Market news and trade recommendations by FBS

[riki143]

GBP/USD: outlook for December 26-30
12/23/2016

GBP/USD dropped to 1.2245 level in the course of past week. The UK data set released on Friday did little to support the pound. The uncertainty over the Brexit process will continue pressuring the pound. The Supreme Court is expected to make a ruling in the middle of January. There may be other legal challenges that could cause future delays of the EU-UK separation. Next week shouldn’t bring lots of moves to the chart.

The pair needs to recover above 1.2330 to reverse this bearish tone and be able to correct higher, towards the 1.2450/60 area.The pound should continue its downward movement remaining the momentum of the past week. On the downside, there are several supports located at 1.2200, 1.2178 and 1.2073 levels.



More:
https://new.fxbazooka.com/analytics/11833

[riki143]

EUR/USD: wave [ii] going to be continued
12/23/2016



The price has been rising since a pullback from 1/8 MM Level happens, so there’s an opportunity to have wave [ii] in the short term. If a pullback from 2/8 MM Level be on the table, bears are likely going to deliver wave [iii].



As we can see on the one-hour chart, wave [ii] is taking form of a zigzag. Therefore, wave (b) is likely going to be continued. However, there’s a chance to have bullish wave (c) of [ii] afterwards. In this case, 6/8 MM Level could be tested once again.

More:
https://new.fxbazooka.com/analytics/11834

[riki143]

EUR/AUD reached buy target 1.4470
12/23/2016

EUR/AUD reached buy target 1.4470
Next buy target - 1.4700
EUR/AUD continues to rise strongly – following the earlier breakout of the strong resistance level 1.4470 (which was set as the buy target in our previous forecast for this currency pair). The resistance level 1.4470 is also the former upper boundary of the tight sideways price channel inside which the pair has been trading from the middle of November (as can be seen below).

The breakout of the resistance level 1.4470 accelerated the c-wave of the active minor ABC correction (ii) - which started earlier from the lower boundary of the aforementioned sideways price channel. EUR/AUD is expected to rise to the next buy target 1.4700.



More:
https://new.fxbazooka.com/analytics/11835

[riki143]

USD/CAD reached buy target 1.3500
12/23/2016

USD/CAD reached buy target 1.3500
Next buy target - 1.3590
USD/CAD continues to rise after the price earlier broke through the resistance level 1.3500, which was set as the buy target in our previous forecast for this currency pair. The breakout of this resistance level continues the active intermediate impulse wave (3) from the middle of December.

With the accelerating daily Momentum - USD/CAD can be expected to rise further in the direction of the next buy target at the pivotal resistance level 1.3590 (which stopped the previous intermediate impulse wave (1) in the middle of November, as can be seen below).



More:
https://new.fxbazooka.com/analytics/11836

[riki143]

Key option levels for Monday, December 26th
12/25/2016

* Data about changes in the open interest will be available on Monday after 12:00 CT (Central Time)

EUR/USD



Main trend Short-term period Medium-term period
Bearish Neutral
Changes in the open interest + 13 411 ↑ + 43 770 ↑
Closest resistance levels 1.0499; 1.0537; 1.0554; 1.0576
Closest support levels 1.0440; 1.0419; 1.0390; 1.0372
Trading recommendations
Baseline scenario Short EUR/USD below 1.0440, with target points at 1.0419 and 1.0390
Alternative scenario Moving above 1.0499 can be considered as a signal to Buy the pair, with target at 1.0537 and 1.0554

GBP/USD



Main trend Short-term period Medium-term period
Bearish Bearish
Changes in the open interest - 3 ↓ - 4 ↓
Closest resistance levels 1.2336; 1.2366; 1.2387; 1.2413
Closest support levels 1.2278; 1.2254; 1.2236; 1.2212
Trading recommendations
Baseline scenario Short GBP/USD below 1.2278, with target points at 1.2254 and 1.2236
Alternative scenario Moving above 1.2336 can be considered as a signal to Buy the pair, with target at 1.2366 and 1.2387

