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USD/JPY: bulls going to test "Window" 1/5/2017 We’ve got plenty of bearish patterns such a “Shooting Star”, a “High Wave” and a “Harami”, which all have been confirmed enough. So, the price is likely going to test the nearest support by the last “Three Methods” pattern. If a pullback from this level happens, bulls will probably try to test the last high again. The price tested the nearest support twice, so we’ve got a “Hammer”, but this pattern hasn’t been confirmed yet. Therefore, bulls are likely going to get a resistance on the closest “Window”, which could be a departure point for another decline. More: https://new.fxbazooka.com/analytics/11948

EUR/USD: "Engulfing" stopped bulls 1/5/2017 There’s a consolidation, which is taking place on the four-hours chart. Also, we’ve got a “Shooting Star”, but there’s a resistance by the 21 Moving Average. So, the market is likely going to continue moving down until any bullish pattern arrives. We’ve got a bearish “Engulfing”, cause the price reached an important resistance. In this case, there’s an opportunity to have a local decline. At the same time, bulls are likely going to test the resistance once again. More: https://new.fxbazooka.com/analytics/11947

Key option levels for Thursday, January 5th 1/5/2017 EUR/USD Main trend Short-term period Medium-term period Bullish Neutral Changes in the open interest + 29 530 ↑ - 17 656 ↓ Closest resistance levels 1.0560; 1.0586; 1.0619; 1.0640 Closest support levels 1.0487; 1.0460; 1.0442; 1.0416 Trading recommendations Baseline scenario Long EUR/USD above 1.0560, with target points at 1.0586 and 1.0619 Alternative scenario Moving below 1.0487 can be considered as a signal to Sell the pair, with target at 1.0460 and 1.0442 GBP/USD Main trend Short-term period Medium-term period Neutral Bearish Changes in the open interest + 286 ↑ + 47 ↑ Closest resistance levels 1.2342; 1.2366; 1.2389; 1.2421 Closest support levels 1.2312; 1.2294; 1.2267; 1.2232 Trading recommendations Baseline scenario Long GBP/USD above 1.2342, with target points at 1.2366 and 1.2389 Alternative scenario Moving below 1.2312 can be considered as a signal to Sell the pair, with target at 1.2294 and 1.2267 USD/CAD Main trend Short-term period Medium-term period Neutral Bullish Changes in the open interest + 329 ↑ + 151 ↑ Closest resistance levels 1.3310; 1.3328(?); 1.3369; 1.3396 Closest support levels 1.3270; 1.3243; 1.3221; 1.3196 Trading recommendations Baseline scenario Long USD/CAD above 1.3310, with the target points at 1.3328 and 1.3369 Alternative scenario Moving below 1.3270 can be considered as a signal to Sell the pair, with target at 1.3243 and 1.3221 More: https://new.fxbazooka.com/analytics/11944

GBP/USD: Pound doesn’t want to fall down 1/5/2017 Technical levels: support – 1.2300; resistance – 1.2350, 1.2410. Trade recommendations: 1. Buy — 1.2300; SL — 1.2280; TP1 — 1.2350; TP2 — 1.2410. Reason: bearish Ichimoku Cloud, but the rising Senkou Span A; a dead cross of Tenkan-sen and Kijun-sen, but the rising Tenkan-sen; the prices are in the Cloud after bouncing from the bottom border of the Cloud. More: https://new.fxbazooka.com/analytics/11942

EUR/USD: Euro returned into the Cloud 1/5/2017 Technical levels: support – 1.0510, 1.0470; resistance – 1.0610. Trade recommendations: 1. Sell — 1.0610; SL — 1.0630; TP1 — 1.0510; TP2 – 1.0470. Reason: bearish mood of Ichimoku Cloud; a new dead cross of Tenkan-sen and Kijun-sen, but there is a narrow channel of Tenkan and Kijun; the prices are in the Cloud; strong resistance of Senkou Span B. More: https://new.fxbazooka.com/analytics/11941

