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EUR/USD: sell target -1.1150

21 March 2016

By: Dmitriy Chernovolov

 

-EUR/USD reversed from pivotal resistance level 1.1340

-Next sell target -1.1150

 

EUR/USD recently reversed down from the pivotal resistance level 1.1340, which previously reversed the price strongly at the start of February, as can be seen from the daily EUR/USD chart below. The resistance zone near the resistance level 1.1340 was strengthened by the upper daily Bollinger Band. The downward reversal from the resistance level 1.1340 stopped the active minor impulse wave 3 of the intermediate ©-wave from the start of December.

 

Given the overbought reading on the daily Stochastic indicator and the strength of the resistance level 1.1340 - EUR/USD can be expected to fall further from the current levels toward the next sell target at the support level 1.1150.

 

http://fxbazooka.com/upload/freelance/tiny/DIMA%20CHE/Mar-21%20EURUSD%20-%20Primary%20Analysis%20-%201133%20AM%20(1%20day).png

 

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Forex trading plan for March 22

21 March 2016

By Elizabeth Belugina

 

Global stock markets showed mixed picture, as investors were unsure. On the one hand, the US Federal Reserve’s more dovish approach is good for the market’s sentiment. On the other hand, oil was under pressure after the first increase in US drilling rigs this year.

 

EUR/USD kept correcting down from last week’s highs. The retracement may continue to 1.1220 and 1.1145 (23.6% and 38.2% Fibo of February-March advance). Watch the euro area’s key March manufacturing and services PMIs at 08:00-09:00 GMT. German and European ZEW economic sentiment index is due at 10:00 GMT. Depending on the data the market will or will not expect more easing from the central bank. Rise above 1.1375 is needed to open way up to 1.1500.

 

British pound is affected by Brexit concerns and political problems in the UK (British work and pensions secretary Iain Duncan Smith, a supporter of Brexit, resigned over the weekend). The nation will release inflation figures at 09:30 GMT. The forecast for February CPI is rather positive, though public sector net borrowing is expected to increase. The pair will likely test support at 1.4350 and 1.4280, though there still is buying interest for pound, so have cautious targets. Resistance is at 1.4435 and 1.4515.

 

USD/JPY will likely recover from 111.00 to 112.30/113.00 if the risk the market’s sentiment improves. However, the overall picture remains bearish. Below 111.00 the greenback will be vulnerable for a decline to the psychological mark of 110.00.

 

AUD/USD was supported by another increase in iron ore prices. Yet, it will be interesting to hear the comments from the Reserve Bank’s Governor Stevens at 05:30 GMT: the RBA doesn’t like high national currency and may try to talk it down. The pair reached 61.8% Fibo at 0.7675 last week and may retreat to 0.7530/00 before resuming growth.

 

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EUR/USD: bears become wedged

22 March 2016

Sergey Logachev

 

http://fxbazooka.com/upload/freelance/tiny/technical/mar2016/22/22-3-2016-EUR-H4.png

 

There’s a “Double Top” pattern, which has been confirmed. The price faced a support at 1.1245, so we’ve got a downward correction in progress. It’s likely to see the market lower. If the pair forms a pullback from a support area at 1.1217 – 1.1193, then bulls will probably return and try to reach a resistance at 1.1305 – 1.1337.

 

http://fxbazooka.com/upload/freelance/tiny/technical/mar2016/22/22-3-2016-EUR-H1.png

 

We’ve got a downward flat in a range of possible “Wedge” pattern. If a pullback from its upper side appears, then the price is likely going to reach the lower side and a support at 1.1193. Finally, there’s an opportunity to see bulls on the market again, so a resistance at 1.1305 – 1.1337 is a still important.

 

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GBP/USD: decline after the "Double Top"

22 March 2016

Sergey Logachev

 

http://fxbazooka.com/upload/freelance/tiny/technical/mar2016/22/22-3-2016-GBP-H4.png

 

The last flat was finally broken by bears. Previously, a “Double Top” was formed at the last high, which led to current downward movement. The market is likely going to reach a support at 1.4343 – 1.4305. If sellers be stopped here, then buyers will have a chance to achieve a resistance at 1.4515.

