Market analysis and trade recommendations by FBS

[riki143]

USD/JPY: “Evening Doji Star” set up bearish correction
9/5/2016

We’ve got a pullback from the upper “Window”, which brought bearish patterns such a “Doji”, an “Engulfing” and a “Three Black Crows”. Considering that all these patterns have been confirmed, there’s an opportunity to have a decline towards the nearest support line. As we can see on the Daily chart, there’s a possible “Dark Cloud” on the 34 Moving Average line. If this pattern confirms, bears will probably try to deliver a downward correction.

There’s an “Evening Doji Star” at the last high, which has a confirmation, so the market is likely going to falling down towards the nearest support. If we see a pullback from this line, there’ll be a chance to have another bullish rally.

More:
https://new.fxbazooka.com/analytics/10342

 

[riki143]

EUR/USD ahead of ISM Non-Manufacturing PMI: Where are the bulls?
9/6/2016

Today at 14:00 GMT will be released the ISM Non-Manufacturing PMI in the United States, which is expected to see a decline from 55.5 to 55.0. Because of the market's reaction, readings above the forecasted should strengthen the bullish scenario on the US Dollar, but following a weak NFP data posted last Friday, that scenario isn't feasible at all, so the chances are low to see a positive reading today.

With the technical analysis of EUR/USD at H1 chart, we expect to see downside continuation's limited by the support zone of 1.1129. The 200 SMA is still providing a dynamic resistance over this pair and eventually we may see an attempt to break the resistance level of 1.1208. If that happens, then the next step for bulls would be the 1.1300 in a short-term basis.

More:
https://new.fxbazooka.com/analytics/10343

 

[riki143]

AUD/USD: the bulls are serious
9/6/2016

On the daily AUD/USD chart the buyers managed to return the pair inside the bullish trend channel and settle anbove an important level of 76.1 (23.6% Fibo of the last medium-term wave). As long as the pair is trading above 0.757, the market's sentiment will remain bullish.

On H1 AUD/USD breached above the upper border of the bullish channel and convergence area of 0.762-0.763. It means that the bulls are serious. The bears, on the other hand, will start their counterattack from 0.7655 and 0.7675. Near the latter one may find 88.6% target of the inversed "Shark" pattern.

More:
https://new.fxbazooka.com/analytics/10345

 

[riki143]

AUD/USD: the Bulls are started attacking
9/6/2016

Technical levels: support – 0.7560, 0.7610; resistance – 0.7640, 0.7680.

Trade recommendations:

1. Buy — 0.7610; SL — 0.7590; TP1 — 0.7680; TP2 — 0.7700.

Reason: the prices are breakout the Senkou Span B; a golden cross of Tenkan-sen and Kijun-sen; narrowing bearish Ichimoku Cloud and rising Senkou Span A.

More:
https://new.fxbazooka.com/analytics/10348

 

[riki143]

USD/JPY: hard to rise
9/6/2016

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

Trade recommendations:

1. Sell — 103.50; SL — 103.70; TP1 — 102.50; TP2 — 101.20.

Reason: a bullish Ichimoku Cloud and the cancelled golden cross of Tenkan-sen and Kijun-sen; the strong resistance near 104.00.

More:
https://new.fxbazooka.com/analytics/10349

 

[riki143]

EUR/USD: "Double Bottom" stopped bears
9/6/2016

There’s a “Thorn” pattern, which led to an achievement of the nearest support at 1.1145. So, the market is likely going to reach the next support at 1.1130 – 1.1113 in the short term. If we see a pullback from this area, there’ll be an opportunity to have a bullish correction towards a resistance at 1.1196 – 1.1220.

We’ve got a consolidation between the 55 Moving Average and the closest support at 1.1145. Therefore, bulls are likely going to catch a resistance near the 89 Moving Average. However, if a pullback from this line happens, bears will probably try to reach a support at 1.1122.

More:
https://new.fxbazooka.com/analytics/10354

 

[riki143]

Forex tips: Pivot Points Multi-timeframe indicator
9/6/2016

How is pivot point calculated?

Pivot Point is a technical indicator calculated as the average of the high, low and closing prices from the previous trading period. This central pivot point is used to calculate further support and resistance levels. You can see the formulas below:

Pivot Point = (Previous High + Previous Low + Previous Close) / 3

Resistance Level 1 = (2 * Pivot Point) - Previous Low
Support Level 1 = (2 * Pivot Point) - Previous High
Resistance Level 2 = (Pivot Point - Support Level 1) + Resistance Level 1
Support Level 2 = Pivot Point - (Resistance Level 1 - Support Level 1)
Resistance Level 3 = (Pivot Point - Support Level 2) + Resistance Level 2
Support Level 3 = Pivot Point - (Resistance Level 2 - Support Level 2)

In MT4 the calculation of these levels is automatic, you just need to download special indicator.

How to trade using pivot point levels?

If the prices trade above the pivot point, the sentiment is bullish, while if the pair is below the pivot point, the sentiment is bearish.

