Market analysis and trade recommendations by FBS

[riki143]

Forex Analytics

EUR/USD: bears took a cue from the "Double Top"
21 April 2016
Sergey Logachev

We've got a “Double Top”, which has been confirmed, so the price reached a support at 1.1284. The market is likely going to achieve the next support at 1.1259 – 1.1233. If a pullback from this area happens, an upward correction will be possible.

The pair has been falling down since a “Double Top” arrived at the last high. The price faced a support at 1.1284, which stopped bears for a while. At the same time, the market is probably going to decline towards a support at 1.1259 – 1.1244 in the short term.

More:
https://fxbazooka.com/en/analitycs/show/8691

 

[riki143]

Forex Analytics

GBP/USD: price reached the "Thorn" once again
21 April 2016
Sergey Logachev

The price has formed a “Double Top” under the nearest resistance at 1.4426. Considering a confirmation of this pattern, the market is likely going to get a support at 1.4282. If so, a rise becomes possible towards a resistance area at 1.4305 – 1.4343.

We’ve got a “Triple Top”, which led to the current decline. The 34 Moving Average acted as a support, so bears currently have time to rest. Anyway, the market is likely going to reach a support at 1.4283. In case of a pullback from this level, bulls will have a chance to achieve a resistance at 1.4307 – 1.4343.

More:
https://fxbazooka.com/en/analitycs/show/8692

 

[riki143]

Forex Analytics

EUR/AUD reached sell targets 1.4600 and 1.4470
21 April 2016
By: Dmitriy Chernovolov

-EUR/AUD reached sell targets 1.4600 and 1.4470
-Next buy target - 1.4400

EUR/AUD has been falling in the last few trading sessions - following the earlier breakout of the support levels 1.4600 (which is the 1st of the two sell targets set in our previous forecast for this currency pair). The breakout of the support level 1.4600 accelerated the active minor impulse wave C – which today broke the next support level 1.4470 (2nd sell target set previous for this currency pair).

If the pair closes this week below the support level 1.4470 - EUR/AUD can then fall to the next sell target at the round support level 1.4400 (former strong support level from December, and the forecast price calculated for the completion of the active wave C).

More:
https://fxbazooka.com/en/analitycs/show/8695

 

[riki143]

Forex Analytics

AUD/CHF reached buy target 0.7540
21 April 2016
By: Dmitriy Chernovolov

-AUD/CHF reached buy target 0.7540
-Next buy target – 0.7700

AUD/CHF recently broke above the strong resistance level 0.7540 (which reversed earlier waves (A) and 1 and which was set as the buy target in our previous forecast for this currency pair). The breakout of this resistance level is likely to accelerate the active minor impulse wave 3 – which recently broke the daily down channel from March and which belongs to the intermediate (C)-wave from the middle of February. Strong support now stands at the support level 0.7540.

With the accelerating daily Momentum - AUD/CHF can be expected to rise further in the direction of the next buy target at the resistance level 0.7700. Bus stop-loss can be placed below the recently broken price level 0.7540.

More:
https://fxbazooka.com/en/analitycs/show/8696

 

[riki143]

Forex Analytics

Nikkei 225 broke pivotal resistance level 17170.00
21 April 2016
By: Dmitriy Chernovolov

-Nikkei 225 broke pivotal resistance level 17170.00
-Next buy target – 17800.00

Nikkei 225 continues to rise – following the earlier breakout of the pivotal resistance level 17170.00 (which earlier reversed previous waves 3, (A) and B, as can be seen from the daily Nikkei 225 chart below). The breakout of this resistance level is likely to accelerate the active minor impulse wave 3, which belongs to the intermediate (C)-wave from the start of Aril.

Nikkei 225 is expected to rise further to the next buy target at the resistance level 17800.00 (which stopped the earlier minor correction 4 in January and which is the forecast price for the termination of the active impulse wave 3).

More:
https://fxbazooka.com/en/analitycs/show/8697

 

[riki143]

Forex Analytics

USD/JPY continues consolidation
21 April 2016
Tatiana Norkina, FBS analyst

Yesterday USD/JPY managed to consolidate its position inside of the four-hour Ichimoku cloud. Tenkan-sen, Kijun-sen lines and the lower boundary of the Ichimoku cloud simultaneously has played the role of the support. The bulls inspired by it have updated their two-week maxima to 109.90, having rushed to Senkou Span B. Thus, the short-term trend is determined now by a Golden Cross, and we do not exclude the possibility of testing of the cloud upper boundary levels.

