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EUR/USD: bulls going even higher 3/13/2017 Bulls faced a resistance at 1.0713, but the market is likely going to continue moving up towards the next resistance at 1.0732 – 1.0754. If a pullback from this area happens, there’ll be an opportunity to have a downward correction, so we should keep an eye on a support at 1.0678 – 1.0655 as a possible bearish target. The price is consolidating between the levels 1.0698 – 1.0707. Meanwhile, the pair is likely going to achieve the nearest resistance at 1.0732 – 1.0739 during the day. However, if we see a pullback from these levels, bears will probably try to reach a support at 1.0678 – 1.0666. More: https://new.fxbazooka.com/analytics/12829

Morning brief for March 13 3/13/2017 The US dollar weakened against its major peers at the beginning of this eventful week with BoE, BoJ, Fed’s monetary policy settings, G20 meeting, a potentially divisive election in the Netherlands. EUR/USD is trading above 1.0700. The European currency hit the 1.0640 – 1.0690 levels after the ECB officials were said to have considered their ability to hike before the expiration of QE program. The pair may continue its rally towards 1.0750/1.0800. A further extension will be challenged by the political events and broad strengthening of USD. Worries about EU future remain in place as we approach Wednesday’s parliamentary election in the Netherlands with odds that far-right party manages to win a substantial share of votes. Today keep in focus the ECB President Draghi’s speech. He will deliver an opening address at an entrepreneurship conference in Frankfurt; the ECB monetary policy decision might be discussed. Aussie led gains against its American counterpart haven risen to 0.7560. The off for further gains are still unclear. We would expect AUD consolidating in the range of 0.7490/0.7620 until G20 meeting, the first meeting with participation of the Trump’s administration representative. Protectionist trade policies might be on the agenda. The country leaders may also voice their intentions to reduce trade imbalances. Kiwi showed some strength in the Asian session haven risen to 0.6940. We don’t expect a further extension from NZD/USD currency pair. NZ dollar will likely be driven by its US counterpart in the course of the week. In the meanwhile, the pair will likely be trading sideways within 0.6880/0.6980 levels. USD/JPY slipped to 114.70 on the session. Earlier this morning we had Japan’s PPI edging higher and disappointing core machine orders release. Today’s economic calendar for the pair is fairly light. So, the trading will be rather subdued without massive peaks and troughs. GBP/USD ticked up to 1.2180. The main focus of this week will the BoE meeting scheduled for March 16. Most market analysts expect BoE not changing its current monetary policy stance. Today, the house of Commons is set to debate and vote over whether to accept the amendments introduced by the upper chamber to the draft law granting UK PM Theresa May the power to trigger Brexit. In the case of the positive vote, Ms.May will be able to invoke Article 50 of the Lisbon Treaty as soon as Tuesday which allows her to start talks with the EU on April 6. More: https://new.fxbazooka.com/analytics/12828

AUD/USD: correction may continue to Cloud 3/13/2017 Technical levels: support – 0.7540, 0.7490; resistance – 0.7580, 0.7610. Trade recommendations: 1. Sell — 0.7590; SL — 0.7610; TP1 — 0.7540; TP2 — 0.7480. Reason: bearish Ichimoku Cloud, but rising Senkou Span A; a dead cross of Tenkan-sen and Kijun-sen, but rising Tenkan-sen; the prices are breakout the Kijun-sen. More: https://new.fxbazooka.com/analytics/12827

GBP/USD: pound entered into channel Tenkan-Kijun 3/13/2017 Technical levels: support – 1.2160; resistance – 1.2200/15 . Trade recommendations: 1. Sell — 1.2200; SL — 1.2220; TP1 — 1.2100; TP2 — 1.2060. Reason: expanding bearish Ichimoku Cloud, falling Senkou Span A and B; a dead cross of Tenkan-sen and Kijun-sen; the prices are in the channel Tenkan-Kijun. More: https://new.fxbazooka.com/analytics/12826

NZD/USD: kiwi caught a Bat 3/13/2017 On the NZD/USD daily chart, target 88.6% in the "Bat" pattern has been implemented. At the present time, this pattern can be transformed into 5-0. This implies a 50% correction in the direction of 0.7070 and restoration of the downtrend. On the NZD/USD hourly chart, there is consolidation after the breakout of the downtrend. There can be an accumulation of long positions or closing of short positions by the major market participants. To develop a corrective movement, the "bulls" will need to test the resistance at 0.6955. Recommendation: BUY 0,6955 SL 0,69 TP 0,707. More: https://new.fxbazooka.com/analytics/12825