USD/CAD



Main trend Short-term period Medium-term period
Neutral Bullish
Changes in the open interest + 730 ↑ + 45 ↑
Closest resistance levels 1.3543; 1.3563; 1.3600; 1.3654
Closest support levels 1.3501; 1.3477; 1.3439; 1.3385
Trading recommendations
Baseline scenario Long USD/CAD above 1.3543, with the target points at 1.3563 and 1.3600
Alternative scenario Moving below 1.3501 can be considered as a signal to Sell the pair, with target at 1.3477 and 1.3439

More:
https://new.fxbazooka.com/analytics/11837

[riki143]

GBP/USD: pound is led by the patterns
12/26/2016

On the GBP/USD daily chart, after quotes went beyond the descending trading channel the "bears" regained control over the market. The "Crab" pattern with its 113% and 127.2% intermediate targets is relevant at the present moment. We may expect the development of the correction wave from the December low located at the 1,215 level.



On the GBP/USD hourly chart, there is a formation of the CD wave of the "Shark" pattern. A breakout of the December low can lead to the downfall of quotes towards 1,215 (88.6%). Also, there might be a correction from the current levels towards 1.2357, 1.2441 and 1.2509.



More:
https://new.fxbazooka.com/analytics/11838

[riki143]

EUR/GBP: bulls launched a counterattack
12/26/2016

On the EUR/GBP daily chart, the "bears" failed to update the December minimum. "Bulls" launched a counterattack. If they manage to test the resistance at 0.8565, an activation of the "Bat" pattern will increase the risks of the continuation of the rally towards 0.9. The 0.873 and 0.8865 marks can serve as intermediate targets. Restoration of the downtrend is possible if quotes manage to return to 0.832.



On the EUR/GBP hourly chart, there is a rather steady uptrend. The further movement of the pair will depend on the test of the resistance at 0.8545.



More:
https://new.fxbazooka.com/analytics/11839

[riki143]

Morning brief report for December 26
12/26/2016



Markets are still half asleep as their participants celebrate Christmas.

EUR/USD is trading near the level of 1.0460. The euro managed to regain some of its losses on Friday mainly due to the weakening of the US dollar. USD slipped some points as investors took profits in the run-up to the Christmas holidays. US 10-year bond yields dipped following the Friday’s release of the US economic indicators (the household income data was not upbeat). The US dollar should not fall lower, as it remains to be well-supported thanks to the anticipation of a faster pace of the benchmark increases under Trump’s presidency.

USD/JPY fell to 116.95 on the weakening of the greenback. Today’s trading will be subdued as stock markets, precious/base metals options are shut for the Christmas holiday. European and American banks are closed as well. So, the yen may strengthen further in relation to the US currency snatching at a chance in the period of the US markets’ lull.

AUD/USD managed to recover on Monday after falling to 0.7160 following the news stating that Chinese President Xi Jinping was open to the deceleration in the economic growth of China. Aussie remains vulnerable to the price fluctuations in the commodity market and news flows from China.

GBP/USD edged down to 1.2265. The pound remains under pressure of uncertainty over the Brexit process.

More:
https://new.fxbazooka.com/analytics/11840

[riki143]

EUR/USD: bearish "Thorn"
12/26/2016



We’ve got a “Double Bottom”, which has been confirmed, so the price is consolidating. Considering the main downtrend, the market is likely going to test a support at 1.0419. If a pullback from this level happens, there’ll be an opportunity to have a bullish price movement towards a resistance at 1.0506.



There’s a “Thorn”, so bears are likely going to achieve a support at 1.0419. However, if we have a pullback from this level, bulls will probably try to reach the nearest resistance at 1.0478 – 1.0506.

More:
https://new.fxbazooka.com/analytics/11841

[riki143]

GBP/USD: support waiting for bears
12/26/2016



The price faced a support at 1.2270, so the price is consolidating. If we have any reversal pattern, the market is likely going to reach a support at 1.2227 – 1.2205. Considering a possible pullback from this area, there’s a chance to have an upward correction afterwards.



