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Market analysis and trade recommendations by FBS

USD/JPY: BULLS PREPARE FOR AN ATTACK
10:12 20.07.2017

Recommendation:

BUY 112.33

SL 111.78

TP1 113.50, TP2 114.50, TP3 117.40

On the daily chart, bears are trying to keep the pair inside the long-term downward channel. Never the less, they will fail if bulls push USD/JPY above the diagonal resistance and settle above 112.10 (38.2% of the descending wave).

1500534628-92f823d5b14e030c4437cf48cd03758b_1200x1200_q90.png


On H1, the break above the upper border of the descending channel signaled that correction ended. Successful break above resistance at 112.33 will allow the pair to reach new bullish targets.

1500534647-7bc0ef0c918248806dd1292df20e5495_1200x1200_q90.png


More:
https://fbs.com/analytics/articles/usd_jpy:_bulls_prepare_for_an_attack_2349
 
EUR/USD: "V-TOP" PATTERN
10:46 20.07.2017

1500536683-6de095daae8e33a3d536e520f0fcf5c6_1200x1200_q90.png


There's a "V-Top" pattern, which pushed the price to support at 1.1494, so we've got a consolidation. However, bears are likely going to test the next support at 1.1464. If a pullback from this level happens, there'll be an opportunity to have another upward price movement in the direction of the nearest resistance at 1.1560 - 1.1582.

1500536683-1bd17cee2e56bf4395e0e862c6df79a6_1200x1200_q90.png


The 34 Moving Average has acted as support, so the price is consolidating. Meanwhile, the pair is likely going to test the closest resistance at 1.1529 - 1.1547, which could be a departure point for a decline. If so, we should keep an eye on the next support at 1.1494 - 1.1479 as the next bearish target.

More:
https://fbs.com/analytics/articles/eur_usd:_"v_top"_pattern_2351
 
GBP/USD: POSSIBLE "PENNANT" PATTERN
10:48 20.07.2017

1500536683-93b6787cae65d03f00076b70f55d95d3_1200x1200_q90.png


Bears faced support at 1.3006, so the price is consolidating near this level. Nevertheless, the market is likely going to decline towards the 34 & 55 Moving Averages. If a pullback from these lines happens, there'll be an opportunity to have a new local high.

1500536683-06584860bcb93a1e5c586873f772082e_1200x1200_q90.png


The price is consolidating in a range of a possible "Pennant" pattern. So, bulls are likely going to test the nearest resistance at 1.3057. At the same time, bears will probably try to achieve support at 1.2982 - 1.2926 afterwards.

More:
https://fbs.com/analytics/articles/gbp_usd:_possible_"pennant"_pattern_2352
 
EUR/USD: PRICE FIXATED UNDER 5/8 MM LEVEL
12:01 20.07.2017

1500541222-4482c5b63c6b852937c549674d48fd6d_1200x1200_q90.png


The price has fixated under 5/8 MM Level, so there's an opportunity to have a bearish impulse in wave . The main intraday target is 3/8 MM Level, which could be a departure point for a local upward correction.

1500541222-cd0ebcad1144141a12989bf2931389e4_1200x1200_q90.png


We've got a pullback from 7/8 MM Level on the one hour chart, so wave [v] of C may have been formed. The price is declining in wave (iii) of . It seems like bears are ready to test 3/8 MM Level soon

More:
https://fbs.com/analytics/articles/eur_usd:_price_fixated_under_5_8_mm_level_2359
 
EUR/USD: BEARISH "THREE METHODS" PATTERN
13:46 20.07.2017

1500547538-131607b110e23d54a6cab06f5cc26ece_1200x1200_q90.png


The last "Shooting Star" pattern has been confirmed, so the pair is likely going to test the 34 Moving Average. If any bullish pattern forms afterwards, there'll be an opportunity to have another upward price movement.

1500547538-7e3681e662e34e4facae49f4f6ecf050_1200x1200_q90.png


We've got a bearish "Three Methods" pattern, so we should keep in mind the 55 Moving Average as an intraday target. However, we could have a local upward correction later on.

