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AUD/USD: outlook for Aug. 29 - Sep. 4 8/29/2016 AUD/USD formed a very bearish candle on Friday and fell below May-July support line. The decline of Australian dollar was caused by the general strength of the US dollar and a pause in advance of commodity prices. This week Australia will release building approvals on Tuesday and private capital expenditure and retail sales on Thursday. The Reserve Bank of Australia’s Assistant Governor Debelle will speak on Wednesday. The market’s risk sentiment and, consequently, the dynamics of Australian dollar will be also affected by China’s manufacturing and non0manufacturing indexes due on Thursday. Support is at 0.7530, 0.7500 and 0.7455. Resistance is at 0.7600, 0.7650 and 0.7700. Selling Aussie on the pair’s attempts to recover seems like the best strategy. More: https://new.fxbazooka.com/analytics/10242

USD/JPY: outlook for Aug. 29 - Sep. 4 8/29/2016 Last week USD/JPY managed to hold above 100.00 support and rise to 101.80 on the hawkish comments from the Federal Reserve. In addition, data showed that Japanese core consumer prices fell for a fifth month in a row and marked the biggest annual drop in more than three years in July. Such statistics will keep the Bank of Japan under pressure to ease monetary policy in September and represent a bullish factor for USD/JPY. Technically USD/JPY has potential to strengthen to 103.00/50 and 104.00 before it faces downtrend resistance line of 2016. Only a big increase in market’s expectations of the Fed’s rate hike will make the pair reverse the overall bearish trend, so be careful with bullish targets and look for the signals that the bullish correction is over at the mentioned resistance levels. Support is located at 101.80, 101.00 and 100.00. Japan will release household spending on Tuesday, preliminary industrial production on Wednesday and capital spending on Thursday. Also watch US economic calendar. More: https://new.fxbazooka.com/analytics/10241

GBP/USD: outlook for Aug. 29 - Sep. 4 8/29/2016 GBP/USD ended last week in the positive territory, but failed to stay at highs. On the one hand, British pound was supported amid optimism that the consequences of the Brexit decision may not be as severe as first feared, after a report showed that UK consumer confidence rose the most in more than 3 years. On the other hand, hawkish comments from the Federal Reserve made the US dollar strengthen - reminding about divergence in monetary policy of the Fed and the Bank of England. Technically GBP/USD turned lower from resistance line, which has been in place since the end of June and has potential to test support at 1.3020 and, perhaps, even at 1.29 in case of strong US statistics. Resistance is at 1.3180 and 1.3260. Important events in British economic calendar include net lending to individuals on Tuesday, manufacturing PMI on Thursday and Construction PMI on Friday. More: https://new.fxbazooka.com/analytics/10240

EUR/USD: outlook for Aug. 29 - Sep. 4 8/29/2016 EUR/USD declined last week closing below the July-August support line and 100-day MA at 1.1220. The decline was caused mainly by the strengthening of the US dollar. The European fundamental factors don’t give the euro many reasons to rise either. There were some positive news from the region’s manufacturing sector, as German and euro zone’s manufacturing PMIs both pointed to expansion. However, German Ifo Business Climate dropped to 6-month low of 106.2 points in the August report. The nation’s economic growth slowed down from 0.7% in the 1st quarter to 0.4% in the 2nd quarter. Next week there will be more data releases from the euro area’s leading economy: retail sales, inflation and unemployment change. The euro area will publish inflation figures on Wednesday. Technically it looks like after breaking support the euro may suffer further declines versus the greenback. Support is at 1.1140 and 1.1105 ahead of 1.1040. Strong resistance is in the 1.1250 area. More: https://new.fxbazooka.com/analytics/10239

USD/JPY: "Inverted Hammer" sent the market up 8/29/2016 There’s a bullish movement, which is taking place on the four-hour chart. We’ve got a “Shooting Star” at the local high, but it hasn’t been confirmed yet. Therefore, there’s an opportunity to have a local correction towards the nearest “Window”. If a pullback from this level happens, bulls are likely going to deliver a new high. As we can see on the Daily chart, here’s a bullish “Harami” at the last low. So, the market is likely going to reach the nearest resistance in the short term. The last “Inverted Hammer” led to massive bullish rally on Friday. However, there’s an “Engulfing” at the local high, which has been confirmed by the “Three Black Crows” pattern. Under this circumstances, it’s likely to see a support by today’s “Window”. Considering a possible pullback from this level, we can have a new high soon. More: https://new.fxbazooka.com/analytics/10238

