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Forex trading plan for January 13

 

By Kira Iukhtenko

 

https://www.youtube.com/watch?v=mM9Fa2w2gsI

 

Economic calendar on Wednesday consists of a couple events, but they are very important in the current market conditions. Watch the Chinese trade balance in the Asian session. Contraction of the trade surplus could become an important risk-off factor. Later in the day, US are scheduled to release crude oil inventories figures. According to the preliminary estimates, we could see more inventories growth. These two releases could hit the markets with a new wave of selling.

 

In the current conditions, we recommend staying out of the risky assets. EUR/USDholds slightly above the 1.0840 support (50% Fibo from the early January rally). Break below could trigger a new wave of selling with a target of 1.0800.

 

GBP/USD fell below the 1.4500 support after a short-term correction. The market was disappointed by the UK manufacturing PMI on Tuesday. The market is now focusing on a BOE meeting on Thursday – no rate hike is expected.

 

USD/JPY tries to recover for a second day in a row, but the attempts are rather unsuccessful. Yen will remain in-demand as a safe haven. Break to the downside from the current 117-118 yen sideways range is expected. Watch the 116.50 support.

 

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Euro remained inside cloud

13 January 2016

 

Tatiana Norkina, FBS analyst

 

The major currency pair on Forex keeps trading within the four-hour Ichimoku cloud. By the end of yesterday's trading, the pair's rate was sliding to the 08th figure area, testing the cloud's lower border support. The Tenkan-sen and Kijun-sen lines have responded to this decrease this morning and formed a dead cross. However, the bears should probably not keep their hopes up, since Kijun-sen has immediately gone up, predicting a possible return of big buyers to the market. Therefore, in case the Senkou Span A support stands today, the pair will be once again rising to 1.1000. Otherwise, transition to under the cloud may cuase the pair to tumble at least up to 1.0650.

 

Technical levels: support – 1.0800, 1.0650; resistance – 1.0880, 1.0940.

 

Trade recommendations:

 

1. Buy — 1.0840; SL — 1.0820; TP1 — 1.0880; TP2 — 1.0940.

http://fxbazooka.com/upload/tiny/Analytics/2016/01-January/13/eurusdh4-TN.png

 

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AUD/USD: buy target - 0.7100

13 January 2016

By: Dmitriy Chernovolov

 

  • AUD/USD reversed from pivotal support level 0.6940
  • Next buy target - 0.7100

AUD/USD continues to rise after the recent upward reversal from the pivotal support level 0.6940 (which also previously reversed the pair twice in last September, as can be seen from the daily AUD/USD chart below). The support zone near the support level 0.6940 was strengthened by the lower daily Bollinger Band. The upward reversal from the support level 0.6940 completed the previous minor correction 2.

 

Given the oversold reading on the daily Stochastic indicator - AUD/USD is likely to rise further in the active minor impulse wave 3 toward the next buy target at the resistance level 0.7100 (previous monthly low from December).

http://fxbazooka.com/upload/freelance/tiny/DIMA%20CHE/AUDUSD%20-%20Primary%20Analysis%20-%20Jan-13%201046%20AM%20(1%20day).png

 

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NZD/CHF: buy target - 0.6700

13 January 2016

By: Dmitriy Chernovolov

 

  • NZD/CHF reversed from support area
  • Next buy target - 0.6700

NZD/CHF recently reversed up sharply from the support area located between the support level 0.6500 (which also previously reversed the pair with the daily Japanese candlesticks reversal pattern the Hammer in December, as you can see below), the lower daily Bollinger Band and the 38.2% Fibonacci correction of the previous sharp intermediate (A)-wave from August.

 

Given the strength of the aforementioned support zone and the oversold reading on the daily Stochastic - NZD/CHF can be expected to correct up from the current levels toward the next buy target at the resistance level 0.6700.

http://fxbazooka.com/upload/freelance/tiny/DIMA%20CHE/NZDCHF%20-%20Primary%20Analysis%20-%20Jan-13%201055%20AM%20(1%20day).png

 

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Forex trading plan for January 14

https://www.youtube.com/watch?v=8r95ujb5dKU

 

Risk sentiment: The market’s sentiment improved on better Chinese data. Demand for the yen and franc – traditional safe havens – and the euro declined pulling down their exchange rates vs. the greenback.

 

As for the US dollar, pay attention to the release of jobless claims and, more importantly, the speech of the new FOMC voting member Bullard at 13:30 GMT. Bullard is hawkish, so his comments will be potentially bullish for USD.