We’ve got a “V-Bottom”, so the price reached the 34 Moving Average, which led to the current consolidation. In this case, we should keep an eye on the nearest support at 1.2227 – 1.2205 as a possible bearish target. Meanwhile, if we see a pullback from these levels, there’ll be an option to have a correction in the direction of the next resistance at 1.2309 – 1.2385.

More:
https://new.fxbazooka.com/analytics/11843

[riki143]

EUR/USD: wave [ii] going to end on 2/8 MM Level
12/26/2016



The last pullback from 1/8 MM Level led to an upward correction, so we have wave [ii], which is taking place on the four-hours chart. Previously a bearish impulse in wave [i] has been formed. The main intraday target is 2/8 MM Level, which could be a departure point for another decline in wave [iii].



As we can see on the one-hour chart, wave (b) is taking form of a double zigzag. Therefore, bulls are likely going to deliver wave (c) of [ii] in the short term. If we see another pullback from 6/8 MM Level, there’ll be an opportunity to have a bearish impulse.

More:
https://new.fxbazooka.com/analytics/11845

[riki143]

EUR/USD: bears relaxing in a flat
12/26/2016



We’ve got a “Shooting Star”, but a confirmation of this pattern is a quite weak. So, the nearest “Three Methods” is likely going to act as a support. As we can see on the Daily chart, here’s a “High Wave”, so bulls will probably try to move on.



The price is still consolidating on the one-hour chart. Also, the 89 Moving Average is acting as a resistance, so we’ve got an “Engulfing” pattern. In this case, the pair is likely going to continue moving up and down in a flat range.

More:
https://new.fxbazooka.com/analytics/11846

[riki143]

USD/JPY: correction on the way
12/26/2016



The last “Engulfing” pattern is still on the table, so the market is likely going to test the 34 Moving Average, which could be a departure point for another bullish rally. As we can see on the Daily chart, there’re a “High Wave” and a “Harami” at the local high, which both led to the current decline. However, if we see any bullish pattern, there’ll be an opportunity to have a new high.



The price has reached the middle of the last huge white candle. However, there isn’t any reversal pattern so far. Therefore, the pair is likely going to continue falling down until any bullish pattern arrives.

More:
https://new.fxbazooka.com/analytics/11847

[riki143]

CAD/CHF falling inside minor (c)-wave
12/26/2016

CAD/CHF falling inside minor (c)-wave
Next sell target - 0.7500
CAD/CHF has been falling sharply in the last few trading sessions inside the (c)-wave of the minor ABC correction 2, which started earlier from the resistance zone surrounding the long-term resistance level 0.7740 (which also recently reversed the previous intermediate (A)-wave in April, as can be seen below). The resistance zone near the resistance level 0.7740 was further strengthened by the upper daily Bollinger Band.

CAD/CHF is expected to fall further in the direction of the next sell target at the support level 0.7500 (intersecting with the 38.2% Fibonacci correction level of the previous sharp upward impulse wave 1 from the start of November).



More:
https://new.fxbazooka.com/analytics/11848

[riki143]

AUD/NZD reversed from resistance zone
12/26/2016

AUD/NZD reversed from resistance zone
Next sell target - 1.0375
AUD/NZD continues to fall after the recent downward reversal from the resistance zone lying between the resistance level 1.0500 and the 38.2% Fibonacci correction of the previous sharp downward impulse 1 from the middle of October. The downward reversal from this resistance zone accelerated the active minor impulse wave 3, which belongs to the intermediate impulse wave (3) from the middle of October.

AUD/NZD is expected to fall further in the direction of the next sell target at the next support level 1.0375, which reversed the previous sharp minor impulse wave 1 in November, as can be seen below.



More:
https://new.fxbazooka.com/analytics/11849

[riki143]

EUR/USD ahead of CB Consumer Confidence (December): nothing major is expected
12/27/2016

After Christmas holidays, we’ll have today at 15:00 GMT the CB Consumer Confidence’s data for December, which is expected to see an increase to 108.5 from 107.1 (November). If we notice a good number that could tell us further consumer spending’s increase is coming, we can see some volatile moves in the US Dollar-related pairs, despite low volumes of trading ahead of New Year’s eve, while a weak data should fuel to the bears in USD across the board.

