Market analysis and trade recommendations by FBS

[riki143]

EUR/USD: EURO IS AIMING NORTH
09:47 03.08.2017

On the daily chart, EUR/USD keeps forming the wave 4-5 of the “Widening wave” pattern. In future, 23.6%, 38.2% and 50% of this wave may be used for opening long positions. However, it’s firstly necessary to wait until the wave is finished.

On H1, there is a “Spike and reversal with an acceleration” pattern. At the moment, the pair is in the “Spike” phase. The break of a trend line will strengthen the risks of decline towards support at 1.1765, 1.1680 and 1.1580. Never the less, as long as the pair’s above the lower border of the uptrend channel, bulls remain in control.

More:
https://fbs.com/analytics/articles/eur_usd:_euro_is_aiming_north__2695

 

[riki143]

USD/CAD: BULLS ARE HAVING TROUBLES
09:55 03.08.2017

Recommendation:

SELL 1.2540

SL 1.2595

TP1 1.2420, TP2 1.2200

On the daily chart, we see a start of correction to the downtrend towards 23.6%, 38.2% and 50% of the wave CD. It became possible because the “Shark” pattern transformed into 5-0. To confirm their intentions, bulls need to lead the pair outside of the downtrend channel.

On H1, USD/CAD is forming the “Dragon” pattern. Usually the dragon's head forms in the convergence area on the levels of the dragon’s head (1.2610-1.2635). If bulls fail to get above the resistance, risks of the “rising wedge” will increase.

More:
https://fbs.com/analytics/articles/usd_cad:_bulls_are_having_troubles_2696

 

[riki143]

EUR/USD: "THORN" PATTERN
11:25 03.08.2017

The last "Flag" pattern led to another bullish rally, so the price faces resistance at 1.1923. Also, there's a "Thorn" pattern, which means the market is likely going to reach the nearest support at 1.1801. If a pullback from this level happens, we could have another upward price movement towards the next resistance at 1.1875 - 1.1923.

There's a "Thorn" pattern, so the price achieved support at 1.1846. In this case, we could have a local bullish price movement towards the closest resistance at 1.1876. If a pullback from this level arrives afterwards, bears are likely going to test the nearest support at 1.1818 - 1.1801.

More:
https://fbs.com/analytics/articles/eur_usd:_"thorn"_pattern_2700

 

[riki143]

GBP/USD: "RISING WEDGE" PATTERN
11:27 03.08.2017

The price is consolidating under resistance at 1.3234, but we've got a "Double Top". If this pattern confirms, bears are likely going to test the nearest support at 1.3184. If a pullback from this level happens, there'll be an opportunity to have an upward price movement towards the next resistance at 1.3277.

We've got a "Rising Wedge" pattern, so the price is likely going to test the closest resistance at 1.3243 - 1.3250 during the day. However, if we see a pullback from this area, bulls will have a green light to achieve another support at 1.3207 - 1.3184.

More:
https://fbs.com/analytics/articles/gbp_usd:_"rising_wedge"_pattern_2701

 

[riki143]

EUR/USD: "SHOOTING STAR" PATTERN
15:10 03.08.2017

We've got a "Shooting Star" pattern, which hasn't been confirmed yet. So, we could have just a local bearish correction towards the last "Three Methods" pattern. However, bulls will probably try to deliver a new high afterwards.

There's a local bullish "Hammer", so the price is likely going to test the nearest resistance. If a pullback from this level happens, bears will have a green light to test the 89 Moving Average.

More:
https://fbs.com/analytics/articles/eur_usd:_"shooting_star"_pattern_2714

 

[riki143]

USD/JPY: PRICE GOING TO TEST "WINDOW"
15:13 03.08.2017

There's a bearish "Engulfing" on the 21 Moving Average, so the price is likely going to test the last low and the nearest "Window". If a pullback from this level happens, there'll be time for a local upward correction.

The 89 Moving Average has acted as resistance, so we've got an "Engulfing" pattern, which has been confirmed. Also, there isn't any bullish pattern so far, which means the market is likely going to continue moving down during the day.

More:
https://fbs.com/analytics/articles/usd_jpy:_price_going_to_test_"window"_2715

 

[riki143]

AUD/USD: BULLS LOOK STRONG
09:03 04.08.2017

Technical levels: support – 0.7950; resistance – 0.7990.

Trade recommendations:

Buy — 0.7970; SL — 0.7950; TP1 — 0.8030; TP2 — 0.8080.
Reason: bullish Ichimoku Cloud; horizontal Senkou Span A, but rising Senkou Span A; a correctional dead cross of Tenkan-sen and Kijun-sen wit horizontal lines; the prices are in the Cloud, but bulls are trying to break out into the positive area.