More:
https://fbs.com/analytics/articles/eur_usd:_bearish_"three_methods"_pattern_2365
 
USD/JPY: ALL THE LAST CANDLES ARE BULLISH
13:48 20.07.2017

1500547538-7cbbef900c5c0b3beb9b349c0f80dfee_1200x1200_q90.png


There are bullish patterns such a "Hammer" and a "Harami", which both have been confirmed. The upper "Window" is acting as resistance, which could be a departure point for another downward price movement.

1500547538-cbdd1bc2707c020325fba4eb3e8c8899_1200x1200_q90.png


We don't have any bearish pattern so far, cause all the last candles are bullish. The main intraday target is the 89 & 144 Moving Averages. If a pullback from these lines happens, bears will have a green light to deliver a correction at least.

More:
https://fbs.com/analytics/articles/usd_jpy:_all_the_last_candles_are_bullish_2366
 
USD/JPY: DOLLAR FELL INTO NEGATIVE ZONE
09:33 21.07.2017

Technical levels: support – 111.70/80; resistance – 112.60, 113.00.

Trade recommendations:

Buy — 111.90; SL — 111.70; TP1 — 113.00; TP2 — 113.30.
Reason: bearish Ichimoku Cloud with horizontal Senkou Span A and B; a dead cross of Tenkan-sen and Kijun-sen and the lines are horizontal; the market is on the strong support of the daily levels.

1500618733-3dcc4d3b0e9d38341d309e86e7227f36_1200x1200_q90.png


More:
https://fbs.com/analytics/articles/usd_jpy:_dollar_fell_into_negative_zone_2384
 
USD/CAD: THE FIGHT OF BEARS AND BULLS
09:41 21.07.2017

Recommendation:

SELL 1,264 SL 1,2585 TP 1,274.

On the daily chart, USD/CAD reached 88.6% target of a “Shark” pattern. As a result, the possibility of corrective movement towards 23.6%, 50% and 61.8% of the wave CD increased. The following recoil from the important resistance levels should be used for entering short positions within the current bearish trend.

1500619206-6088e8d31b2d73dc580e4165ab233648_1200x1200_q90.png


On H1, bears’ strengths are diminishing. This can be seen from the angle of the downtrend. The break of resistance at 1.2635-1.2640 will allow bulls to start an attack

1500619220-5c726ce87bf89e31cdcfbd4c37b26a4a_1200x1200_q90.png


More:
https://fbs.com/analytics/articles/usd_cad:_the_fight_of_bears_and_bulls_2385
 
AUD/USD IS PLAYING HIDE-AND-SEEK
09:49 21.07.2017

Recommendation:

BUY 0.7840, SL 0.7785, TP1 0.7990, TP2 0.8050

BUY 0.7805 SL 0.775 TP1 0.7990 TP2 0.8050

On the daily chart, AUD/USD is undergoing a correction to the uptrend. Bears are trying to return the pair to the inside of the uptrend channel. At the same time, bulls remain in control, so there’s a reason to use the pullbacks to the downside for opening long positions.

1500619715-bbdfbddd46f7c37498b1971206983a6d_1200x1200_q90.png


On H1, AUD/USD broke the lower border of an uptrend and triggered the “Bat” pattern. Its target is at 88.6% of XA wave. It allows determining an important support.

1500619736-ef00342837a633bda01cab6a3fe3e88f_1200x1200_q90.png


More:
https://fbs.com/analytics/articles/aud_usd_is_playing_hide_and_seek_2386
 
EUR/USD: "FLAG" PATTERN HAS BEEN BROKEN
10:53 21.07.2017

1500623535-1943ccda9dfc126e3d73f0d77a4a1525_1200x1200_q90.png


The last "Flag" pattern has been broken, so bulls faced resistance at 1.1679. Nevertheless, the market is likely going to reach the next resistance at 1.1712 in the coming hours. If a pullback from this level happens, there'll be an opportunity to have a decline towards the nearest support at 1.1615.