Our technical analysis for EUR/USD at H1 chart is still showing a very sideways’ picture around 200 SMA and the support zone of 1.0431 is helping the bulls to remain alive in the battle, before the end of the year. If the pair plunges below that area, the next key interest area to the downside should be the 1.0397 and that scenario will happen if the number comes above the expectations. However, if EUR/USD breaks above the 1.0476 zone, then it can test the 1.0517 level.



More:
https://new.fxbazooka.com/analytics/11850

[riki143]

EUR/JPY: bulls are launching the attack
12/27/2016

On the EUR/JPY daily chart, quotes are moving within the upward trading channel. The "bulls" remain their control over the pair heading into the convergence zone. There is 113% target in the "Butterfly" pattern. A successful test of the resistance at 123.4 can lead to the continuation of the rally towards 125,3-125,8 (50% Fibo level from the last downward wave - 127.2% target in the "Butterfly" pattern).



Recommendation: BUY 123,16 SL 122,61 TP1 124,8 TP2 125,8.

More:
https://new.fxbazooka.com/analytics/11851

[riki143]

AUD/CAD: nobody wanted to surrender
12/27/2016

On the AUD/CAD daily chart, there is a desperate battle for the important level located at 0.973 (61.8% Fibonacci level from the last upward wave). If "bears" win, the update of the December minimum can send quotes lower towards 0.941. There is 88.6% target in the "Shark" pattern. A breakout of the upper boundary of the 0,9675-0,976 consolidation range will allow the "bulls" to develop correction towards 0.986.



On the AUD/CAD hourly chart, there is a formation of the expanding wedge reversal pattern. A return of quotes towards the resistance at 0.976 will create the prerequisites for a correction.



Recommendations:

BUY 0,976 SL 0,9705 TP 0,986,

SELL 0,9685 SL 0,974 TP 0,941.

More:
https://new.fxbazooka.com/analytics/11852

[riki143]

USD/JPY: bulls play cat-and-mouse
12/27/2016

On the USD/JPY daily chart, there is a consolidation in the range of 116,6-118,4 - within the medium-term uptrend. An update of the December peak will create prerequisites for the continuation of the rally towards 120.85. The nearest support levels are located near the 116.1 and 114.7 levels.



On the USD/JPY hourly chart, there is a formation of the "Splash and shelf" on the base of 1-2-3. A successful test of the upper boundary can lead to the continuation of the rally.



Recommendations:

BUY 118,35 SL 117,8 TP 120,85,

BUY 116,1 SL 115,55 TP 117,8.

More:
https://new.fxbazooka.com/analytics/11853

[riki143]

Brent: the Gartley pattern will show the
12/27/2016

On the daily chart of the Brent crude oil futures, quotes move within the upward trading channel.The bulls remain control over the pair. To change the trend an expanding wedge pattern should be realized - to send prices lower towards $42.7. At the present moment, however, this scenario cannot be realized. So, we would recommend you to buy on the rollbacks or on the breakouts of the resistances.



On the hourly chart of Brent oil futures, there is a "Gartley" pattern. A rebound from its 78.6% target will increase the risks of the continuation of the consolidation in the $53,2-57,2 range. A breakout will create prerequisites for the continuation of the rally towards $60.5 per barrel.



More:
https://new.fxbazooka.com/analytics/11854

[riki143]

Morning brief for December 27
12/27/2017



Financial markets are still sleeping with Christmas carols. Trading should be thin this week as the market participants are closing out 2016 volatile year.

EUR/USD slid down to 1.0430 in the early hours of the Asian session as 10-year US Treasury yields extended their gains having partially recovered their yesterday’s losses. Italy is struggling with its banking crisis. ECB told Monte dei Paischi that it needs 8.8 bln euros to plug its capital shortfall. Earlier Italy’s government received the Parliament’s support for the bank’s bailout when private investors had refused to take its losses.

