Market analysis and trade recommendations by FBS

[riki143]

GBP/USD recovered from the bottom
1/12/2017

On the daily GBP/USD chart, the pair rebounded from the lower border of the downtrend channel. The pair's currently fighting for the important level of 1.2207 (23.6% of the last bearish wave). The bulls' victory will increase the risks of growth towards 1.2317 and 1.2405.

On H1, GBP/USD emerged from the short-term downtrend channel. Rising wedge pattern with the following return to 23.6% and 38.2% and rebound increases the possibility of continuation to the upside towards 1.24 (88.6% target of the "Shark" pattern).

Recommendation: BUY 1.2216 SL 1.2161 TP 1.2400.

More:
https://new.fxbazooka.com/analytics/12019

 

[riki143]

EUR/USD: bulls going to test resistance
1/12/2017

We’ve got a “Thorn” pattern, which stopped the last bearish price movement. So, the pair is trying to break a resistance at 1.0594 – 1.0655. It’s likely that bulls are going to reach the next resistance at 1.0669 – 1.0689. If a pullback from this area happens, there’ll be an opportunity to have a correction towards the 89 Moving Average.

Bulls faced a resistance at 1.0620, so the price is consolidating. Meanwhile, the market is likely going to test the next resistance at 1.0669 – 1.0689 during the day. Considering a possible pullback from these levels, there’s a chance to have a decline towards a support at 1.0575 – 1.0552 later on.

More:
https://new.fxbazooka.com/analytics/12020

 

[riki143]

GBP/USD: "V-Bottom" stopped bears
1/12/2107

The main trend is still bearish, but the price is likely going to test the nearest resistance between the levels 1.2270 – 1.2309. If we see a pullback from this area, bears will probably try to test the closest support at 1.2198 – 1.2170.

The price faced a resistance at 1.2269, so we’ve got a “V-Top” pattern, which led to a consolidation between a resistance at 1.2219 and a support at 1.2170. Nevertheless, bulls are likely going to test the nest resistance at 1.2309, which is strengthened by the local downtrend. If a pullback from this level happens, there’ll be an opportunity to have a decline in the direction of a support at 1.2198 – 1.2170.

More:
https://new.fxbazooka.com/analytics/12021

 

[riki143]

Key option levels for Thursday, January 12th
1/12/2017

EUR/USD

Main trend Short-term period Medium-term period
Bearish Neutral
Changes in the open interest + 59 778 ? + 78 859 ?
Closest resistance levels 1.0657; 1.0681; 1.0714; 1.0756
Closest support levels 1.0591; 1.0555; 1.0529; 1.0494
Trading recommendations
Baseline scenario Short EUR/USD below 1.0591, with target points at 1.0555 and 1.0529
Alternative scenario Moving above 1.0657 can be considered as a signal to Buy the pair, with target at 1.0681 and 1.0714

GBP/USD

Main trend Short-term period Medium-term period
Bullish Neutral
Changes in the open interest + 549 ? + 194 ?
Closest resistance levels 1.2247; 1.2277; 1.2303; 1.2338
Closest support levels 1.2176; 1.2149; 1.2112; 1.2089
Trading recommendations
Baseline scenario Long GBP/USD above 1.2247, with target points at 1.2277 and 1.2303
Alternative scenario Moving below 1.2176 can be considered as a signal to Sell the pair, with target at 1.2149 and 1.2112

USD/CAD

Main trend Short-term period Medium-term period
Neutral Bullish
Changes in the open interest + 344 ? + 738 ?
Closest resistance levels 1.3163; 1.3212; 1.3240; 1.3280
Closest support levels 1.3106; 1.3079; 1.3041; 1.2995
Trading recommendations
Baseline scenario (High risk of reversal) Short USD/CAD below 1.3106, with the target points at 1.3079 and 1.3041
Alternative scenario Moving above 1.3163 can be considered as a signal to Buy the pair, with target at 1.3212 and 1.3240

More:
https://new.fxbazooka.com/analytics/12022

 

[riki143]

GBP/USD: under the Cloud
1/12/2017

Technical levels: support – 1.2215; resistance – 1.2330.

Trade recommendations:

1. Sell — 1.2330; SL — 1.2350; TP1 — 1.2215; TP2 — 1.2160.

Reason: bearish Ichimoku Cloud; a dead cross of Tenkan-sen and Kijun-sen, but Tenkan-sen is rising; the prices are under the strong resistance of Senkou Span A.

More:
https://new.fxbazooka.com/analytics/12023

 

[riki143]

AUD/USD: market is overbought
1/12/2017

Technical levels: support – 0.7450, 0.7410; resistance – 0.7525/45.

Trade recommendations:

1. Sell — 0.7530; SL — 0.7550; TP1 — 0.7450; TP2 — 0.7410.

Reason: bearish Ichimoku Cloud the rising Senkou Span A and B; a golden cross of Tenkan-sen and Kijun-sen and rising lines; but the market is overbought and the prices are under the strong resistance.

