Market analysis and trade recommendations by FBS

[riki143]

EUR/JPY: bears play cat and mouse
4/7/2017

On the EUR/JPY daily chart, the "bears" have implemented the targets on the short positions and reached support at 117.35. A successful test of this level will lead to the continuation of a downward movement towards the convergence zone 116.55-116.75. Bears remain control over the pair. Traders might consider selling on rollbacks or on breakouts of supports.

On the EUR/JPY hourly chart, a downward triangle has been formed. A successful test of its lower border can lead to the continuation of the downward movement. The immediate supports can be found near 118.4 and 119.05.

Recommendations: SELL 118,4 SL 118,95 TP 116,75,

SELL 119,05 SL 119,6 TP 117,35.

More:
https://new.fxbazooka.com/analytics/13072

 

[riki143]

Key option levels for Friday, April 7th
4/7/2017

If you have any questions or requests fill out the feedback form.

Main trend Short-term period Medium-term period
Bearish Neutral
Changes in the open interest + 29 338 ? + 156 643 ?
Closest resistance levels 1.0682; 1.0723; 1.0752; 1.0785-99
Closest support levels 1.0632; 1.0602; 1.0562; 1.0512
Trading recommendations
Baseline scenario Short EUR/USD below 1.0632 (or from 1.0682), with target points at 1.0602 and 1.0562
Alternative scenario Moving above 1.0682 can be considered as a signal to Buy the pair, with target at 1.0723 and 1.0752


USD/JPY

Main trend Short-term period Medium-term period
Bullish Bearish
Changes in the open interest + 165 ? + 70 ?
Closest resistance levels 110.72; 111.04; 111.41; 111.67
Closest support levels 110.34; 110.04; 109.60; 109.30
Trading recommendations
Baseline scenario Long USD/JPY above 110.72 (or from 110.04), with target points at 111.04 and 111.41
Alternative scenario Moving below 110.34 can be considered as a signal to Sell the pair, with target at 110.04 and 109.60


GBP/USD

Main trend Short-term period Medium-term period
Bullish Bearish
Changes in the open interest + 288 ? + 22 ?
Closest resistance levels 1.2460; 1.2499; 1.2524; 1.2555
Closest support levels 1.2432; 1.2412; 1.2388; 1.2359
Trading recommendations
Baseline scenario Long GBP/USD above 1.2460 (or from 1.2432), with target points at 1.2499 and 1.2524
Alternative scenario Moving below 1.2432 can be considered as a signal to Sell the pair, with target at 1.2412 and 1.2388

More:
https://new.fxbazooka.com/analytics/13073

 

[riki143]

EUR/USD: bulls built strongholds
4/10/2017

On the EUR/USD daily chart, the bears successfully attacked the bulls' strongholds located near 1.0635. The immediate support is located near 1.05. If it is broken, the "Shark" pattern with target 88.6% will be activated.

On the EUR/USD hourly chart, after near-term consolidation, there is a continuation of the downtrend. "Bulls" will try to defend 1.058, 1.054 and 1.0495 levels. From each of these levels, a rebound is possible.Then, there will be a development of the correction. The nearest resistance level can be found near 1.0635.

More:
https://new.fxbazooka.com/analytics/13074

 

[riki143]

NZD/USD: kiwi is losing its ground
4/10/2017


On the NZD/USD daily chart, there is a realization of 5-0 pattern. The failure of bulls to push quotes beyond the downward trading channel shows their weakness. There can be a continuation of the downward movement towards 0.674. There is 161.8% target in the AB = CD pattern.

On the NZD/USD hourly chart, the "Shark" pattern is still relevant. Its target 113% is located near 0.687. The nearest resistance levels are 0.6942 and 0.6965. The market is dominated by bears, so you might consider selling on the growth of the quotes.

Recommendations: hold short positions (SELL 0,6975 SL 0,703 TP 0,687),

SELL 0,6965 SL 0,702 TP1 0,687 TP2 0,674.

More:
https://new.fxbazooka.com/analytics/13075

 

[riki143]

Key option levels for Monday, April 10th

If you have any questions or requests fill out the feedback form.