1500623535-d9e337add074f9e784bc1eb0bec54f75_1200x1200_q90.png


Bulls went through the upper side of the last "Pennant" pattern. It's likely that we're going to see the price even higher. The main intraday target is the next resistance at 1.1712, which could be a departure point for a downward correction.

More:
https://fbs.com/analytics/articles/eur_usd:_"flag"_pattern_has_been_broken_2390
 
GBP/USD: "PENNANT" PUSHED PRICE HIGHER
10:56 21.07.2017

1500623535-aad5299a4db4df9211996ee8399fdc55_1200x1200_q90.png


The price faced support at 1.2926, so there's a "Thorn" pattern. In this case, the pair is likely going to reach the nearest resistance at 1.3032 - 1.3047. If a pullback from this area happens, bears will probably try to deliver a downward correction.

1500623535-d39228aa9024164aa786cac3997c0351_1200x1200_q90.png


The last "Pennant" pattern led to another upward price movement. The main intraday target is the closest resistance area at 1.3032 - 1.3047. However, if we see a pullback from these levels, there'll be an option to have a decline in the direction of the nearest support at 1.2952.

More:
https://fbs.com/analytics/articles/gbp_usd:_"pennant"_pushed_price_higher_2391
 
EUR/USD: BULLISH "THREE METHODS"
14:44 21.07.2017

1500637314-6b08095282d24ed6163b4c0da78ba827_1200x1200_q90.png


There's a bullish "Three Methods", but this pattern hasn't been confirmed yet. Nevertheless, the price is likely going to continue moving up until any bearish pattern arrives. If so, we could have a local downward correction.

1500637314-851a5686b9ac93a150d7c027eb6a67db_1200x1200_q90.png


We've got a bearish "Engulfing", so the market is likely going to test the nearest support level. Anyway, bulls will probably try to deliver a new local high afterwards.

More:
https://fbs.com/analytics/articles/eur_usd:_bullish_"three_methods"_2392
 
USD/JPY: "HIGH WAVE" AND "TWEEZERS"
14:48 21.07.2017

1500637314-4d3647357e35e3b9f2b8fe07cae6f998_1200x1200_q90.png


The upper "Window" acted as resistance, so there's a bearish "Harami", which has been confirmed. In this case, the pair is likely going to decline in the direction of the closest support.

1500637314-e777d1792c5f417c9c6427f362b2c7aa_1200x1200_q90.png


The 34 Moving Average acted as resistance, so there are bearish patterns such a "High Wave" and a "Tweezers". Also, we've got a "Three Methods" pattern. Under this circumstance, the price is likely going to test the lower "Window" soon.

More:
https://fbs.com/analytics/articles/usd_jpy:_"high_wave"_and_"tweezers"_2393
 
EUR/USD: PRICE IS FORMING WAVE [V] OF 3
14:51 21.07.2017

1500637815-68f1c21dde726827075cc16db501266d_1200x1200_q90.png


The main wave count has been changed. It seems like there's a developing flat pattern in wave . Therefore, we've got an upward impulse in wave (C), which is taking place on the Daily chart. Wave 3 is likely about to end, so we could have Wave 4 of (C) soon.

1500637815-fbe1601d7c25c0bccd97651389bc4ec4_1200x1200_q90.png


The price is forming wave [v] of 3. We've got a pullback from 7/8 MM Level, so wave (iii) may have been ended. In this case, we should keep an eye on 6/8 MM Level as the nearest target for wave (iv) of [v].

More:
https://fbs.com/analytics/articles/eur_usd:_price_is_forming_wave_[v]_of_3_2394
 
USD/CHF FIBONACCI ANALYSIS: 0.9940 AS A KEY LEVEL FOR BUYERS
00:12 24.07.2017

There is a strong bearish bias in the USD/CHF and it has been forming a channel since mid-July. Now, the target is placed in the Fibonacci expansion levels of 100% and 123.6%, which corresponds to the 0.9941 and 0.9399 levels respectively. Such forecast is strengthened by the RSI indicator that shows oversold conditions.

