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USD/JPY: outlook for January 16-20 1/13/2017 USD/JPY fell below the 115.50 support. We may see a deeper correction within the overall uptrend. Still, daily MAs are in the bullish setup. The pair has support around 114.20/00 (23.6% Fibo of August-December advance). Further support is at 112.90 (50-day MA) and 111.40 (38.2% Fibo). Above 115.50 the pair will get chance to recover to the 118.00 region. The weekly close – above or below the 100-week MA at 114.70. The US dollar is temporary out of the market’s favor. Another bearish thing is that Japanese investors have started seasonal cash repatriation that means more buying of the yen. Still, the yield gap between the US and Japan in favor of the former will likely keep supporting the greenback around 112.00. The economic calendar doesn’t contain any significant economic releases from Japan, so focus on the news from the World Economic Forum, which will take place in Switzerland during the entire next week, and Chinese statistics on Friday. The latter will be very important for the market’s risk sentiment. Negative news from China will increase demand for the yen as a safe haven. More: https://new.fxbazooka.com/analytics/12042

US dollar: outlook for January 16-20 The US dollar index (DXY) weakened during the past week after the initial attempt to get towards 103.00. 1/13/2017 The main negative pressure on the American currency came from the disappointment that President-elect Donald Trump didn’t give more details about fiscal stimulus plans during his news conference. This made the market think that the US dollar has appreciated too much after the presidential election. Better news came from the Federal Reserve: Janet Yellen said that the US economy is doing well. Hawkish comments from the Fed provided some support to the greenback. The US will have a long weekend: banks will be closed on Monday due to the Martin Luther King Day. Traders will be looking at the headlines from the World Economic Forum, which will take place in Switzerland during the entire next week. The US will release Empire State manufacturing index on Tuesday, consumer inflation figures on Wednesday and building permits, Philly Fed manufacturing index, unemployment claims and housing starts on Thursday. Some market participants are closing their USD longs. Others, on the contrary, believe that the greenback may resume growth once Trump reveals information about his stimulus plans. All in all, we think that the greenback will manage to return to the positive dynamics in the medium-term as the US economy is in a good shape, but in the short-term further correction/consolidation is possible. The currency still has support in the 100.85 and 100.50 area (2015 highs). Resistance is in the region of 102.00. More: https://new.fxbazooka.com/analytics/12041

USD/JPY: bullish "Inverted Hammer" 1/13/2017 We’ve got a “Tower” at the local low, which has been confirmed enough. However, there’s a bearish “Evening Star”, so the price is likely going to continue falling down towards the nearest support level, which could be a departure point for an upward correction. The 34 Moving Average has acted as a resistance, so we’ve got a “Harami” pattern. In this case, bears are likely going to continue pushing the market even lower. More: https://new.fxbazooka.com/analytics/12040

EUR/USD: bulls going to test resistance again 1/13/2017 There’s a “Harami” at the local high. Also, we’ve got a bullish “Tweezers”, which has been confirmed enough. In this case, the price is likely going to test the nearest resistance once again. If any bearish pattern arrives afterwards, there’ll be an opportunity to have a downward correction. We’ve got a “Tweezers” and a “Harami” at the local high. At the same time, there’s a bullish “Inverted Hammer”, which has been confirmed enough. Therefore, the price is likely going to test the last high during the day. More: https://new.fxbazooka.com/analytics/12039

AUD/USD: market still is overbought 1/13/2017 Technical levels: support – 0.7440, 0.7410; resistance – 0.7525/45. Trade recommendations: 1. Buy — 0.7440; SL — 0.7420; TP1 — 0.7450. 2. Sell — 0.7530; SL — 0.7550; TP1 — 0.7450; TP2 — 0.7410. Reason: bullish Ichimoku Cloud and the rising Senkou Span A; a golden cross of Tenkan-sen and Kijun-sen and rising Kijun, but the horizontal Tenkan-sen; the market is overbought. More: https://new.fxbazooka.com/analytics/12038

EUR/USD: bulls looks stronger 1/13/2017 Technical levels: support – 1.0620; resistance – 1.0710. Trade recommendations: 1. Buy — 1.0620; SL — 1.0610; TP1 — 1.0710; TP2 – 1.0750. Reason: bullish mood of the Ichimoku Cloud, but horizontal Senkou Span A and B; a cancelled golden cross of Tenkan-sen and Kijun-sen; the prices are in the positive area; the market is local overbought. More: https://new.fxbazooka.com/analytics/12037