EUR/USD

Main trend Short-term period Medium-term period
Neutral Neutral
Changes in the open interest + 28 123 ? + 69 379 ?
Closest resistance levels 1.0617; 1.0663-75; 1.0709; 1.0746
Closest support levels 1.0585; 1.0560; 1.0525; 1.0480
Trading recommendations
Baseline scenario Long EUR/USD above 1.0585, with target points at 1.0617 and 1.0663
Alternative scenario Moving below 1.0585 can be considered as a signal to Sell the pair, with target at 1.0560 and 1.0525

GBP/USD

Main trend Short-term period Medium-term period
Bullish Bearish
Changes in the open interest + 511 ? + 304 ?
Closest resistance levels 1.2414; 1.2440; 1.2466; 1.2485
Closest support levels 1.2366; 1.2338; 1.2318; 1.2294
Trading recommendations
Baseline scenario Long GBP/USD above 1.2414 (or from 1.2366), with target points at 1.2440 and 1.2466
Alternative scenario Moving below 1.2366 can be considered as a signal to Sell the pair, with target at 1.2338 and 1.2318

USD/JPY

Main trend Short-term period Medium-term period
Bullish Bearish
Changes in the open interest + 820 ? + 116 ?
Closest resistance levels 111.63; 111.86; 112.15; 112.49
Closest support levels 111.05; 110.63; 110.34; 109.84
Trading recommendations
Baseline scenario Long USD/JPY above 111.63 (or from 111.05), with target points at 111.86 and 112.15
Alternative scenario Moving below 111.05 can be considered as a signal to Sell the pair, with target at 110.63 and 110.34

More:
https://new.fxbazooka.com/analytics/13076

 

[riki143]

Morning brief for April 10
4/10/2017

US yields moved higher on Monday as increased geopolitical risks pushed investors to favor safe-haven assets. The US missile strikes were seen as a warning to Syria’s President Bashar al-Assad to stop using chemical weapons in the ongoing civil war. Friday’s labor report hit the markets quite hard as it showed that the economy added 98K jobs in march, the fewest since May 2016. Other important news from the past week was the agreement between the US and China to start a 100-day examination of trade issues. Trump and Xi were both upbeat after the meeting. The former one was happy to hail an “outstanding relationship” with the US major competitor – China. Chinese President was happy to get deeply acquainted and to establish close ties with the American leader. So, this makes us believe that Trump would abstain from applying harsh epithets to China’s currency manipulations and that US-China relationship will be more or less stable for a while.

EUR/USD has started the week on a joyful note having rebounded from its Friday’s low at 1.0578. But the single currency remains to be a subject to downside risks ahead of the first round of the French presidential election. The next key level to the downside can be found at 1.0490 (February low). It will be acting as a quite sturdy support. A move above 1.0665 would be a sign that the immediate downward pressure has eased. Today, we would recommend you to set an alarm clock for 11:10 pm MT time as at this time Fed’s Chair Yellen will be speaking at the University of Michigan and answering the audience questions.

USD/JPY was a gainer in Tokyo morning. It rose above 111.50 as global market stabilized after the US missile attacks on Syria and Trump’s meeting Xi ran smoothly. The quotes may rise higher at least to 112.20 (March 31 high). On the downside, there is a solid support at 110.60.

USD/CAD rose to 1.3412 in the past session having pared its Friday’s losses. Loonie has strengthened significantly on the surge of the oil prices in the course of the past week. Brent oil futures were rallying since the beginning of April due to the talks about extension of output cut deal. Russia energy minister Novak has discussed the possible extension of the deal on Friday. But we will receive more clarifications on whether the deal can be extended or not by the end of April or in the beginning of May ahead of the 172th OPEC meeting.

GBP/USD got a positive momentum on Monday after having slid to 1.2360 at the end of the past week. The pound has some chances for recovery in the near-term if the upcoming UK CPI figures and labor market data beat market’s expectations. Today’s economic calendar for the pair is light.

Aussie suffered significant losses in the course of the past week having dropped to 0.7490. Only a move back to 0.7550 would indicate that immediate downward pressure has eased. The sudden weakness of Aussie can be explained by the tremendous downfall of iron ore and copper prices. Friday was the worst day for iron ore in over a year, as the price of benchmark 62% fines declined by 6.76% to $75.45 per ton.

More:
https://new.fxbazooka.com/analytics/13077

 

[riki143]

GBP/USD: triangle didn't help the bears
4/11/2017

On the GBP/USD daily chart, there is a formation of the "Splash and ledge" pattern on the basis of 1-2-3. The pound is consolidating in the range of 1.237-1.256. A breakout of the diagonal resistance (the upper limit of the downward trading channel) near 1.2465 can lead to the continuation of the rally. In contrast, a successful test of the support at 1.237 can lead to the implementation of the 88.6% target in the "Bat" pattern.

