Market analysis and trade recommendations by FBS

[riki143]

USD/CHF: BULLS TRY TO RESTORE UPTREND
06:31 31.05.2017

Recommendations: BUY 0,978 SL 0,9725 TP 0,995.

On the USD/CHF daily chart, the first attempt of Bulls to test the resistance at 0.9785 and activate the Double bottom reversal pattern has failed. Nevertheless, they still rekindle dream of a correction towards 0.985 and 0.995.

On the USD/CHF hourly chart, the expanding wedge reversal pattern was formed. Rollbacks towards 50% and 61.8% levels of the 4-5 wave can be used for opening long positions. In the short-term, we expect an uptrend recovery.

More:
https://fbs.com/analytics/articles/usd_chf:_bulls_try_to_restore_uptrend_1340

 

[riki143]

EUR/USD: EURO GOT CAUGHT IN THE CROSS FIRE
06:33 31.05.2017

On the EUR/USD daily chart, the Bears tried to launch a counterattack, but they stumbled upon the solid resistance.There are many buyers in the area of 1.108 - 1.112. As a result, a triangle was formed and the risks for consolidation within the range of 1.1125-1.1245. increased. To restore the uptrend, the May peak needs to be updated around 1.1265.

On the EUR/USD hourly chart, a breakout of the upper boundary of the descending trading channel does not guarantee the continuation of the rally. Bears might try to launch a counterattack in the area of 1.124-1.1245 (target 88,6% of the Shack inverted pattern.).

More:
https://fbs.com/analytics/articles/eur_usd:_euro_got_caught_in_the_cross_fire_1341

 

[riki143]

EUR/USD: "V-BOTTOM" PATTERN
07:43 31.05.2017

The price faced support at 1.1103, so we've got a "V-Bottom" pattern, which pushed the pair towards resistance at 1.1204. Therefore, bulls are likely going to reach the next resistance at 1.1232 - 1.1249 in the short term. If a pullback from this area happens, there'll be an opportunity to have a decline in the direction of the nearest support at 1.1139 - 1.1103.

We've got a "V-Bottom", so the price reached resistance at 1.1204. However, there's a "Pennant" pattern, so the market is likely going to test the next resistance at 1.1234 in the coming hours. If we see a pullback from this level, bears will have a chance to achieve support at 1.1139 - 1.1103.


More:
https://fbs.com/analytics/articles/eur_usd:_"v_bottom"_pattern_1343

 

[riki143]

GBP/USD: BEARISH "FLAG"
07:51 31.05.2017

There's a consolidation, which is taking place on the four-hours chart. Moreover, we've got a "Flag", so bears are likely going to test support at 1.2755 - 1.2705 in the short term. Meanwhile, if a pullback from these levels happens, we should keep an eye on resistance at 1.2816 - 1.2843 as an intraday target.

The Moving Averages have acted as resistance, so we've got a "Triple Top" pattern, which pushed the price towards support at 1.2793. If this level is broken, bears are likely going to reach the closest support at 1.2755 - 1.2705.

More:
https://fbs.com/analytics/articles/gbp_usd:_bearish_"flag"_1344

 

[riki143]

EUR/USD: "THREE METHODS" PATTERN
13:31 31.05.2017

The price has been rising, so there isn't any reversal pattern so far. At the same time, the pair is likely going to test the nearest support level, which could be a departure point for another upward price movement.

The last "Three Methods" pattern pushed the price higher, so we've got a new local high. If any bearish pattern arrives soon, there'll be time for a local downward correction.

More:
https://fbs.com/analytics/articles/eur_usd:_"three_methods"_pattern_1347

 

[riki143]

USD/JPY: "WINDOW" ACTED AS RESISTANCE
13:34 31.05.2017

Bears are still pushing the price lower, so there isn't any bullish pattern. However, if we see a pullback from the nearest support level, there'll be an opportunity to have an upward correction.