 

EUR/USD: The pair once again tested support at 1.0800. Below this point it will likely fall to 1.0760 (bottom of the daily Ichimoku) and 1.0670 (bottom of the bearish channel). Choose conservative selling targets as the market’s risk sentiment has yet to stabilize.

 

USD/JPY: The pair tried to find an interim bottom. However, there are still many important resistance levels on the upside (118.70, 119.15 and 119.60), so be careful with trading on the greenback’s recovery.

 

GBP/USD: The pound is oversold after falling to the multiyear low. Support is at 1.4350/00. The next important level on the downside is 1.4228 (2010 low). The downtrend is still in force. The Bank of England will announce results of its meeting at 12:00 GMT. MPC member McCafferty, who was calling for a rate hike, may this time vote to keep rates unchanged. Although such outcome is partly priced in, there may be more negative for the cable and will consider selling in the 1.4520 area with stop at 1.4570 targeting 1.4400/1.4350. Increase above 1.4570 is needed to confirm an interim bottom.

 

AUD/USD: Australia will release labor market data at 00:30 GMT. According to the forecast, the unemployment rate will increase, so the return down to 0.6930/00 remains a base scenario. If the data bring positive surprise, the upside should be limited by 0.7115 (the former support line).

 

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USD/CAD: buy target - 1.4600

14 January 2016

By: Dmitriy Chernovolov

 

  • USD/CAD approached buy target 1.4400
  • Next buy target - 1.4600

USD/CAD is currently approaching the resistance level 1.4400, which was set as the buy target in our previous forecast for this currency pair. The pair has been rising sharply in the last few trading sessions inside the 3rd minor impulse wave (iii) (which belongs to the 5th minor impulse wave 5 of the intermediate impulse wave (3) from the middle of October) – which recently broke the two daily up channels from October and June.

 

If the pair breaks above 1.4400 - USD/CAD will then, most likely, rise to the next buy target at the resistance level 1.4600 (target price calculated for the completion of the active intermediate impulse wave (3)).

http://fxbazooka.com/upload/freelance/tiny/DIMA%20CHE/USDCAD%20-%20Primary%20Analysis%20-%20Jan-14%201105%20AM%20(1%20day).png

 

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Morgan Stanley: open FX positions

14 January 2016

 

EUR/AUD: Hold LONG from 1.5780, TAKE PROFIT 1.6200, STOP LOSS 1.4850 (entered on January 7)

 

USD/CAD: Hold LONG from 1.3287, TAKE PROFIT 1.4500, STOP LOSS 1.3930 (entered on November 19)

 

NZD/USD: Limit order to SELL from 0.6740, TAKE PROFIT 0.6000, STOP LOSS 0.6900 (entered on January 7)

 

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Aussie is bound down again

14 January 2016

Tatiana Norkina, FBS analyst

 

Trading on the AUD/USD currency pair closed on a negative note yesterday. Despite the active buying in the morning, the rate had dropped into the 0.6950 area, to this week's lows, by the end of the day. These extremes have been updated to 0.6920 at the Asian session today. Within this time, all lines of the four-hour Ichimoku indicator have turned down, proving the bears' dominance in the market.

 

Nevertheless, the pair's local oversoldness is making the short-term market participants close their positions which is leading to the correctional growth. During today's trading, a testing of the Tenkan and Kijun lines levels is possible, followed by a likely resumption of the downtrend.

 

Technical levels: support – 0.6900/30; resistance – 0.6980, 0.7000.

 

Trade recommendations:

 

1. Sell — 0.6980; SL — 0.7000; TP1 — 0.6930; TP2 — 0.6900.

http://fxbazooka.com/upload/tiny/Analytics/2016/01-January/14/AUDUSDH4-TN.png

 

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EUR/CAD: buy targets - 1.5800 and 1.6000

14 January 2016

By: Dmitriy Chernovolov

 

  • EUR/CAD broke strong resistance zone
  • Next buy targets - 1.5800 and 1.6000

EUR/CAD continues to rise strongly – following the earlier sharp breakout of the strong resistance zone lying between the resistance levels 1.5400 and 1.5540 (this resistance level earlier stopped with the daily Evening Star the sharp intermediate impulse wave (1) in last August, as you can see below). The breakout of this resistance zone is likely to strengthen the bullish pressure on this currency pair in the coming trading sessions.