On the GBP/USD hourly chart, the triangle has been formed, it helped bears to lead them away to the downside. A breakout of its lower border led to the drop of quotes towards the support at 1.236, but there was no additional downfall. This shows the weakness of the "bears" and creates the prerequisites for the development of consolidation.

More:
https://new.fxbazooka.com/analytics/13080

 

[riki143]

USD/CHF: bulls got too excited
4/11/2017

On the USD/CHF daily chart, the realization of the Wolf Waves pattern continues An update of the April high will allow the bulls to count on the continuation of the rally and the implementation of the 1.0203 target. If they succeed, the chances for the implementation of the 88.6% target in the Shark reversal pattern will increase significantly. The nearest support can be found near 1.004.

On the USD/CHF hourly chart, buyers are trying to test an important level of 1.0095. Its breakout followed by the successful test of the resistance at 1.013 can lead to the restoration of the "bullish" trend.

Recommendation: hold long positions (BUY 1,0035 SL 0,9980 TP1 1,013 TP2 1,0205)

Mpre:
https://new.fxbazooka.com/analytics/13081

 

[riki143]

Key option levels for Tuesday, April 11th
4/11/2017

If you have any questions or requests fill out the feedback form.

EUR/USD

Main trend Short-term period Medium-term period
Bullish Neutral
Changes in the open interest - 4 226 ? + 3 136 ?
Closest resistance levels 1.0593; 1.0623; 1.0663-75; 1.0708
Closest support levels 1.0569; 1.0534; 1.0513; 1.0489
Trading recommendations
Baseline scenario Long EUR/USD above 1.0593 (or from 1.0569), with target points at 1.0623 and 1.0663
Alternative scenario Moving below 1.0569 can be considered as a signal to Sell the pair, with target at 1.0534 and 1.0513


GBP/USD

ain trend Short-term period Medium-term period
Bearish Bearish
Changes in the open interest - 419 ? + 213 ?
Closest resistance levels 1.2447; 1.2467; 1.2490/1.2505; 1.2547
Closest support levels 1.2398; 1.2365; 1.2342; 1.2315
Trading recommendations
Baseline scenario Short GBP/USD below 1.2398 (or from 1.2447), with target points at 1.2365 and 1.2342
Alternative scenario Moving above 1.2447 can be considered as a signal to Buy the pair, with target at 1.2467 and 1.2490


USD/CAD

Main trend Short-term period Medium-term period
Neutral Bullish
Changes in the open interest -14 ? + 321 ?
Closest resistance levels 1.3326-35; 1.3376; 1.3419; 1.3475
Closest support levels 1.3289; 1.3266; 1.3235; 1.3187
Trading recommendations
Baseline scenario OUT OF THE MARKET
Alternative scenario

More:
https://new.fxbazooka.com/analytics/13082

 

[riki143]

USD/JPY: bears sweep away all obstacles
4/12/2017

On the USD/JPY daily chart, the quotes moved beyond the consolidation range of 110.2-111.55. The realization of the AB = CD continues. Its target is located at 200% level of the BC wave (107.5). To hit this level, the bears will have to break the support at 108.8. The immediate resistance can be found at 110.2.

On the USD/JPY hourly chart, quotes are moving within the downward trading channel. The bears remain their control over the pair. The AB = CD pattern with 224% target of the BC wave is still relevant. It corresponds to the level of 107.5.

Recommendations: hold shorts (SELL 110,25 SL 110,8 TP1 109,6 TP2 108,8).

More:
https://new.fxbazooka.com/analytics/13083

 

[riki143]

AUD/USD: bears are playing with Crab
4/12/2017

On the AUD/USD daily chart, an intermediate 113% target in the "Crab" pattern has been fulfilled. There is a continuation of the downward movement. The targets are located near 0.7415 and 0.731. Bulls can get their own back only in case of a successful test of the resistance at 0.7525.

On the AUD/USD hourly chart, the "Widening Wedge" pattern can be formed. A necessary condition for its formation is a successful test of the 1-3 wave (0.7515). If it is tested successfully, focus on the point 5. The pullbacks from 23.6%, 38.2%, and 50% levels and from the 4-5 wave can be used for opening long positions. The nearest resistance levels can be found near 0.7555 and 0.7585.

More:
https://new.fxbazooka.com/analytics/13084

 

[riki143]

Key option levels for Wednesday, April 12th
4/12/2017

If you have any questions or requests fill out the feedback form.