 

http://fxbazooka.com/upload/freelance/tiny/technical/mar2016/22/22-3-2016-GBP-H1.png

 

As we can see on the one-hour chart, the current local trend is a still bullish. There’s a “Double Top” pattern, which has been confirmed. The pair reached a support at 1.4371, which led to a local flat. It’s likely that the flat will be finally broken by bears, so a support at 1.4343-1.4305 is going to be the main target. At the same time, if a pullback from this area appears, then bulls might take a revenge and focus on a resistance at 1.4515.

 

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EUR/USD: bears broken the "Window"

22 March 2016

Galina Svetlova

 

http://fxbazooka.com/upload/freelance/tiny/technical/mar2016/22/2203eurusdh4.png

 

There’re a “High Wave” and a “Tweezers” at the last high. The last “Window” has been broken by the huge bearish candle. Therefore, the next “Window” is likely going to act as a support. As we can see on the Daily chart, here’s a “Harami”, which has been confirmed, so we can expect a further decline.

 

http://fxbazooka.com/upload/freelance/tiny/technical/mar2016/22/2203eurusdh1.png

 

The price has reached the 89 Moving Average line, so it's possible to see any kind of bullish pattern and a local rise afterwards. After that, bears are likely going to taste the nearest “Window”.

 

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Trading plan for March 23

22 March 2016

By Kira Iukhtenko

 

https://www.youtube.com/watch?v=vAI1RIyQEl8

 

Market sentiment turned negative after the Brussels events on Tuesday. EUR/USD dipped to 1.1185, but note that the pullbacks are bought. Euro zone’s economic calendar is rather light, so the market will be driven mostly by the US news in the coming days. From the technical viewpoint, I’d rather not be buying euro at the current levels. Major support is seen at 1.1200 and we need a daily close lower to change the view to bearish.

 

GBP/USD is developing a bearish move as well. Weak UK inflation figures on Tuesday strengthened the selling pressure on the pair. There are no important releases to watch tomorrow, while on Thursday we will be watching the retail sales figures. Break below 1.4250 (50% Fibo) opens the way to 1.4150 in the coming days.

 

Dips in AUD/USD are also liquidated quickly – the pair recovered back above 0.7600 on Tuesday. Nexttargetliesat 0.7670. Thepairisnotoverbought. Meanwhile, USD/JPY broke from the lower boundary of the consolidative range. We expect the bearish trend to be extended with the medium term target at 110.00.

 

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EUR/USD: "pennant" arrived

23 March 2016

Sergey Logachev

 

http://fxbazooka.com/upload/freelance/tiny/technical/mar2016/23/23-3-2016-EUR-H4.png

 

The pair has been declining since a “Double Top” arrived at the last high. The price faced a support at 1.1193, but bears is likely going to reach the next support level at 1.1159. If we see a pullback from here, then bulls will have a chance to achieve a resistance area between the levels 1.1273 – 1.1305.

 

http://fxbazooka.com/upload/freelance/tiny/technical/mar2016/23/23-3-2016-EUR-H1.png

 

The market found a support at 1.1193, which led to the current correction. There’s a possible “Pennant”, so sellers are likely going to reach a support area between the 89 Moving Average line and the level 1.1159. If bears be stopped somewhere in here, then the price will have an opportunity to achieve a resistance at 1.1245 – 1.1273.

 

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GBP/USD: bearish "flag"

23 March 2016

Sergey Logachev

 

http://fxbazooka.com/upload/freelance/tiny/technical/mar2016/23/23-3-2016-GBP-H4.png

 

There’s a confirmed “Double Top” pattern, which led to the current downward movement. It’s likely to see the market lower. If a pullback from the level 1.4117 appears, then bulls will probably take a revenge and try to reach a resistance area 1.4305 – 1.4343.

 

http://fxbazooka.com/upload/freelance/tiny/technical/mar2016/23/23-3-2016-GBP-H1.png

 

The price has been declining since a pullback from the support level 1.4196 arrived. There’s a possible “Flag” pattern, so bears are likely going to break its lower side. The main support line is 1.4117, so if sellers be stopped here, then buyers will have a chance to acheve a resistance at 1.4247 – 1.4286.