GBP/USD: bulls going to break the last high 1/5/2017 The pair faced a support at 1.2250 twice, so we’ve got a possible “Double Bottom” pattern. In this case, there’s an opportunity to have a bullish correction towards an area between the 89 Moving Average and the closest resistance at 1.2418. If a pullback from these levels happens, we should keep an eye on a support at 1.2309 – 1.2270 as an intraday target. There’s a “Double Bottom”, which has been confirmed enough, so bulls are pushing the market higher. Also, we’ve got a “Pennant” here. Therefore, the price is likely to continue moving up towards a resistance at 1.2359 – 1.2386. If we see a pullback from this area, bears will probably try to deliver a downward correction in the direction of the nearest support at 1.2323 – 1.2309. More: https://new.fxbazooka.com/analytics/11940

EUR/USD: bullish "Thorn" 1/5/2017 We’ve got a bullish “Thorn”, which led to the current upward correction. The 89 Moving Average is acting as a resistance. However, bulls are likely going to break the downtrend, so we should keep an eye on the nearest resistance at 1.0655 as a possible intraday target. If a pullback from this level happens, there’ll be an opportunity to have a decline towards a support between the levels 1.0461 – 1.0419. The price has broken all Moving Averages. Despite of a resistance at 1.0552, the market is likely going to achieve the next area at 1.0590 – 1.0655 in the short term. Considering a possible pullback from these levels, bears will probably try to reach a support at 1.0524 – 1.0504 afterwards. More: https://new.fxbazooka.com/analytics/11939

AUD/CHF rising inside minor corrective wave 2 1/4/2017 AUD/CHF rising inside minor corrective wave 2 Next buy target - 0.7500 AUD/CHF continues to rise inside the minor corrective wave 2, which started earlier - when the pair reversed up from the support zone surrounding the powerful support level 0.7270 (which reversed the price multiple times from July, as can be seen below), lower daily Bollinger Band and the 61.8% Fibonacci retracement of the previous upward impulse from the middle of June. AUD/CHF is expected to rise further toward the next buy target at the resistance level 0.7500 (target price calculated for the termination of the active minor correction 2). More: https://new.fxbazooka.com/analytics/11936

AUD/USD reversed from support area 1/4/2016 AUD/USD reversed from support area Next buy target - 0.7320 AUD/USD continues to rise strongly inside the minor impulse wave (i) – which belongs to the impulse wave 3- which started earlier - when the pair reversed up sharply from the support zone lying between the major support level 0.7150 (low of the earlier intermediate ABC correction (2) from May and the previous sell target set for this currency pair) and the lower daily Bollinger Band. AUD/USD is expected to rise further in the direction of the next buy target at the resistance level 0.7320 (previous powerful support level from November). Strong support remains at the aforementioned support level 0.7150. More: https://new.fxbazooka.com/analytics/11935

EUR/USD: wave (iii) is about to start 1/4/2017 Wave (i) has ended on 1/8 MM Level, so the price is rising in wave (ii). Previously, we’ve got a zigzag in wave [ii]. So, if a pullback from 2/8 MM Level happens in the short term, bears are likely going to deliver a bearish impulse in wave (iii). There’re a bearish impulse in wave (i) and a bullish impulse in wave a. So, wave c of (ii) is likely going to test 4/8 MM Level, which could be a departure point for another decline. More: https://new.fxbazooka.com/analytics/11934

USD/JPY: bulls ready to move on 1/4/2017 The price has tested the nearest resistance again, but we still don’t have any bearish pattern. Also, the last candles have been closed under the middle of the huge white candle. In this case, bulls are likely going to break the resistance soon. We’ve got a correction, which is taking place on the Daily chart. So, there’s bearish patterns such a “Shooting Star”, a “High Wave” and a “Harami”. Meanwhile, there’s an opportunity to have another test of the closest support. If we see a pullback from this level, the last high is likely going to be broken. More: https://new.fxbazooka.com/analytics/11933

