Market analysis and trade recommendations by FBS

[riki143]

XAU/USD: gold resumed trend
8/10/2016

On the daily XAU/USD chart there was unsuccessful test of the lower border of the medium-term uptrend channel painted in red. It points at the weakness of the bears. If the bulls manage to overcome resistance at $1365-1370 an ounce, the way to 1410 will remain open.

On H1 XAU/USD the bulls managed to overcome resistance at $1350, which is now acting as support. The main goal of the bulls – to hold above this level. Success will increase the risks of testing $1360 an ounce and reach the $1364-1367 convergence area. Failure, on the other hand will lead to a decline to $1330-1340.

More:
https://new.fxbazooka.com/analytics/9995

 

[riki143]

EUR/USD: "Pennant" led to new local high
8/10/2016

There was a consolidation under the Moving Averages, which has been ended by the last bullish rally, so the price faced a resistance at 1.1145. Therefore, the pair is likely going to reach a support on the 89 Moving Average in the short term. However, if we see a pullback from this line, there’ll be an opportunity for another upward movement.

The last “Flag” pattern has done such a great job, so we’ve got a new local high here. Finally, bulls found a resistance at 1.1166, which led to the current local flat. So, the market is likely going to get a support at 1.1145 – 1.1120 during the day. Considering a possible pullback from this area, bulls will probably try to catch a resistance at 1.1166 – 1.1186 afterwards.

More:
https://new.fxbazooka.com/analytics/9996

 

[riki143]

Key option levels for Wednesday, August 10th
8/10/2016

EUR/USD

Main trend Short-term period Medium-term period
Bearish Bearish
Changes in the open interest - 45 158 ? + 360 883 ?
Closest resistance levels 1.1158; 1.1186; 1.1206; 1.1230
Closest support levels 1.1115; 1.1096; 1.1067; 1.1046
Trading recommendations
Baseline scenario Short EUR/USD below 1.1115, with target points at 1.1096 and 1.1067
Alternative scenario Moving above 1.1158 can be considered as a signal to buy the pair, with target at 1.1186 and 1.1206


GBP/USD

Main trend Short-term period Medium-term period
Neutral Bearish
Changes in the open interest + 2 468 ? + 3 030 ?
Closest resistance levels 1.3100; 1.3140; 1.3165; 1.3194
Closest support levels 1.2986; 1.2962/49; 1.2915; 1.2869
Trading recommendations
Baseline scenario Sell GBP/USD below 1.2986, with target points at 1.2962 and 1.2915
Alternative scenario Moving above 1.3100 can be considered as a signal to buy the pair, with target at 1.3140 and 1.3165


USD/JPY

Main trend Short-term period Medium-term period
Bullish Neutral
Changes in the open interest + 1 212 ? + 23 ?
Closest resistance levels 102.76; 103.01; 103.31; 103.65
Closest support levels 101.02; 100.79; 100.51;100.20
Trading recommendations
Baseline scenario Long USD/JPY above 102.76, with the target points at 103.01 and 103.31
Alternative scenario Moving below 101.02 can be considered as a signal to sell the pair, with target at 100.79 and 100.51


USD/CAD

Main trend Short-term period Medium-term period
Neutral Bullish
Changes in the open interest + 1 744 ? + 103 ?
Closest resistance levels 1.3158(72?); 1.3194; 1.3228; 1.3271
Closest support levels 1.3055; 1.3023; 1.2980; 1.2928
Trading recommendations
Baseline scenario Buy USD/CAD above 1.3158, with the target points at 1.3194 and 1.3228
Alternative scenario Moving below 1.3055 can be considered as a signal to sell the pair, with target at 1.3023 and 1.2980

MORE:
https://new.fxbazooka.com/analytics/9997

 

[riki143]

GBP/USD: "V-Bottom" set up bullish correction
8/10/2016

There’s a “V-Bottom” pattern, which led to the last bullish price movement. However, the pair faced a resistance at 1.3119, so the market is likely going to get a support at 1.3015 shortly. If we see a pullback from this level, buyers will probably try to catch the next resistance at 1.3226.

