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Re: Market news and trade recommendations by FBS
USD/CAD: Loonie fulfilled the target
12/21/2016 On the USD/CAD daily chart, target at 1.3395 has been fulfilled. If the "bulls" manage to update the December peak, the rally towards the upper boundary of the upward trading channel will continue. If prices drop below the support at 1.3306, it will be a signal for the start of the "bearish" counterattack. https://new.fxbazooka.com/img/articl...1_07_59_27.png On USD/CAD hourly chart, there is a final stage of formation of the 5-0 pattern. If prices return to the 50% Fibo level formed from the CD wave, it will be a signal for opening short positions. Alternatively, a breakout of the resistance located at 1,353 level will allow us to buy the US dollar. https://new.fxbazooka.com/img/articl...1_07_59_42.png Recommendation: SELL 1,3335 SL 1,339 TP1 1,32 TP2 1,308, BUY 1,353 SL 1,3475 TP1 1,37 TP2 1,3835. More: https://new.fxbazooka.com/analytics/11788 |
Re: Market news and trade recommendations by FBS
EUR/USD: downtrend may continue
12/21/2016 Technical levels: support – 1.0380; resistance – 1.0415, 1.0450. Trade recommendations: 1. Sell — 1.0400; SL — 1.0420; TP1 — 1.0300; TP2 – 1.0260. Reason: bearish Ichimoku Cloud and falling Senkou Span A; a dead cross of falling Tenkan-sen and Kijun-sen; strong resistance of Tenkan-sen. https://new.fxbazooka.com/img/articl...rusdh4(68).png More: https://new.fxbazooka.com/analytics/11789 |
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GBP/USD: correction to Tenkan-sen
12/21/2016 Technical levels: support – 1.2360; resistance – 1.2390. Trade recommendations: 1. Sell — 1.2390; SL — 1.2410; TP1 — 1.2320; TP2 — 1.2300. Reason: bearish character of Ichimoku Cloud, falling Senkou Span A; a dead cross of falling Tenkan-sen and Kijun-sen; the prices are in the correction to Tenkan-sen; canceling the market’s oversold. https://new.fxbazooka.com/img/articl...pusdh4(55).png More: https://new.fxbazooka.com/analytics/11790 |
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EUR/USD: "V-Bottom" launched bullish correction
12/21/2016 https://new.fxbazooka.com/img/articl...016-EUR-H4.png The price is still consolidating under a resistance at 1.0461. Also, there’s a “V-Bottom” pattern, so the market is likely going to test an area between the levels 1.0461 – 1.0506 in the short term. If a pullback from these levels happens, bears will be free to launch another decline. https://new.fxbazooka.com/img/articl...016-EUR-H1.png The last “Flag” pattern has been broken, but a “V-Botton” arrived afterwards. Therefore, bulls are likely going to reach the 89 Moving Average soon. If we see a pullback from this line, there’ll be an opportunity to have a downward movement in the direction of a support at 1.0365 – 1.0340. More: https://new.fxbazooka.com/analytics/11791 |
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Morning brief for December 21
12/21/2016 EUR/USD edged up to 1.0410 from yesterday’s low of 1.0350. But it happened due to the retreat in the dollar and not Eurozone macroeconomic releases/data flows that could support the euro. So, we see more downside going forward. Politics and terrorism will be the key drivers of the pair in the nearest future. Berlin crash in Germany, horrific attack in Switzerland and assassination in Turkey reflect growing populism and hatred in relation to immigrants. There is also another threat that looming on the horizon – Italy’s fragile banking sector. The Italian government has recently asked Parliament a permission to borrow money to bail-out the banks if the latter ones fail to raise sufficient funding. USD/JPY hampered at 118 and retreated to 117.42 overnight. However, in the course of the Asian session, the US dollar managed to regain control over the market and rose to 117.60. It is a very hard time for the yen. Yesterday the Bank of Japan left its monetary stance unchanged with its short-term interest rate target at -0.1%. Also, the board decided to extend its asset-purchasing program and didn’t mention the probability of its tapering. The recent weakening of the yen didn’t spark talk of tapering, the BOJ adopted a wait-and-see attitude to check what happened with the yen after the New Year vacations. AUD/USD managed to rebound from its extremely low levels overnight to 0.7275, but then failed to hold its positions and retreated to 0.7255. Aussie remains to be very vulnerable to commodity prices, subdued growth of Chinese economy and weakening of the renminbi. The Reserve Bank of Australia is in no haste to raise interest rate being unsatisfied with economic releases. NZD/USD is trading along the 0.6925 level. New Zealand dairy prices slumped for the first time in 2 months, the trade deficit shrank but in the lesser extent than it was anticipated. Today we will receive New Zealand GDP update. The consensus forecast indicates a slight decrease in GDP number, so, Kiwi may extend its losses. GBP/USD moved higher to 1.2385 yesterday, then it retreated to 1.2370. The pound is still under pressure on the back of the uncertainty over the Brexit process. 2016 was all about whether the Brexit can happen or not, next year everybody will be focused on the type of the new relationships between the EU and the UK. More: https://new.fxbazooka.com/analytics/11792 |