EUR/USD: bearish "Shooting Star" A bearish trend is still on the table, so the middle of the last huge black candle acted as a resistance. Also, there’s a bearish “Three Methods” pattern. If it confirms, the market is likely going to continue falling down until any bullish pattern arrives. We’ve got a “Shooting Star” at the local high, which has been confirmed enough. However, bulls are likely gong to test the nearest resistance once again. If a pullback from this level happens, bears will probably try to deliver a new low shortly. More: https://new.fxbazooka.com/analytics/11932

Key option levels for Wednesday, January 4th 1/4/2017 EUR/USD Main trend Short-term period Medium-term period Neutral Neutral Changes in the open interest - 7 417 ? + 21 502 ? Closest resistance levels 1.0451; 1.0487; 1.0505; 1.0529 Closest support levels 1.0410; 1.0394(?); 1.0370; 1.0339 Trading recommendations Baseline scenario Short EUR/USD below 1.0410, with target points at 1.0394 and 1.0370 Alternative scenario Moving above 1.0451 can be considered as a signal to Buy the pair, with target at 1.0487 and 1.0505 GBP/USD Main trend Short-term period Medium-term period Neutral Bearish Changes in the open interest + 97 ? + 32 ? Closest resistance levels 1.2290; 1.2310; 1.2337; 1.2372 Closest support levels 1.2251; 1.2232; 1.2194; 1.2164 Trading recommendations Baseline scenario Long GBP/USD above 1.2290, with target points at 1.2310 and 1.2337 Alternative scenario Moving below 1.2251 can be considered as a signal to Sell the pair, with target at 1.2232 and 1.2194 USD/CAD Main trend Short-term period Medium-term period Neutral Bullish Changes in the open interest + 236 ? + 8 ? Closest resistance levels 1.3421; 1.3439; 1.3475; 1.3503 Closest support levels 1.3398; 1.3367; 1.3339; 1.3314 Trading recommendations Baseline scenario Long USD/CAD above 1.3421, with the target points at 1.3439 and 1.3475 Alternative scenario Moving below 1.3398 can be considered as a signal to Sell the pair, with target at 1.3367 and 1.3339 AUD/USD Main trend Short-term period Medium-term period Bearish Bearish Changes in the open interest + 163 ? + 386 ? Closest resistance levels 0.7268; 0.7307; 0.7333; 0.7353 Closest support levels 0.7201; 0.7168; 0.7135; 0.7104 Trading recommendations Baseline scenario Short AUD/USD below 0.7201, with the target points at 0.7168 and 0.7135 Alternative scenario Moving above 0.7268 can be considered as a signal to Buy the pair, with target at 0.7307 and 0.7333 More: https://new.fxbazooka.com/analytics/11931

AUD/USD: aussie returned into the Cloud 1/4/2017 Technical levels: support – 0.7210, 0.7160; resistance – 0.7245, 0.7275. Trade recommendations: 1. Sell — 0.7275; SL — 0.7295; TP1 — 0.7210; TP2 — 0.7160. Reason: bearish Ichimoku Cloud; a cancelled dead cross of Tenkan-sen and Kijun-sen and forming a new golden cross; the prices are in a correctional movement in the Cloud. More: https://new.fxbazooka.com/analytics/11928

EUR/USD: Euro started a new year with falling 1/4/2017 Technical levels: support – 1.0400, 1.0360; resistance – 1.0420, 1.0450, 1.0500. Trade recommendations: 1. Sell — 1.0450; SL — 1.0470; TP1 — 1.0400; TP2 – 1.0360. Reason: expanding bearish Ichimoku Cloud; a new dead cross of Tenkan-sen and Kijun-sen and the falling Tenkan-sen; the prices are on the new lows since March 2003. More: https://new.fxbazooka.com/analytics/11927