We’ve got a “Triple Bottom”, so the price achieved the 55 Moving Average, which acted as a resistance. Therefore, the market is likely going to decline towards a support at 1.3017. Nevertheless, if a pullback from this level happens, bulls will probably try to deliver a new local high.

More:
https://new.fxbazooka.com/analytics/9999

 

[riki143]

USD/JPY: the Dollar has weakened against Japanese yen
8/10/2016

Technical levels: support – 101.20; resistance – 101.70.

Trade recommendations:

1. Sell — 101.70; SL — 101.90; TP1 — 101.20; TP2 — 100.60.

Reason: cancelled golden cross formed by Tenkan-sen and Kijun-sen; bearish Ichimoku Cloud; strong resistance formed by Senkou Span A.

More:
https://new.fxbazooka.com/analytics/10000

 

[riki143]

EUR/USD: possible "Triangle" in wave 4 taking place
8/10/2016

The price is rising, so wave 4 is likely going to be continued in a form of a “Horizontal Triangle”. Therefore, there’s an opportunity to see a consolidation between 7/8 and 6/8 Murrey Math Levels (P=200) in the short term.

As we can see on the one-hour chart, there’s a possible zigzag in progress in wave [c]. Considering a pullback from 2/8 Murrey Math Level, the next target is 6/8 Murrey Math Level. If a pullback from this level happens, bears will probably try to deliver wave [d] of 4.

More:
https://new.fxbazooka.com/analytics/10005

 

[riki143]

EUR/USD: long shadow points to coming local correction
8/10/2016

The price has been rising since a pullback from the lower “Window” happened. So, we’ve got series of bullish patterns such a “Hammer”, an “Engulfing” and a “Three White Soldiers”. The last candles are bullish and there isn’t any reversal pattern so far, which makes possible an achievement the nearest resistance line. As we can see on the Daily chart, here’s a “High Wave” at the local low, which has been confirmed enough. However, there’s an opportunity to have a local correction towards the middle of the last huge white candle.

Bears haven’t broken the lower “Window”, so bulls are in the game again. Considering a long shadow of the last white candle, the market is likely going to have a local correction during the day. At the same time, if any bullish pattern arrives later on, buyers will probably try to deliver a new intraday high shortly.

More:
https://new.fxbazooka.com/analytics/10008

 

[riki143]

USD/CAD reversed from resistance zone
8/10/2016

USD/CAD reversed from resistance zone
Next sell targets - 1.3000 and 1.2800
USD/CAD recently reversed down from the resistance zone (which has been steadily reversing this currency pair from the end of May) lying between the resistance levels 1.3120, 1.3230, upper daily Bollinger Band and the 50% Fibonacci correction of the previous sharp downward impulse from February. The downward reversal from this resistance zone started the active minor impulse wave (iii) – which belongs to wave 1 of the intermediate impulse wave (3) from July.

USD/CAD is set to fall further to the next sell target at the support level 1.3000 – the breakout of which can lead to further losses toward 1.2800.

More:
https://new.fxbazooka.com/analytics/10009

 

[riki143]

NZD/CHF continues the strong uptrend
8/10/2016

NZD/CHF continues the strong uptrend
Next buy targets - 0.7150 and 0.7200
NZD/CHF continues to rise inside the minor impulse wave 5, which stared earlier when the pair reversed up from the support zone lying between the pivotal support level 0.6850 (former resistance level from June) and the 50% Fibonacci correction of the previous sharp upward impulse from the start of May. The active minor impulse wave 3 belongs to the sharp intermediate impulse wave (C) from the middle of January.

NZD/CHF is expected to rise further in the direction of the next buy targets at the resistance levels 0.7150 and 0.7200 (which reversed the previous sharp minor impulse wave 3 in July).