 

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USD/JPY: "Window" on focus again

23 March 2016

Galina Svetlova

 

http://fxbazooka.com/upload/freelance/tiny/technical/mar2016/23/2303usdjpyH4.png

 

There’s a local bullish movement on the four-hour chart. Moreover, we’ve got a possible a “Three Methods” pattern in progress. When the current rise ends, the price is likely going to reach the nearest support line. As we can see on the Daily chart, here’s a “Hammer” at the last low, which has been confirmed. The pair went back to the previously broken “Window”. If any bearish pattern arrived, then a downward movement will probably resume.

 

http://fxbazooka.com/upload/freelance/tiny/technical/mar2016/23/2303usdjpyH1.png

 

We’ve got a “Shooting Star” at the local high, but then the nearest support line wasn't broken afterwards. There’s a “Three Methods” on the 144 Moving Average, so the upward movement is likely going to be continued until any bearish pattern forms.

 

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https://fxbazooka.com/en/analitycs/show/8359

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GBP/CAD: sell target – 1.8400

23 March 2016

By: Dmitriy Chernovolov

 

-GBP/CAD reached sell targets 1.8800 and 1.8660

-Next sell target – 1.8400

 

GBP/CAD recently broke sharply through the support levels 1.8800 and 1.8660 (low of the previous minor impulse wave (i)) - both of which were set as the sell targets in our previous forecast for this currency pair. The breakout of these support levels accelerated the active minor impulse wave 3 – which belongs to the sharp intermediate ©-wave from the middle of December.

 

GBP/CAD is likely to fall further toward the next sell target at the support level 1.8400 (target price for the termination of the active minor impulse sub-wave (iii)). Sell stop-loss can be placed above the recently broken price level 1.8660.

 

http://fxbazooka.com/upload/freelance/tiny/DIMA%20CHE/Mar-23%20%20GBPCAD%20-%20Primary%20Analysis%20-.png

 

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Forex trading plan for March 24

23 March 2016

By Elizabeth Belugina

 

Global risk sentiment, which worsened after bomb attacks in Brussels, managed to recover. US dollar index kept correcting up on more hawkish comments from the Federal Reserve officials and has space to get higher. Philadelphia Fed President Patrick Harker said that the Fed should consider another interest rate hike as early as in April if US economic continues improving. FOMC member Bullard will speak once again at 12:15 GMT on Thursday. In addition, America will release core durable goods orders at 12:30 GMT (negative forecast) as well as the unemployment claims.

 

EUR/USD keeps declining and will likely test the next Fibo level at 1.1145. Next support is vat 1.1080 and 1.1050. Resistance is at 1.1220 ahead of 1.1270. The ECB Board Member Sabine Lautenschlaeger said that interest rates could also go lower, though the Bundesbank head Jens Weidmann claimed that the ECB went too far in March, so opinions differ. There will be no market moving data from the euro area on Thursday.

 

GBP/USD slid to 1.4150. Britain will release retail sales at 09:30 GMT. The forecast is negative (-0.7%). Brexit uncertainty remains on the table. In these conditions, the pound will be vulnerable to 1.4095, 1.4050 (March 16 low) and 1.4000.

 

USD/JPY has almost reached 113.00 (trend line resistance) and may get to 114.00 if it fixes above 113.00 as traders begin to price in potential increase of the Bank of Japan’s monetary stimulus in April. Support is at 112.30, 111.00 and 111.00.

 

AUD/USD is overbought and needs to correct down to 0.7530/00 and probably even lower before it resumes growth. There is a Bank holiday in Australia and New Zealand on Thursday.

 

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EUR/USD: bears ready to tear "pennant" to pieces

24 March 2016

Sergey Logachev

 

http://fxbazooka.com/upload/freelance/tiny/technical/mar2016/24/24-3-2016-EUR-H4.png

 

The pair has been declining since a “Double Top” pattern arrived at the last high. Despite of a support by the 34 Moving Average, it's likely that the price is going to reach an area near the trend line and the 55 & 89 Moving Averages. If a pullback appears somewhere in here, then bulls will probably return to the market and try to achieve a resistance at 1.1245 – 1.1273.

 

http://fxbazooka.com/upload/freelance/tiny/technical/mar2016/24/24-3-2016-EUR-H1.png

 

As we can see on the one-hour chart, the market has faced a support at 1.1188, which led to the current correction. There's a possible “Pennant”, so the price is likely going to break this pattern and reach a support at 1.1124. If we see a pullback afterwards, then the pair will probably start rising towards a resistance at 1.1237.