EUR/USD

Main trend Short-term period Medium-term period
Bearish Neutral
Changes in the open interest + 62 621 ? + 399 662 ?
Closest resistance levels 1.0636; 1.0678-89; 1.0721; 1.0757
Closest support levels 1.0602; 1.0576; 1.0540; 1.0518
Trading recommendations
Baseline scenario Short EUR/USD below 1.0602 (or from 1.0636), with target points at 1.0576 and 1.0540
Alternative scenario Moving above 1.0636 can be considered as a signal to Buy the pair, with target at 1.0678 and 1.0721


USD/CAD

Main trend Short-term period Medium-term period
Neutral Bullish
Changes in the open interest + 270 ? + 87 ?
Closest resistance levels 1.3333; 1.3378; 1.3421; 1.3477
Closest support levels 1.3289; 1.3266; 1.3233; 1.3187
Trading recommendations
Baseline scenario Long USD/CAD above 1.3333 (or from 1.3289), with the target points at 1.3378 and 1.3421
Alternative scenario Moving below 1.3289 can be considered as a signal to Sell the pair, with target at 1.3266 and 1.3233

More:
https://new.fxbazooka.com/analytics/13086

 

[riki143]

Gold: bulls are working hard
4/13/2017

On the daily chart of gold, the bulls updated February high and tested the diagonal resistance in the form of the upper boundary of the downward trading channel. As a result, the AB = CD pattern was activated. Its targets are located near $1286 (127.2%), $1312 (161.8%), $1340 (200%) and $1357(224%) per ounce.

On the hourly chart of gold, quotes are moving within the upward trading channel. The bulls remain their control over the pair. In this situation, you might consider buying on the rollbacks to the support or on the formation of longs at the break of resistance.

Recommendations:

BUY $1278 SL $1263 TP1 $1312 TP2 $1340,

BUY $1270 SL $1255 TP $1312.

More:
https://new.fxbazooka.com/analytics/13087

 

[riki143]

USD/CAD: shakeout-fakeout pattern has been realized
4/13/2017

On the USD/CAD chart, a successful attack on the diagonal support in the form of the lower border of the upward trading channel activated the Gartley pattern with a target 78.6%. The convergence zone is located near 1.31. The nearest important resistance can be found at 1.3305.

On the USD/CAD hourly chart, the "Shakeout-fakeout" pattern has been realized. Quotes fell below the lower boundary of the "Splash and ledge" pattern on the basis of 1-2-3. This tells us about the weakness of the bears and allows us to bet on the realization of the Gartley pattern.

Recommendation: SELL 1,328 SL 1,3335 TP 1,31.

More:
https://new.fxbazooka.com/analytics/13088

 

[riki143]

Key option levels for Thursday, April 13th
4/13/2017

If you have any questions or requests fill out the feedback form.

EUR/USD

Main trend Short-term period Medium-term period
Bearish Neutral
Changes in the open interest + 33 346 ↑ + 436 130 ↑
Closest resistance levels 1.0682; 1.0715; 1.0767; 1.0803
Closest support levels 1.0620; 1.0586; 1.0561; 1.0525
Trading recommendations
Baseline scenario Short EUR/USD from the current price or from 1.0682, with target points at 1.0620 and 1.0586
Alternative scenario Moving above 1.0682 can be considered as a signal to Buy the pair, with target at 1.0715 and 1.0767


USD/JPY

Main trend Short-term period Medium-term period
Neutral Bearish
Changes in the open interest + 287 ↑ + 880 ↑
Closest resistance levels 109.43; 109.93; 110.39; 110.62
Closest support levels 108.97/74 (Highly important); 108.47; 108.14; 107.78
Trading recommendations
Baseline scenario (High risk of reversal) Long USD/JPY above 108.97, with target points at 109.43 and 109.93
Alternative scenario Moving below 108.97 can be considered as a signal to Sell the pair, with target at 108.47 and 108.14


USD/CAD

Main trend Short-term period Medium-term period
Neutral Bullish
Changes in the open interest + 9 ↑ + 29 ↑
Closest resistance levels 1.3266; 1.3324; 1.3367; 1.3408
Closest support levels 1.3236; 1.3189; 1.3129; 1.3058
Trading recommendations
Baseline scenario OUT OF THE MARKET
Alternative scenario OUT OF THE MARKET

More:
https://new.fxbazooka.com/analytics/13089

 

[riki143]

EUR/USD: bears are preparing for breakout
4/14/2017

On the EUR/USD daily chart, quotes returned to the border of the upward trading channel. There is the diagonal support. If the bears manage to test it, the update of the April low will open the way towards 1.046 and 1.0405. To regain control over the pair, the bulls will need to raise the euro above 1.0695.