More:
https://new.fxbazooka.com/analytics/12024

 

[riki143]

EUR/USD: pullback from the "Window"
1/12/2017

The price reached the upper “Window”, so we’ve got a “Harami” here. If this pattern confirms, bears are likely going to test the 13 Moving Average, which could be a departure point for another bullish rally.

We’ve got a “Hanging Man” at the local high, which is likely going to be confirmed in the coming hours. Therefore, there’s an opportunity to have a bearish correction. In this case, we should keep an eye on the 55 Moving Average as a possible intraday target.

More:
https://new.fxbazooka.com/analytics/12025

 

[riki143]

USD/JPY: bears going to move on
1/12/2017

There’s a “Shooting Star” on the 21 Moving Average, which has been confirmed enough. Considering that we don’t have any reversal pattern here, the market is likely going to continue falling down towards the nearest support level.

The last “Three Methods” led to the current decline. However, there’s a bullish “Inverted Hammer”, so the price is likely going to test the nearest resistance. If a pullback from this level happens, there’ll be an open door for a new low.

More:
https://new.fxbazooka.com/analytics/12026

 

[riki143]

EUR/USD: zigzag in wave 2
1/12/2017

There’re four pullbacks in a row from 1/8 MM Level, so the price is rising. In this case, wave 2 is likely going to be continued. The main intraday target is 4/8 MM Level, which could act as a resistance.

As we can see on the one-hour chart, wave 2 is taking form of a zigzag. Therefore, a bullish impulse in wave [c] is likely going to move on. So, we should keep an eye on 8/8 MM Level as a possible intraday target.

More:
https://new.fxbazooka.com/analytics/12028

 

[riki143]

NZD/USD broke resistance zone
1/12/2017

NZD/USD broke resistance zone
Next buy target - 0.7230
NZD/USD continues to rise after the recent breakout of the resistance zone lying between the resistance level 0.7100 (previous buy target set in our previous forecast for this currency pair), 61.8% Fibonacci correction level of the earlier sharp minor impulse wave 3 from the middle of December, 50-day moving average and the resistance trendline of the daily Falling Wedge from October.

NZD/USD is expected rise further in the active minor corrective wave 4 in the direction of the next buy target at the resistance level 0.7230 (which stopped the previous minor correction 2 in December, as can be seen below).

More:
https://new.fxbazooka.com/analytics/12030

 

[riki143]

AUD/USD reached buy target 0.7400
1/12/2017

AUD/USD reached buy target 0.7400
Next buy target - 0.7520
AUD/USD continues to rise strongly after the recent breakout of the resistance level 0.7400, which was set as the buy target in our previous forecast for this currency pair. The breakout of this resistance level accelerated the active intermediate impulse wave (3), which started with the weekly Japanese candlesticks reversal pattern Morning Star from the powerful support level 0.7150.

AUD/USD is expected rise further in the direction of the next buy target at the resistance level 0.7520 (which reversed the price in December) – the breakout of which can lead to further gains toward the next buy target 0.76140.

More:
https://new.fxbazooka.com/analytics/12031

 

[riki143]

USD/JPY: bears are running out of power
1/13/2017

On the daily USD/JPY chart, 88.6% target of the "Bat" pattern and 23.6% Fibo of the last long-term bullish wave managed to stop the bears for a while. To develop correction they need to pull the prices below convergence area of 113.60-114.00. On the other hand, successful test of yesterday's pin bar high (115.55) will increase the risks of uptrend resumption.

On H1, USD/JPY keeps forming Wolfe waves. The pair's return to the bar's high, marked by point 3, will be a signal for opening long positions. Use 78.6% and 88.6% correction levels of the wave 2-5 as targets.

Recommendation: BUY 115,55 SL 115 TP1 117,77 TP2 118,05.

More:
https://new.fxbazooka.com/analytics/12032

 

[riki143]

EUR/USD: bulls have stopped
1/13/2017

On the daily EUR/USD chart, the bulls managed to leave the medium-term descending channel but met resistance located at 1.0638 (23.6% Fibo of the last bearish wave). Despite the recent success of the euro, sellers are keeping the pair under control, so traders should focus on short positions.

On H1, EUR/USD continues to form the widening wedge pattern. Aggressive entry would mean a short on the break of the bar's low, marked by point 2. Conservative entry requires the pair's decline to the point 3.

Recommendation: SELL 1,0603 SL 1,0658 TP1 1,045 TP2 1,037.

More:
https://new.fxbazooka.com/analytics/12033

 

[riki143]

EUR/USD: "Triple Top" stopped bullish rally
1/13/2017

The price faced a resistance at 1.0689, which led to form a “V-Top” pattern, so the market is likely going to get a support between the 89 Moving Average and the level 1.0551. If a pullback from this area happens, there’ll be an opportunity to have another bullish movement towards a resistance between the levels 1.0689 – 1.0745.