Key option levels for Friday, January 13th 1/13/2017 EUR/USD Main trend Short-term period Medium-term period Bearish Neutral Changes in the open interest + 75 055 ? + 84 219 ? Closest resistance levels 1.0652; 1.0679/85; 1.0712 Closest support levels 1.0616; 1.0595; 1.0566; 1.0526 Trading recommendations Baseline scenario Short EUR/USD below 1.0616, with target points at 1.0595 and 1.0566 Alternative scenario Moving above 1.0652 can be considered as a signal to Buy the pair, with target at 1.0679 and 1.0712 GBP/USD Main trend Short-term period Medium-term period Bearish Neutral Changes in the open interest + 342 ? + 687 ? Closest resistance levels 1.2209; 1.2248; 1.2278; 1.2296 Closest support levels 1.2138; 1.2115; 1.2082; 1.2062 Trading recommendations Baseline scenario Short GBP/USD below 1.2138, with target points at 1.2115 and 1.2082 Alternative scenario Moving above 1.2209 can be considered as a signal to Buy the pair, with target at 1.2248 and 1.2278 USD/CAD Main trend Short-term period Medium-term period Neutral Bullish Changes in the open interest + 303 ? - 164 ? Closest resistance levels 1.3120; 1.3180; 1.3214; 1.3259 Closest support levels 1.3101; 1.3075; 1.3053; 1.3021 Trading recommendations Baseline scenario (High risk of reversal) Long USD/CAD above 1.3120, with the target points at 1.3180 and 1.3214 Alternative scenario Moving below 1.3101 can be considered as a signal to Sell the pair, with target at 1.3075 and 1.3053 More: https://new.fxbazooka.com/analytics/12036

GBP/USD: Moving Average acted as resistance again 1/13/2017 The main trend is still bearish. Also, there’s a “Double Top”, which has been formed under a resistance at 1.2309. So, the market is likely going to test the nearest support at 1.2113 – 1.2081 in the short term. At the same time, there’s an opportunity to have another bullish price movement afterwards. The price found a support at 1.2142, which led to the current consolidation. Meanwhile, bears are likely going to test the closest support at 1.2113 – 1.2081 during the day. Considering a possible pullback from this area, there’s a chance to see an upward movement towards a resistance near the downtrend later on. More: https://new.fxbazooka.com/analytics/12035

EUR/USD: "Triple Top" stopped bullish rally 1/13/2017 The price faced a resistance at 1.0689, which led to form a “V-Top” pattern, so the market is likely going to get a support between the 89 Moving Average and the level 1.0551. If a pullback from this area happens, there’ll be an opportunity to have another bullish movement towards a resistance between the levels 1.0689 – 1.0745. We’ve got a “Triple Top”, which has been confirmed, so the price is consolidating above the 34 Moving Average. Therefore, the pair is likely going to test a support at 1.0575 – 1.0551 in the short term. If we see a pullback from these levels, bulls will probably try to reach the nearest resistance at 1.0697 – 1.0709. More: https://new.fxbazooka.com/analytics/12034

EUR/USD: bulls have stopped 1/13/2017 On the daily EUR/USD chart, the bulls managed to leave the medium-term descending channel but met resistance located at 1.0638 (23.6% Fibo of the last bearish wave). Despite the recent success of the euro, sellers are keeping the pair under control, so traders should focus on short positions. On H1, EUR/USD continues to form the widening wedge pattern. Aggressive entry would mean a short on the break of the bar's low, marked by point 2. Conservative entry requires the pair's decline to the point 3. Recommendation: SELL 1,0603 SL 1,0658 TP1 1,045 TP2 1,037. More: https://new.fxbazooka.com/analytics/12033

USD/JPY: bears are running out of power 1/13/2017 On the daily USD/JPY chart, 88.6% target of the "Bat" pattern and 23.6% Fibo of the last long-term bullish wave managed to stop the bears for a while. To develop correction they need to pull the prices below convergence area of 113.60-114.00. On the other hand, successful test of yesterday's pin bar high (115.55) will increase the risks of uptrend resumption. On H1, USD/JPY keeps forming Wolfe waves. The pair's return to the bar's high, marked by point 3, will be a signal for opening long positions. Use 78.6% and 88.6% correction levels of the wave 2-5 as targets. Recommendation: BUY 115,55 SL 115 TP1 117,77 TP2 118,05. More: https://new.fxbazooka.com/analytics/12032

AUD/USD reached buy target 0.7400 1/12/2017 AUD/USD reached buy target 0.7400 Next buy target - 0.7520 AUD/USD continues to rise strongly after the recent breakout of the resistance level 0.7400, which was set as the buy target in our previous forecast for this currency pair. The breakout of this resistance level accelerated the active intermediate impulse wave (3), which started with the weekly Japanese candlesticks reversal pattern Morning Star from the powerful support level 0.7150. AUD/USD is expected rise further in the direction of the next buy target at the resistance level 0.7520 (which reversed the price in December) – the breakout of which can lead to further gains toward the next buy target 0.76140. More: https://new.fxbazooka.com/analytics/12031

