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Forex Analytics

Danske Bank: trade signals for October 6

 

Open positions:*

 

EUR/USD: Hold SHORT at 1.1269, TAKE PROFIT 1.1017, STOP LOSS 1.1333

 

GBP/USD: Hold LONG at 1.5160, TAKE PROFIT 1.5318, STOP LOSS 1.5085

 

USD/JPY: Hold LONG at 120.20, TAKE PROFIT 123.13, STOP LOSS 119.66

 

USD/CHF: Hold LONG at 0.9695, TAKE PROFIT 0.9903, STOP LOSS 0.9639

 

EUR/GBP: Hold LONG at 0.7375, TAKE PROFIT 0.7501, STOP LOSS 0.7300

 

EUR/CHF: Hold LONG at 1.0910, TAKE PROFIT 1.1186, STOP LOSS 1.0823

 

GBP/JPY: Hold SHORT at 182.00, TAKE PROFIT 179.32, STOP LOSS 183.43

 

NZD/USD: Hold LONG at 0.6480, TAKE PROFIT 0.6709, STOP LOSS 0.6420

 

Trade ideas:

 

AUD/USD: BUY at 0.7045, TAKE PROFIT 0.7232, STOP LOSS 0.6980

 

USD/CAD: SELL at 1.3215, TAKE PROFIT 1.2862, STOP LOSS 1.3285

 

EUR/JPY: SELL at 134.93, TAKE PROFIT 133.16, STOP LOSS 135.75

 

EUR/CAD: SELL at 1.4735, TAKE PROFIT 1.4387, STOP LOSS 1.4825

 

__________________________________________________________

 

*Danske Bank applies trailing stop orders (moved together with the price)

 

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Forex Analytics

Forex trading plan for October 7

 

By Kira Iukhtenko

 

https://www.youtube.com/watch?v=plHR2rVY4ek

 

Financial markets are enjoying risk-on sentiment as the US labor market figures last week decreased expectations for a rate hike in 2015. Traders now await the FOMC meeting minutes release on Thursday – the publication could bring some certainty back to the market. Chinese markets remain closed until Thursday – this calms the global sentiment for a while.

 

EUR/USD is hovering around the 1.1200 mark, supported by the global USD weakness. The euro currency remains sustained, showing no reaction to the sharp contraction of the German factory orders. There is space for more upside in the coming sessions. Next target lies at 1.1280. Break below 1.1170 would confirm the bearish comeback.

 

GBP/USD keeps on consolidating around the 1.5160 mark. Daily fix above this level is needed to open the way to our next targets at 1.5230 and 1.5330. We’ll stay bullish above 1.5100. Don’t miss the UK industrial production on Wednesday (forecast - upbeat).

 

USD/JPY stays in a tight range, capped at 120.50. Technically, there is a chance for a decline to 119.50 in the coming sessions. However, The BOJ meeting on Wednesday is a risk – some economists expect the Japanese regulator to announce additional easing tomorrow.

 

AUD/USD enjoys the rebound, hitting a freshhigh at 0.7130.The RBA left rate unchanged at today’s meeting, supporting the Aussie. Strong resistance for the pair is seen at 0.7200/50 – we expect a bearish reversal from here.

 

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NZD/CAD: buy target – 0.8700

7 October 2015

 

By: Dmitriy Chernovolov

 

  • NZD/CAD reached buy target 0.8600
  • Next buy target - 0.8700

NZD/CAD today reached the round resistance level 0.8600 – which was set as the buy target in our previous forecast for this currency pair. The price earlier broke through the resistance trendline from the start of April – which accelerated the active minor corrective wave 2 - which started earlier, when the price reversed up from the pivotal support level 0.8300 (as you can see from the daily NZD/CAD chart below).

 

If NZD/CAD breaks above the resistance level 0.8700 – the price can then rise to the next buy target at the resistance level (which reversed the pair multiple times in July and August).

 

http://fxbazooka.com/upload/freelance/tiny/DIMA%20CHE/NZDCAD%20-%20Primary%20Analysis%20-%20Oct-07%200935%20AM%20(1%20day).png

 

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GBP/NZD: sell target - 2.2720

7 October 2015

 

By: Dmitriy Chernovolov

  • GBP/NZD reached sell target 2.3350
  • Next sell target - 2.2720

GBP/NZD continues to fall strongly – following the earlier breakout of the support level 2.3350, which was set as the sell target in our previous forecast for this currency pair. The breakout of this support level (which earlier reversed the price twice in August) intensified the bearish pressure on GBP/NZD – accelerating the active minor impulse wave 5, which belongs to the intermediate ©-wave from September.