USD/JPY popped up earlier this morning as we got a miss in Japan’s core consumer prices and household spending. The data indicated that Japan’s economy lacks of a significant boost to strike the BoJ’s egregious 2% inflation rate target. Core consumer prices fell at their fastest pace in nearly 4 years showing that fighting deflation is not as easy-peasy as Shinzo Abe thought it would be in 2012. The further movement of the pair should be subdued as the end of 2016 is just several days away. The upper border of Ichimoku cloud on the H4 timeframe is holding the yen’s pace. The pair may rise later today if the US releases will be above market’s expectations.

GBP/USD made a baby step lower and then glued to the 1.2270 level. The US CB consumer confidence might send the prices a bit lower towards the nearest support at 1.2490.

Aussie and Kiwi retraced on the strengthening of the US dollar. USD/CAD dropped to 1.3470 overnight on the surging oil prices. Brent oil futures jumped to $55.86 on Tuesday as we approach to the actual OPEC and non-OPEC producers’ output cuts.

More:
https://new.fxbazooka.com/analytics/11855

[riki143]

EUR/USD: Euro entered into the Cloud
12/27/2016

Technical levels: support – 1.0380, 1.0425; resistance – 1.0460, 1.0515.

Trade recommendations:

1. Sell — 1.0420; SL — 1.0440; TP1 — 1.0340; TP2 – 1.0310.

Reason: bearish Ichimoku Cloud, but the lines of the Ichimoku Indicator are horizontal; a weak golden cross of Tenkan-sen and Kijun-sen; strong resistance on 1.0460.



More:
https://new.fxbazooka.com/analytics/11857

[riki143]

GBP/USD: consolidation in Tenkan-Kijun’s channel
12/27/2016

Technical levels: support – 1.2260, 1.2230; resistance – 1.2310.

Trade recommendations:

1. Sell — 1.2310; SL — 1.2330; TP1 — 1.2260; TP2 — 1.2230.

Reason: bearish Ichimoku Cloud, horizontal Senkou Span A and B; a dead cross of Tenkan-sen and Kijun-sen; the prices are in the channel of Tenkan-Kijun and on support of Tenkan-sen.



More:
https://new.fxbazooka.com/analytics/11858

[riki143]

USD/JPY: on the Cloud’s support
12/27/2016

Technical levels: support – 117.15; resistance – 117.60, 118.70.

Trade recommendations:

1. Buy — 117.20; SL — 117.00; TP1 — 118.70; TP2 — 119.20.

Reason: bullish Ichimoku Cloud, rising Senkou Span B; a correctional dead cross of Tenkan-sen and Kijun-sen; the prices are on the Cloud’s support.



More:
https://new.fxbazooka.com/analytics/11859

[riki143]

EUR/USD: correction going to move on
12/27/2016



The price is still consolidating, so the market is likely going to get a support at 1.0419 – 1.0373. If we see a pullback from this area, there’ll be an opportunity to have an upward movement in the direction of the nearest resistance at 1.0461 – 1.0506.



We’ve got a “Thorn” pattern, so bears are likely going to reach a support at 1.0419 – 1.0400. Considering a possible pullback from these levels, bulls will probably try to test the closest resistance at 1.0478 – 1.0506.

More:
https://new.fxbazooka.com/analytics/11860

[riki143]

GBP/USD: bears going to deliver a new low
12/27/2016



The price is consolidating above a support at 1.2227, so bears are likely going to test this level in the short term. If we have a pullback from this level, there’ll be an opportunity to see an upward correction in the direction of the nearest resistance at 1.2309 – 1.2358.



There’s a “Pennant”, so the price is testing the lower side of this pattern. Nevertheless, the pair is likely going to achieve a support at 1.2227 – 1.2205 shortly. If bears be stopped here, bulls will probably try to test a resistance at 1.2270 – 1.2309.

More:
https://new.fxbazooka.com/analytics/11861

[riki143]

Banks' projections for 2017
12/27/2016

Morgan Stanley
Buy USD/JPY – low yields on the JGB leads to the capital outflows from japan and sparks the growth of inflation expectations.

Sell EUR/GBP – the news flows from the UK is positive; GBP is underappreciated.

Sell AUD/CAD – the US economic growth will outstrip the growth of China (the US is a key trading partner of Canada; Australian dollar is vulnerable to changes of economic prospects for China)

Buy CHF/JPY – low yields on JGB; CHF is a very good hedge against Eurozone political risks.