GBP/USD: bears going to deliver new low after correction 1/4/2017 We’ve got a new historical low, so the pair is consolidating. Meanwhile, there’s a “Flag”, so bears are likely going to test the nearest support at 1.1726. In this case, we could have a new low soon. If any bullish pattern arrives later on, there’ll be a chance to have an upward correction. The last “Thorn” pattern led to a bullish correction, which is taking place on the Daily chart. Therefore, the price is likely going to achieve the nearest resistance at 1.2556. If we see a pullback from this level, bears will probably try to get a support at 1.2081 – 1.1726. More: https://new.fxbazooka.com/analytics/11926

EUR/USD: local bullish correction is coming 1/4/2017 The main trend is still bearish, so the price is consolidating under the Moving Averages. Also, there’s a “Triangle”, which lower side has been broken. In this case, the market is likely going to test the nearest support at 0.9859 – 0.9607 in the coming weeks. If we have a pullback from this area, bulls will probably try to test a resistance between the levels 1.0461 – 1.0762. As we can see on the Daily chart, bears faced a support at 1.0344, so we’ve got a pullback from this level. Therefore, the price is likely going to reach the closest resistance at 1.0522 – 1.0590 in the short term. Considering a possible pullback from these levels, there’s an opportunity to have another decline afterwards. More: https://new.fxbazooka.com/analytics/11925

EUR/USD ahead of FOMC minutes (December): No major hints are expected 1/4/2017 During December’s Fed meeting, the central bank decided to hike rates by 25 basis points in a move that was done mainly because the credibility should remain intact in the Fed, despite US election’s outcome. Also, Fed’s Chairwoman Janet Yellen stated that Trump’s victory didn’t influence on the rate increase by the central bank and she added that the economy is strong enough to support a rate hike. Today at 19:00 GMT will be released the FOMC minutes from such meeting. Our technical analysis for EUR/USD at H1 chart is calling for more downsides, as the pair plummeted during Tuesday’s session after strong data from the United States and it’s now testing the support zone of 1.0382. If the pair manages to break below that zone, then we can expect further weakness below the 1.0350 handle. However, if EUR/USD does a rebound over that demand zone, a rally towards the 1.0463 level could be followed in coming days. More: https://new.fxbazooka.com/analytics/11922

CAD/JPY reversed from support area 1/3/2017 CAD/JPY reversed from support area Next buy target - 88.80 CAD/JPY recently reversed up sharply from the support area lying between the support level 86.00 (which was set as the sell target in our previous forecast for this currency pair). The upward reversal from this support area started the active intermediate corrective wave (2) – which belongs to the primary downward impulse wave ③ from the middle of December. CAD/JPY is expected to rise toward next buy target at the powerful resistance level 88.80 (which reversed the previous corrective waves (2) and ②, as can be seen from the daily CAD/JPY chart below). There is a high probability the pair will reverse down after reaching the resistance level 88.80. More: https://new.fxbazooka.com/analytics/11921

Happy New Year to all traders! 1/3/2017 Here is the end of another choppy year that brought a great many of peaks and troughs to our technical charts. There were many joys and sorrows we will be nostalgic for, many turnaround events that will be stamped in our memories. May your gut feeling never go back on you, your setups be always profitable, and your financial accounts get fat next year! FX BAZOOKA analytical team wishes you a Happy New Year and sends you this virtual greeting card! More: https://new.fxbazooka.com/analytics/11901

EUR/AUD falling inside minor impulse wave (iii) 1/3/2017 EUR/AUD falling inside minor impulse wave (iii) Next sell target - 1.4300 EUR/AUD continues to fall sharply inside the minor impulse wave (iii), which started previously, when the pair reversed down from the resistance zone lying between the resistance level 1.4700 (previous buy target set in our earlier forecast for this currency pair), upper daily Bollinger Band and the 61.8% Fibonacci retracement level of the previous sharp downward impulse (i) from September. Having recently broken below the support level 1.4500, EUR/AUD is expected to fall further to the next sell target at the support level 1.4300 (which reversed the pair in the middle of December). More: https://new.fxbazooka.com/analytics/11920