USD/JPY: bulls are doubting in their strength 3/13/2017 On the USD/JPY daily chart, within the inverted "Head and shoulders" and "Bat" patterns, a pin bar was formed. It is a signal of the bulls' weakness. If the "bears" manage to keep quotes below the 114.65 level, the prices may fall towards the upper boundary of the downward trading channel (112.7). On the USD/JPY hourly chart, the breakout of the support at 114.65 will push the quotes lower towards 114 and 113.8. The nearest resistance is located near the 115.15 mark. Recommendations: SELL 114,65 SL 115,2 TP1 113,8 TP2 112,7, BUY 115,15 SL 114,6 TP 116,8. More: https://new.fxbazooka.com/analytics/12824

Key option levels for Monday, March 13th 3/11/2017 * Data about changes in the open interest will be available on Monday after 01:50 CT (Central Time) * UPDATED EUR/USD Main trend Short-term period Medium-term period Bearish Neutral Changes in the open interest + 89 456 ? + 44 668 ? Closest resistance levels 1.0691; 1.0715; 1.0741; 1.0770 Closest support levels 1.0651; 1.0615; 1.0593; 1.0569 Trading recommendations Baseline scenario (High risk of reversal) Short EUR/USD below 1.0651, with target points at 1.0615 and 1.0593 Alternative scenario Moving above 1.0691 can be considered as a signal to Buy the pair, with target at 1.0715 and 1.0741 GBP/USD Main trend Short-term period Medium-term period Bearish Bearish Changes in the open interest + 631 ? - 84 ? Closest resistance levels 1.2206; 1.2275; 1.2295; 1.2331 Closest support levels 1.2139; 1.2100; 1.2075; 1.2047 Trading recommendations Baseline scenario Short GBP/USD below 1.2139, with target points at 1.2100 and 1.2075 Alternative scenario Moving above 1.2206 can be considered as a signal to Buy the pair, with target at 1.2275 and 1.2295 USD/CAD Main trend Short-term period Medium-term period Bearish Bullish Changes in the open interest + 152 ? - 20 ? Closest resistance levels 1.3479; 1.3503; 1.3537; 1.3589 Closest support levels 1.3443; 1.3423; 1.3374; 1.3335 Trading recommendations Baseline scenario Short USD/CAD below 1.3443, with the target points at 1.3423 and 1.3374 Alternative scenario Moving above 1.3479 can be considered as a signal to Buy the pair, with target at 1.3503 and 1.3537 AUD/USD Main trend Short-term period Medium-term period Bearish Bearish Changes in the open interest + 199 ? + 220 ? Closest resistance levels 0.7551; 0.7575; 0.7593; 0.7616 Closest support levels 0.7524; 0.7499; 0.7462; 0.7435 Trading recommendations Baseline scenario Short AUD/USD below 0.7524, with the target points at 0.7499 and 0.7462 Alternative scenario Moving above 0.7551 can be considered as a signal to Buy the pair, with target at 0.7575 and 0.7593 More: https://new.fxbazooka.com/analytics/12822

CHF/JPY broke resistance level 113.70 3/10/2017 CHF/JPY broke resistance level 113.70 Next buy target - 115.40 CHF/JPY continues to rise after the earlier breakout of the resistance level 113.70 (which reversed the previous intermediate ABC correction ( in February, as can be seen below). The breakout of the resistance level 113.70 follows the earlier breakout of the daily Falling Wedge chart pattern from January. The breakout of this Falling Wedge and of the resistance level 113.70 accelerated the active primary impulse wave ③. CHF/JPY is expected to rise to the next buy target at the next strong resistance level 115.40 (which stopped the previous long-term upward impulse ① in December). More: https://new.fxbazooka.com/analytics/12821