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GBP/USD: bulls going to test Moving Averages
12/21/2016 https://new.fxbazooka.com/img/articl...016-GBP-H4.png Bears faced a support at 1.2309, which led to form a “V-Bottom” pattern, so an upward correction was started. In this case, the market is likely going to test a resistance at 1.2418 – 1.2451 in the short term. Considering the previously formed “Wedge”, there’s an opportunity to have another decline afterwards. So, we should keep an eye on the next support at 1.2309 – 1.2270 as a possible intraday target. https://new.fxbazooka.com/img/articl...016-GBP-H1.png We’ve got a “V-Bottom”, so the price is rising. So, bulls are likely going to achieve the 55 Moving Average in the short term. If a pullback from this line happens, there’ll be a chance to have a bearish price movement towards a support at 1.2309 – 1.2270. MORE: https://new.fxbazooka.com/analytics/11793 |
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USD: long-term projections from banks
12/21/2016 BNP Paribas => questions USD growth in the upcoming future BNPP strategists call on traders to be watchful as central banks don’t always act in line with their projections (flashback: the Fed projected triple hike in 2017 at its last meeting). Some hurdles might appear on the greenback’s way to the Mount Olympus. BNPP strategists believe that acceleration of the US dollar’s pace towards the new highs might derail the Fed’s tightening plans. Treasury concerns. Trump administration can raise concerns about the export implications of a stronger USD. So, the “strong dollar policy” might be questioned, and the administration might modify its expansionary plans which have already been well priced in by the market participants. Other central bank response to the Fed’s tightening. The ECB may signal a tapering of its asset purchase programme by the end of 2017, especially if the euro goes down too fast. At the present time, the euro came too close to the banks’ EUR/USD parity target. The same can happen with the BoJ’s zero target for 10-year JGP yields. The Bank of Japan might allow its yields move higher if the yen weakens significantly against USD. TD Bank => bullish outlook TD analysts are bullish on the USD. They list a few fundamental factors that can continue pushing USD higher. “Rising real and nominal rates in the US against the rest of the majors”; Anticipation of the fiscal stimulus in the US; Divergence in business cycles and varying timeframes for closing output gaps. The bank is long USD/CAD expecting it to move towards 1.3650. AUD/USD should go lower, according to TD analysts, and reach the 0.7150 mark. Deutsche Bank => bullish The bank hints at a border USD strength. The DB strategists believe that Donald Trump’s and Paul Ryan’s “border tax adjustment” proposal should underpin the USD growth. The proposal would tax US imports at the corporate income tax rate and exempt income earned from exports from any taxation. More: https://new.fxbazooka.com/analytics/11797 |
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Key option levels for Wednesday, December 21th
12/21/2016 EUR/USD https://new.fxbazooka.com/img/articl...EURUSD(88).png Main trend Short-term period Medium-term period Bearish Neutral Changes in the open interest + 37 146 ? - 51 577 ? Closest resistance levels 1.0448; 1.0498; 1.0519; 1.0545/60 Closest support levels 1.0391; 1.0372; 1.0346/31; 1.0313 Trading recommendations Baseline scenario Short EUR/USD below 1.0391, with target points at 1.0372 and 1.0346 Alternative scenario Moving above 1.0448 can be considered as a signal to Buy the pair, with target at 1.0498 and 1.0519 GBP/USD https://new.fxbazooka.com/img/articl...GBPUSD(80).png Main trend Short-term period Medium-term period Bearish Bearish Changes in the open interest + 150 ? + 447 ? Closest resistance levels 1.2445; 1.2478; 1.2500; 1.2527 Closest support levels 1.2338; 1.2318; 1.2295; 1.2267 Trading recommendations Baseline scenario Short GBP/USD below 1.2338, with target points at 1.2318 and 1.2295 Alternative scenario Moving above 1.2445 can be considered as a signal to Buy the pair, with target at 1.2478 and 1.2500 USD/JPY https://new.fxbazooka.com/img/articl...USDJPY(80).png Main trend Short-term period Medium-term period Bearish Neutral Changes in the open interest - 8 ? + 363 ? Closest resistance levels 117.70; 118.05; 118.41; 118.76 Closest support levels 116.90; 116.40; 116.04; 115.61 Trading recommendations Baseline scenario Short USD/JPY below 116.90, with the target points at 116.40 and 116.04 Alternative scenario Moving above 117.70 can be considered as a signal to buy the pair, with target at 118.05 and 118.41 More: https://new.fxbazooka.com/analytics/11798 |
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EUR/USD: bearish "Tweezers"