The upper "Window" has acted as resistance, so we've got bearish patterns such a "Harami" and a "High Wave". Therefore, bears are likely going to deliver a new local low in the coming hours.

More:
https://fbs.com/analytics/articles/usd_jpy:_"window"_acted_as_resistance_1348

 

[riki143]

EUR/USD REVERSED FROM SUPPORT ZONE
16:56 31.05.2017

EUR/USD reversed from support zone
Next buy target - 1.1270
EUR/USD recently reversed up from the support zone lying at the intersection of the support trendline of the narrow up channel from April and the upper trendline of the recently broken wide daily up channel from January. The upward reversal from this support zone created the daily Japanese candlestick reversal pattern Piercing Line.EUR/USD is expected to rise to the next buy target at the next resistance level 1.1270 (target price for the termination of the active minor impulse wave (iii)).

More:
https://fbs.com/analytics/articles/eur_usd_reversed_from_support_zone_1350

 

[riki143]

AUD/CHF REVERSED FROM POWERFUL RESISTANCE LEVEL 0.7290
16:57 31.05.2017

AUD/CHF reversed from powerful resistance level 0.7290
Next sell target - 0.7150
AUD/CHF continues to fall after the earlier downward reversal from the powerful resistance level 0.7290 (former major support level which had been reversing all downward impulse waves from the start of August, as can be seen from the daily AUD/CHF chart below). If the pair closes today near the current levels it will form the daily Japanese candlesticks reversal pattern Evening Star.

AUD/CHF is expected to fall in the active intermediate impulse wave (3) toward the next sell target at the support level 0.7150.

More:
https://fbs.com/analytics/articles/aud_chf_reversed_from_powerful_resistance_level_0.7290_1351

 

[riki143]

MORNING BRIEF FOR JUNE 1
06:00 01.06.2017

Australian manufacturing PMI and NZ terms of trade kicked the Asian session off but did little to give rise to market fluctuations. Aussie gained some strength in the light of the data but then was hit by the Caixin China manufacturing data that showed industry contraction for the first time in 11 months. AUD/USD dropped below 0.74. The following pullback has shifted the pressure to the downside but at the present moment, a sustained move below 0.7380 seems unlikely.

USD/JPY moved above 111 in the Asian session. The Capex data from Japan beat market expectations and argued for a stronger yen, But the international securities flows data confirming the fifth week of Japanese buying foreign bonds prevented a further yen’s appreciation.

EUR/USD edged higher above 1.1250 overnight. In the Tokyo morning, it was flat at 1.1243. The US dollar remains pressured as FBI and several congressional panels carry out an investigation into Russian meddling in the 2016 presidential election and possible collusion by the Trump campaign. The following investigations have become too much of a distraction in Trump’s presidency. Trump’s fellow Republicans urged him to tweet less and focus on delivering his election promises instead. The current outlook for EUR/USD pair is neutral. The single currency has to register a New York close above 1.1300 for us start targeting higher levels.

GBP/USD declined on Thursday on fears that PM Theresa May could lose control of parliament in Britain’s June 8 election. A YouGov showed that May needs more seats to form a solid, not hung parliament thereby raising prospects of political turmoil before formal Brexit talks begin. Other polls, however, show May winning a big majority. At the present moment, GBP/USD currency pair is trading near 1.2860. It could be a start of the consolidation phase. In the near-term future, GBP will likely trade sideways within a broad range of 1.2800 – 13000.

USD/CAD is still in the near-term consolidation phase. The pair is trading at .125. it has a room for extension towards 1.3540 as well as slow down the pace of its rally and slide towards 1.3480, 1.3420. oil prices didn’t help Loonie to regain its strength. However, they did rise a little in the past session after a report that showed US crude stockpiles had fallen more than expected. Brent oil futures are now trading at $51.20 hardly showing any signs of recovery after the massive drop the OPEC members failed to fully satisfy market expectations.