Pivot Point is also used to determine entry and exit levels. If the price is below the pivot point, downward movement is expected to continue, so take profit order levels should be placed at pivot support levels. If the price is above the pivot point, upward movement is expected to continue, so take profit order levels should be placed at pivot resistance levels.

If the market shows strong directional movement, pivot point is used as an entry level. If the market is ranging, trade on the recoil from the first support/resistance level.

Where to download Pivot Point indicator?

You can download Pivot Points Multi-timeframe indicator here. The indicator provides a choice of several timeframes to calculate pivot points. Daily and weekly pivots are most popular on Forex.

How to install:

- Download the indicator file.

- Open MT4.

- Go to File – Open Data Folder – MQL4 – Indicators.

- Copy the file that you downloaded and paste in the folder mentioned above.

- Restart MT4 and apply this indicator on any timeframe (Insert – Indicators – Custom – Pivot Points Multi-timeframe).

When customizing the indicator choose the timeframe you want to use for pivot point calculation. For example, here we choose the weekly timeframe:

More:
https://new.fxbazooka.com/analytics/10355

 

[riki143]

GBP/USD: consolidation after three "V-tops" in a row
9/6/2016

There’s a “V-Top” pattern, so the price is consolidating. Therefore, the market is likely going to reach a support at 1.3277 – 1.3247 in the short term. Considering a previously formed “Triple Bottom” pattern, there’s a chance to see an upward movement in the direction of an area between the levels 1.3370 – 1.3471.

We’ve another “V-Top” on the one-hour chart. In this case, the price is likely going to achieve a resistance at 1.3351 – 1.3374 during the day. At the same time, if a pullback from these levels be on the table, bears will probably try to approach a support at 1.3277 – 1.3262.

More:
https://new.fxbazooka.com/analytics/10356

 

[riki143]

EUR/USD: bears going to develop "Wedge"
9/6/2016

We’ve got a possible wedge in wave (a), which was started after two pullbacks from 6/8 Murrey Math Level (P=200). So, it’s likely that wave v of (a) is going to be continued in the short term. The main bearish intraday target is 1/8 MM Level.

Wave iv was ended in a shape of a zigzag, which led to form a downward impulse in wave [1]. So, wave [3] is likely going to move on in the direction of -1/8 MM Level. If we see a pullback from it, there’ll be an opportunity to have wave [4] of v.

More:
https://new.fxbazooka.com/analytics/10357

 

[riki143]

EUR/USD: "Window" waiting for price
9/6/2016

There’re a “Doji”, a “High Wave” and a “Tower” on the 34 and 55 Moving Averages. However, we’ve got a “Hammer” at the local low, which has been confirmed, so the price is likely going to test 89 Moving Average once again. If a pullback from this line happens, there’ll be a chance to see an upward movement. As we can see on the Daily chart, there’s a consolidation and we’ve got a “Harami” and a “Hammer”, but their confirmation has been canceled by the last “Engulfing” pattern. In this case, the market is likely going to test the nearest Moving Averages again.

The price hasn’t find a lodgement above the 89 Moving Average, so we’ve got an “Inverted Hammer”, which has been confirmed. Under this circumstances, bulls are likely going to reach the 89 Moving Average, but if we see a pullback from this line, a downward movement will be on the table.

More:
https://new.fxbazooka.com/analytics/10358

 

[riki143]

USD/JPY: “Engulfing" highlights possibility to have new local low
9/6/2016

The nearest “Window” acted as a support, so we’ve got bearish patterns here such as an “Engulfing”, a “Doji”, a “Three Black Crows” and a new arrival “High Wave”. However, the last pattern has a quite weak confirmation. Therefore, the market is likely going to reach the 21 Moving Average soon. As we can see on the Daily chart, there’s a “Dark Cloud” pattern, but it hasn’t been confirmed yet, so the pair is likely going to test the closest support line, which could reverse the price movement into an upward direction.

There’s a strong support by the 55 Moving Average, but we still don’t have any bullish pattern so far. At the same time, we’ve got an “Engulfing” and a “Harami” at the last high, so the price is likely going to achieve the nearest support line.


More:
https://new.fxbazooka.com/analytics/10359

 

[riki143]

USD/CAD reversed from resistance zone
9/6/2016

USD/CAD reversed from resistance zone
Next sell target - 1.2800
USD/CAD recently reversed down sharply from the major resistance level 1.3120 (which is the lower boundary of the powerful resistance zone which has been reversing this currency pair from May). The downward reversal from the resistance level 1.3120 created the daily Japanese candlesticks reversal pattern Evening Star – which marked the end of the previous minor ABC correction 2.

USD/CAD is expected to fall down further toward the next sell target at the support level 1.2800 (which stopped the previous minor impulse wave 1 in August, as can be seen below).

More:
https://new.fxbazooka.com/analytics/10360

 

[riki143]

EUR/CAD falling inside c-wave
9/6/2016

EUR/CAD falling inside c-wave
Next sell target - 1.4300
EUR/CAD has been falling in the last few trading sessions inside the c-wave of the minor ABC correction (ii) from the start of August. The active c-wave started when the pair reversed down from the resistance zone lying between the pivotal resistance level 1.4670 (which stopped the earlier impulse wave (i)), upper daily Bollinger Band and the 61.8% Fibonacci retracement of the previous downward impulse from the start of April.