 

EUR/CAD is likely to rise further in the active impulse waves 3 and (3) toward the next buy target at 1.5800 – the breakout of which can lead to further gains toward 1.6000.

http://fxbazooka.com/upload/freelance/tiny/DIMA%20CHE/EURCAD%20-%20Primary%20Analysis%20-%20Jan-14%201112%20AM%20(1%20day).png

 

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Forex trading plan for January 15

 

By Kira Iukhtenko

 

Markets are trying to recover the recent losses on Thursday, but we have no reasons to believe that the global selloff is over. EUR/USD attempted to grow, but was capped at 1.0940 after the dovish ECB minutes released. It turned out that some members voted for a 20 bps rate cut in December. Be believe a break below 1.0850 will open the way t0 1.0800. These days we're trading with small targets as volatility remains very high.

http://fxbazooka.com/upload/tiny/Analytics/2016/1101/EURUSDH4.png

Chart. EUR/USD H4

GBP/USD failed to fix above the 1.4400 resistance despite the hawkish BOE minutes. They showed that the Commitee sees no big problems in the current market meltdown. We see that the upside is limited for now. Sell the cable on a break below 1.4380. We'll stay bearish in the medium term below 1.4500.

http://fxbazooka.com/upload/tiny/Analytics/2016/1101/GBPUSDH4.png

Chart. GBP/USD H4

 

Meanwhile, USD/JPY is trying to recover the recent losses. Key resistance – 118.30 (Thursday's high). Break higher could confirm an inverse "head-and-shoulders" pattern and open the way for a stronger recovery. However, buying at current levels is very risky.

http://fxbazooka.com/upload/tiny/Analytics/2016/1101/USDJPYH4.png

Chart. USD/JPY H4

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USD/JPY: forecast for January 18-24

15 January 2016

By Elizabeth Belugina

 

The Bank of Japan once again pointed out that for now it is not planning to ease monetary policy, though it will do so in case of the risk that inflation won’t reach the target level. Thus, the prospect of decline in the BOJ’s inflation forecast at the end of January will limit advance of Japanese yen.

 

Decline of USD/JPY has slowed down, and it tried to base above 117.00. At the same time, to form an interim bottom the pair needs to break above resistance at 118.30 and even 118.70. In case of the bullish scenario, the targets of an upward correction will lie at 119.60/120.00. The next support is at 116.50 (support line) and 116.15 (August 2015 low). If the pair falls to the 116.00 area in the next 2 weeks, we’ll see it as a medium-/long-term buying opportunity.

 

Japan’s economic calendar for the next week includes data of lower importance such as revised industrial production and tertiary industry activity on Monday and manufacturing PMI on Friday. The pair will be driven mainly by the market’s risk sentiment, so watch Chinese GDP and industrial production release on Tuesday. Lower readings will make USD/JPY fall. US data releases, which will peak on Wednesday, are also important.

 

http://fxbazooka.com/upload/tiny/Analytics/2016/15_01/USDJPYDaily.png

 

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NZD/JPY: sell target - 74.50

15 January 2016

By: Dmitriy Chernovolov

 

  • NZD/JPY falling inside impulse waves 3 and (3)
  • Next sell target - 74.50

NZD/JPY recently reversed down with the daily Japanese candlesticks reversal pattern Evening Star from the resistance level 77.50 (former upper boundary of the narrow sideways price range inside which the pair traded from August to September). The downward reversal from the resistance level 77.50 started the active minor impulse wave 3 – which belongs to the intermediate impulse wave (3) from the end of December.

 

NZD/JPY is likely to fall further in the active impulse waves 3 and (3) toward the next sell target at the support level 74.50 (which previously reversed the pair sharply in September).

 

http://fxbazooka.com/upload/freelance/tiny/DIMA%20CHE/NZDJPY%20-%20Primary%20Analysis%20-%20Jan-15%201043%20AM%20(1%20day).png

 

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CAD/JPY: sell targets - 80.00 and 79.00

15 January 2016

By: Dmitriy Chernovolov

 

  • CAD/JPY reached sell target 82.00
  • Next sell targets - 80.00 and 79.00

CAD/JPY continues to fall after the earlier breakout of the support level 82.00, which was set as the sell target in our previous forecast for this currency pair. The breakout of this support level continues the active minor impulse wave 5 (which belongs to the intermediate impulse wave (3) from October) – which recently broke the daily down channel from last year, as you can see below.