More:
https://fbs.com/analytics/articles/morning_brief_for_june_1__1359

 

[riki143]

AUD/USD: BEARS HAVE WON
06:31 01.06.2017

Technical levels: support – 0.7370, 0.7340; resistance – 0.7440.

Trade recommendations:

Sell — 0.7410; SL — 0.7420; TP1 — 0.7370; TP2 — 0.7340.
Reason: narrowing bullish Ichimoku Cloud, falling Senkou Span A and B; a new dead cross of Tenkan-sen and Kijun-sen with falling lines; the prices are under the Cloud and formed the new lows.

More:
https://fbs.com/analytics/articles/aud_usd:_bears_have_won_1360

 

[riki143]

USD/JPY: DOLLAR TESTED 3W LOWS
06:32 01.06.2017

Technical levels: support – 110.50; resistance – 111.00, 111.30.

Trade recommendations:

Sell — 111.00; SL — 111.30; TP1 — 110.50; TP2 — 110.10.
Reason: expanding bullish Ichimoku Cloud, falling Senkou Span A; a dead cross of Tenkan-sen and Kijun-sen with falling Kijun-sen; the prices are corrected to Kijun-sen.

More:
https://fbs.com/analytics/articles/usd_jpy:_dollar_tested_3w_lows_1361

 

[riki143]

GBP/USD: POUND MADE FRIENDS WITH THE WEDGE
06:34 01.06.2017

Recommendation: BUY 1,2865 SL 1,281 TP 1,3025,

SELL 1,28 SL 1,2855 TP 1,264.

On the GBP/USD daily chart, the Bulls hit the target 88.6% of the Shark pattern. At the present moment, we may observe the transformation of the Shark pattern into 5-0. A rebound from 50% and 61.8% correction levels of the CD wave creates prerequisites for sales. However, if the bulls manage to reach 1.2995 and 1.3023 levels, there will be a continuation of the rally.

On the GBP/USD hourly chart, there is an expanding wedge pattern. A rollback towards 50% and 61.8% levels of the 4-5 wave followed by the return of quotes to 38.2% and 50% can be used for opening long positions.

More:
https://fbs.com/analytics/articles/gbp_usd:_pound_made_friends_with_the_wedge_1362

 

[riki143]

NZD/USD: BULLS STUMBLED ACROSS PIN-BAR
07:11 01.06.2017

Recommendation: BUY 0,7045 SL 0,6990 TP1 0,715 TP2 0,723.

On the NZD/USD daily chart, bulls hit an intermediate target 127.2% of the Deep Shark pattern. Then, there was a rollback. The formation of a pin-bar with a long shadow increases the risks for the development of the correction.

On the NZD/USD hourly chart, the "Bump and Run Reversal" and "Shark" patterns were realized. Until the Bears did not test the diagonal support of the introductory stage of the former pattern, the "bulls" retain control over the pair. Rebound from the target 88.6% in the Shark pattern will allow buyers to launch a counterattack.

More:
https://fbs.com/analytics/articles/nzd_usd:_bulls_stumbled_across_pin_bar_1364

 

[riki143]

EUR/USD: RESISTANCE WAITING FOR BULLS
08:11 01.06.2017

The price is still rising, so bulls faced resistance at 1.1249, which led to the current consolidation. Therefore, the pair is likely going to test the nearest support at 1.1204 - 1.1171 in the short term. If we see a pullback from this area, there'll be an opportunity to have another upward price movement towards the next resistance at 1.1287 - 1.1307.

We've got a "Double Top" pattern, which has been confirmed. So, bears are likely going to reach the closest support at 1.1204 - 1.1196 in the coming hours. However, if a pullback from these levels happens, bulls will probably try to test another resistance at 1.1287.

More:
https://fbs.com/analytics/articles/eur_usd:_resistance_waiting_for_bulls_1366

 

[riki143]

GBP/USD: "V-TOP" PATTERN
08:14 01.06.2017

The price faced resistance at 1.2913, so we've got a "V-Top" pattern, which pushed the price lower. Therefore, the market is likely going to decline in the direction of the nearest support at 1.2816 - 1.2793. If we see a pullback from this area, there'll be a chance to have bullish price movement in the direction of the next resistance at 1.2913 - 1.2945.