12/21/2016 https://new.fxbazooka.com/img/articl...12eurusdh4.png We’ve got an “Engulfing”, but a confirmation of this pattern is a quite weak. Anyway, bulls are likely going to test the 13 Moving Average in the short term. If we see a pullback from this line, there’ll be an opportunity to have another decline. As we can see on the Daily chart, here’s a “High Wave”. If this pattern confirms, we’re going to have an upward correction. https://new.fxbazooka.com/img/articl...12eurusdh1.png The last “Harami” pattern stopped the bearish rally, but we’ve got a “Tweezers” at the local high. Therefore, the market is likely going to decline during the day. If any bullish pattern arrives afterwards, there’ll be an option to have a new local high. More: https://new.fxbazooka.com/analytics/11799 |
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USD/JPY: Moving Average going to act as a support
12/21/2016 https://new.fxbazooka.com/img/articl...12usdjpyH4.png There’s a “Shooting Star”, which has been confirmed enough. So, the price is likely going to test the 21 Moving Average in the short term. As we can see on the Daily chart, there isn’t any reversal pattern so far, but we’ve got a pattern similar to a “Three Methods”. In this case, bulls are likely going to test the last high. https://new.fxbazooka.com/img/articl...12usdjpyH1.png We’ve got a bearish correction, which is taking place on the one-hour chart. Also, there’re a “Tweezers” and a “Harami”, which both have been confirmed enough. So, if a pullback from the 55 Moving Average happens, there’ll be an opportunity to have another bullish rally. More: https://new.fxbazooka.com/analytics/11800 |
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AUD/JPY reached buy target 87.70
12/21/2016 AUD/JPY reached buy target 87.70 Next sell target – 84.60 AUD/JPY has been falling in the last few trading sessions inside the minor corrective wave (ii) – which started earlier this month – when the pair reversed down from the resistance zone lying at the intersection of the upper resistance trendline of the daily up channel from June, upper daily Bollinger Band and the resistance level 87.70 (which was set as the buy target in our previous forecast for this currency pair). AUD/JPY can be expected to fall further to the next sell target at the key support level 84.60, standing close to the 50% Fibonacci correction level of the previous sharp upward impulse (i) from the middle of November. https://new.fxbazooka.com/img/articl...PM_(1_day).png More: https://new.fxbazooka.com/analytics/11801 |
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CAD/JPY reversed from resistance zone
12/21/2016 CAD/JPY reversed from resistance zone Next sell target - 86.00 CAD/JPY continues to decline following the earlier downward reversal from the resistance zone lying at the intersection of the powerful, long-term resistance level 88.75 (which was set as the buy target in our previous forecast for this currency pair) and the upper daily Bollinger Band. The downward reversal from this resistance zone started the active minor correction 2. Considering the overbought reading on the daily Stochastic indicator - CAD/JPY can be expected to fall further in the direction of the next sell target at the support level 86.00. https://new.fxbazooka.com/img/articl...PM_(1_day).png More: https://new.fxbazooka.com/analytics/11802 |
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EUR/USD: bears started wave [ii]
12/21/2016 https://new.fxbazooka.com/img/articl...1184859001.png We’ve got a bearish impulse in wave [i], so bulls are likely going to deliver wave [ii] in the short term. The main intraday target is 2/8 MM Level. If a pullback from this level happens, there’ll be an opportunity to have another downward impulse, which could be wave [iii]. https://new.fxbazooka.com/img/articl...1184859002.png As we can see on the one-hour chart, wave (v) of [i] has been ended on 5/8 MM Level, which was a departure point for wave (a). Therefore, we’re likely going to have bullish wave [ii]. If the price doesn’t break 6/8 MM Level, bears will probably try to return into the market. More: https://new.fxbazooka.com/analytics/11803 |
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EUR/USD & USD GDP Q3 2017: A sideways range in place
12/22/2016 Today at 13:30 GMT will be released the third quarter’s GDP reading in the United States, which is expected to see an increase to 3.3% from 3.2% for Q3. The data comes in with a better-than-expected reading on last quarter, as business investments increased, which provided a clear vision of how’s performing the national economy and it’s expected that, after recent data, the number comes in positive for Q3. Our technical analysis for EUR/USD at H1 chart is showing that the pair is confined into a sideways structure. Currently, it’s hovering around 50 SMA and it can re-test the resistance zone of 1.0476, where a breakout should open the doors to test the 1.0533 level. However, with the pair plummeting below 1.0397, it can touch the level of 1.0351. https://new.fxbazooka.com/img/articl...RUSDH1(13).png More: https://new.fxbazooka.com/analytics/11804 |
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Morning brief for December 22