Technical levels: support – 109.50; resistance – 110.60/65.

Trading recommendations:

1. Buy — 109.50/60; SL — 109.30; TP1 — 110.60.

More:
https://fxbazooka.com/en/analitycs/show/8698

 

[riki143]

Forex Analytics

EUR/USD: correction from the "V-Bottom"
25 April 2016
Sergey Logachev

The pair was moving down on Friday, so we've got a support at 1.1233 and a «V-Bottom» pattern. It's likely to see a local upward correction. At the same time, bears have enough power to get a support at 1.1195 – 1.1166. If we a pullback from this zone arrives, it'll be a chance to see the price on a resistance at 1.1217 – 1.1233.

We've got a «V-Top» pattern, which led to the current decline. Finally, the pair found a support at 1.1233, so there's an upward correction in progress. The market is likely going to reach a resistance at 1.1269 – 1.1284. If bulls be stopped somewhere in here, it'll be an opportunity for bears to achieve a support at 1.1217 – 1.1168.

More:
https://fxbazooka.com/en/analitycs/show/8724

 

[riki143]

Forex Analytics

GBP/USD: "Breakaway Gap" has been formed
25 April 2016
Sergey Logachev

The price has been rising since a «V-Bottom» pattern arrived at the local low. The pair faced a resistance at 1.4458, so the market is likely going to reach a support at 1.4347. If a pullback from this level arrives, it'll be a chance for bulls to deliver a new high.

We've got a «Breakaway Gap», which led to form a «V-Top» pattern at the last high. The price found a resistance at 1.4458, so there's an open door for a downward correction. Therefore, we should keep an eye on a support at 1.4368. In case of a possible pullback from this level, a resistance at 1.4495 will be probably achieved soon.

More:
https://fxbazooka.com/en/analitycs/show/8726

 

[riki143]

Forex Analytics

Forex trading plan for April 26

By Elizabeth Belugina

US dollar started the weak under pressure as traders don’t expect any hawkish statement from the Federal Reserve on Wednesday. American new home sales data turned out worse than expected (511K vs. 521K). On Tuesday the US will release durable goods figures at 12:30 GMT: analysts expect improvement after poor figures of the previous month.

EUR/USD recovered to 1.1260. German Ifo business climate missed the forecast (106.6 vs. 107.1), though the data don’t change the fundamental picture for EUR/USD. Last week the ECB didn’t ease monetary policy, but underlined that its approach will remain accommodative. The euro’s failure to overcome levels in the 1.1400 area last week mean that the bulls don’t have enough strength to push the pair higher. Resistance at 1.1300 and 1.1350 should limit the upside. Support is at 1.1215 and 1.1150.

GBP/USD tested levels above 1.4500 on Monday. British pound broke above resistance line connecting February and March highs and the next targets on the upside may lie at 1.4635/70. Support is at 1.4440 and 1.4400. The pair rose as US President Barack Obama spoke in favor of the UK remaining within the European Union.

USD/JPY opened with a gap up at 111.87, but then tested levels below 111.00. Earlier the US dollar gained on the expectations that the Bank of Japan will start lending to banks at negative interest rate. However, traders still seriously doubt that any measures of Japanese central bank would be efficient. Below 110.85/75 the pair will slide to 110.30.

AUD/USD recovered a bit after 3 days of declines. Resistance is at 0.7730. A break higher will open the way up to 0.7760 and 0.7800. Support is at 0.7690 and 0.7650.

More:
https://fxbazooka.com/en/analitycs/show/8739

 

[riki143]

Forex Analytics

EUR/USD: bulls will use to advantage the "Flag"
26 April 2016
Sergey Logachev

The pair has found a support at 1.1233, which led to form a local “V-Bottom” pattern, so the price got a resistance by the 89 Moving Average afterwards. The market is likely going to deliver a new intraday high and then start a movement towards a support at 1.1195 – 1.1166. If bears be stopped somewhere in this area, there'll be bulls' turn to play, so we should keep an eye on one of the important resistances at 1.1217 – 1.1233.

The price has been rising since a “V-Bottom” was formed at the local low. A few hours later, the pair faced a resistance at the 34 Moving Average, which brought a possible “Flag” pattern. Therefore, the market is likely going to achieve the 55 Moving Average. If a pullback from this line happens, it'll be a chance to see a new bearish rally towards the last low.