NZD/USD broke resistance zone 1/12/2017 NZD/USD broke resistance zone Next buy target - 0.7230 NZD/USD continues to rise after the recent breakout of the resistance zone lying between the resistance level 0.7100 (previous buy target set in our previous forecast for this currency pair), 61.8% Fibonacci correction level of the earlier sharp minor impulse wave 3 from the middle of December, 50-day moving average and the resistance trendline of the daily Falling Wedge from October. NZD/USD is expected rise further in the active minor corrective wave 4 in the direction of the next buy target at the resistance level 0.7230 (which stopped the previous minor correction 2 in December, as can be seen below). More: https://new.fxbazooka.com/analytics/12030

EUR/USD: zigzag in wave 2 1/12/2017 There’re four pullbacks in a row from 1/8 MM Level, so the price is rising. In this case, wave 2 is likely going to be continued. The main intraday target is 4/8 MM Level, which could act as a resistance. As we can see on the one-hour chart, wave 2 is taking form of a zigzag. Therefore, a bullish impulse in wave [c] is likely going to move on. So, we should keep an eye on 8/8 MM Level as a possible intraday target. More: https://new.fxbazooka.com/analytics/12028

USD/JPY: bears going to move on 1/12/2017 There’s a “Shooting Star” on the 21 Moving Average, which has been confirmed enough. Considering that we don’t have any reversal pattern here, the market is likely going to continue falling down towards the nearest support level. The last “Three Methods” led to the current decline. However, there’s a bullish “Inverted Hammer”, so the price is likely going to test the nearest resistance. If a pullback from this level happens, there’ll be an open door for a new low. More: https://new.fxbazooka.com/analytics/12026

EUR/USD: pullback from the "Window" 1/12/2017 The price reached the upper “Window”, so we’ve got a “Harami” here. If this pattern confirms, bears are likely going to test the 13 Moving Average, which could be a departure point for another bullish rally. We’ve got a “Hanging Man” at the local high, which is likely going to be confirmed in the coming hours. Therefore, there’s an opportunity to have a bearish correction. In this case, we should keep an eye on the 55 Moving Average as a possible intraday target. More: https://new.fxbazooka.com/analytics/12025

AUD/USD: market is overbought 1/12/2017 Technical levels: support – 0.7450, 0.7410; resistance – 0.7525/45. Trade recommendations: 1. Sell — 0.7530; SL — 0.7550; TP1 — 0.7450; TP2 — 0.7410. Reason: bearish Ichimoku Cloud the rising Senkou Span A and B; a golden cross of Tenkan-sen and Kijun-sen and rising lines; but the market is overbought and the prices are under the strong resistance. More: https://new.fxbazooka.com/analytics/12024

GBP/USD: under the Cloud 1/12/2017 Technical levels: support – 1.2215; resistance – 1.2330. Trade recommendations: 1. Sell — 1.2330; SL — 1.2350; TP1 — 1.2215; TP2 — 1.2160. Reason: bearish Ichimoku Cloud; a dead cross of Tenkan-sen and Kijun-sen, but Tenkan-sen is rising; the prices are under the strong resistance of Senkou Span A. More: https://new.fxbazooka.com/analytics/12023

Key option levels for Thursday, January 12th 1/12/2017 EUR/USD Main trend Short-term period Medium-term period Bearish Neutral Changes in the open interest + 59 778 ? + 78 859 ? Closest resistance levels 1.0657; 1.0681; 1.0714; 1.0756 Closest support levels 1.0591; 1.0555; 1.0529; 1.0494 Trading recommendations Baseline scenario Short EUR/USD below 1.0591, with target points at 1.0555 and 1.0529 Alternative scenario Moving above 1.0657 can be considered as a signal to Buy the pair, with target at 1.0681 and 1.0714 GBP/USD Main trend Short-term period Medium-term period Bullish Neutral Changes in the open interest + 549 ? + 194 ? Closest resistance levels 1.2247; 1.2277; 1.2303; 1.2338 Closest support levels 1.2176; 1.2149; 1.2112; 1.2089 Trading recommendations Baseline scenario Long GBP/USD above 1.2247, with target points at 1.2277 and 1.2303 Alternative scenario Moving below 1.2176 can be considered as a signal to Sell the pair, with target at 1.2149 and 1.2112 USD/CAD Main trend Short-term period Medium-term period Neutral Bullish Changes in the open interest + 344 ? + 738 ? Closest resistance levels 1.3163; 1.3212; 1.3240; 1.3280 Closest support levels 1.3106; 1.3079; 1.3041; 1.2995 Trading recommendations Baseline scenario (High risk of reversal) Short USD/CAD below 1.3106, with the target points at 1.3079 and 1.3041 Alternative scenario Moving above 1.3163 can be considered as a signal to Buy the pair, with target at 1.3212 and 1.3240 More: https://new.fxbazooka.com/analytics/12022