12/22/2016 “It’s beginning to look a lot like Christmas”, everywhere we go. That’s what can be said about financial markets these days. Take a look at the Volatility index, it slumped to 10.90 overnight. Most currencies little changed from yesterday. https://new.fxbazooka.com/img/articl...%D0%B9(23).png EUR/USD moved higher to 1.0435. Last night the private sector deal to bailout Italy’s Monte dei Paschi de Siena bank failed to materialize. The good thing is that Italy’s Parliament approved a financial bank support package to rescue country’s banking system (canny move from the side of government; everybody becomes generous in the countdown to catholic Christmas eve). Plenty of the US data is coming up later today – quarterly GDP, durable goods orders, initial jobless claims. It definitely doesn’t look like Christmas, more like everyday work. USD/JPY is trading along the 117.57 level. We don’t expect ground-shaking events/news flows from Japan today. So, we see more corrective movements going forward unless US data manages to fuel a snail’s pace of quotes. AUD/USD retreated to 0.7230 from yesterday’s high at 0.7280. Kiwi edged up to 0.6895 having topped to 0.6920 prior the New Zealand’s data flow. Earlier today we got the 3rd quarter GDP from New Zealand. The reading was strong, but a revision to Q2 rained on the parade. USD/CAD remains its bullish momentum. The pair rose above 1.3430 level, and it seems like it is not going to stop there. Today’s focus will be on Canadian CPI, core retail sales and retail sales. Consensus forecasts don’t hold forth a hope for the CAD recovery. Brent oil futures slumped to $54.30 overnight as we got a report showing an increase in the US crude inventories. Libya is going to boost oil production over the upcoming months. So, oil prices will unlikely offer support to the weakening Canadian dollar. More: https://new.fxbazooka.com/analytics/11805 |
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Gold got into the clutches of bears
12/22/2016 On the daily chart of gold, quotes came closer to the support at $1,116 (78.6% Fibonacci level of the last upward wave). A successful test of this level followed by the breach of $1,080 mark (88.6%) can lead to the restoration of the long-term downtrend. It seems that while the precious metal is below $1,171, "bears" will be remaining control over the market. https://new.fxbazooka.com/img/articl...2_08_57_38.png On the hourly chart of gold, after the reversal Bat pattern had been formed, quotes returned to the support at $1,127. Most likely, the precious metal will continue to consolidate in the range of $1,120-1,145. https://new.fxbazooka.com/img/articl...2_08_57_53.png More: https://new.fxbazooka.com/analytics/11806 |
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USD/CHF: franc fulfilled the target
12/22/2016 On the USD/CHF daily chart, "bulls" managed to fulfill the 1.0270 target on longs formed from the 1.0120 level. At the present moment, the pair is going through the period of consolidation. Update of the December peak can lead to the continuation of the rally towards 1.0370 and 1.0490. The nearest support is located near 1.02-1.0230 levels. https://new.fxbazooka.com/img/articl...2_08_58_06.png On the USD/CHF hourly chart, the triangle was formed. A successful test of its upper boundary, followed by the test of 1.0325 resistance will allow the "bulls" to restore the upward trend. In contrast, a breakout of the support at 1,023 will be a signal for the development of the correction. https://new.fxbazooka.com/img/articl...2_08_58_20.png More: https://new.fxbazooka.com/analytics/11807 |
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[B]EUR/USD: Euro corrected in a Cloud direction[/B}
12/22/2016 Technical levels: support – 1.0380, 1.0410; resistance – 1.0450, 1.0470. Trade recommendations: 1. Sell — 1.0470; SL — 1.0490; TP1 — 1.0380; TP2 – 1.0340. Reason: bearish Ichimoku Cloud and horizontal lines of the Ichimoku Indicator; a dead cross of Tenkan-sen and Kijun-sen; strong resistance of Senkou Span A. https://new.fxbazooka.com/img/articl...rusdh4(69).png More: https://new.fxbazooka.com/analytics/11808 |
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GBP/USD: consolidation on Tenkan-sen
12/22/2016 Technical levels: support – 1.2350; resistance – 1.2390, 1.2410. Trade recommendations: 1. Sell — 1.2390; SL — 1.2410; TP1 — 1.2320; TP2 — 1.2300. Reason: bearish character of Ichimoku Cloud, falling Senkou Span A; a dead cross of Tenkan-sen and Kijun-sen; falling Tenkan-sen; the prices are inside of the channel of Tenkan-Kijun. https://new.fxbazooka.com/img/articl...pusdh4(56).png More: https://new.fxbazooka.com/analytics/11809 |
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EUR/USD: "Flag" pushing the market lower