NAB

USD should strengthen in 2017 and send Aussie towards 0.7000 mark.

The bank is bearish on AUD. If commodity prices shoot from its present levels and the Fed recourse to multiple hikes, AUD can slide down even lower – towards 0.6500.

NZD/USD will moderate next year. Kiwi will be able to hold its grounds, or even rise in cross-rate terms. New Zealand domestic factors are rather upbringing. The NAB’s strategists believe that the Reserve Bank of New Zealand may introduce some tightening measures in the second half of 2017.

There is a great risk of AUD/NZD reaching a parity in 2018 as the NAB is more positive on New Zealand’s economic prospects than on the Australian ones.

Société Générale

Analysts recommend to hold long positions on the US dollar until the first half of the next year; sell EUR/USD; hold short positions on the yen, especially against the US dollar.

Buy NOT (Norwegian Krone) and SEK (Swedish krone) against Kiwi and the yen.

Sell NZD/USD. NZD will be the weakest currency in G10.

BNP Paribas



The bank’s analysts are bearish on the yen. According to them, it will be the weakest currency in 2017 among its 10 major peers. The Bank of Japan’s yield curve targeting strategy poses the greatest risk to the JPY. While in most of G10 economies banks recourse to tightening measure on the back of steepening yield curves, the BoJ sticks firmly to its guns and commits itself to keep the 10 year JGB yield anchored around zero. At some level of yen weakness, the BoJ could rise its target for long-end yields which be an important factor that could designate the limit of JPY downfall.

GBP will outperform most of G10 currencies in 2017, holding steady against a much stronger USD. The current levels of the GBP have already priced in a hard Brexit scenario. The pound is trading very low against its long-term fair value. Next year, the UK economy will have to face with numerous challenges ahead of the actual Brexit.

Goldman Sachs



Highlighting the worsening of the economic environment and uncertainty over the upcoming parliamentary/presidential elections in the different countries of the Eurozone, the Goldman Sachs strategists recommend to buy dollar against the pound and the euro (sell GBP/USD and EUR/USD).

Also, they project the weakening of the yuan.

More:
https://new.fxbazooka.com/analytics/11862

[riki143]

EUR/USD: bearish "Engulfing"
12/27/2016



The price has been consolidating since the last “Shooting Star” formed. Therefore, the market is likely going to test the nearest support in the short term. If we see a pullback from this level, there’ll be an opportunity to have another bullish movement. As we can see on the Daily chart, there’s a pattern similar to a “Three Methods”. If it confirms, bulls are likely going to continue pushing the pair higher.



There’s a flat, which is taking place on the once-hour chart. Also, the 89 Moving Average is acting as a resistance. We’ve got an “Engulfing” at the last high, so bears are likely going to test the closest support right after the local correction ends.

More:
https://new.fxbazooka.com/analytics/11863

[riki143]

USD/JPY: "Doji" pushing price higher
12/27/2016



There’s a “Tweezers”, which has been confirmed enough. So, the market is likely going to continue moving up towards the nearest resistance. As we can see on the Daily chart, here’s a possible “Engulfing” pattern. If it confirms, bulls will probably try to test the last high.



We’ve got a pullback from the nearest support level, so the price was rising yesterday. Also, there’s a “Doji” at the local low, so the pair is likely going to continue rising. In this case, we could have a new high during the day.

More:
[URL=https://new.fxbazooka.com/analytics/11864]https://new.fxbazooka.com/analytics/11864[/IMG]

[riki143]

EUR/USD: wave [ii] on the way
12/27/2016



There’s wave [ii], which is taking place on the four-hours chart. The main intraday target is 2/8 MM Level, which could be a departure point for wave [iii]. In this case, we should keep an eye on -1/8 MM Level as a possible bearish goal.



We’ve got a bullish impulse in wave (a) and a double three pattern, which could be wave (b). Previously, the price tested 5/8 MM Level twice. Therefore, there’s an opportunity to have wave (c) of [ii] in the short term.