 

CAD/JPY is expected to fall further in the active downward impulse waves 5, (3) and ③ toward the next sell target at the support level 80.00 – the breakout of which can lead to further losses toward 79.00 (target price for the termination of the active impulse wave 5).

 

http://fxbazooka.com/upload/freelance/tiny/DIMA%20CHE/CADJPY%20-%20Primary%20Analysis%20-%20Jan-15%201040%20AM%20(1%20day).png

 

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EUR/USD: forecast for January 18-24

15 January 2016

By Elizabeth Belugina

 

The single currency has been rather stable versus the US dollar in the recent weeks as last month the European Central Bank did less monetary easing than expected. In addition, the euro was supported as a safe haven on the back of Chinese equity turmoil. However, the minutes of the ECB’s December meeting showed that the central bank sees the need to cut deposit rate once again if inflation turns out to be below its already reduced forecasts. One of the reasons of weak inflation in the euro area are the oil prices, which hit 12-year lows.

 

The ECB will meet once again on Thursday. Although its policy is expected to remain unchanged, the prospect of more easing in March is real. As a result, it may be hard for EUR/USD to break above 1.1000/1.1040. On the downside, we’ll focus on 1.0800, the bottom of the daily Ichimoku Cloud at 1.0760 or even 1.0660 if the ECB is very dovish. All in all, technical indicators are mainly in the neutral state, so pick small profit targets while trading.

 

Other important events in the euro area’s economic calendar next week include the euro area’s and German ZEW economic sentiment indexes on Tuesday and European manufacturing and services PMIs on Friday.

http://fxbazooka.com/upload/tiny/Analytics/2016/15_01/EURUSDDaily.png

 

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GBP/USD: forecast for January 18-24

 

By Kira Iukhtenko

British currency remains under bearish pressure for a third week in a row: the cable plummeted below 1.44 on the past week. We see potential for more downside in the coming days. However, note that the pair is approaching a strong long-term support at 1.4220 which was the low in 2010. Many short positions will be closed at these levels.

 

http://fxbazooka.com/upload/tiny/Analytics/2016/15_01/GBPUSDMonthly.png

 

The pair is strongly oversold these days: pay attention to the daily RSI index.Disappointing news from the US could trigger a strong correction to the upside. Resistance lies at 1.4450. Break higher could open the way for more growth to 1.48, but it’s too early to forecast in such a long prospect these days. Markets change their mind very fast.

 

As for the economic calendar, watch the UK Inflation figures on Tuesday. On Wednesday, a block of labor market data will be released and don’t miss the UK retail sales on Friday.

 

http://fxbazooka.com/upload/tiny/Analytics/2016/15_01/GBPUSDDaily.png

 

Market attention all over the world is now glued to two topics: China and oil. Lack of risk appetite is supporting the US currency versus the risky assets (AUD, NZD, CAD), but limits the upside in pairs with the safe assets (EUR, JPY). This trend is expected to continue until the markets calm down.

 

Will the Fed hike rates further in March? This is a meaningful question for the market. According to the futures market, the probability is now 40%. However, as the Chinese meltdown continues, the market will not price these expectations in the coming weeks.

 

US economic calendar for the new week is rather light. Monday is a bank holiday in the US. On Wednesday, watch the December consumer inflation data. Falling oil prices are expected to pull the index into the negative territory. On Thursday, Philly Fed Manufacturing Index will be published.

 

http://fxbazooka.com/upload/tiny/Analytics/2016/15_01/USD%20cpi.png

 

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EUR/USD: weekly wave analysis (18.01)

 

 

Roman Petuchov

Daily. The market keeps on forming a corrective wave (4), it is close to its end. The price is expected to grow in a wave Z.

http://fxbazooka.com/upload/freelance/tiny/%D0%92%D0%BE%D0%BB%D0%BD%D0%BE%D0%B2%D0%BE%D0%B9/Petukhov_16January/eurusd1.PNG

H4. Wave Z takes form of a simple ascending zigzag. Wave [c] of Z is now being developped. Price is expected to grow. Be careful, though: if growth fails to contunue in the first 2-3 days of the week, the forecast will be negated.

http://fxbazooka.com/upload/freelance/tiny/%D0%92%D0%BE%D0%BB%D0%BD%D0%BE%D0%B2%D0%BE%D0%B9/Petukhov_16January/eurusd2.PNG

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GBP/USD: weekly wave analysis (18.01)

18 January 2016

Roman Petuchov

 

Daily. After the end of the triangle, we've seen a sharp drop in a descending impulse [C].