12/22/2016 https://new.fxbazooka.com/img/articl...016-EUR-H4.png The price is consolidating under a resistance at 1.0461. Considering the main downtrend, the market is likely going to decline towards a support at 1.0340 in the short term. If a pullback from this level happens, there’ll be an opportunity to have another upward movement. https://new.fxbazooka.com/img/articl...016-EUR-H1.png We’ve got a “V-Bottom”, so there’s a flat, which is taking place under the 55 Moving Average. In this case, the pair is likely going to reach a support at 1.0365 – 1.0351 in the short term. However, if we see a pullback from this area, bulls will probably try to test the 55 Moving Average once again. More: https://new.fxbazooka.com/analytics/11810 |
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GBP/USD: bears going to deliver a new low
12/22/2016 https://new.fxbazooka.com/img/articl...016-GBP-H4.png The price faced a support at 1.2309, so we’ve got a “V-Bottom” pattern. At the same time, we’ve got a bearish “Pennant”, so the market is likely going to decline towards the nearest support at 1.2309 - 1.2270. If a pullback from these levels happens, there’ll be an opportunity to have another bullish movement. https://new.fxbazooka.com/img/articl...6-GBP-H1-1.png We’ve got a consolidation, which is taking place between the 34 Moving Average and the closest support at 1.2309. Also, there’s a “Flag” pattern, so the pair is likely going to achieve a support at 1.2270. Considering a possible pullback from this level, there’s an option to have an upward movement in the direction of a resistance at 1.2358 afterwards. More: https://new.fxbazooka.com/analytics/11811 |
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Key option levels for Thursday, December 22th
12/22/2016 EUR/USD https://new.fxbazooka.com/img/articl...EURUSD(89).png Main trend Short-term period Medium-term period Neutral Neutral Changes in the open interest + 42 415 ? + 20 124 ? Closest resistance levels 1.0480; 1.0521; 1.0539; 1.0577/93 Closest support levels 1.0424; 1.0403; 1.0375; 1.0358/40 Trading recommendations Baseline scenario Short EUR/USD below 1.0424, with target points at 1.0403 and 1.0375 Alternative scenario Moving above 1.0480 can be considered as a signal to Buy the pair, with target at 1.0521 and 1.0539 GBP/USD https://new.fxbazooka.com/img/articl...GBPUSD(81).png Main trend Short-term period Medium-term period Neutral Bearish Changes in the open interest + 225 ? + 112 ? Closest resistance levels 1.2426; 1.2460; 1.2483; 1.2511 Closest support levels 1.2334(17?); 1.2295; 1.2268; 1.2237 Trading recommendations Baseline scenario Short GBP/USD below 1.2334, with target points at 1.2295 and 1.2268 Alternative scenario Moving above 1.2426 can be considered as a signal to Buy the pair, with target at 1.2460 and 1.2483 USD/CAD https://new.fxbazooka.com/img/articl...USDCAD(75).png Main trend Short-term period Medium-term period Bearish Bullish Changes in the open interest - 34 ? + 144 ? Closest resistance levels 1.3444; 1.3488; 1.3550; 1.3624 Closest support levels 1.3383; 1.3356; 1.3328; 1.3282 Trading recommendations Baseline scenario Short USD/CAD below 1.3383, with the target points at 1.3356 and 1.3328 Alternative scenario Moving above 1.3444 can be considered as a signal to Buy the pair, with target at 1.3488 and 1.3550 More: [URL =https://new.fxbazooka.com/analytics/11814]https://new.fxbazooka.com/analytics/11814[/URL] |
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EUR/USD: bullish "Three Methods"
12/22/2016 https://new.fxbazooka.com/img/articl...12eurusdh4.png We’ve got an “Engulfing”, which has been confirmed. Also, there’s a “Three Methods” pattern, so the market is likely going to test the 34 Moving Average. If a pullback from this line happens, there’ll be an opportunity to have a local bearish correction. As we can see on the Daily chart, here’s a “High Wave”, which has a confirmation. In this case, bulls are likely going to push the market higher. https://new.fxbazooka.com/img/articl...12eurusdh1.png The price has reached the 89 Moving Average, but we’ve got a bullish “Three Methods” here. So, if we have any bearish pattern in the coming hours, there’ll be a chance to see a local correction. However, bulls will probably try to continue an upward correction later on. More: https://new.fxbazooka.com/analytics/11815 |
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USD/JPY: bulls going to run out of flat
12/22/2016 https://new.fxbazooka.com/img/articl...12usdjpyH4.png There’s an “Engulfing” at the local low. If this pattern confirms, the price is likely going to test the upper “Window” once again. As we can see on the Daily chart, there isn’t any reversal pattern so far. In this case, bulls are likely going to deliver a new local high. https://new.fxbazooka.com/img/articl...12usdjpyH1.png We’ve got a “Tweezers” and a “Harami” at the last low, which both have been confirmed. Also, the middle of the last white candle is acting as a support. So, the pair is likely going to test the nearest Moving Averages. If we see a pullback from these lines, there’ll be an opportunity to have another bullish rally. More: https://new.fxbazooka.com/analytics/11816 |
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EUR/USD: wave [ii] going to move on