 

GBP/NZD is expected to fall further inside the active waves 5 and © toward the next sell target at the support level 2.2720 (previous monthly low from July and the forecast price for the completion of active wave ©).

 

http://fxbazooka.com/upload/freelance/tiny/DIMA%20CHE/GBPNZD%20-%20Primary%20Analysis%20-%20Oct-07%200932%20AM%20(1%20day).png

 

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Forex trading plan for October 8

 

By Kira Iukhtenko

 

Demand for the US Dollar remained subdued on Wednesday - the market is now repricing the chance for the Fed’s rate hike in the year 2015. We’ll be watching US unemployment claims and FOMC meeting minutes on Thursday. The greenback has potential for more depreciation on the current week.

At the same time, the commodity market has rebounded sharply since early October. We’ll see whether this rally will be long-lived. China’s markets are to open on Thursday after a long holiday - this is a risk for the current bullish move. AUD/USD reached the levels above 0.7200 on Wednesday. Be careful with buying the pair at current levels, though: we expect a pullback from 0.7250.

 

EUR/USD is trying to break from the current sideways channel, but has’t reached much success yet. Sellers pulled the price back below 1.1280 as German data disappointed on Wednesday. We will stay out of the market for this pair until more certainty is brought to the market.

 

Meanwhile, GBP/USD pushed above 1.5160 due to strong UK manufacturing data. We see the next bullish target at 1.5330. Watch the Bank of England policy meeting tomorrow. No policy change is expected, but we’ll be listening to the overall tone of the UK monetary authorities. Major support now lies at 1.5100.

 

As we expected, USD/JPY pulled down from the 120.50 resistance. The pair is trading in the symmetric triangle with the next target for going short at 118.50. Watch a block of Japanese economic data tonight - current account and factory orders. Negative news could become a risk for our bearish scenario.

 

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Forex Analytics

Forex trading plan for October 9

 

The trading plan for Friday, October 9, was prepared and released before the end of the US trading session on Thursday, October 8.

 

https://www.youtube.com/watch?v=4V8Qx0dw5hE

 

Traders await the release of the Federal Reserve’s September meeting minutes at 18:00 GMT on Thursday, so the volatility for Thursday isn’t over at this point. Market players want more hints about the timing of the Fed’s rate hike. Still, after the weak NFP figures for September, the impact of the minutes will likely be limited. Also note that some FOMC members will speak in the coming sessions: Williams, Lockhart and Evans. All these policymakers are doves, so their comments could be negative for USD.

 

EUR/USD tested levels above 1.1300, but then slipped to 1.1250 as the minutes of the European Central Bank’s September meeting showed that the ECB sees increased downside risks for inflation and thus leaves open door for further monetary stimulus. We still see 1.1330 as an important obstacle on the upside before we can see growth towards 1.1460. Euro will probably stay capped, though downside potential is limited. Support is at 1.1215 and 1.1170.

 

GBP/USD spiked to 1.5370, but then returned below the 200-day MA at 1.5320. The Bank of England left monetary policy unchanged. As expected, only 1 member of the Monetary Policy Committee voted to raise the benchmark interest rate, while other 8 said that it should remain at the current level of 0.5%. The central bank’s meeting minutes were dovish as the regulator expressed concerns about global growth and British inflation. Note that the Bank of England’s Governor Carney speaks at 18:00 GMT on Thursday. On Friday the UK will release trade balance at 08:30 GMT. A close below 1.5320 on Thursday will be bearish. Support is at 1.5240 and 1.5170. A close above 1.5320 will open the way to 1.5440 (55-day MA).

 

USD/JPY moved towards the lower edge of the ongoing consolidation pattern weakening to the 119.60 area, but found support there. Sideways trade will persist until we see a very clear signal of a break of either 121.50 or 118.50. For now, if you are trading this pair, use range trading strategies.

 

AUD/USD ran into the resistance of the daily Ichimoku Cloud in the 0.7200 area. Australia will release home loans early on Friday (forecast is positive). Resistance is at 0.7275 and 0.7300. Support is at 0.7085.

