 1.1230 and 1.1250
Alternative scenario Moving below 1.1152 can be considered as a signal to sell the pair, with target at 1.1121 and 1.1084

Main trend Short-term period Medium-term period
Bullish Bearish
Changes in the open interest + 994 ? + 1 168 ?
Closest resistance levels 1.3271; 1.3304; 1.3340; 1.3389
Closest support levels 1.3194; 1.3158; 1.3135; 1.3107
Trading recommendations
Baseline scenario Buy pair above 1.3271, with the target points at 1.3304 and 1.3340
Alternative scenario Moving below 1.3194 can be considered as a signal to sell the pair, with target at 1.3158 and 1.3135

Main trend Short-term period Medium-term period
Bearish Bearish
Changes in the open interest + 3 611 ? + 5 812 ?
Closest resistance levels 102.28; 102.47; 102.72; 103.03
Closest support levels 101.80; 101.54; 101.39; 101.17
Trading recommendations
Baseline scenario Sell pair below 101.80, with the target points at 101.54 and 101.39
Alternative scenario Moving above 102.28 can be considered as a signal to buy the pair, with target at 102.47 and 102.72

Main trend Short-term period Medium-term period
Bearish Bullish
Changes in the open interest + 461 ? + 608 ?
Closest resistance levels 1.3057; 1.3079; 1.3122; 1.3182
Closest support levels 1.3017; 1.2992; 1.2948; 1.2887
Trading recommendations
Baseline scenario Sell pair below 1.3017, with the target points at 1.2992 and 1.2948
Alternative scenario Moving above 1.3057 can be considered as a signal to buy the pair, with target at 1.3079 and 1.3122

More:
https://new.fxbazooka.com/analytics/9838

 

[riki143]

EUR/USD after poor US GDP Q2 figures: Weakness on the greenback for mid-term?
8/1/2016

A poor US GDP report released last Friday helped to add weakness on the greenback, following a 1.2% number, which is well-below the 2.6% expected for Q2. Also, FOMC minutes didn't give major hints in terms of the US economy. Today at 14:00 GMT will be released the ISM Manufacturing PMI, which should see a very slight decline from 53.2 to 53.1. The analysts don't expect very volatile movements after the release.

The technical overview for EUR/USD at H4 chart is showing a very bullish road ongoing, as the pair is doing a consolidation above the 200 SMA. A strong resistance can be seen at the 1.1210 level and if the Manufacturing PMI's reading is weaker than expected, then a rally towards the 1.1295 level can happen, where also a bearish trend line is projected. In the other scenario, a breakout below the 1.1154 support level can open the doors to test the 1.1044 level.

More:
https://new.fxbazooka.com/analytics/9839

 

[riki143]

EUR/USD: bulls met an obstacle
8/1/2016

On the daily chart EUR/USD is testing the upper border of the 1.1-1.1175 consolidation range. Successful test of resistance will activete the "Bat" pattern. Its 88.6% target lies at 1.1370. It corresponds to the lower border of the long-term rising channel and 61.8% Fibonacci of the last short-term wave. This allows us to point at convergence area of 1.1345-1.1370.

On H1 EUR/USD the bears failed to test the lower border of the triangle. After that the movement to the upside resumed and reached????? 2,24% of the "Crab" pattern target. The pair is currently forming a "spike and ledge" pattern on the basis of 1-2-3 pattern. The break below the lower border of the consolidation range at 1.1156 will result in correction towards 1.1114, while the break above the upper border of the range will make the pair move to the convergence area we found on the daily chart.

More:
https://new.fxbazooka.com/analytics/9840

 

[riki143]

GBP/USD is forming a ledge
8/1/2016

On the daily chart GBP/USD keeps consolidating in the 1.3075-1.3494 area. The borders of this range correspond to 127.2% and 161.8% targets of the senior AB=CD pattern. The break of resistance at 1.3491-1.3494 activates junior AB=CD pattern. Its 224% target lies at 1.3950.

On H1 the break of the upper border of the descending triangle and its following retest means that the bulls have seized the initiative. If they manage to rise above resistance at 1.3302, the "Spike and ledge" pattern on teh basis of 1-2-3 will allow to expect the pair's growth to 1.3455. Bearish mood will return to the market in case of the break below the lower border of the "ledge" at 1.3071.

More:
https://new.fxbazooka.com/analytics/9841

 

[riki143]

EUR/USD: wave v of (c) is coming soon
8/1/2016

Wave 4 has been developing since the end of June, so it’s likely that a “Double Three” pattern is taking place. The main target is 4/8 Murrey Math Level (P=200). If a pullback from this resistance happens afterwards, there’ll be an opportunity to see a decline in wave .

There’s a possible upward impulse in wave (c) of [y]. Currently, we’ve got a local consolidation in wave iv, which is likely going to end shortly. Therefore, bulls will probably try to reach 8/8 Murrey Math Level during developing of wave v.

More:
https://new.fxbazooka.com/analytics/9842

 

[riki143]

EUR/USD: overbought euro
8/1/2016

Technical levels: support – 1.1130, 1.1080; resistance – 1.1170, 1.1220.

Trade recommendations:

1. Sell — 1.1170; SL — 1.1190; TP1 — 1.1080.

Reason: bullish Ichimoku Clou; golden cross of Tenkan and Kijun, but there is an overbought market.

More:
https://new.fxbazooka.com/analytics/9843

 

[riki143]

AUD/USD: across the resistance
8/1/2016

Technical levels: support – 0.7550, 0.7520; resistance – 0.7620.

Trade recommendations:

1. Sell — 0.7620; SL — 0.7640; TP1 — 0.7550; TP2 — 0.7520.

Reason: bearish Ichomoku Cloud, Senkou Span A is growing up; golden cross of Tenkan-sen and Kijun-sen; an overbought market is under resistance.

More:
https://new.fxbazooka.com/analytics/9844

 

[riki143]

USD/JPY: bears have won
8/1/2016

Technical levels: support – 101.40, 100.80; resistance – 102.50, 102.90.

Trade recommendations:

1. Sell — 102.90; SL — 103.10; TP1 — 102.00; TP2 — 101.40.

Reason: dead cross of Tenkan-sen and Kijun-sen; weak bullish Ichimoku Cloud, but falling Senkou Span A; a market is under the Cloud.

More:
https://new.fxbazooka.com/analytics/9845