12/22/2016 https://new.fxbazooka.com/img/articl...2153841002.png The price is developing wave [ii], which was started right after the pullback from 1/8 MM Level. However, if 2/8 MM Level acts as a resistance, there’ll be an opportunity to have wave [iii]. In this case we should keep an eye on -1/8 MM Level as a possible bearish target. https://new.fxbazooka.com/img/articl...2153841003.png As we can see on the one-hour chart, wave (v) of [i] has been ended on 5/8 MM Level. So, the pair is moving up in wave (a) of [ii]. If we have a pullback from 6/8 MM Level in the coming hours, then bears will probably try to deliver wave (b). More: https://new.fxbazooka.com/analytics/11817 |
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EUR/CHF reversed from support zone
12/22/2016 EUR/CHF reversed from support zone Next buy target – 1.0750 EUR/CHF recently reversed up from the support zone lying between the support levels 1.0700 (previous sell target) and 1.0680 (which stopped the earlier minor impulse wave 1 in November, as can be seen from the daily EUR/CHF chart below). This support zone was further strengthened by the lower daily Bollinger Band. The upward reversal from this support area stopped the previous minor impulse wave 3 of the intermediate (C)-wave from August. Given the strength of the aforementioned support zone EUR/CHF can be expected to rise further in the direction of the next buy target at the resistance level 1.0750. https://new.fxbazooka.com/img/articl...PM_(1_day).png More: https://new.fxbazooka.com/analytics/11818 |
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EUR/JPY reversed from support area
12/22/2016 EUR/JPY reversed from support area Next buy target - 86.00 EUR/JPY continues to rise after the earlier sharp upward reversal from the support area lying between the pivotal support level 122.00, 38.2% Fibonacci correction level of the previous sharp upward impulse from the end of November and the upper trendline of the recently broken daily up channel from July (acting as support after it was broken). The upward reversal form the aforementioned support zone completed the previous minor correction (iv). EUR/JPY is expected to rise further to the next buy target at the next strong resistance level 124.20 (which stopped the previous impulse wave (iii)). https://new.fxbazooka.com/img/articl...PM_(1_day).png More: https://new.fxbazooka.com/analytics/11819 |
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NZD/USD: kiwi fulfilled its target
12/23/2016 On the NZD/USD daily chart, quotes dropped below 0.7 level. The target formed at the 0.7187 on the short positions was fulfilled. The fact that the quotes went beyond the long-term rising channel signals us that the bears took the initiative in their hands. New Zealand Dollar can slide down towards 0.6785 and 0.659 levels. https://new.fxbazooka.com/img/articl...3_08_07_50.png On the NZD/USD hourly chart, we may notice that the expanding wedge pattern and AB = CD pattern worked out. The nearest resistance levels are located near the 0.694 and 0.698 levels. The rebound from these levels will allow us to form shorts. https://new.fxbazooka.com/img/articl...3_08_08_07.png Recommendation: SELL 0,698 SL 0,7035 TP1 0,6785 TP2 0,659. More: URL=https://new.fxbazooka.com/analytics/11820]https://new.fxbazooka.com/analytics/11820[/URL] |
Re: Market news and trade recommendations by FBS
AUD/USD: bears accelerate their pace
12/23/2016 On the AUD/USD daily chart, there is an acceleration of the downtrend. If the "bears" manage to hold below the 0.7214 level (88.6% Fibonacci retracement level of the last upward wave), their counterparts may lose hope for the restoration of the "bullish" trend. The nearest resistance level is located near the 0.7280 level. An update of the December low can send the quotes to 0.714 and 0.706. https://new.fxbazooka.com/img/articl...3_08_08_22.png On the AUD/USD hourly chart, a rise of quotes towards the resistance located at 0.727 followed by the rebound can be used for sales. https://new.fxbazooka.com/img/articl...3_08_08_35.png Recommendation: SELL 0,727 SL 0,7325 TP1 0,714 TP2 0,706. More: https://new.fxbazooka.com/analytics/11821 |
Re: Market news and trade recommendations by FBS
Morning brief for December 23
12/23/2016 https://new.fxbazooka.com/img/articles/11822/giphy.gif Financial markets seem to be neglected by their participants in the countdown to major holidays of the year. Today’s Asian session was drowsy. Zzzzzz…………..There is almost nothing to report.All the major macro events now behind us and a spike in volatility is unlikely. But for some traders, this end-year market lull can be very profitable. After rising on the possibility of softer Brexit GBP/USD dropped below 1. 