 

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US Dollar: forecast for October 12-18

 

Kira Iukhtenko

 

The Fed’s rate hike timing remains the most important topic for the currency traders. FOMC meeting minutes released last week disappointed. The members discussed the increased economic risks, not the need for a rate hike. Combination of the “dovish” minutes with the weak September labor market data killed the demand for the US currency. Chances for a rate hike this year are gradually declining.

 

On the new week, on Wednesday, we will watch September retail sales figures. According to the forecasts, data could render temporarily support for the US currency. However, the rally is unlikely to last long: CPI on Thursday is expected to show price growth slowdown.

 

What’s more, US companies are to release Q3 earnings on October 8-22. Data will give a clue to the US economic activity and set a new trend for risk sentiment.

 

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EUR/USD: forecast for October 12-18

 

By Elizabeth Belugina

 

The past week turned out to be positive for the euro. Despite the weak production data from Germany and the dovish tone of September ECB meeting minutes, the euro held its ground and managed to rise above the August-September resistance line and test levels above 1.13.

 

US dollar didn’t have much strength over the euro, as the data from the United States weren’t very bright either, plus the Federal Reserve’s September meeting minutes indicated that American central bank is concerned about the weak global economic growth and is not in a hurry to raise the interest rate. Weak NFP released a weak earlier also contributed to the lower expectations of the Fed’s rate hike.

 

Next week there won’t be a lot of news from the euro area. Pay attention to Germany’s ZEW economic sentiment on Tuesday and the region’s final September inflation figures on Friday. US economic calendar is more filled with important events like the publication of retail sales data on Wednesday and inflation figures on Friday.

 

In addition, beware of Chinese trade balance on Tuesday and inflation on Wednesday: for now the single currency keeps strengthening on lower figures of China.

 

As a result, the balance of risks for EUR/USD in the near-term is to the upside. Initial resistance is at 1.1350 (the top of the short-term rising channel) and a fix above this level will open the way to 1.1400 and 1.1460 (September high/resistance since May 2014). The area of 1.1460/1.1500 will likely limit the upside of EUR/USD ahead of the ECB’s meeting on October 22 as the European Central Bank doesn’t want higher euro and can make some announcements about the additional quantitative easing (QE) which will hit the single currency. Support is at 1.1250 and 1.1170.

 

http://fxbazooka.com/upload/tiny/Analytics/2015/October/08/EURUSDDaily.png

 

Daily EUR/USD

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USD/JPY: forecast for October 12-18

 

By Elizaveta Belugina

 

USD/JPY has spent another week trading sideways. This time the range has narrowed to 120.60/119.60.

 

The pair lacks drivers to move out of the current corridor. The upside is limited as the Bank of Japan (BOJ) didn’t announce additional monetary stimulus at its October 7thmeeting, so yen didn’t weaken. Moreover, the minutes of the Federal Reserve’s September meeting confirmed the central bank’s concerns about the global economic slowdown and the fact it is in no rush to raise interest rates. At the same time, the downside is also limited, because many investors still believe that the BOJ will ease policy further at its October 30th meeting. In addition, despite the weak September nonfarm payrolls (NFP), the expectations of the Fed rate hike this year are still alive.

 

These are the factors, which are keeping USD/JPY in range. A breakthrough will come only if dollar/yen closes above 121.50 or below 118.50. In our view, the possibility of a breakthrough next week isn’t very high. First of all, Japanese economic calendar looks rather empty. The most important event will be the release of the BOJ meeting minutes on Tuesday, but we don’t think that it will be a market mover. The US will publish several important pieces of data from Wednesday to Friday. These releases can push USD/JPY to the edges of the range, but unless we get some really big surprises they won’t change the market’s overall view on the Fed.

 

http://fxbazooka.com/upload/tiny/Analytics/2015/October/08/USDJPYDaily.png

 

Daily USD/JPY

 

One thing we should mention, however, that USD/JPY still correlates with the market’s risk sentiment. Risk sentiment will be affected by Chinese economic statistics – trade balance on Tuesday and inflation on Wednesday. As few expect robust figures from China, growth in USD/JPY will likely be limited ahead of these releases. Also note that both in the United States and in Japan there will be bank holidays on Monday, so USD/JPY can make volatile moves on relatively small events like the speeches of the FOMC officials.