USD/JPY reached buy target 115.00 3/10/2017 USD/JPY reached buy target 115.00 Next buy target – 117.00 USD/JPY recently broke above the resistance level 115.00 (which was set as the buy target in our earlier forecast for this currency pair). The breakout of the resistance level 115.00 accelerated active minor impulse wave (iii) from the end of February. The price earlier broke above the resistance trendline of the daily down channel from January – which intensified the bullish pressure on this currency pair. USD/JPY is expected to rise to the next buy target at the next resistance level 117.00 (forecast price calculated for the completion of the active minor impulse wave (iii)). More: https://new.fxbazooka.com/analytics/12820

USD/JPY: broken "Window" 3/10/2017 Bulls went through the “Window”, so the price is rising. Meanwhile, the market is likely going to test this “Window” again. If we see a pullback from this level, there’ll be an opportunity to have another bullish price movement. We’ve got a bearish “Doji” at the last high, but this pattern hasn’t been confirmed enough. Nevertheless, the pair is likely going to decline towards the nearest “Window”, which could be a departure point for a new bullish price movement. More: https://new.fxbazooka.com/analytics/12819

EUR/USD: bulls going to test "Window" once again 3/10/2017 The last “Engulfing” and “Three Methods” patterns pushed the market higher. Therefore, the price is likely going to test the 144 Moving Average during the day. If a pullback from this line happens, there’ll be an opportunity to have a local downward correction. There’s a bearish “High Wave”, but a confirmation of this pattern is a quite weak. So, bears are likely going to test the nearest Moving Averages. However, if we see a pullback from these lines, bulls will probably try to test the upper “Window”. More: https://new.fxbazooka.com/analytics/12818

NFP forecasts from banks 3/10/2017 The US Labor department releases its February jobs report at 3:30 pm MT time. The market’s majority expects the following figures: NFP – 200K, unemployment rate – 4.7%. Without further ado, there are some forecasts from banks and some comments from the WSJ analysts. Bank’s forecasts Perks from the Wall Street Journal analytical team Average hourly earnings – a 0.3% monthly gain is expected It was a raw spot in the January job report. This month many economists expect a modest increase in data. An uptick in the hourly earnings figures would certainly add to the Fed’s confidence that US inflation rate is headed higher. Non-farm payrolls In January, the pace of job creation has increased significantly (the last month headline – 227K). Market forecasters expect February’s reading to be in line with the recent trend, though there are some signs that hiring could decrease. It might happen because of the unusual winter weather in the US that could reduce hiring in such weather-vulnerable sectors as construction. Another factor that could potentially trim today’s figures – Donald Trump’s January order aiming at the reduction of hiring pace. The order came too late in the month, so it couldn’t affect last month payrolls data, but it might be reflected in today’s job report. Unemployment The previous month update was 4.8%. unemployment rates were stable despite the continued increase in the number of jobs created. It’s mainly because the workforce-participation rate has stabilized after a long decline. Our chip in After ultra-strong ADP report, the market is heavily positioned for a March hike. A headline in line with expectations will be met with a quite muted reaction. A weaker than expected print will probably result in a market’s backlash and a surge in volatility. More: https://new.fxbazooka.com/analytics/12817

Morning brief for March 10 3/10/2017 Lull before the NFP data… The Asian session was light for news and data flow. We got upbeat Australian housing data and a bit disappointing Japan’s MoF Business outlook showing a slide in business sentiment and thereby highlighting the need for BoJ’s policy accommodation. USD/JPY spiked to 115.30. The current rebound may extend higher towards 115.60/116.00 if US labor market report is strong. Aussie and kiwi both edged up against the US in the Asian session. They might erase these gains in the course of European and American sessions as there is a great probability that NFP will be in line with market expectation. Commodities remain under pressure this week with iron ore, copper, gold and oil prices sliding down. This has been the key driver of AUD underperformance. Technically, a move above 0.7560 level (50-day MA) could lead to a further upsurge. If prices fail to consolidate at present levels and return to 0.7510 area, there could be a drop towards the support at 0.7430. EUR/USD extended its overnight gains haven risen to 1.0595. This happened thanks to optimistic Draghi (ECB President) who suggested that the ECB door could be opening to the possibility of a change in policy stance in the nearest future. He also noted that there is no urgency in taking additional easing measures as the threats to the recovery of the Eurozone economies have become less severe. For the present moment, the pair moved into a consolidation phase. Here it should be noted, though, that the euro will have to work up a sweat to move higher as investors would rather buy USD ahead of the Fed’s March meeting. Don’t miss Germany’s current account data that should be released before the NFP data. USD/CAD peaked above 1.3530 overnight as Brent oil futures slid to their two-month low ($51.50). In the Asian session, Loonie regained its strength; USD/CAD fell to 1.3500. GBP/USD dropped to 1.2160. Prime Minister Theresa May still has to invoke Article 50 of the EU’s Lisbon Treaty. The bill allowing her to do so has yet to pass through Parliament, bypassing the opposition in the upper house. Keep an eye on the UK industrial, manufacturing and construction output data coming at 11:30 am MT time. All these readings are expected to fall short of market’s expectations. If this forecast is realized, GBP may swoop towards 1.2100. More: https://new.fxbazooka.com/analytics/12814