 

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https://fxbazooka.com/en/analitycs/show/8364

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GBP/USD: one more "flag"

24 March 2016

Sergey Logachev

 

http://fxbazooka.com/upload/freelance/tiny/technical/mar2016/24/24-3-2016-GBP-H4.png

 

The market has been falling down since a “Double top” pattern formed. Moreover, bears broken a local trend line, but finally a support was found in the area 1.4117 – 1.4052. In the short term the price is likely going to decline towards a support at 1.4042 – 1.4018. If we see a pullback from here, then bulls will probably start an upward correction.

 

http://fxbazooka.com/upload/freelance/tiny/technical/mar2016/24/24-3-2016-GBP-H1.png

 

There’s an actual support at 1.4117 – 1.4052, which led to the current consolidation. It’s very likely that we see a “Flag” pattern in progress, so the market is probably going to reach a support at 1.4042. If bears be stopped here, then bull will have an opportunity to achieve a resistance at 1.4193.

 

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https://fxbazooka.com/en/analitycs/show/8365

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EUR/USD: "window" stopped the bearish rally

24 March 2016

Galina Svetlova

 

http://fxbazooka.com/upload/freelance/tiny/technical/mar2016/24/2403eurusdh4.png

 

There’s a “Three Methods” pattern at the last low, but it’s very likely to see a support on the upper side of nearest “Window” and the 55 Moving Average line. As we can see on the Daily chart, the last candles are bearish. Previously, a «Harami» and a «Three Black Crows» have been formed at the local high. So, the downward movement is likely going to be deeper until any bullish pattern forms.

 

http://fxbazooka.com/upload/freelance/tiny/technical/mar2016/24/2403eurusdh1.png

 

We’ve got a bearish movement on the one-hour chart. The price has been declining under the Moving Average lines and reached the nearest “Window”, which can act as a support and bring any kind of bullish pattern. Therefore, the market is likely going to achieve the Moving Average, but if we see a pullback from any of these lines, then bears will have a chance to taste the “Window” once again.

 

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USD/JPY: new "high wave" arrived

24 March 2016

Galina Svetlova

 

http://fxbazooka.com/upload/freelance/tiny/technical/mar2016/24/2403usdjpyH4.png

 

The market has been rising since an “Engulfing” and a “High Wave” arrived at the last low. In case we’ve got a “Mat Hold”, the upward correction has a reason to be continued. It’s a still possible to see a local downward correction, but then bulls are probably going to reach the 89 Moving Average. As we can see on the Daily chart, the price broke the last “Window” once again, so it’s likely that today’s candle will close above it.

 

http://fxbazooka.com/upload/freelance/tiny/technical/mar2016/24/2403usdjpyH1.png

 

There’s a bullish movement on the one-hour chart. Moreover, the pair has found a lodgement above the 144 Moving Average. We've got a “High Wave” at the last maximum, but it hasn't confirmed yet. So, the downward correction is a likely possible, but then bulls are probably going to set up a new rally, which can going on until any bearish pattern forms.

 

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https://fxbazooka.com/en/analitycs/show/8370

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USD/JPY: buy target - 114.00

24 March 2016

By: Dmitriy Chernovolov

 

-USD/JPY reversed from major support level 111.00

-Next buy target - 114.00

 

USD/JPY continues to rise inside the minor corrective wave (ii) – which started earlier, when the pair reversed up from the major support level 111.00 (which reversed previous waves 3 and (b), as can be seen from the daily USD/JPY chart below). The support zone near the support level 111.00 was strengthened by the lower daily Bollinger Band.

 

Given the clear bullish divergence that can be seen on the daily Stochastic indicator - USD/JPY can be expected to rise further from the current levels toward the next buy target at the resistance level 114.00 (which has been reversing the price from the start of this month).

 

http://fxbazooka.com/upload/freelance/tiny/DIMA%20CHE/Mar-24%20USDJPY%20-%20Primary%20Analysis.png

 

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https://fxbazooka.com/en/analitycs/show/8372

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Trading plan for March 25

24 March 2016

Kira Iukhtenko

 

https://www.youtube.com/watch?v=r7M729jfuz4

 

US currency regained some power during the past couple of days. However, on Thursday the rally was paused by the mixed US data releases. On Friday, European markets will be closed due to the Easter holidays, so liquidity will likely stay thin. The only release to watch in the economic calendar is the final US Q4 GDP. According to the forecast, no revisions is expected (+1.0%), buy any surprises will clearly move the markets.