 

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GBP/USD: forecast for October 12-18

 

Kira Iukhtenko

 

UK currency jumped by almost 300 pips since early October. The major reason is the weakness of the US currency and technical conditions. The cable reached our target of 1.5330. However, bearish BOE comments on Thursday paused the rally.

 

Cable is trading in a medium-term bearish channel formed in June. Fix above 1.5330 will open the way to our next targets at 1.5500 and 1.5580. In the current volatile market conditions, our targets could be hit in the coming days. Break above 1.5500 will confirm the trend reversal.

 

On Tuesday, we’ll be watching the UK inflation figures. It is expected to stay around zero. On Wednesday, we’ll be watching the labor market figures. UK employment has been showing positive dynamics as of late.

 

http://fxbazooka.com/upload/tiny/Analytics/2015/October/08/GBPUSDDaily.png

Chart 1. GBP/USD Daily

http://fxbazooka.com/upload/tiny/Analytics/2015/October/08/GBPUSDH4.png

Chart 2. GBP/USD H4

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AUD/USD: weekly wave analysis

11 October 2015

 

Daily. In line with the forecast, the formation of the downward impulse wave A was completed. At the final part, we see the beginning of correction.

 

http://fxbazooka.com/upload/freelance/tiny/%D0%92%D0%BE%D0%BB%D0%BD%D0%BE%D0%B2%D0%BE%D0%B9/Petukhov_11Oktober/audusd1.PNG

 

H4. As expected, we saw a powerful movement within the [c]. The pair will likely continue rising at the new week. We don’t recommend to go short for now as the pair may be going higher and higher.

 

http://fxbazooka.com/upload/freelance/tiny/%D0%92%D0%BE%D0%BB%D0%BD%D0%BE%D0%B2%D0%BE%D0%B9/Petukhov_11Oktober/audusd2.PNG

 

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USD/JPY: weekly wave analysis

11 October 2015

 

Weekly. The market keeps forming the multiyear uptrend. The pair is currently forming corrective wave (IV), let us review its inner structure.

 

http://fxbazooka.com/upload/freelance/tiny/%D0%92%D0%BE%D0%BB%D0%BD%D0%BE%D0%B2%D0%BE%D0%B9/Petukhov_11Oktober/usdjpy1.PNG

 

H4. At the new week, we expect formation of the final part of the converging horizontal triangle [iv], after which we’ll see collapse of price or its slow decline. The approximate scheme of the upcoming move is shown on the chart.

 

http://fxbazooka.com/upload/freelance/tiny/%D0%92%D0%BE%D0%BB%D0%BD%D0%BE%D0%B2%D0%BE%D0%B9/Petukhov_11Oktober/usdjpy2.PNG

 

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GBP/USD: weekly wave analysis

11 October 2015

 

Daily. After finishing the bullish correction wave , which took form of a triple three, we saw the beginning of a new downtrend [C]. In the coming weeks the pair will likely decline.

 

http://fxbazooka.com/upload/freelance/tiny/%D0%92%D0%BE%D0%BB%D0%BD%D0%BE%D0%B2%D0%BE%D0%B9/Petukhov_11Oktober/gbpusd1.PNG

 

H4. The final part of the upside Zigzag 2 is ending. At the beginning of the week this wave will be over, and we will see a decline in the impulse wave 3.

 

http://fxbazooka.com/upload/freelance/tiny/%D0%92%D0%BE%D0%BB%D0%BD%D0%BE%D0%B2%D0%BE%D0%B9/Petukhov_11Oktober/gbpusd2.PNG

 

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EUR/USD: weekly wave analysis

11 October 2015

 

Daily. The market keeps moving within the final part of a complicated corrective wave (4). The pair has to form the final part – коррекцию [Z] of y of (4).

http://fxbazooka.com/upload/freelance/tiny/%D0%92%D0%BE%D0%BB%D0%BD%D0%BE%D0%B2%D0%BE%D0%B9/Petukhov_11Oktober/eurusd1.PNG

 

H4. It seems that the wave [X] took form of the converging horizontal triangle. After this triangle was formed, the bulls have immediately started to push the prices up. The uptrend will likely continue at the new week.