2280 overnight. The US data released yesterday was mixed. While US Q3 GDP data was revised up to an annualized 3.5% from 3.2% and core durable goods orders moved higher from 0.9% against consensus 0.4%. The November personal income, spending and PCE deflators release fell out of market’s expectations. Today’s focus will be on the UK current account data and final quarterly GDP. EUR/USD didn’t experience significant moves on the Asian session. The Italian government allotted $21 bln to rescue Italy’s alerted banking sector with Monte dei Paschi being the first in line for help. At the present moment, the pair is trading near the 1.0450 level. AUD/USD slid down to 0.7205 probably on the falling iron ore prices (were down $2.04 to $76.15) – the main export unit of Australia, and on the strengthening USD. USD/JPY technical chart is flat. The quotes are moving along 117.40 level. On Tuesday following the BoJ meeting, governor Kuroda was asked about the yen precipitous decline in relation to the US dollar. Kuroda responded the USD/JPY’s current level is a reflection of the USD strength, not the yen’s softening. Japanese markets were closed for the Emperor's birthday holiday. USD/CAD popped up to 1.3520. Canadian data was a mixed bag. The CPI declined 0.2% in November after rising 0.2% in October. Retail sales reports were upbeat. Brent oil futures edged up slightly, but the US dollar strength overshadowed the CAD’s vain attempts to growth. More: https://new.fxbazooka.com/analytics/11822 |
Re: Market news and trade recommendations by FBS
EUR/USD: correction to Cloud complete
12/23/2016 Technical levels: support – 1.0380, 1.0410; resistance – 1.0450, 1.0470/90. Trade recommendations: 1. Sell — 1.0450; SL — 1.0470; TP1 — 1.0380; TP2 – 1.0340. Reason: bearish Ichimoku Cloud and horizontal lines of the Ichimoku Indicator; a weak golden cross of Tenkan-sen and Kijun-sen; strong resistance of Senkou Span A. https://new.fxbazooka.com/img/articl...rusdh4(70).png More: https://new.fxbazooka.com/analytics/11823 |
Re: Market news and trade recommendations by FBS
GBP/USD: new lows of December
12/23/2016 Technical levels: support – 1.2255, 1.2230; resistance – 1.2330. Trade recommendations: 1. Sell — 1.2330; SL — 1.2350; TP1 — 1.2255; TP2 — 1.2230. Reason: bearish character of Ichimoku Cloud, falling Senkou Span A and B; a dead cross of Tenkan-sen and Kijun-sen; falling Kijun-sen; the prices are formed the new lows of the market. https://new.fxbazooka.com/img/articl...pusdh4(57).png More: https://new.fxbazooka.com/analytics/11824 |
Re: Market news and trade recommendations by FBS
USD/JPY: on the Cloud’s support
12/23/2016 Technical levels: support – 117.30; resistance – 118.70, 119.20. Trade recommendations: 1. Buy — 117.30; SL — 117.10; TP1 — 118.70; TP2 — 119.20. Reason: bullish Ichimoku Cloud; a golden cross of Tenkan-sen and Kijun-sen; the prices are on the Kijun and Cloud’s support. https://new.fxbazooka.com/img/articl...djpyh4(62).png More: https://new.fxbazooka.com/analytics/11825 |
Re: Market news and trade recommendations by FBS
EUR/USD: "Thorn" stopped bulls
12/23/2016 https://new.fxbazooka.com/img/articl...016-EUR-H4.png The price has faced a resistance at 1.0506, so we’ve got a “Thorn” pattern, which led to a local decline. Therefore, the market is likely going to continue falling down towards a support at 1.0365. If a pullback from this level happens, there’ll be an opportunity to have another bullish price movement in the direction of a resistance at 1.0461 – 1.0506. https://new.fxbazooka.com/img/articl...016-EUR-H1.png We’ve got a “Thorn” pattern, so the price is consolidating near the 34 Moving Average. In this case, the pair is likely going to test the nearest support at 1.0400 – 1.0381. However, if we have a pullback from these levels, bulls will probably try to achieve the 55 Moving Average. More: https://new.fxbazooka.com/analytics/11826 |
Re: Market news and trade recommendations by FBS
GBP/USD: bears going to move on
12/23/2016 https://new.fxbazooka.com/img/articl...016-GBP-H4.png The last “Pennant” pattern has been broken, so the price found a support at 1.2270, which led to the current consolidation. Under this circumstances, the market is likely going to decline in the direction of the nearest support at 1.2270 – 1.2205. If bears be stopped by this area, there’ll be an opportunity to have an upward movement towards a resistance at 1.2309. https://new.fxbazooka.com/img/articl...016-GBP-H1.png The price has broken the lower side of the last “Flag”, so bears faced a support at 1.2270 afterwards. Meanwhile, the pair is likely going to reach the next support at 1.2239 – 1.2205 during the day. Considering a possible pullback from these levels, there’s a chance to have another bullish movement. More: https://new.fxbazooka.com/analytics/11827 |
Re: Market news and trade recommendations by FBS
Key option levels for Friday, December 23th
12/23/2016 EUR/USD https://new.fxbazooka.com/img/articl...EURUSD(90).png Main trend Short-term period Medium-term period Neutral Neutral Changes in the open interest + 17 620 ? + 24 681 ? Closest resistance levels 1.0487; 1.0527; 1.0545; 1.0568 Closest support levels 1.0432; 1.0411; 1.0383; 1.0346 Trading recommendations Baseline scenario Short EUR/USD below 1.0432, with target points at 1.0411 and 1.0383 Alternative scenario Moving above 1.0487 can be considered as a signal to Buy the pair, with target at 1.0527 and 1.0545 GBP/USD https://new.fxbazooka.com/img/articl...GBPUSD(82).png Main trend Short-term period Medium-term period Bearish Bearish Changes in the open interest + 3 131 ? + 3 205 ? Closest resistance levels 1.2347; 1.2376; 1.2397; 1.2422 Closest support levels 1.2288(76?); 1.2260; 1.2240; 1.2215 Trading recommendations