Around that Fibonacci’s area, the pair could start to rebound in three of five waves, towards the 200 SMA at H1 chart around 0.9580.

1500844319-cb50411a05e99c00c84fb13f39ad117c_1200x1200_q90.png


More:
https://fbs.com/analytics/articles/usd_chf_fibonacci_analysis:_0.9940_as_a_key_level_for_buyers_2403
 
EUR/USD: EURO APPROACHED THE WEDGE
10:38 24.07.2017

Recommendation:

BUY 1.1580

SL 1.1525

TP 1.1715, TP2 1.1780

On the daily chart, EUR/USD has come close to the highest level since August 2015 and the interim 127. 2% target of the inverted “Crab” pattern. If the pair returns to 1.1714, it will form the “Widening wedge”. Traders should wait until the wave 4-5 finishes and use the following pullbacks towards 23.6%, 38.2% and 50% for opening long positions.

1500881894-144c086f9efd0dd7367f2818eb875c0e_1200x1200_q90.png


More:
https://fbs.com/analytics/articles/eur_usd:_euro_approached_the_wedge_2409
 
EUR/JPY: BEARS TRY TO REGAIN POWER
10:48 24.07.2017

Recommendations:

BUY 130.50 SL 129.95 TP 131.50

BUY 127 SL 126.45 TP1 128.5 TP2 129.6 TP3 130.50

On the daily chart, bears are trying to counter attack and realize the 1-2-3 pattern. The break of support at 128.50 will increase the risks of correction to the current uptrend. For now, its potential remains limited. The nearest support levels are at 127.75 and 127.00.

1500882484-3297c54597baddc0779dab87f73568a2_1200x1200_q90.png


On H1, EUR/JPY realized “Spike and ledge” and 1-2-3 patterns. A successful test of resistance at 130.50 will create the potential for the uptrend’s resumption. On the contrary, break of support at 128.50 will trigger the “Bat” pattern.

1500882505-1f50b4d918123f905c31c70a9dfda50a_1200x1200_q90.png


More:
https://fbs.com/analytics/articles/eur_jpy:_bears_try_to_regain_power_2410
 
EUR/USD: BULLS GOING TEST NEXT RESISTANCE
11:19 24.07.2017

1500884290-c7c4d99ce7209a3157bb2c25ac43a2e6_1200x1200_q90.png


The price is consolidating under resistance at 1.1679. However, bulls are likely going to test the next resistance at 1.1712. If we have a pullback from this level, there'll be an opportunity to have a downward correction towards the nearest support at 1.1615.

1500884290-d96dc6b046acb5d91e7b1186616d9b25_1200x1200_q90.png


Bulls faced resistance at 1.1679, which pushed the price lower. So, we should keep an eye on the closest support at 1.1654 as an intraday bearish target. Nevertheless, the market is likely going to reach another resistance at 1.1712 afterwards.

More:
https://fbs.com/analytics/articles/eur_usd:_bulls_going_test_next_resistance_2412
 
GBP/USD: BEARISH "THORN" PATTERN
11:21 24.07.2017

1500884290-750c4324fe0dda56a0e842710c4e8d06_1200x1200_q90.png


There's a consolidation, which is taking place near the 55 Moving Average. The main intraday target is the nearest resistance at 1.3057 - 1.3077. If a pullback from this area happens, there'll be an opportunity to have a decline towards support at 1.3006 - 1.2982.

1500884290-98d1bd2392b47e6a99a32b28b94ae455_1200x1200_q90.png


We've got a bearish "Thorn" pattern, so the pair is likely going to test the 89 Moving Average. However, if a pullback from this line happens, bulls will have a green light to achieve the next resistance at 1.3057 - 1.3047.

More:
https://fbs.com/analytics/articles/gbp_usd:_bearish_"thorn"_pattern_2413
 
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