Bulls found resistance at 1.2932, which led to forming a "V-Top" pattern. So, the pair is likely going to test the closest support at 1.2816 - 1.2793. If a pullback from these levels happens, there'll be a green light for another bullish rally towards resistance at 1.2905 - 1.2935.

More:
https://fbs.com/analytics/articles/gbp_usd:_"v_top"_pattern_1367

 

[riki143]

EUR/USD: BULLISH "HIGH WAVE"
13:13 01.06.2017

Bulls are still pushing the price higher, but there's a bearish "Engulfing" pattern, which hasn't been confirmed yet. Therefore, the market is likely going to test the nearest support, which could be a departure point for another upward price movement.

We've got a "Shooting Star", which has been confirmed. Therefore, bears are likely going to test the 89 Moving Average. If we see a pullback from this line, there'll be an opportunity to have a new high.

More:
https://fbs.com/analytics/articles/eur_usd:_bullish_"high_wave"_1369

 

[riki143]

USD/JPY: "THREE METHODS" PATTERNS
13:32 01.06.2017

There's a bullish "Hammer", which has been confirmed enough. So, the pair is likely going to test the 55 Moving Average once again. However, if a pullback from this line happens, there'll be a green light for another decline.

The last "Three Methods" patterns point to a possibility to have the market even higher. However, the price could test the nearest support firstly

More:
https://fbs.com/analytics/articles/usd_jpy:_"three_methods"_patterns_1370

 

[riki143]

GBP/AUD REVERSED FROM COMBINED SUPPORT ZONE
17:09 01.06.2017
GBP/AUD reversed from combined support zone

Next buy target - 1.7650

GBP/AUD continues to rise after the earlier upward reversal from the combined support zone lying between the support level 1.7200 (former strong resistance level from January), lower daily Bollinger Band and the 38.2% Fibonacci correction of the upward impulse from the middle of April. The upward reversal from this support zone stopped the earlier minor impulse wave (iii).GBP/AUD is expected to rise toward the next buy target at the resistance level 1.7650 (which reversed the previous primary ABC correction ? at the start of May, as can be seen below).

More:
https://fbs.com/analytics/articles/gbp_aud_reversed_from_combined_support_zone_1373

 

[riki143]

EUR/AUD BROKE STRONG RESISTANCE LEVEL 1.5060
17:10 01.06.2017

EUR/AUD broke strong resistance level 1.5060

Next buy target - 1.5060E

EUR/AUD has been under strong bullish pressure lately – after the earlier breakout of the strong, multi-month resistance level 1.5060 (which also reversed the previous indeterminate correction (2) in September of 2016, as can be seen from the daily EUR/AUD chart below). The breakout of this resistance level accelerated the active minor impulse waves (iii) and 5 – both of which belong to the intermediate impulse wave (C) from March.EUR/AUD is expected to rise to the next buy target at the next resistance level 1.5300. Strong support now stands at the aforementioned price level 1.5060.

More:
https://fbs.com/analytics/articles/eur_aud_broke_strong_resistance_level_1.5060_1374

 

[riki143]

EUR/USD: EURO READY TO CONTINUE UPTREND
05:14 02.06.2017

Technical levels: support – 1.1210; resistance – 1.1250.

Trade recommendations:

Buy — 1.1210/20; SL — 1.1190; TP1 — 1.1300; TP2 – 1.1340.
Reason: expanding bullish Ichimoku Cloud with rising Senkou Span A; a new golden cross of Tenkan-sen and Kijun-sen, rising Tenkan-sen; the prices are supported by Cloud and Tenkan-sen.

More:
https://fbs.com/analytics/articles/eur_usd:_euro_ready_to_continue_uptrend_1382