We’ve got a “Triple Top”, which has been confirmed, so the price is consolidating above the 34 Moving Average. Therefore, the pair is likely going to test a support at 1.0575 – 1.0551 in the short term. If we see a pullback from these levels, bulls will probably try to reach the nearest resistance at 1.0697 – 1.0709.

More:
https://new.fxbazooka.com/analytics/12034

 

[riki143]

GBP/USD: Moving Average acted as resistance again
1/13/2017

The main trend is still bearish. Also, there’s a “Double Top”, which has been formed under a resistance at 1.2309. So, the market is likely going to test the nearest support at 1.2113 – 1.2081 in the short term. At the same time, there’s an opportunity to have another bullish price movement afterwards.

The price found a support at 1.2142, which led to the current consolidation. Meanwhile, bears are likely going to test the closest support at 1.2113 – 1.2081 during the day. Considering a possible pullback from this area, there’s a chance to see an upward movement towards a resistance near the downtrend later on.

More:
https://new.fxbazooka.com/analytics/12035

 

[riki143]

Key option levels for Friday, January 13th
1/13/2017

EUR/USD

Main trend Short-term period Medium-term period
Bearish Neutral
Changes in the open interest + 75 055 ? + 84 219 ?
Closest resistance levels 1.0652; 1.0679/85; 1.0712
Closest support levels 1.0616; 1.0595; 1.0566; 1.0526
Trading recommendations
Baseline scenario Short EUR/USD below 1.0616, with target points at 1.0595 and 1.0566
Alternative scenario Moving above 1.0652 can be considered as a signal to Buy the pair, with target at 1.0679 and 1.0712

GBP/USD

Main trend Short-term period Medium-term period
Bearish Neutral
Changes in the open interest + 342 ? + 687 ?
Closest resistance levels 1.2209; 1.2248; 1.2278; 1.2296
Closest support levels 1.2138; 1.2115; 1.2082; 1.2062
Trading recommendations
Baseline scenario Short GBP/USD below 1.2138, with target points at 1.2115 and 1.2082
Alternative scenario Moving above 1.2209 can be considered as a signal to Buy the pair, with target at 1.2248 and 1.2278

USD/CAD

Main trend Short-term period Medium-term period
Neutral Bullish
Changes in the open interest + 303 ? - 164 ?
Closest resistance levels 1.3120; 1.3180; 1.3214; 1.3259
Closest support levels 1.3101; 1.3075; 1.3053; 1.3021
Trading recommendations
Baseline scenario (High risk of reversal) Long USD/CAD above 1.3120, with the target points at 1.3180 and 1.3214
Alternative scenario Moving below 1.3101 can be considered as a signal to Sell the pair, with target at 1.3075 and 1.3053

More:
https://new.fxbazooka.com/analytics/12036

 

[riki143]

EUR/USD: bulls looks stronger
1/13/2017

Technical levels: support – 1.0620; resistance – 1.0710.

Trade recommendations:

1. Buy — 1.0620; SL — 1.0610; TP1 — 1.0710; TP2 – 1.0750.

Reason: bullish mood of the Ichimoku Cloud, but horizontal Senkou Span A and B; a cancelled golden cross of Tenkan-sen and Kijun-sen; the prices are in the positive area; the market is local overbought.

More:
https://new.fxbazooka.com/analytics/12037

 

[riki143]

AUD/USD: market still is overbought
1/13/2017

Technical levels: support – 0.7440, 0.7410; resistance – 0.7525/45.

Trade recommendations:

1. Buy — 0.7440; SL — 0.7420; TP1 — 0.7450.

2. Sell — 0.7530; SL — 0.7550; TP1 — 0.7450; TP2 — 0.7410.

Reason: bullish Ichimoku Cloud and the rising Senkou Span A; a golden cross of Tenkan-sen and Kijun-sen and rising Kijun, but the horizontal Tenkan-sen; the market is overbought.

More:
https://new.fxbazooka.com/analytics/12038

 

[riki143]

EUR/USD: bulls going to test resistance again
1/13/2017

There’s a “Harami” at the local high. Also, we’ve got a bullish “Tweezers”, which has been confirmed enough. In this case, the price is likely going to test the nearest resistance once again. If any bearish pattern arrives afterwards, there’ll be an opportunity to have a downward correction.

We’ve got a “Tweezers” and a “Harami” at the local high. At the same time, there’s a bullish “Inverted Hammer”, which has been confirmed enough. Therefore, the price is likely going to test the last high during the day.

More:
https://new.fxbazooka.com/analytics/12039

 

[riki143]

USD/JPY: bullish "Inverted Hammer"
1/13/2017

We’ve got a “Tower” at the local low, which has been confirmed enough. However, there’s a bearish “Evening Star”, so the price is likely going to continue falling down towards the nearest support level, which could be a departure point for an upward correction.

The 34 Moving Average has acted as a resistance, so we’ve got a “Harami” pattern. In this case, bears are likely going to continue pushing the market even lower.

More:
https://new.fxbazooka.com/analytics/12040