EUR/USD: new "Window" came to hand 8/29/2016 The price found a lodgement under the Moving Averages, but the last bullish “Meeting Lines” pattern hasn’t been confirmed, so bears are likely going to move on towards the nearest support line. As we can see on the Daily chart, the pair achieved the 89 Moving Average, so it’s likely to see a bullish candle today. If so, bulls will probably try to deliver a local correction. We’ve got a new “Window”, which has been closed by the recent candles. Also, there’s an “Engulfing” pattern, but we’ve got a local “Harami” at the last low. This pattern is unconfirmed, so after a local correction, the market is likely going to achieve the nearest support line. More: https://new.fxbazooka.com/analytics/10237

USD/JPY rising inside primary impulse wave ? 8/29/2016 USD/JPY rising inside primary impulse wave ? Next buy target - 104.00 USD/JPY continues to rise inside the primary impulse wave ? - which started in the middle of August – when the pair reversed up from the support zone lying between the round support level 100.00 (previous sell target set in our earlier forecast for this currency pair, which also reversed USD/JPY sharply in June and July) and the lower daily Bollinger Band. The pair is currently approaching the resistance level 102.65 (top of the previous intermediate (-wave). If the price breaks above the resistance level 102.65 - USD/JPY can then be expected to rise further to the next resistance level 104.00 (intersecting with the resistance trendline of the daily down channel from January). More: https://new.fxbazooka.com/analytics/10236

GBP/USD reversed from resistance zone 8/29/2016 GBP/USD reversed from resistance zone Next sell target - 1.3000 GBP/USD continues to decline - following the earlier downward reversal from the resistance level 1.3250 (which is the lower boundary of the powerful resistance area which reversed the pervious corrective waves (2) and 2, as can be seen below). The last downward reversal form this resistance zone created the strong daily Japanese candlesticks reversal pattern Evening Star. GBP/USD is expected to fall further in the active impulse waves 3 and (3) (which belong to the primary downward impulse wave ? from June) toward the next sell target at the round support level 1.3000. More: https://new.fxbazooka.com/analytics/10235

EUR/USD: wave iii going to be extended 8/29/2016 Wave © of [y] was formed last week, so there’s a downward impulse in wave (a), which is taking place on the four-hour chart. Therefore, wave iii of (a) is likely going to be continued in the short term. So, we should keep an eye on 1/8 Murrey Math Level (P=200) as the next bearish target. We’ve got a double zigzag in wave ii, which was ended last Friday. Also, there’s a bearish impulse in wave [1]. In this case, wave [3] of iii is likely going to move on towards 0/8 Murrey Math Level (P=300). More: https://new.fxbazooka.com/analytics/10234

GBP/USD: "Double Top" led to massive decline 8/29/2016 There’s a “Double Top” pattern, which has been confirmed. Therefore, bears are likely going to move on, so we should keep an eye on the next support at 1.3056. If a pullback from this level be on the table, there’ll be an opportunity to see a local upward correction. The last uptrend has been broken, which led to an achievement of a support at 1.3119. So, it’s likely to see a local correction towards the nearest resistance at 1.3160. However, bears are still strong, so the price is likely going to reach the next support at 1.3069 – 1.3032 in the short term. More: https://new.fxbazooka.com/analytics/10230

EUR/USD: bears celebrating trend breakdown 8/29/2016 We’ve got a “Triple Top” pattern, which led to the current bearish price movement. Also, the last uptrend has been broken. So, the price is likely going to reach a support at 1.1130 in the short term. The pair faced a support at 1.1176, so we’ve got a local consolidation. In this case, bulls will probably try to achieve a resistance at 1.1235 – 1.1244 during the day. If a pullback from this area happens, there’ll be an opportunity to have another bearish movement towards the next support at 1.1176 – 1.1152. More: https://new.fxbazooka.com/analytics/10229