 

EUR/USD is retracing after the last weeks impressive rally. The pair tested 1.1150 on Thursday. In my view, we are moving to the 1.1050 support. The picture will stay bearish below 1.1220 (local highs).

 

Meanwhile, GBP/USD slowed the decline on Thursday. US retail sales data turned to be better than expected. Support to watch - 1.4050, there is a strong buying interest at these levels.

 

USD/JPY remains in a bullish channel since March 17. However, the 113 yen figure remains a strong barrier. We see space for a decline to 112.20 in the coming sessions.

 

AUD/USD fell below 0.7600. In my view, the pair has potential for a decline to 0.7380 in the current overbought conditions.

 

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https://fxbazooka.com/en/analitycs/show/8375

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EUR/USD: the third "pennant" in a row

25 March 2016

Sergey Logachev

 

http://fxbazooka.com/upload/freelance/tiny/technical/mar2016/25/25-3-2016-EUR-H4.png

 

The market has faced a support at 1.1156, which led to the current upward correction. Nevertheless, it’s likely to see the price a little bit lower in the short term. If a pullback from a support at 1.1124 appears, then bull will probably try to reach a resistance between the levels 1.1217 – 1.1245.

 

http://fxbazooka.com/upload/freelance/tiny/technical/mar2016/25/25-3-2016-EUR-H1.png

 

We’ve got a flat in progress above the upper side (1.1145) of support zone. There’s a possible “Pennant” pattern, so its lower side is likely going to be broken during the day. If so, the downward movement is going to reach a support at 1.1124. If bears be stopped here, then bull will have a chance to achieve a resistance area between the level 1.1237 and the 55 Moving Average.

 

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https://fxbazooka.com/en/analitycs/show/8378

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GBP/USD: "thorn" overset the bear's plans

25 March 2016

Sergey Logachev

 

http://fxbazooka.com/upload/freelance/tiny/technical/mar2016/25/25-3-2016-GBP-H4.png

 

The pair has found a support at 1.4052, so currently we've got an upward correction. There's a possible “Thorn” pattern, so a rise is likely going to reach a resistance at 1.4282, but at first the price might test a support at 1.4042 once again.

 

http://fxbazooka.com/upload/freelance/tiny/technical/mar2016/25/25-3-2016-GBP-H1.png

 

We’ve got a “V-Bottom” at the last low, which led to the current correction. Previously, the price has faced a support at 1.4052. In the short term the market is likely going to taste a support at 1.4042. If a pullback from this level appears, then buyers will have an opportunity to achieve a resistance area between the level 1.4193 and the 34 Moving Average.

 

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https://fxbazooka.com/en/analitycs/show/8379

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EUR/USD: "harami" are on the both sides

25 March 2016

Galina Svetlova

 

http://fxbazooka.com/upload/freelance/tiny/technical/mar2016/25/2503eurusdh4.png

 

There's one more “Three-Line Strike” pattern at the local low, so the market is likely going to decline towards the nearest “Window”. As we can see on the Daily chart, we’ve got a “Harami” and a “Three Black Crows” at the last high. The last candles are bearish, but considering their quite big lower shadows it’s likely to see a local upward correction.

 

http://fxbazooka.com/upload/freelance/tiny/technical/mar2016/25/2503eurusdh1.png

 

The pair has been falling down under the Moving Average lines. The last candle patterns are various, so currently we’ve got a flat. It’s likely that the price is going to taste the Moving Average lines once again. If it brings one more pullback and any kind of bearish pattern, then the lower “Window” will act as a main support.

 

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https://fxbazooka.com/en/analitycs/show/8382

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EUR/GBP: sell target - 0.7800

25 March 2016

By: Dmitriy Chernovolov

 

-EUR/GBP reversed from resistance zone

-Next sell target - 0.7800

 

EUR/GBP recently reversed down from the resistance zone lying between the pivotal resistance level 0.7920 (which reversed the previous impulse waves ① and (1), as can be seen from the daily EUR/GBP chart below) and the upper daily Bollinger Band. The downward reversal from this resistance zone stopped the active intermediate impulse wave (3), which belongs to the primary upward impulse ③ from the start of this month.