On the EUR/USD hourly chart, there was an unsuccessful return of quotes to the consolidation range of 1.0635-1.0685. Bulls showed their weakness having failed to consolidate there. As a result, a triangle was formed. A breakout of its lower border near 1.0595 will increase the risk of continuation of the downward movement.

Recommendation: SELL 1,0595 SL 1,065 TP 1,046.

More:
https://new.fxbazooka.com/analytics/13090

 

[riki143]

NZD/USD: kiwi came to the Rubicon
4/14/2017

On the NZD/USD daily chart, quotes are moving within the downward trading channel. A break of its upper border can lead to the correction towards 0.707 and higher. In contrast, if the "bears" manage to keep the New Zealand dollar below the psychologically important level of 0.7, it might lead to the continuation of the downward movement and implementation of the 113% and 161.8% targets in the Shark and AB = CD patterns.

On the NZD/USD hourly chart, the further downward movement will depend on whether sellers manage to return quotes to within the borders of the downward trading channel. The drop of the pair below 0.697 can lead to the restoration of the downward trend.

More:

https://new.fxbazooka.com/analytics/13091

 

[riki143]

Key option levels for Friday, April 14th
4/14/2017

If you have any questions or requests fill out the feedback form.

EUR/USD

Main trend Short-term period Medium-term period
Neutral Neutral
Changes in the open interest - 344 590 ? - 470 131 ?
Closest resistance levels 1.0646; 1.0703; 1.0735; 1.0785
Closest support levels 1.0611; 1.0583; 1.0544; 1.0521
Trading recommendations
Baseline scenario Short EUR/USD below 1.0611 or from 1.0646, with target points at 1.0583 and 1.0544
Alternative scenario Moving above 1.0646 can be considered as a signal to Buy the pair, with target at 1.0703 and 1.0735

USD/JPY

Main trend Short-term period Medium-term period
Bullish Bearish
Changes in the open interest + 2 816 ? + 571 ?
Closest resistance levels 109.41; 109.97; 110.25; 110.58
Closest support levels 108.53; 108.14; 107.87; 107.56
Trading recommendations
Baseline scenario Long USD/JPY from the current price (108.85 at the time of publication) or from 108.53, with target points at 109.41 and 109.97
Alternative scenario Moving below 108.53 can be considered as a signal to Sell the pair, with target at 108.14 and 107.87

AUD/USD

Main trend Short-term period Medium-term period
Bearish Bearish
Changes in the open interest - 165 ? + 30 ?
Closest resistance levels 0.7611; 0.7651; 0.7681; 0.7717
Closest support levels 0.7557; 0.7523; 0.7496; 0.7463
Trading recommendations
Baseline scenario Short AUD/USD below 0.7557 (or from 0.7611), with the target points at 0.7523 and 0.7496
Alternative scenario Moving above 0.7611 can be considered as a signal to Buy the pair, with target at 0.7651 and 0.7681

More:
https://new.fxbazooka.com/analytics/13092

 

[riki143]

GBP/USD: pound is a bit cramped on the ledge
4/17/2017

On the GBP/USD daily chart, the realization of "Splash and ledge" pattern on the basis of 1-2-3 continues. If quotes go beyond the consolidation range 1.237-1.258 it will be a signal for the opening positions. Resistances at 1.256-1.2575 corresponds to the upper boundary of the triangle. The breakout will increase the risk of continuation of the rally towards 1.273 and 1.277.

On the GBP/USD hourly chart, an expanding wedge pattern can be formed. For this to happen, bears need to return quotes to 1.236. A successful test of the support at 1.2495 can lead to the development of consolidation followed by the move of quotes to downsides.

Recommendations:

SELL 1,2495 SL 1,255 TP 1,236,

BUY 1,2575 SL 1,252 TP 1,273.

More:
https://new.fxbazooka.com/analytics/13093

 

[riki143]

EUR/JPY: euro's precipitous downfall
4/17/2017

On the EUR/JPY daily chart, quotes fell to the lowest level since November 2016. The previously set targets on short positions have been fulfilled. A successful test of 114.56 will increase the odds of fulfilling the target 88.6% in the Bat pattern. It is located near 113.3.

On the EUR/JPY hourly chart, quotes are moving within the downward trading channel. The bears remain their control over the pair. In this situation, the best trading strategies would be selling on growth or opening short positions on the breakouts of supports. The nearest resistances can be found at 115.5, 115.7 and 116.

More:
https://new.fxbazooka.com/analytics/13094