More:
https://new.fxbazooka.com/analytics/11866

[riki143]

EUR/CHF reached buy target 1.0750
12/27/2016

EUR/CHF reached buy target 1.0750
Next buy target - 1.0800
EUR/CHF continues to rise after the recent breakout of the resistance level 1.0750, which was set as the buy target in our earlier forecast for this currency pair. The breakout of the resistance level 1.0750 is expected to accelerate the active minor corrective wave (ii) – which started recently from the key support area located between the support levels 1.0680 and 1.0700.

EUR/CHF is expected to rise further in the direction of the next buy target at the next resistance level 1.0800, intersecting with the 38.2% Fibonacci correction level of the previous downward impulse from the start of September.



More:
https://new.fxbazooka.com/analytics/11867

[riki143]

USD/CHF reversed from support zone
12/27/2016

USD/CHF reversed from support zone
Next buy target - 1.0340
USD/CHF continues to rise inside the b-wave of the minor ABC correction (ii) – which started earlier from the resistance level 1.0340. The active b-wave started when the pair reversed up with the daily Japanese candlesticks reversal pattern Hammer from the support zone lying between the strong resistance level 1.0210 (previous monthly high from November) and the 38.2% Fibonacci correction of the previous upward impulse (i).

USD/CHF is expected to rise further in the direction of the next buy target at the resistance level 1.0340 (which stopped the aforementioned impulse wave (i), as can be seen below).



More:
https://new.fxbazooka.com/analytics/11868

[riki143]

USD/JPY & Pending Home Sales for November: What about the triangle consolidation?
12/28/2016

Today at 15:00 GMT will be released the US Pending Home Sales for November and we can expect an increase to 0.6% from 0.1% according to the latest analysts’ surveys. The data had been showing a mixed number during the last five months, so it’s probable to see a little reaction in the markets, especially in the US Dollar-related pairs. A weaker-than-expected data should help to fuel the bearish bias in the greenback across the board.

Our technical analysis for USD/JPY at H1 chart is showing a bullish consolidation within a triangle pattern. However, current price action is below the 200 SMA and it can help to produce bearish technical moves in order to test the 117.15 level. If the pair manages to break the triangle consolidation, it can go to test the 118.00 handle, while a break of the 117.15 level should help the pair to plummet towards the 116.56 zone.



More:
https://new.fxbazooka.com/analytics/11869

[riki143]

USD/CAD: bulls are going launch the attack once again
12/28/2016

On the USD/CAD daily chart, quotes come closer to an important level of 1.3570. "Bulls" failed to test it at the first attempt in November. If they succeed this time, then we can talk about the restoration of the uptrend. There are some targets locates at 1.3837 (61.8% Fibonacci level of the last downward wave) and 1.3930 (target 161.8% in the pattern AB = CD).



On the USD/CAD hourly chart, bulls regained control over the pair. The quotes moved above the 88.6% Fibonacci level of the last upward wave. The level of 1,353 serves as a key support.



Recommendation: hold longs formed from 1,353.

More:
https://new.fxbazooka.com/analytics/11870

[riki143]

USD/CHF: there is a continuation of the uptrend
12/28/2016

On the USD/CHF daily chart, there is a consolidation of the uptrend. A breakout of the resistance at 1.0320 can lead to the continuation of the rally. "Crab" and AB = CD patterns are still valid; there are several targets in the upward trend located at 1.0370, 1.0460, 1.0490 and 1.0780 marks. Alternatively, if quotes go below the support located at 1.022 it may lead to the development of the correction towards 1.0090.



On the USD/CHF hourly chart, the further movements will depend on whether pair manages to go beyond the triangle or not. The nearest support is located around 1.0120 and 1.0000.

[IMG]

Recommendation: BUY 1,032 SL 1,0265 TP1 1,046 TP2 1,049.

More:
https://new.fxbazooka.com/analytics/11871

[riki143]

EUR /USD: the bears got in the bears' trap
12/28/2016

On the EUR/USD daily chart, there is a consolidation within the range of 1,039-1,05. The nearest significant resistance level is located near the 1,053 mark. An update of the December minimum may lead to the continuation of the downtrend towards 1.0115 (Target 200% pattern AB = CD) and 0.985 (Target 161.8% in the "Crab" pattern).