More:
https://fbs.com/analytics/articles/aud_usd:_bulls_look_strong_2732

 

[riki143]

USD/JPY: DOLLAR’S FALLING CONTINUE
09:04 04.08.2017

Technical levels: support – 110.00; resistance – 110.50.

Trade recommendations:

Sell — 110.50; SL — 110.70; TP1 — 110.00; TP2 — 109.60.
Reason: bearish Ichimoku Cloud with falling Senkou Span A; a cancelled dead cross of Tenkan-sen and Kijun-sen, horizontal lines; the prices are made the new low – waiting for the correction to Tenkan an Kijun.

More:
https://fbs.com/analytics/articles/usd_jpy:_dollar’s_falling_continue_2733

 

[riki143]

GBP/USD: PICTURE TURNED NEGATIVE
10:36 04.08.2017

Recommendation:

SELL 1.3075

SL 1.3130

TP1 1.2925 TP2, 1.2860

On the daily chart, there was a combination of the senior and junior “3 Indians” patterns. As a result, the pair fell to support at 1.3120. To develop correction, bears will have to return the prices to the middle of the previous consolidation range (1.2930-1.3120). In this case, the pair will trigger “Spike and ledge” pattern. On the other hand, recoil from these levels to the downside will allow the bulls to return the initiative.

On H1, if the prices break below support at 1.3105 and leave the uptrend channel, risks of a “Shark” pattern will increase.

More:
https://fbs.com/analytics/articles/gbp_usd:_picture_turned_negative_2737

 

[riki143]

EUR/USD: BULLS GOING TO TEST NEXT RESISTANCE
10:39 04.08.2017

The price is consolidating along resistance at 1.1875. So, bulls are likely going to test the next resistance at 1.1923. If a pullback from this level happens afterwards, there'll be an opportunity to have a decline towards the nearest support at 1.1801.

There's a consolidation, which is taking place between the levels 1.1909 - 1.1846. It seems like the market is going to reach the closest support at 1.1856 - 1.1846 during the day. However, if we see a pullback from these levels, bulls will probably try to achieve another resistance at 1.1923

More:
https://fbs.com/analytics/articles/eur_usd:_bulls_going_to_test_next_resistance_2738

 

[riki143]

GBP/USD: "RISING WEDGE" LED TO MASSIVE DECLINE
10:41 04.08.2017

We've got a "Triple Top" pattern, so the price reached the 34 Moving Average. Nevertheless, bears are likely going to test the next support at 1.3083. If we see a pullback from this level, there'll be an option to have an upward correction towards the nearest resistance at 1.3158 - 1.3184.

The last "Rising Wedge" pattern led to the yesterday's massive decline. The main intraday target is the 55 Moving Average, which could be a departure point for another decline in the direction of the closest support at 1.3083.

More:
https://fbs.com/analytics/articles/gbp_usd:_"rising_wedge"_led_to_massive_decline_2739

 

[riki143]

USD/CHF: PREPARING FOR A RALLY
10:46 04.08.2017

Recommendation:

BUY 0.9720

SL 0.9665

TP1 0.9890, TP2 1.0025

On the daily chart, USD/CHF keeps trading within the “Wolfe waves” pattern. Bulls managed to keep the pair above support at 0.9650. If the pair rises above July high, it will continue going up towards 1.0025-1.0030. Here there’s target of the reversed “Shark” pattern.

On H1, the pair finishes forming the “Dragon” pattern. The pair’s currently testing the head of the dragon located at the level of the dragon’s curling tail. USD/CHF is consolidating in the 0.9635-0.9720. The break above the upper border will strengthen the odds of a further rally.

More:
https://fbs.com/analytics/articles/usd_chf:_preparing_for_a_rally__2741

 

[riki143]

EUR/USD: BULLISH "HAMMER"
12:06 04.08.2017

The last "Shooting Star" hasn't been confirmed. Also, there isn't any reversal pattern so far, which means the market is likely going to continue moving up. If any bearish pattern forms afterwards, there'll be an opportunity to have a downward correction.

We've got a bullish "Hammer", which led to the current upward price movement. In this case, the pair is likely going to reach the nearest resistance during the day. If a pullback from this level happens, we should keep an eye on the 55 Moving Average as the next bearish target.

More:
https://fbs.com/analytics/articles/eur_usd:_bullish_"hammer"_2743

 

[riki143]

USD/JPY: CONFIRMED BULLISH "ENGULFING"
12:08 04.08.2017

There's a "Hammer", which has been formed on the lower "Window". If this pattern confirms, the pair is likely going to test the 21 Moving Average, which could be a departure point for another decline

The last bullish "Engulfing" pattern has been confirmed, so the market is likely going to rise in the short term. The main intraday target is the 55 Moving Average and the nearest "Window".