GBP/USD: bears pushing the price lower 3/10/2017 The price is consolidating in a range of a support area between the levels 1.2179 – 1.2048. So, the pair is likely going to test a support at 1.2120 in the short term. If a pullback from this level be on the table, bulls will probably try to reach a resistance at 1.2198 – 1.2231. The 34 Moving Average is acting as a resistance. Therefore, bears are likely going to achieve a support at 1.2138 – 1.2120 during the day. Considering a possible pullback from these levels, there’s an opportunity to have a bullish movement towards the 55 Moving Average afterwards. More: https://new.fxbazooka.com/analytics/12813

EUR/USD: price going to consolidate 3/10/2017 The price faced a support at 1.0520, so we’ve got a “V-Bottom” pattern. Bulls reached a resistance at 1.0619 afterwards, so the price is consolidating. In this case, bears are likely going to test an area between the 34 Moving Average and the nearest support at 1.0552. If a pullback from these levels happens, there’ll be an opportunity to have an upward price movement towards a resistance at 1.0629 – 1.0640. Bulls found a resistance at 1.0621, so there’s a “Thorn” pattern, which led to the current consolidation. Therefore, the market is likely going to test the closest support at 1.0578 – 1.0569. If we see a pullback from this area, bulls will probably try to test a resistance at 1.0621 – 1.0639. More: https://new.fxbazooka.com/analytics/12812

USD/JPY: Dollar going to new highs 3/10/2017 Technical levels: support – 114.90; resistance – 116.30. Trade recommendations: 1. Buy — 114.90; SL — 114.70; TP1 — 116.00; TP2 — 116.30. Reason: expanding bullish Ichimoku Cloud with rising Senkou Span A and B; a new golden cross of Tenkan-sen and Kijun-sen; the prices are formed the new local highs. More: https://new.fxbazooka.com/analytics/12811

AUD/USD: expected correction 3/10/2017 Technical levels: support – 0.7490; resistance – 0.7560. Trade recommendations: 1. Buy — 0.7520; SL — 0.7500; TP1 — 0.7560; TP2 — 0.7590. Reason: expanding bearish Ichimoku Cloud; a dead cross of Tenkan-sen and Kijun-sen; the prices are on the strong support of daily a daily Cloud. More: https://new.fxbazooka.com/analytics/12810

USD/CAD: bulls caught the Crab 3/10/2017 On the USD/CAD daily chart, an intermediate 127.2% target in the Crab reversal pattern has been fulfilled. The "bulls" should break the March high and support at 1.3572 to continue their rally. If they fail to do, it will lead to the development of the correction. On the USD/CAD hourly chart, a breakout of the support at 1.3485 can lead to the rollback towards 1.3425. At the same time, there is still an upward trend, so you can use corrective movements for the opening of long positions. Recommendation: BUY 1,3425 SL 1,3380 TP 1,3572. More: https://new.fxbazooka.com/analytics/12809

GBP/USD: pound took a rest 3/10/2017 On the GBP/USD daily chart, the target 88.6% in the "Shark" pattern has been realized. If prices reach the convergence zone, there can be a pullback towards 38.2% and 50% levels of the CB wave (1.2355 and 1.243 respectively). A breakout of the support at 1.2135 can lead to the implementation of the 88.6% target in the "Bat" pattern (1.206). On the GBP/USD hourly chart, the prices are trading in the range of 1.214-1.2195 levels. There is also a formation of the expanding wedge pattern. A breakout of the upper limit of the trading range can lead to the development of correction. In contrast, a successful test of the support can lead to the continuation of the downward movement. Recommendations: BUY 1,2195 SL 1,214 TP 1,2355, SELL 1,214 SL 1,2195 TP 1,206. More: https://new.fxbazooka.com/analytics/12808