GBP/USD & UK Manufacturing PMI (December): Will the bears strengthen further? 1/3/2017 Today at 09:30 GMT will be published the UK Manufacturing PMI for December, which saw a decline during November to 53.4 and analysts are expecting more dips in the data, but the consensus is calling for a 53.3 number. In the last five months, Manufacturing PMI had been mixed for the United Kingdom, but as markets are waiting for a decline, then a positive number should help to boost the GBP pairs during the week. Our technical analysis for GBP/USD at H1 chart is showing a bearish picture, as the pair was capped by the 200 SMA and it seems the demand zone of 1.2269 can be challenged ahead of the UK data. If GBP/USD manages to break that area with a negative number, then we can expect a decline towards the 1.2239 level, which should strengthen the bearish bias for the short-term. More: https://new.fxbazooka.com/analytics/11917

Happy New Year to all traders! 1/2/2017 Here is the end of another choppy year that brought a great many of peaks and troughs to our technical charts. There were many joys and sorrows we will be nostalgic for, many turnaround events that will be stamped in our memories. May your gut feeling never go back on you, your setups be always profitable, and your financial accounts get fat next year! FX BAZOOKA analytical team wishes you a Happy New Year and sends you this virtual greeting card! More: https://new.fxbazooka.com/analytics/11901

EUR/USD & German PMI Manufacturing (December 2016): It's time to sell? 1/2/2017 Today at 08:55 GMT will be released the final German PMI Manufacturing data for December and it’s expected to remain unchanged on 55.5. In the Eurozone, Spain, France and Italy are expected to release their PMI Manufacturing numbers, alongside with the EZ general data for the same month and analysts are expecting no major changes. However, it will be interesting to see the price action on EUR pairs if German’s data comes in stronger or weaker than expected. Our technical analysis for EUR/USD at H1 chart is showing a recovery above the 200 SMA with a moving average’s crossover in place. The resistance zone of 1.0589 helped to cap further gains in the pair and that’s why we are seeing a bearish move with should help to erase overbought levels in the short-term. If the pair does a breakout above the 1.0547 level, then it can test the December 30th highs, while a downside continuation should extend the corrective bias towards the 200 SMA. More: https://new.fxbazooka.com/analytics/11914

Key option levels for Monday, January 2nd 1/2/2017 EUR/USD Main trend Short-term period Medium-term period Neutral Neutral Changes in the open interest + 28 999 ? + 65 896 ? Closest resistance levels 1.0578; 1.0603; 1.0632; 1.0655 Closest support levels 1.0512; 1.0485; 1.0450; 1.0429 Trading recommendations Baseline scenario Short EUR/USD below 1.0512, with target points at 1.0485 and 1.0450 Alternative scenario Moving above 1.0578 can be considered as a signal to Buy the pair, with target at 1.0603 and 1.0632 GBP/USD Main trend Short-term period Medium-term period Neutral Bearish Changes in the open interest + 168 ? + 114 ? Closest resistance levels 0.7226; 0.7242/45; 0.7274; 0.7311 Closest support levels 0.7191; 0.7178; 0.7157; 0.7126 Trading recommendations Baseline scenario Long AUD/USD above 0.7226, with target points at 0.7242 and 0.7274 Alternative scenario Moving below 0.7191 can be considered as a signal to Sell the pair, with target at 0.7178 and 0.7157 USD/CAD Main trend Short-term period Medium-term period Bearish Bullish Changes in the open interest + 175 ? - 84 ? Closest resistance levels 1.3464; 1.3499; 1.3552; 1.3572 Closest support levels 1.3421; 1.3401; 1.3364; 1.3340 Trading recommendations Baseline scenario Short USD/CAD below 1.3421, with the target points at 1.3401 and 1.3364 Alternative scenario Moving above 1.3464 can be considered as a signal to Buy the pair, with target at 1.3499 and 1.3552 More: https://new.fxbazooka.com/analytics/11913