More:
https://fxbazooka.com/en/analitycs/show/8742

 

[riki143]

Forex Analytics

GBP/USD: "Pennant" as a sign to a new high
26 April 2016
Sergey Logachev

The price has faced a resistance at 1.4513, so currently we've got a local flat under this level. It's likely to see even more bullish pressure that is why we should bearing in mind the next resistance at 1.4569, which is reinforced by the downtrend upper line. If buyers be stopped here, it’ll be an opportunity to have at least a local downward correction.

There’s a possible “Pennant” in progress under the nearest resistance at 1.4513. Therefore, the market is likely going to deliver a new high soon. The main target is a resistance at 1.4534 – 1.4569, which is strong enough to stop bullish feast of life.

More:
https://fxbazooka.com/en/analitycs/show/8743

 

[riki143]

Forex Analytics

EUR/USD: "Belt Hold" left no chances for bears
26 April 2016
Galina Svetlova

There's a possible ending of the current “Three Methods” pattern, which pushed the price to the 21 Moving Average. Bulls are likely going to move on towards the nearest resistance. Moreover, we've got two bullish patterns on the Daily chart such as a “Piercing Line” and a “Belt Hold”. Therefore, today’s candle is probably going to be a white as well as yesterday’s one.

The two last “Three Methods” patterns have done a good job, so we’ve got a bullish rally on the way. Also, there’s an “Engulfing” pattern, which led to the current upward movement. It’s likely to see any kind of bearish pattern on the “Window” nearby. If so, it’s be a chance to local downward correction to happen.

More:
https://fxbazooka.com/en/analitycs/show/8746

 

[riki143]

Forex Analytics

GBP/CHF rising inside intermediate impulse wave (3)
26 April 2016
By: Dmitriy Chernovolov

-GBP/CHF rising inside intermediate impulse wave (3)
-Next buy target - 1.4290

GBP/CHF continues to rise inside the intermediate impulse wave (3) – which belongs to the primary Ⓒ-wave, which started earlier – when the pair reversed up with the daily Japanese candlesticks reversal pattern Morning Star from the strong support level 1.3400. The active impulse wave (3) earlier broke through the resistance trendline of the daily down channel from last December.

GBP/CHF is likely to rise further toward the next buy target at the resistance level1.4290 (top of the previous waves (b) and 2; forecast price for the completion of the active impulse wave (3)).

More:
https://fxbazooka.com/en/analitycs/show/8747

 

[riki143]

Forex Analytics

USD/JPY reversed from resistance zone
26 April 2016
By: Dmitriy Chernovolov

-USD/JPY reversed from resistance zone
-Next sell target - 109.00

USD/JPY recently reversed down from the resistance zone lying between the pivotal resistance level 111.40 (former strong support level which reversed the price in February and March) and the 61.8% Fibonacci correction of the previous sharp minor impulse wave (i) from the end of March. The downward reversal from this resistance zone stopped the previous minor ABC correction (ii) which belongs to impulse 5 of the intermediate (C)-wave from last November.

USD/JPY is likely to fall further to the next sell target at the support level 109.00. Sell stop-loss can be placed above the aforementioned resistance level 111.40.

More:
https://fxbazooka.com/en/analitycs/show/8748

 

[riki143]

Forex Analytics

Forex trading plan for April 27
By Kira Iukhtenko

Forex market remains calm ahead of the Federal Reserve meeting that will take place on Wednesday. The Fed is widely expected to leave interest rate unchanged tomorrow and there is no press-conference planned. That’s why traders all over the world will be closely watching the FOMC policy statement for any hints on a rate hike on the June meeting. The chance for any is low in light of the worrisome economic indicators we’ve seen recently. On Tuesday week durable goods orders data confirm the concerns: US economy could have slowed down over the Q1 2016. These expectations are hurting the US dollar.

EUR/USD is pushing higher for a second day in a row. Dovish Federal Reserve could support the euro tomorrow, pushing the pair towards the major resistance at 1.1460. However, the 1.1500 area still remains a hard nut to crack for the buyers, so be careful about going long on highs. There are no releases scheduled in the euro zone tomorrow, so all eyes will be glued to the Fed.

GBP/USD has finally broken above the 1.4500 area. Given such a decisive move, I’m cancelling my bearish forecasts for now. An inverse “head-and-shoulders” pattern with an initial target of 1.5000 has been confirm. Beware the 1.4660 resistance, though (February high). Watch the UK advance Q1 GDP tomorrow – if slowdown confirmed, the pair could retrace lower, but later in the day the Fed could become a game-changer once again.