On the EUR/USD hourly chart, there is a formation of the expanding wedge pattern. A successful test of the resistance near the 1.05 mark can lead to the development of the correction towards 1.055 and 1.0615. In contrast, the return of quotes to the 1.0365 level will create the prerequisites for the restoration of the downtrend.



Recommendations:

SELL 1,0365 SL 1,042 TP 1,0115,

SELL 1,055 SL 1,0615 TP 1,0365.

More:
https://new.fxbazooka.com/analytics/11872

[riki143]

Gold prices are still consolidating
12/28/2016

On the daily chart of gold, the "bulls" are trying to launch the attack. However, until quotes are below the resistance at $1,172 (61.8% Fibonacci level formed from the last upward wave); the "bears" remain their control over the pair. Target 161.8% in the "Butterfly" pattern is still relevant.



On the hourly chart of gold, there is a consolidation in the range of $1,127-1,144. Breakout of the upper boundary will increase the risk of the correction in the direction of $1,165. In contrast, a successful test of the support will create the preconditions for the continuation of the downtrend towards $1,090.



Recommendations:

SELL $1165 SL $1172 TP $1127,

SELL $1127 SL $1134 TP $1090.

More:
https://new.fxbazooka.com/analytics/11873

[riki143]

Morning brief for December 28
12/28/2016



It seems that somebody delivered a portion of 100% arabica to financial and commodity markets as they manage to wake up from the deep sleep. There were some small movements across the trading desk.

EUR/USD climbed higher to 1.0468 on the Asian session. The US dollar may drag pair a little bit lower if market’s expectation over the upbeat US pending home sales release are justified.

USD/JPY was lifted to 117.66 after we got upbeat US consumer confidence data. The bulls will remain control over the market until we get some ground-shaking news from the US (if you see in headlines something like: “Trump’s administration refuses to introduce fiscal stimulus; the Fed backpedals and discards its triple hikes promise”). At the present moment, we can sleep with a quiet mind and buy the greenback on its reoccurring dips.

Aussie realized that it’s a high time to hit the deck and jumped to 0.7210 vs. USD on the bullish commodity market. Iron ore prices moved 3.3% higher hitting $81.60 mark. Shanghai zinc and nickel prices moved in the same direction. If this momentum is maintained Aussie has all chances for the continuation of its rally.

NZD/USD breached the support at 0.6925 level due to the rising commodity prices. Oil futures are rather firm; they managed to strengthen and move higher to $57.15 as trading resumed after the Christmas holiday. Oil should move higher in to the year-end on the expectations of scantier supply once the first output cuts are enacted.

Loonie is insensitive to the oil’s gains. USD/CAD continues its northward rally. Although there were some dips. It means that CAD fights to the death with beefy US dollar.

More:
https://new.fxbazooka.com/analytics/11874

[riki143]

EUR/USD: still in correction mood
12/28/2016

Technical levels: support – 1.0460, 1.0425; resistance – 1.0515.

Trade recommendations:

1. Sell — 1.0460; SL — 1.0480; TP1 — 1.0340; TP2 – 1.0310.

Reason: bearish Ichimoku Cloud, but the rising Senkou Span A; an irregular dead cross of Tenkan-sen and Kijun-sen; strong resistance on 1.0460.

[IG]https://new.fxbazooka.com/img/articles/11875/01-eurusdh4(72).png[/MG]

More:
https://new.fxbazooka.com/analytics/11875

[riki143]

USD/JPY: bulls gone to attack
12/28/2016

Technical levels: support – 117.40; resistance – 118.70, 119.20.

Trade recommendations:

1. Buy — 117.40; SL — 117.20; TP1 — 118.70; TP2 — 119.20.

Reason: bullish Ichimoku Cloud, rising Senkou Span A and B; a dead cross of Tenkan-sen and Kijun-sen and the narrow channel of Tenkan and Kijun; the prices are on the Cloud’s support.



More:
https://new.fxbazooka.com/analytics/11876