Baseline scenario Short GBP/USD below 1.2288, with target points at 1.2260 and 1.2240 Alternative scenario Moving above 1.2347 can be considered as a signal to Buy the pair, with target at 1.2376 and 1.2397 USD/CAD https://new.fxbazooka.com/img/articl...USDCAD(76).png Main trend Short-term period Medium-term period Neutral Bullish Changes in the open interest + 818 ? + 168 ? Closest resistance levels 1.3484; 1.3506; 1.3535; 1.3581 Closest support levels 1.3457; 1.3410; 1.3365; 1.3330 Trading recommendations Baseline scenario Long USD/CAD above 1.3484, with the target points at 1.3506 and 1.3535 Alternative scenario Moving below 1.3457 can be considered as a signal to Sell the pair, with target at 1.3410 and 1.3365 https://new.fxbazooka.com/img/articl...ntasleigh1.png More: https://new.fxbazooka.com/analytics/11828 |
Re: Market news and trade recommendations by FBS
Outlook for commodity currencies
12/23/2016 After brief recovery followed by Australia’s mid-year budget update, the AUD/USD resumed with its bearish trend and remained under selling pressure until Friday. Falling iron ore prices and subdued growth of Chinese economy are the key factors that weigh on the pair. The Reserve Bank of Australia does little to support the nation’s currency being in no haste to raise its benchmark. Next week shouldn’t bring volatility to the chart. Focus your attention on the US CB consumer confidence index, pending home sales and unemployment claims The technical outlook for AUD/USD is tilted to the downside. The nearest supports on the Aussie’s way lie at 0.72000 and 0.7140 levels. If commodity prices manage to retrieve their losses we may look for rebounds from the current levels to 0.7250, 0.7325 marks. https://new.fxbazooka.com/img/articl...UDUSDH4(8).png More: https://new.fxbazooka.com/analytics/11829 |
Re: Market news and trade recommendations by FBS
USD/JPY outlook for December 26 - 30
12/23/2016 USD/JPY has settled into a narrow range of 116.50 – 118.20 in the course of the past week. The Bank of Japan left its loosening monetary policy unchanged on Tuesday. The Fed raised its benchmark at its December meeting and projected a triple hike in 2017. So, the interest rate differentials between the US and Japan widened significantly pushing the US dollar higher. Next week traders will focus on Japan’s annual household spending and core inflation data both coming on Tuesday. The US statistical agencies will publish CB consumer confidence index, unemployment claims, monthly pending home sales and Chicago PMI. It is most likely that USD/JPY will continue to surge towards the resistances located at 118.70, 120.00 levels given the prospect for the higher US rates in 2017 and far-reaching yield curve targeting strategy of the BoJ. Alternative scenario suggests a continuation of the current corrective movement or small retracement of the quotes towards the nearest supports located at 116.00, 115.55 (61.8% Fibo retracement level formed from the May 2015 peak) and 114.75 (100 MA on the weekly timeframe). https://new.fxbazooka.com/img/articl...YWeekly(8).png More: https://new.fxbazooka.com/analytics/11830 |
Re: Market news and trade recommendations by FBS
EUR/USD: consolidation going to move on
12/23/2016 https://new.fxbazooka.com/img/articl...12eurusdh4.png There’s a “Shooting Star”, but this pattern hasn’t been confirmed yet. So, the price is likely going to decline in the short term. However, bulls will probably try to test the last high afterwards. As we can see on the Daily chart, a “High Wave” has been formed, so there’s an upward correction on the way. Considering that there isn’t any bearish pattern so far, the market is likely going to rise in the coming days. https://new.fxbazooka.com/img/articl...12eurusdh1.png We’ve got a “Shooting Star” and an “Engulfing” at the last highs. At the same time, both patterns don’t have enough confirmation. Also, the 89 Moving Average acted as a resistance. So, there’s an option to have a new low, but bulls are likely going to test the nearest resistance soon. More; https://new.fxbazooka.com/analytics/11831 |
Re: Market news and trade recommendations by FBS
USD/JPY: bears going to test the nearest support
12/23/2016 https://new.fxbazooka.com/img/articl...12usdjpyH4.png There’s an “Engulfing”, which has been confirmed enough, so the market is likely going to get a support on the 21 Moving Average. If a pullback from this line happens, there’ll be an opportunity to have an upward movement towards the upper “Window”. As we can see on the Daily chart, there isn’t any reversal pattern so far. In this case, bulls are likely going to move on. https://new.fxbazooka.com/img/articl...12usdjpyH1.png The price is still consolidating on the one-hour chart. At the same time, there’re bearish patterns such a “Tweezers”, a “High Wave” and a “Harami”, which all have been confirmed. So, the current correction is likely going to test the nearest support area. However, if we see a pullback from this zone, there’ll be a chance to have another bullish rally. More: https://new.fxbazooka.com/analytics/11832 |
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