http://fxbazooka.com/upload/freelance/tiny/%D0%92%D0%BE%D0%BB%D0%BD%D0%BE%D0%B2%D0%BE%D0%B9/Petukhov_11Oktober/eurusd2.PNG

 

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Danske Bank: trade signals for October 12

 

Open positions:*

 

EUR/USD: Hold LONG from 1.1320, TAKE PROFIT 1.1561, STOP LOSS 1.1230

 

USD/JPY: Hold LONG from 120.10, TAKE PROFIT 121.33, STOP LOSS 119.55

 

EUR/CHF: Hold LONG from 1.0910, TAKE PROFIT 1.1186, STOP LOSS 1.0865

 

EUR/CAD: Hold SHORT from 1.4735, TAKE PROFIT 1.4387, STOP LOSS 1.4765 (revised)

 

EUR/GBP:Hold LONG from 0.7375, TAKE PROFIT 0.7501, STOP LOSS 0.7300

 

GBP/JPY:Hold LONG from 183.10, TAKE PROFIT 187.37, STOP LOSS 182.95

 

NZD/USD:Hold LONG from 0.6480, TAKE PROFIT 0.6815, STOP LOSS 0.6530

 

USD/CAD:Hold SHORTfrom 1.3030, TAKE PROFIT 1.2862, STOP LOSS 1.3081 (revised)

 

Trade ideas:

 

GBP/USD: BUY at 1.5275, TAKE PROFIT 1.5449, STOP LOSS 1.5210

 

USD/CHF: SELL at 0.9660, TAKE PROFIT 0.9482, STOP LOSS 0.9741

 

AUD/USD: BUY at 0.7218, TAKE PROFIT 0.7497, STOP LOSS 0.7140

 

EUR/JPY: BUY at 136.05, TAKE PROFIT 137.61, STOP LOSS 135.03

 

________________________________________________________________

 

*Danske Bank applies trailing stop orders (moved together with the price)

 

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Forex trading plan for October 13

 

By Elizabeth Belugina

 

On Monday there were some hawkish comments from the Fed’s member Lockhart, but with the US banks on holiday and the market being tired of guessing about the timing of the Fed’s rate hike the greenback didn’t react. On Tuesday there won’t be much of the news from America.

 

The advance of EUR/USD has paused ahead of 1.1400. Germany will release economic sentiment figures at 09:00 GMT (negative forecast). Support is at 1.1350, 1.1318 and 1.1280. Further resistance us at 1.1460.

 

Pound is approaching resistance levels, but has some room for growth. GBP/USD has once again risen above the 200-day MA at 1.5320. As long as cable is above this point, it has a chance to rise to resistance is at 1.5380 ahead of 1.5435. The UK will release September inflation data at 08:30 GMT. Later in the day, there will be comments from the Bank of England’s officials. Support is at 1.5320 and then at 1.5278 and 1.5250.

 

USD/JPY was trading in the 120.15 area. In the absence of news from the United States and Japan the pair will be driven by the market’s risk sentiment. Lower than expected Chinese trade balance will bring it to 119.70 and probably to 119.25. Resistance is at 120.90/121.00.

 

AUD/USD rose to the top of the daily Ichimoku Cloud and the 100-day MA in the 0.7370 area. The pair has almost reached 38.2% Fibo of the decline since May and is overbought. The publication of China’s trade balance data is a risk for a bullish Aussie. Support is at 0.7275 and 0.7200. Resistance is at 0.7385 and 0.7440.

 

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Yen strengthening

13 October 2015

 

Tatiana Norkina, FBS analyst

 

The USD/JPY currency pair ended up again next to the four-hour Ichimoku cloud during yesterday's trading session. The bears are increasing pressure and trying to break the cloud downwards, which is why, the Senkou Span A and B lines cannot reinforce its bullish character. More to that, the pair has gotten into the negative zone this morning, which could affect further trading since consolidation under the cloud may mean the end of the bulls' attempts to recover the market.

 

Technical levels: support – 119.60; resistance – 120.00.

 

Trade recommendations: off the market.