EUR/CAD is expected to fall down further in the active c-wave toward the next sell target at the powerful support level 1.4300 (which earlier reversed the pair sharply in June, as can be seen below).

More:
https://new.fxbazooka.com/analytics/10361

 

[riki143]

USD/CAD before BoC interest rate decision: Are the bulls ready to come back?
9/7/2016

Today will be a volatile session for CAD pairs, as the Bank of Canada will release its interest rate decision at 14:00 GMT, where the markets are forecasting an unchanged outcome on the 0.50% which has been held since May 2015. At the same time, the Ivey PMI will post the number for August and analysts are expecting a decline from 57.0 to 55.4 and that could add pressure on the Canadian dollar across the board, in the context of recent Oil macroeconomic's developments.

Our technical picture for USD/CAD at H4 chart is strongly bearish, as the pair is currently facing a strong support at the 1.2837 level, as we're still seeing weakness on the Loonie since the last week. That zone should provide a pivot move and eventually it can resume the bullish structure, but a consolidation below that level, can open the doors to visit the 1.2779 area on a short-term basis.

More:
https://new.fxbazooka.com/analytics/10362

 

[riki143]

EUR/USD: breaking through the Cloud
9/7/2016

Technical levels: support – 1.1220/30; resistance – 1.1280, 1.1300.

Trade recommendations:

1. Buy — 1.1230; SL — 1.1210; TP1 — 1.1280; TP2 – 1.1300.

Reason: the prices are above the Cloud; a new golden cross of Tenkan-sen and Kijun-sen; a bearish Ichimoku Cloud but the rising Senkou Span A and B.

More:
https://new.fxbazooka.com/analytics/10365

 

[riki143]

GBP/USD: going to the new highs
9/7/2016

Technical levels: support – 1.3365, 1.3315; resistance – 1.3480.

Trade recommendations:

1. Buy — 1.3365; SL — 1.3345; TP1 — 1.3450; TP2 — 1.3480.

2. Sell — 1.3480; SL — 1.3500; TP1 — 1.3365; TP2 — 1.3250.

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

More:
https://new.fxbazooka.com/analytics/10366

 

[riki143]

USD/JPY: falling down under the Cloud
9/7/2016

Technical levels: support – 101.20, 100.40; resistance – 101.75, 101.90.

Trade recommendations:

1. Sell — 101.90; SL — 102.10; TP1 — 101.20; TP2 — 100.40.

Reason: a bullish Ichimoku Cloud, but the falling down Senkou Span A; a dead cross of Tenkan and Kijun; the prices are under the Cloud.

More:
https://new.fxbazooka.com/analytics/10367

 

[riki143]

EUR/USD: downward correction is about to start[/]
9/7/2016

There’s a bullish “Double Bottom”, which led to the current upward price movement. Finally, bulls faced a resistance at 1.1270, so we’ve got a local consolidation. Therefore, the market is likely going to reach the nearest support at 1.1232 – 1.1220 in the short term. If a pullback from this area happens, there’ll be an opportunity to have another bullish rally towards a resistance at 1.1282 – 1.1324.

As we can see on the one-hour chart, there was a consolidation between the 55 Moving Average and the closest support at 1.1145. However, bulls came back into the market, so we’ve got an achievement of a resistance at 1.1251. So, it’s likely that buyers are going to reach the next resistance at 1.1270, but if a pullback from this level arrives, then a downward correction becomes possible.

More:
https://new.fxbazooka.com/analytics/10368

 

[riki143]

GBP/USD: bulls going to test last high once again
9/7/2016

Yesterday bulls reached a resistance at 1.3471, so we’ve got a local consolidation in progress. Also, there’s a “V-Top” pattern, so the market is likely going to decline towards a support at 1.3370 – 1.3345 in the short term. At the same time, if we see a pullback from this area, there’ll be a chance to have an upward movement in the direction of a resistance at 1.3502 – 1.3533.

We’ve got a “Double Top” on the one-hour chart, but bulls are likely going to try to break the last high once again during the day. Nevertheless, it’s possible to have a downward correction towards a support at 1.3374 – 1.3351.

More:
https://new.fxbazooka.com/analytics/10369

 

[riki143]

AUD/NZD broke key support level 1.0320
9/7/2016

AUD/NZD broke key support level 1.0320
Next sell target - 1.0200
AUD/NZD today broke below the key support level 1.0320 (which stopped the previous intermediate impulse wave (1) at the start of July, as can be seen below). The breakout of the support level 1.0320 is expected to further accelerate the active minor impulse wave 3, which belongs to the intermediate downward impulse (3) of the primary impulse wave ? from the middle of March.

AUD/NZD is expected to fall down further to the next sell target at the support level 1.0200 (target price calculated for the termination of the active minor impulse wave 3).

More:
https://new.fxbazooka.com/analytics/10372