EUR/AUD broke round resistance level 1.4000 3/9/2017 EUR/AUD broke round resistance level 1.4000 Next buy target – 1.4280 EUR/AUD recently broke above the round resistance level 1.4000 (which also earlier reversed the price at the start of this month, as you can see from the daily EUR/AUD chart below). The breakout of the resistance level 1.4000 accelerated the c-wave of the minor ABC correction 2 from the end of February. EUR/AUD is expected to rise to the next buy target at the next strong resistance level 1.4280 (which stopped the previous corrective waves A and (2) in January, as can be seen below). More: https://new.fxbazooka.com/analytics/12806

EUR/NZD reached buy target 1.5200 3/9/2017 EUR/NZD reached buy target 1.5200 Next buy target - 1.5450 EUR/NZD continues to rise following the earlier breakout of the key resistance level 1.5200 (top of the previous corrective waves a and (ii)), which was set as the buy target in our previous forecast for this currency pair. The breakout of the resistance level 1.5200 accelerated the c-wave of the active minor ABC correction 2 from the start of February – which then broke the next resistance level 1.5260. EUR/NZD is expected to rise to the next buy target at the next resistance level 1.5450 (which stopped the previous upward correction (ii) from last October). More: https://new.fxbazooka.com/analytics/12805

Review on Gareth Burgess's book 3/9/2017 In the past weeks, we were waxing poetic in our book review section and totally forgot about practical trading tips. We hasten to make reparation for our wrongs by presenting you the book covering essential elements of technical analysis – Trading and investing in the Forex market using chart techniques. It was written by experienced trader – Gareth A. Burgess, who has been trading FX market over 10 years. The author bought his international fame with his witty recommendations and amazingly accurate predictions on the currency movements. According to him, the chart analysis as a very efficient way of finding great investment opportunities. The key purpose of technical analysis is to find the optimal point at which to enter the market to extract the maximum profits. One would think that nothing couldn’t be any easier. Here is the chart; there are technical indicators giving trading signals – trade and make money. But it is not that easy in practice; the simple knowledge of technical tools is not a recipe for success. What you need is to learn to interpret the price action correctly, and at this stage, numerous techniques and signals that are available today complicate the process of analysis and lead to trading failures. That’s why Mr. Burgess in his book suggests focusing on the classical trading tools such as candlestick analysis, support/resistance/trend lines identification, trading with basic technical indicators, ext. All of them are very straightforward and visually very well displayed on a technical chart. All you need is to master their operational modes, to learn their “language” in order to understand their trading signals. And I assure you with Burgess’s book you will have no trouble dealing with it. DOWNLOAD THE BOOK More: https://new.fxbazooka.com/analytics/12804

EUR/USD: bulls going to deliver new local high 3/9/2017 We’ve got a wedge in wave . Also, there’s a pullback from 4/8 MM Level, so the price is rising in wave [ii]. In this case, we’re likely going to see another test of 6/8 MM Level, which could be a departure point for another decline. There’s a zigzag in wave (. Yesterday the price formed a pullback from 1/8 MM Level, so bulls are likely going to deliver wave © of [ii]. The main intraday target is 5/8 MM Level. More: https://new.fxbazooka.com/analytics/12803

USD/JPY: "Window" acted as resistance 3/9/2017 The price reached the upper “Window”, so we’ve got a possible “Engulfing” pattern. So, the lower “Window” is likely going to act as a support. If a pullback from this level happens, bulls will probably try to test the last high. There’s a “Shooting Star”, which has been confirmed enough. Therefore, the pair is likely going to achieve the 34 Moving Average, which could be a departure point for another bullish price movement. More: https://new.fxbazooka.com/analytics/12802

EUR/USD: bullish "Engulfing" 3/9/2017 We’ve got a bullish “Engulfing”, but this pattern hasn’t been confirmed yet. Therefore, the market is likely going to test the 89 Moving Average in the short term. If a pullback from this line happens, bears will probably try to deliver another decline. There’s a “High Wave” on the Moving Averages. Considering a confirmation of this pattern, the price is likely going to test the nearest support, which could be a departure point for another decline. More: https://new.fxbazooka.com/analytics/12801