 

http://fxbazooka.com/upload/tiny/Analytics/2015/October/13/usdjpyh4-TN.png

 

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Aussie at new heights

13 October 2015

 

Tatiana Norkina, FBS analyst

 

The AUD/USD currency pair formed a new extremum for the past month yesterday. Due to quite agressive actions of the bulls the currency pair rate has soared under the 74th figure, breaking the last week's high of 0.7340. Bullish sentiment persists in the market, but this morning, we are witnessing the rate's decline into the Tenkan-Kijun channel. Obviously, the market needs a little rest to resume the uptrend. Testing of the Kijun-sen line levels is probable to be followed by the pair's new dash to the 0.7430/40 mark.

 

Technical levels: support – 0.7270; resistance – 0.7380, 0.7400.

 

Trade recommendations:

 

1. Buy — 0.7280; SL — 0.7260; TP1 — 0.7400; TP2 — 0.7430.

 

http://fxbazooka.com/upload/tiny/Analytics/2015/October/13/AUDUSDH4-TN.png

 

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Danske Bank: trade signals for October 13

 

Trade positions of Danske Bank: not so many changed from Monday.

 

Open positions:*

 

EUR/USD: Hold LONG from 1.1320, TAKE PROFIT 1.1561, STOP LOSS 1.1230

 

USD/JPY: Hold LONG from 120.10, TAKE PROFIT 121.33, STOP LOSS 119.55

 

EUR/CHF: Hold LONG from 1.0910, TAKE PROFIT 1.1186, STOP LOSS 1.0865

 

EUR/GBP: Hold LONG from 0.7375, TAKE PROFIT 0.7501, STOP LOSS 0.7300

 

EUR/JPY:Hold LONG from 136.05, TAKE PROFIT 137.61, STOP LOSS 135.03

 

GBP/JPY: Hold LONG from 183.10, TAKE PROFIT 187.37, STOP LOSS 182.95

 

NZD/USD: Hold LONG from 0.6480, TAKE PROFIT 0.6815, STOP LOSS 0.6530

 

USD/CAD: Hold SHORTfrom 1.3030, TAKE PROFIT 1.2862, STOP LOSS 1.3081

 

Trade ideas:

 

GBP/USD: BUY at 1.5275, TAKE PROFIT 1.5449, STOP LOSS 1.5210

 

USD/CHF: SELL at 0.9660, TAKE PROFIT 0.9482, STOP LOSS 0.9741

 

AUD/USD: BUY at 0.7218, TAKE PROFIT 0.7497, STOP LOSS 0.7140

 

EUR/CAD: SHORT stopped, possibly sell

 

________________________________________________________________

 

*Danske Bank applies trailing stop orders (moved together with the price)

 

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Forex trading plan for October 14

Kira Iukhtenko

 

https://www.youtube.com/watch?t=2&v=iNAQsQs-59A

 

Weak China trade data lowered the risk appetite on Tuesday, putting the commodity currencies under pressure. On Wednesday, we will be watching China’s CPI and US retail sales and PPI. These events could deepen the slowdown on the financial markets.

 

AUD/USD is forming an engulfing candle on the daily chart. A daily close below 0.7270 will confirm the end of the early-October rally. We recommend selling the Australian dollar in this case.

 

EUR/USD remains sustainable despite the drop of risk appetite. We concede a spike towards the 1.1500 resistance in the coming sessions. After that, the pair could enter a consolidative phase.

 

GBP/USD was the main driver of the session, falling by more than 100 pips on weak UK CPI. Drop below 1.5330 was a bearish signal. We expect the pair to float to the 1.5160 support in the coming sessions. Recovery above 1.5330 is needed to negate the new bearish move.

 

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Forex trading plan for October 15

 

By Kira Iukhtenko

 

[video=youtube;TLXwqjmutyw]https://www.youtube.com/watch?v=TLXwqjmutyw

 

US figures on Wednesday pulled the US Dollar down below the 94.50 support. Retail sales and PPI disappointed the markets and lowered expectations for a rate hike in 2015. On Thursday, we’ll watch the US CPI and the Philly Fed manufacturing index. US currency is expected to stay under pressure until the end of the week.

 

EUR/USD is testing new highs above the 1.1400 mark. As you may see from the H4 chart, trend resistance has been broken today. We still target the 1.1500 mark and expect the pullback from here. Pay attention to the 55-week SMA at 1.1440 – this is a strong resistance.