 

Given the strength of the resistance level 0.7920 and the overbought reading on the daily Stochastic indicator - EUR/GBP can be expected to correct down from the current levels toward the next sell target at the support level 0.7800.

 

http://fxbazooka.com/upload/freelance/tiny/DIMA%20CHE/Mar-25%20EURGBP%20-%20Primary%20Analysis.png

 

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https://fxbazooka.com/en/analitycs/show/8383

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EUR/USD: "pennant" has become bigger

28 March 2016

Sergey Logachev

 

http://fxbazooka.com/upload/freelance/tiny/technical/mar2016/28/28-3-2016-EUR-H4.png

 

There’s a flat along a support line at 1.1156. It’s likely that the market is going to reach a support area between the 89 Moving Average and the level at 1.1079. If we see a pullback from this area, then bulls will have an opportunity to achieve a resistance area between the 55 & 34 Moving Average lines.

 

http://fxbazooka.com/upload/freelance/tiny/technical/mar2016/28/28-3-2016-EUR-H1.png

 

We've got a flat in progress under the Moving Average lines. There's a possible “Pennant” pattern, so its lower side is likely going to be broken soon. If a pullback from a support at 1.1079 appears, then the pair can start an upward movement towards a resistance at 1.1158.

 

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https://fxbazooka.com/en/analitycs/show/8399

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GBP/USD: support is waiting

28 March 2016

Sergey Logachev

 

http://fxbazooka.com/upload/freelance/tiny/technical/mar2016/28/28-3-2016-GBP-H4.png

 

The pair has been moving in a range along a support at 1.4117. It's likely to see the market lower in the short term. In case of a possible pullback from a support at 1.4042, the price will have a chance to taste a resistance at 1.4193.

 

http://fxbazooka.com/upload/freelance/tiny/technical/mar2016/28/28-3-2016-GBP-H1.png

 

There's a probable “Pennant” on the one-hour chart, so the price is likely going to break its lower side. If bears be stopped on a support line at 1.4042, then bulls will likely try to reach a resistance area between the levels 1.4117 – 1.4155.

 

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https://fxbazooka.com/en/analitycs/show/8405

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EUR/USD: "window" acted as a strong support

28 March 2016

Galina Svetlova

 

http://fxbazooka.com/upload/freelance/tiny/technical/mar2016/28/2803eurusdh4.png

 

There's a “Tweezers” pattern at the last low, which has been formed above the nearest “Window” area. So, it’s likely that the price is going to reach the upper “Window”. If we see a pullback from it, then bears will have a chance to return to the market. As we can see on the Daily chart, after a “Harami” and a “Three Black Crows” have been formed, we’ve got series of bearish candles. Despite of there isn’t any reversal pattern, a possibility of local correction is still on the table.

 

http://fxbazooka.com/upload/freelance/tiny/technical/mar2016/28/2803eurusdh1.png

 

We’ve got a flat above the lower “Window”. There’s a “Engulfing Bullish” at the local low, which has been confirmed by the following “Three Methods” pattern. In the short term the market is likely going to taste the “Window” once again and try to achieve the nearest resistance afterwards.

 

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https://fxbazooka.com/en/analitycs/show/8408

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Forex Analytics

 

EUR/JPY: buy target - 127.30

28 March 2016

By: Dmitriy Chernovolov

 

-EUR/JPY rising inside minor corrective wave 2

-Next buy target - 127.30

 

EUR/JPY continues to rise inside the minor corrective wave 2 – which started earlier – when the price reversed up from the support zone lying between the support level 125.00 and the 50% Fibonacci correction of the previous sharp ABC correction (4) from the end of February. The upward reversal from this support zone created the daily Japanese candlesticks reversal pattern Hammer Doji – which started the active minor corrective wave 2.

 

EUR/JPY is likely to rise further in the active minor correction 2 toward the next buy target at the resistance level 127.30 (which stopped the previous intermediate correction (4)). Strong support remains at 125.00.

 

http://fxbazooka.com/upload/freelance/tiny/DIMA%20CHE/Mar-28%20EURJPY%20-%20Primary%20Analysis.png

 

More:

https://fxbazooka.com/en/analitycs/show/8409

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