http://fxbazooka.com/upload/freelance/tiny/%D0%92%D0%BE%D0%BB%D0%BD%D0%BE%D0%B2%D0%BE%D0%B9/Petukhov_16January/gbpusd1.PNG

 

H4. The wave [C] hasn't been finished yet, so we expect the market to decline to the downside. Corrective waves are expected to be built.

http://fxbazooka.com/upload/freelance/tiny/%D0%92%D0%BE%D0%BB%D0%BD%D0%BE%D0%B2%D0%BE%D0%B9/Petukhov_16January/gbpusd2.PNG

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USD/JPY: weekly wave analysis (18.01)

18 January 2016

Roman Petuchov

 

Daily. As expected, the pair keeps on moving to the downside. The final wave [z] of Y is now being developped.

http://fxbazooka.com/upload/freelance/tiny/%D0%92%D0%BE%D0%BB%D0%BD%D0%BE%D0%B2%D0%BE%D0%B9/Petukhov_16January/usdjpy1.PNG

 

H4. Wave [z] is a simple descending zigzag. We'll now observe the waves (B) and ©.

http://fxbazooka.com/upload/freelance/tiny/%D0%92%D0%BE%D0%BB%D0%BD%D0%BE%D0%B2%D0%BE%D0%B9/Petukhov_16January/usdjpy2.PNG

 

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AUD/USD: weekly wave analysis (18.01)

18 January 2016

Roman Petuchov

 

Daily. After the end of the B correction we've seen a strong bearish move in a new descending impulse.

http://fxbazooka.com/upload/freelance/tiny/%D0%92%D0%BE%D0%BB%D0%BD%D0%BE%D0%B2%D0%BE%D0%B9/Petukhov_16January/audusd1.PNG

 

H4. Waves and [ii] were built. Wave [iii] is now under construction. On the new week we expect the bearish trend to be continued.

http://fxbazooka.com/upload/freelance/tiny/%D0%92%D0%BE%D0%BB%D0%BD%D0%BE%D0%B2%D0%BE%D0%B9/Petukhov_16January/audusd2.PNG

 

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Forex trading plan for January 19

 

https://www.youtube.com/watch?v=fMRasEzaUg4

Sanctions were lifted from Iran, and oil traded close to 13-year lows, though in general the market has tried to stabilize. On Tuesday the markets will be tested by Chinese statistics. Annual GDP growth rate is expected to stay at 6.9%, while the growth rate slowed down from 6.2% to 6.0%, while the retail sales growth rate slightly increased from 11.2% to 11.3%.

 

EUR/USD remains generally in range. On the upside the single currency is limited by the ECB meeting on Thursday: monetary easing this time is unlikely, though Mario Draghi will likely share bearish comments. Risk of weaker data from China is a supportive factor for the euro. The euro area will release ZEW economic sentiment index. Support is at 1.0880 and 1.0800, resistance is at 1.0940 and 1.1000.

 

GBP/USD fell to the bottom of the descending channel and the 2010 low at 1.4228. The pound is oversold, but taking into account the general situation, there’s the risk that support won’t hold. The UK will release inflation data at 09:30 GMT, but these data are unlikely to provide pound with significant support. If pound breaks below 1.4228, selling will accelerate and the pair will fall to 1.4100 and lower. Resistance is at 1.4360 and 1.4400. We'll look for buying opportunities at EUR/GBP in case of return to 0.7500.

 

USD/JPY found support at 116.50, but is in no hurry to get higher. The technical picture remains negative. Resistance is at 117.50/75 and 118.00. Support is at 117.00 and 116.50.

 

AUD/USD broke below the bottom of the previous trading range on Friday (1.6926) and fell below 2015 low (0.6896). The main scenario is the continuation to the downside, to 0.6775. The next resistance after0.6926 is at 0.7000.

 

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USD/JPY: buy target - 118.70

19 January 2016

By: Dmitriy Chernovolov

 

-USD/JPY reversed from support zone

-Next buy target - 118.70

 

USD/JPY continues to rise after the recent sharp upward reversal from the support zone lying at the intersection of the following support levels – the major long-term support level 116.20 (which has been reversing the price from December of 2014), the lower daily Bollinger Band and the 38.2% Fibonacci correction of the previous weekly upward impulse from the middle of 2014.

 

The upward reversal from the aforementioned support zone completed the previous minor correction 2 of the intermediate impulse wave (3) from August. USD/JPY is likely to rise further from the current levels toward the next buy target at the resistance level 118.70.