GBP/USD: "V-Bottom" stopped bears 1/12/2107 The main trend is still bearish, but the price is likely going to test the nearest resistance between the levels 1.2270 – 1.2309. If we see a pullback from this area, bears will probably try to test the closest support at 1.2198 – 1.2170. The price faced a resistance at 1.2269, so we’ve got a “V-Top” pattern, which led to a consolidation between a resistance at 1.2219 and a support at 1.2170. Nevertheless, bulls are likely going to test the nest resistance at 1.2309, which is strengthened by the local downtrend. If a pullback from this level happens, there’ll be an opportunity to have a decline in the direction of a support at 1.2198 – 1.2170. More: https://new.fxbazooka.com/analytics/12021

EUR/USD: bulls going to test resistance 1/12/2017 We’ve got a “Thorn” pattern, which stopped the last bearish price movement. So, the pair is trying to break a resistance at 1.0594 – 1.0655. It’s likely that bulls are going to reach the next resistance at 1.0669 – 1.0689. If a pullback from this area happens, there’ll be an opportunity to have a correction towards the 89 Moving Average. Bulls faced a resistance at 1.0620, so the price is consolidating. Meanwhile, the market is likely going to test the next resistance at 1.0669 – 1.0689 during the day. Considering a possible pullback from these levels, there’s a chance to have a decline towards a support at 1.0575 – 1.0552 later on. More: https://new.fxbazooka.com/analytics/12020

GBP/USD recovered from the bottom 1/12/2017 On the daily GBP/USD chart, the pair rebounded from the lower border of the downtrend channel. The pair's currently fighting for the important level of 1.2207 (23.6% of the last bearish wave). The bulls' victory will increase the risks of growth towards 1.2317 and 1.2405. On H1, GBP/USD emerged from the short-term downtrend channel. Rising wedge pattern with the following return to 23.6% and 38.2% and rebound increases the possibility of continuation to the upside towards 1.24 (88.6% target of the "Shark" pattern). Recommendation: BUY 1.2216 SL 1.2161 TP 1.2400. More: https://new.fxbazooka.com/analytics/12019

USD/CHF: bears are hogging the cover 1/12/2017 On the daily USD/CHF chart, bears made another attack aiming to lead the pair outside of the rising channel. If they succeed, the test of support at 1.0025 will trigger the "Shark" pattern. Its 88.6% target is situated near 0.9625. On H1, USD/CHF keeps forming the widening wedge pattern. Pay attention to the fact that 161.8% target of AB=CD shows that point 5 will be formed near the parity. The following retracement to 23.6%, 38.2% and 50% of the wave 4-5 is usually used for opening short positions. More: https://new.fxbazooka.com/analytics/12018

EUR/USD after Donald Trump's press conference: temporary weakness on the USD? 1/12/2017 Donald Trump’s press conference helped to smash the US Dollar across the board, as the US president-elect didn’t say anything about key topics that investors were looking for. Trump kept its pro-Putin’s rhetoric and his promice to build a wall across the Mexico-USA border. Such comments favored to weaken the Mexican peso against the greenback and in the case of major pairs, all competitors won ground against the USD, as it was heavily sold during and after the press briefing from the Trump Tower in NY. Our technical analysis at EUR/USD for H1 chart still keeps a bullish-recovery tone in the short-term, as the pair managed to rebound above the 200 SMA and if it does a breakout above the 1.0603 level, then it can test the 1.0655 zone. However, that resistance area could help to cap further gains in the pair and eventually, we can witness a strong pullback to test levels below the moving average mentioned above. More: https://new.fxbazooka.com/analytics/12017

EUR/AUD reached sell target 1.4300 1/11/2017 EUR/AUD reached sell target 1.4300 Next sell target - 1.4100 EUR/AUD continues to fall after the recent breakout of the support level 1.4300, which was set as the sell target in our previous forecast for this currency pair. The breakout of this support level accelerated the active minor impulse wave 3, which belongs to the extended intermediate impulse wave © from the middle of September. EUR/AUD is expected fall further in the direction of the next sell target at the powerful support level 1.4100 (which reversed the previous waves (a), 1 and (, as can be seen from the daily EUR/AUD chart below.). Sell stop-loss can be placed above the aforementioned price level 1.4300. More: https://new.fxbazooka.com/analytics/12016