More:
https://new.fxbazooka.com/analytics/10010

 

[riki143]

USD/JPY: new low is coming because of "Engulfing"
8/10/2016

There’s a bearish “Engulfing” on the 34 Moving Average, which has been confirmed enough. However, there’s also an opportunity to have a local correction towards the nearest “Window”. As we can see on the Daily chart, here’s an “Engulfing” at the local high, so bears are likely going to move on.

We’ve got one more “Engulfing” on the one-hour chart, which also has been confirmed enough. Therefore, sellers are likely going to reach the nearest support line, which could bring any bullish pattern afterwards.

More:
https://new.fxbazooka.com/analytics/10011

 

[riki143]

EUR/USD: eurobulls are on the attack
8/10/2016

Technical levels: support – 1.1120, 1.1100; resistance – 1.1170.

Trade recommendations:

1. Buy — 1.1120; SL — 1.1100; TP1 — 1.1170; TP2 – 1.1200.

Reason: bullish Ichimoku Cloud, rising Senkou Span A; a golden cross of Tenkan-sen and Kijun-sen.

More:
https://new.fxbazooka.com/analytics/9998

 

[riki143]

EUR/USD: euro has entered to positive zone
8/11/2016

Technical levels: support – 1.1150, 1.1120; resistance – 1.1170, 1.1190.

Trade recommendations:

1. Buy — 1.1150; SL — 1.1130; TP1 — 1.1190; TP2 – 1.1230.

Reason: bullish Ichimoku Cloud, rising Senkou Span A; a golden cross of Tenkan-sen and Kijun-sen.

More:
https://new.fxbazooka.com/analytics/10014

 

[riki143]

AUD/USD: on the new highs[/URL]
8/11/2016

Technical levels: support – 0.7680/90, 0.7630; resistance – 0.7730.

Trade recommendations:

1. Buy — 0.7680/90; SL — 0.7660; TP1 — 0.7730; TP2 — 0.7790.

Reason: bullish Ichimoku Cloud; a golden cross of Tenkan-sen and Kijun-sen with its supporting of the market.

More:
https://new.fxbazooka.com/analytics/10015

 

[riki143]

USD/JPY: consolidation under the cloud
8/11/2016

Technical levels: support – 101.00; resistance – 101.70.

Trade recommendations:

1. Sell — 101.70; SL — 101.90; TP1 — 101.20; TP2 — 100.60.

Reason: a new dead cross formed by Tenkan-sen and Kijun-sen; bearish Ichimoku Cloud; strong resistance formed by Senkou Span A.

More:
https://new.fxbazooka.com/analytics/10016

 

[riki143]

EUR/USD: "Double Top" stopped bullish rally
8/11/2016

The price faced a resistance at 1.1186, which led to the current decline. So, the market is likely going to get a support at 1.1145 – 1.1120 in the short term. However, if we see a pullback from this area, then bulls will probably try to deliver a new high.

There’s a possible “Double Top” pattern in progress. Therefore, bears are likely going to reach the 89 Moving Average during the day. At the same time, bulls are still strong enough, so we should keep an eye on the next resistance at 1.1196 – 1.1222 as an intraday target.

More:
https://new.fxbazooka.com/analytics/10017

 

[riki143]

GBP/USD: "Flag" increasing bearish pressure
8/11/2016

Bulls faced a resistance at 1.3119, so we’ve got a “Double Top” pattern. Under this circumstances, the price is likely going to get a support at 1.2954 – 1.2877. Nevertheless, buyers will probably try to move on afterwards, so it’s likely to see an achievement of the 55 Moving Average soon.

We’ve got a “Double Top” under the nearest resistance at 1.3101. So, there’s a consolidation in a form of a “Flag” along a level at 1.3017. In this case, the market is likely going to reach a support at 1.2945 – 1.2906. If bears be stopped here, there’ll be an opportunity to have another upward movement in the direction of a resistance at 1.3056 – 1.3071.