More:
https://fbs.com/analytics/articles/usd_jpy:_confirmed_bullish_"engulfing"_2744

 

[riki143]

GBP/USD WITH ANOTHER POSSIBLE LEG LOWER
22:45 06.08.2017

GBP/USD was one of the major losers during last week, following BoE’s decision to keep rates unchanged and positive NFP data in the United States. Currently, the pair is forming a lower low pattern below the 1.3058 level and it’s awaiting to duplicate a cycle started since August 3rd, towards the 1.3010 level, at which is located the Fibonacci zone of 100%.

That’s why our preferred scenario is calling for another leg lower, but above 1.2974, Cable might start to correct the downside and such rebound could be limited in a first degree by the resistance area of 1.3123. RSI indicator is still at the oversold territory.

More:
https://fbs.com/analytics/articles/gbp_usd_with_another_possible_leg_lower_2757

 

[riki143]

GBP/USD: POUND SUPPORTED BY SSB
09:56 07.08.2017

Technical levels: support – 1.3030; resistance – 1.3140.

Trade recommendations:

Buy — 1.3040; SL — 1.3020; TP1 — 1.3110; TP2 — 1.3140.
Reason: narrowing bullish Ichimoku Cloud with falling Senkou Span A; a new correctional dead cross of Tenkan-sen and Kijun-sen; the prices entered into the Cloud but supported by Senkou Span B.

More:
https://fbs.com/analytics/articles/gbp_usd:_pound_supported_by_ssb_2763

 

[riki143]

AUD/USD: AUSSIE ENTERED INTO NEUTRAL AREA
09:57 07.08.2017

Technical levels: support – 0.7910, 0.7830; resistance – 0.7990.

Trade recommendations:

Buy — 0.7830; SL — 0.7810; TP1 — 0.7990; TP2 — 0.8030.
Sell — 0.7920; SL — 0.7940; TP1 — 0.7830.
Reason: bullish Ichimoku Cloud, but falling Senkou Span A; a dead cross of Tenkan-sen and Kijun-sen; the prices are entered into the Cloud and may going lower to the support of Senkou Span B.

More:
https://fbs.com/analytics/articles/aud_usd:_aussie_entered_into_neutral_area_2764

 

[riki143]

EUR/USD: CONFIRMED "DOUBLE TOP" PATTERN
10:51 07.08.2017

We've got a "Double Top" pattern, which has been confirmed. Also, the 34 Moving Average has acted as support, so the price is consolidating. Nevertheless, the pair is likely going to reach the next support at 1.1683 in the short term. If a pullback from this level happens, there'll be an opportunity to have an upward price movement towards the nearest resistance at 1.1757 - 1.1801.

There's a consolidation, which is taking place under resistance at 1.1801. However, bears are likely going to achieve the closest support at 1.1712 - 1.1683 during the day. If a pullback from this area happens, we should keep an eye on resistance at 1.1784 - 1.1801 as an intraday target.

More:
https://fbs.com/analytics/articles/eur_usd:_confirmed_"double_top"_pattern_2767

 

[riki143]

GBP/USD: BEARISH "PENNANT" PATTERN
10:55 07.08.2017

The 89 Moving Average has acted as support, so the price is consolidating. It's likely that the market is going to reach the nearest support at 1.2997 - 1.2982 in the short term. Meanwhile, if a pullback from these levels happens, bulls will have a green light to achieve the closest resistance at 1.3083.

There's a bearish "Pennant" pattern, so the pair is likely going to continue moving down. The main intraday target is the next support at 1.2997 - 1.2982. This area could be a departure point for a bullish price movement in the direction of the nearest resistance at 1.3083

More:
https://fbs.com/analytics/articles/gbp_usd:_bearish_"pennant"_pattern_2768

 

[riki143]

GBP/USD: BEARISH "PENNANT" PATTERN
10:55 07.08.2017

The 89 Moving Average has acted as support, so the price is consolidating. It's likely that the market is going to reach the nearest support at 1.2997 - 1.2982 in the short term. Meanwhile, if a pullback from these levels happens, bulls will have a green light to achieve the closest resistance at 1.3083.

There's a bearish "Pennant" pattern, so the pair is likely going to continue moving down. The main intraday target is the next support at 1.2997 - 1.2982. This area could be a departure point for a bullish price movement in the direction of the nearest resistance at 1.3083

More:
https://fbs.com/analytics/articles/gbp_usd:_bearish_"pennant"_pattern_2768