 

GBP/USD chart remains highly volatile. After a drop by 100 points on Tuesday, the pair gained almost 200 points on Wednesday. With the bulls now dominating the market, we now see space for growth to 1.5500. Support is seen at 1.5380 and 1.5330.

 

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Forex Analytics

Danske Bank: trade signals for October 15

 

Open positions:*

 

EUR/USD: Hold LONG from 1.1320, TAKE PROFIT 1.1561, STOP LOSS 1.1263 (revised)

 

USD/JPY: Hold LONG from 119.46, TAKE PROFIT 120.57, STOP LOSS 118.59

 

USD/CHF: Hold SHORT at 0.9540, TAKE PROFIT 0.9301 (revised), STOP LOSS 0.9601

 

AUD/USD: Hold LONG at 0.7218, TAKE PROFIT 0.7497, STOP LOSS 0 .7140

 

USD/CAD: Hold SHORTfrom 1.3030, TAKE PROFIT 1.2862, STOP LOSS 1.3081

 

NZD/USD: Hold LONG from 0.6480, TAKE PROFIT 0.6882 (revised), STOP LOSS 0.6610 (revised)

 

EUR/CHF: Hold LONG from 1.0910, TAKE PROFIT 1.1186, STOP LOSS 1.0865

 

EUR/GBP:Hold LONG from 0.7375, TAKE PROFIT 0.7525 (revised), STOP LOSS 0.7380 (revised)

 

EUR/JPY: Hold LONG from 136.05, TAKE PROFIT 137.61, STOP LOSS 135.39 (revised)

 

Trade ideas:

 

GBP/USD: Possibly BUY

 

GBP/JPY: BUY at 183.20, TAKE PROFIT 185.93, STOP LOSS 182.29

 

EUR/CAD: BUY at 1.4795, TAKE PROFIT 1.5158, STOP LOSS 1.4675

 

________________________________________________________________

 

*Danske Bank applies trailing stop orders (moved together with the price)

 

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Forex Analytics

US Dollar: forecast for October 19-25

 

Kira Iukhtenko

 

https://www.youtube.com/watch?v=O4xHekc6KgE

 

New week on the financial markets started with a bunch of Chinese releases. China’s economy rose more than expected in Q3, lowering uncertainty and leaving space for a Fed’s rate hike in 2015.

 

In our view view, the US dollar has room for recovery on the new week. Unexpectedly strong CPI released last week, upbeat quarterly corporate reports, improvement of the global sentiment – all that supports the ide of a rate hike in December. For now, the chance for that is around 30%. You should also note that the net USD longs decline to a 15-months low. The correction was deep enough no mitigate the oversold conditions for the greenback.

 

US economic calendar on the new week is rather light. The only events to watch are the housing market news on Tuesday. The Fed’s officials will deliver their last speeches before the October 28th meeting during the week. Yanet Yellen is scheduled to speak on Tuesday.

 

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Forex Analytics

EUR/USD: forecast for October 19-25

 

By Elizabeth Belugina

 

In line with our expectations, the euro continued going up after it had broken above August-September resistance line. The European currency was supported by the market’s negative risk sentiment and weaker-than-expected US economic data. However, EUR/USD failed to overcome resistance in the 1.1500 area and went abruptly down on the dovish comments of the ECB Governing Council member Nowotny.

 

The first half of the next week will be relatively light on economic data from both Europe and the United States. All in all, the focus will be on the euro area. One has to pay great attention to the European Central Bank’s meeting and press conference on Thursday. Ahead of the meeting, the euro will clearly remain under pressure, as there is a chance that the regulator will make announcements about the monetary easing. Trading after the meeting will naturally depend on what the ECB president Mario Draghi says. The risks for the euro area bearish. Note that the euro area will also release flash manufacturing and services PMIs on Friday. If the ECB’s position doesn’t become clearer, the market will make its judgment on the basis of these data. The figures are unlikely to be very bright. The speculators’ short positions on euro have contracted, and now the single currency will be more vulnerable to the negative data.

 

China’s weak GDP and industrial production data released on Monday did not provide a push higher for the euro: negative sentiment is smoothed out by the expectations of additional monetary easing from the People’s Bank of China. Support is at 1.1260, 1.1215 and 1.1170. Resistance is at 1.1400, 1.1460 and 1.1500.

http://fxbazooka.com/upload/tiny/Analytics/2015/October/15/EURUSD.png

 

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