More:
https://new.fxbazooka.com/analytics/10018

 

[riki143]

EUR/USD: wave [d] of 4 is about to start
8/11/2016

Wave 4 is taking place on the four-hour chart. We’ve got a pullback from 3/8 Murrey Math Level (P=250), so there’s an opportunity to have wave [d] of 4. The main intraday target is 3/8 MM Level, which could set up wave [e] of 4 afterwards.

As we can see on the one-hour chart, the price is trading under 6/8 Murrey Math Level (P=200). Also, there’s an ended impulse in wave (c) of [c]. In this case, bears are likely going to deliver wave [d] of a possible triangle shortly.

More:
https://new.fxbazooka.com/analytics/10019

 

[riki143]

Key option levels for Thursday, August 11th
8/11/2016

EUR/USD

Main trend Short-term period Medium-term period
Bearish Bearish
Changes in the open interest + 44 094 ? + 150 164 ?
Closest resistance levels 1.1205; 1.1230; 1.1263; 1.1287
Closest support levels 1.1144/26; 1.1104; 1.1078; 1.1047
Trading recommendations
Baseline scenario Short EUR/USD below 1.1144, with target points at 1.1104 and 1.1078
Alternative scenario Moving above 1.1205 can be considered as a signal to buy the pair, with target at 1.1230 and 1.1263


GBP/USD

Main trend Short-term period Medium-term period
Neutral Bearish
Changes in the open interest + 1 834 ? + 2 342 ?
Closest resistance levels 1.3145; 1.3198; 1.3228; 1.3262
Closest support levels 1.2958; 1.2922; 1.2900; 1.2875
Trading recommendations
Baseline scenario Sell GBP/USD below 1.2958, with target points at 1.2922 and 1.2900
Alternative scenario Moving above 1.3145 can be considered as a signal to buy the pair, with target at 1.3198 and 1.3228


USD/JPY

Main trend Short-term period Medium-term period
Neutral Neutral
Changes in the open interest + 1 005 ? + 1 014 ?
Closest resistance levels 101.86; 102.25; 102.50; 102.80
Closest support levels 100.96; 100.77(62?); 100.44; 100.22
Trading recommendations
Baseline scenario Short USD/JPY below 100.96, with target points at 100.77 and 100.44
Alternative scenario Moving above 101.86 can be considered as a signal to buy the pair, with target at 102.25 and 102.50


EUR JPY GBP

More:
https://new.fxbazooka.com/analytics/10020

 

[riki143]

EUR/USD: "Tweezers" reversed the local trend
8/11/2016

We’ve got a lot of bearish patterns at the local high such as a “Harami”, a “Two Crows” and a “Tweezers”. So, the price is declining, but there’s also an opportunity to have a local bullish correction. Nevertheless, bears are likely going to push the market lower towards the nearest “Window”. As we can see on the Daily chart, there’s a possible bearish pattern at the local high, but it hasn’t finished yet. Therefore, if this pattern confirms, sellers will probably try to return into the market.

There’re a “Hanging Man” and a “Shooting Star” at the last high. Moreover, we’ve got a “Tweezers”, which has been confirmed enough. Therefore, the pair is likely going to get a support on the 89 Moving Average in the short term.

More:
https://new.fxbazooka.com/analytics/10028

 

[riki143]

USD/JPY: "Window" has been waiting for bulls
8/11/2016

There’s a bullish “Harami” at the local low, but its confirmation is a quite weak. So, there’s an opportunity to have a local upward correction towards the nearest “Window” and the 34 Moving Average. If we see a pullback from these levels, bears will probably try to deliver a new low. As we can see on the Daily chart, here’s a confirmed “Engulfing”, so the market is likely going to decline until any bullish pattern arrives.

We’ve got a local consolidation on the one-hour chart. There’s an “Engulfing” at the local low, which has been confirmed enough. Therefore, the 34 & 55 Moving Averages are likely going to act as a resistance in the short term.

More:
https://new.fxbazooka.com/analytics/10029