 

http://fxbazooka.com/upload/freelance/tiny/DIMA%20CHE/USDJPY%20-%20Primary%20Analysis%20-%20Jan-19%201124%20AM%20(1%20day).png

 

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GBP/CHF: buy target - 1.4530

19 January 2016

By: Dmitriy Chernovolov

 

-GBP/CHF completed primary ABC correction ②

-Next buy target - 1.4530

 

GBP/CHF recently reversed up sharply from the strong support zone lying between the lower daily Bollinger Band and the support level 1.4230 (which also previously stopped the second intermediate correction (2) in June of 2015, as you can see below). The upward reversal from the support level 1.4230 stopped the earlier sharp intermediate ©-wave – which belongs to the extended primary ABC correction ② from last August.

 

GBP/CHF is likely to rise further in the active impulse waves 1 and (1) toward the next buy target at the next resistance level 1.4530 (previous strong multi-month support from last October).

 

http://fxbazooka.com/upload/freelance/tiny/DIMA%20CHE/GBPCHF%20-%20Primary%20Analysis%20-%20Jan-19%201120%20AM%20(1%20day).png

 

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Forex trading plan for January 20

 

By Kira Iukhtenko

 

https://www.youtube.com/watch?v=YfJDTXzQD_8

 

EUR/USD consolidates around the 1.0900 mark. Market volatility remains subdued these days, but we expect the pair to break out of the current range in the coming sessions. The forthcoming ECB meeting on Thursday is a negative factor for the euro. Get ready to SELL the pair when the selling momentum increases ahead of the meeting. Major support lies at 1.0800.

 

GBP/USD remains a SELL as well. The BOE governor Marc Carney killed the optimism by saying that “it’s not the right moment” to discuss a rate hike in the current market conditions. Watch the UK labor market data on Wednesday. Average earnings growth are expected to have slowed down. If confirmed, the news will likely pressure the UK currency. Next support to watch is 1.4100.

 

USD/CAD will be influenced by the Bank of Canada decision tomorrow. According to the consensus forecast, the regulator will cut interest rates to 0.25%. That is why we expect the pair to grow after the current short-term consolidation.

 

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USD/CAD: buy targets - 1.4800 and 1.5000

20 January 2016

By: Dmitriy Chernovolov

 

-USD/CAD reached buy target 1.4600

-Next buy targets - 1.4800 and 1.5000

 

USD/CAD continues to rise – after the earlier sharp breakout of the resistance level 1.4600, which was set as the buy target in our previous forecast for this currency pair. The breakout of this resistance level continues the active minor impulse waves (iii) and 5 – which are a part of the intermediate impulse wave (3) from October of 2015. The breakout of the resistance level 1.4600 is likely to accelerate the upward movement of this currency pair in the coming trading sessions.

 

USD/CAD is likely to rise further toward the next buy targets at the resistance levels 1.4800 and 1.5000 (forecast price calculated for the termination of the active intermediate impulse wave (3)).

 

http://fxbazooka.com/upload/freelance/tiny/DIMA%20CHE/USDCAD%20%20-%20Primary%20Analysis%20-%20Jan-20%201111%20AM%20(1%20day).png

 

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https://fxbazooka.com/en/analitycs/show/7641

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Forex Analytics

 

GBP/USD: sell targets - 1.4100 and 1.4000

20 January 2016

By: Dmitriy Chernovolov

 

-GBP/USD falling inside accelerated impulse waves 5 and (3)

-Next sell targets - 1.4100 and 1.4000

 

GBP/USD has been falling sharply in the last few trading sessions – following the earlier breakout of the support level 1.4500, which was set as the sell target in our previous forecast for this currency pair. The breakout of the support level 1.4500 accelerated the active impulse waves 5 and (3) – leading to the sharp sell-off in the last few trading sessions and the breakout of the support levels 1.4400 and 1.4200.

 

With the daily Momentum reaching new multi-month lows, GBP/USD is likely to continue to fall in the accelerated downward impulse waves 5 and (3) toward the next sell targets1.4100 and 1.4000 (forecast price for the completion of the active impulse 5).

 

http://fxbazooka.com/upload/freelance/tiny/DIMA%20CHE/GBPUSD%20%20-%20Primary%20Analysis%20-%20Jan-20%201140%20AM%20(1%20day).png

 

More:

https://fxbazooka.com/en/analitycs/show/7642

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