You may find my analytical overview of USD/JPY and AUD/USD in the video.

More:
https://fxbazooka.com/en/analitycs/show/8753

 

[riki143]

Forex Analytics

EUR/USD: "V-Top" has been formed at the high
27 April 2016
Sergey Logachev

The price has formed a “V-Bottom” pattern, which led to the last bullish movement. Finally, the pair reached a resistance at 1.1341, so we’ve got a “V-Top” at the local high. There’s a possible downward “Wedge” in progress, but it hasn’t been confirmed yet. Therefore, the market is likely going to achieve a support at 1.1217 – 1.1195. If we see a pullback from these levels, bulls will probably try to catch a resistance at 1.1269 – 1.1294.

The market was falling down since a “V-Top” was formed at the last high. There’re the Moving Average lines, which all are acted as a support. The pair is likely going to reach a support at 1.1284 – 1.1269. Considering a possible pullback from this area, we should keep an eye on a resistance at 1.1309 as the next bullish target.

More:
https://fxbazooka.com/en/analitycs/show/8755

 

[riki143]

Forex Analytics

GBP/USD: the price took hold under the trend
27 April 2016
Sergey Logachev

The price has been rising dramatically since a “Triple Bottom” was formed in a range of the last Support Zone. Finally, the price got a resistance at 1.4638 under the downtrend line. The market is likely going to reach a support at 1.4534 – 1.4513. At the same time, the second achievement of the nearest resistance at 1.4638 is still on the table.

We've got a “V-Top” pattern, which brought a local flat to the market. It’s likely that the price is going to reach a support at 1.4534 – 1.4513. In case of a pullback from these levels, bulls will have an opportunity to taste the last high again.

More:
https://fxbazooka.com/en/analitycs/show/8756

 

[riki143]

Forex Analytics

Pound continued to recover
27 April 2016
Tatiana Norkina, FBS analyst


Currency pair GBPUSD yesterday updated local maximums to 1.4640 again and gathered up to three-month levels.

On the four-hour time frame, of course, there was a bullish pattern: there is still active gold cross formed by Tenkan-Sen and Kijun-Sen lines; and Ichimoku cloud quite strongly expanded the range up, maintaining long-term traders.

At the same time, the market must “throw off” load overbought, which was suggested by Chinkou Span. Therefore, in the near future we do not exclude the possibility of downward correction to the Tenkan-sen before the growth will continue.

Technical levels: support - 1.4560, 1.4520; resistance - 1.4600, 1.4650.

Trading recommendations:

More:
https://fxbazooka.com/en/analitycs/show/8759

 

[riki143]

Forex Analytics

Westpac: why it’s time to buy AUD/USD?
27 April 2016

Analysts at Westpac recommend buying AUD/USD at 0.7585 with Stop Loss at 0.7495 as they expect in to make another bullish attempt to overcome 0.7800 next week and rise above 0.8000 next month.

Australian dollar fell on Monday on the lower than expected inflation data from Australia. CPI came at -0.2% vs. +0.3% expected. Trimmed mean CPI. Which excludes most volatile items, was just +0.2% vs. the forecast of +0.5%.

However, Westpac points out that iron ore prices are still high that is a very positive factor for Aussie. The specialists don’t think that the Reserve Bank of Australia will cut interest rate next week. On the other hand, they believe that the US dollar will decline after the Federal Reserve’s meeting, and the market’s risk sentiment will improve after the Bank of Japan’s meeting on Thursday – all of this is good for AUD/USD.

More:
https://fxbazooka.com/en/analitycs/show/8760

 

[riki143]

Forex Analytics

EUR/USD storms the cloud
27 April 2016
Tatiana Norkina, FBS analyst

During yesterday's trading session EUR/USD managed to recover at the lower boundary of the four-hour Ichimoku cloud and the whole day tried to break through to the positive area. However, the bulls still cannot handle the cloud resistance, which was created around 1.1300/10.

At the moment the situation is very difficult as, despite the bearish nature of the cloud, the bulls can break through the level. It will mean the renewal of the ascending daily trend.

Technical levels: support – 1.1270; resistance – 1.1300/10.

Trading recommendations:

1. Buy — 1.1330; SL — 1.1310; TP1 — 1.1410; TP2 — 1.1450.

More:
https://fxbazooka.com/en/analitycs/show/8761