Key option levels for Monday, August 29th 8/29/2016 EUR/USD Main trend Short-term period Medium-term period Neutral Bearish Changes in the open interest + 39 305 ? - 29 614 ? Closest resistance levels 1.1221; 1.1250; 1.1271; 1.1299 Closest support levels 1.1187; 1.1164/48; 1.1125; 1.1097 Trading recommendations Baseline scenario Long EUR/USD above 1.1221, with the target points at 1.1250 and 1.1271 Alternative scenario Moving below 1.1187 can be considered as a signal to sell the pair, with target at 1.1164 and 1.1125 GBP/USD Main trend Short-term period Medium-term period Neutral Bearish Changes in the open interest + 1 062 ? + 943 ? Closest resistance levels 1.3156; 1.3178; 1.3215; 1.3239 Closest support levels 1.3105; 1.3082; 1.3064; 1.3042 Trading recommendations Baseline scenario Short GBP/USD below 1.3105, with target points at 1.3082 and 1.3064 Alternative scenario Moving above 1.3156 can be considered as a signal to buy the pair, with target at 1.3178 and 1.3215 USD/JPY Main trend Short-term period Medium-term period Bullish Neutral Changes in the open interest + 768 ? + 1 446 ? Closest resistance levels 102.41; 102.62; 102.88; 103.19 Closest support levels 101.66; 101.37; 100.99; 100.73 Trading recommendations Baseline scenario Buy USD/JPY above 102.41, with the target points at 102.62 and 102.88 Alternative scenario Moving below 101.66 can be considered as a signal to sell the pair, with target at 101.37 and 100.99 USD/CAD Main trend Short-term period Medium-term period Neutral Bullish Changes in the open interest + 943 ? + 905 ? Closest resistance levels 1.3033; 1.3051; 1.3086; 1.3134 Closest support levels 1.2974; 1.2948; 1.2912; 1.2860 Trading recommendations Baseline scenario Long USD/CAD above 1.3033, with the target points at 1.3051 and 1.3086 Alternative scenario Moving below 1.2974 can be considered as a signal to sell the pair, with target at 1.2948 and 1.2912 More: https://new.fxbazooka.com/analytics/10228

GBP/AUD reversed from resistance zone 8/26/2016 GBP/AUD reversed from resistance zone Next sell target - 1.7000 GBP/AUD recently reversed down from the resistance zone lying between the resistance level 1.7500, 61.8% Fibonacci correction of the previous minor impulse wave 3 and the lower trendline of the wide weekly down channel from last year (acting as resistance now after it was broken in July). This trendline earlier reversed waves 2 and (, as can be seen from the daily GBP/AUD chart below. GBP/AUD is expected to fall down further inside the active (-wave of the minor ABC correction 4 toward the next sell target 1.7000. Sell stop-loss can be placed above the aforementioned resistance level 1.7500. More: https://new.fxbazooka.com/analytics/10222

USD/JPY: unending consolidation 8/26/2016 We’ve got a “Shooting Star” and a “Tweezers” at the local high, but both patterns haven’t been confirmed yet. So, there’s an opportunity to see one more test of the nearest “Window”. If it acts as a support, bulls are likely going to reach the 34 Moving Average. As we can see on the Daily chart, here’s a consolidation under the nearest resistance level, but bears are still free to achieve the lower “Window” in the short term. The price is moving up and down in a range of the Monday’s “Window”. We’ve got an “Engulfing” and a “Three Methods” patterns, so the market is likely going to reach the lower side of the range. However, if we see a pullback from this level, bulls will probably try to push the market a little bit higher. More:https://new.fxbazooka.com/analytics/10221

NZD/USD reached buy target 0.7300 8/26/2016 NZD/USD reached buy target 0.7300 Next buy target - 0.7400 NZD/USD continues to rise after the earlier breakout of the resistance level 0.7300, which was set as the buy target in our previous forecast for this currency pair. The breakout of the resistance level 0.7300 is likely to accelerate the active minor impulse wave (v), which belongs to the C-wave from the middle of July (which began when the pair reversed up from the support zone near the round support level 0.7000). NZD/USD is expected to continue the upward movement in the direction of the next resistance level 0.7400 (coinciding with the resistance trendline of the wide daily up channel from last year). More: https://new.fxbazooka.com/analytics/10223

EUR/USD: bulls supported by "Hammer" 8/26/2016 There’s a correction under the nearest “Window”. Also, we’ve got a “Hammer” on the 34 Moving Average, which has been confirmed. Therefore, the market is likely going to test the “Window” once again. If we see a pullback from its upper side, there’ll be an opportunity to have an achievement of the 55 Moving Average. As we can see on the Daily chart, here’s a “Harami” under the closest “Window”, so bulls will probably try to reach the nearest resistance. We’ve got an “Engulfing” and a “Shooting Star” at the local high. In this case, it’s likely to see a support by the lower side of the “Window”. If a pullback from this level happens, bulls are likely going to deliver a local upward price movement. More: https://new.fxbazooka.com/analytics/10220

EUR/USD: bears going to deliver wave iii 8/26/2016 There’s a possible ended zigzag in wave © of [y], which led to form a downward impulse in wave i. Also, we’ve got a double pullback from 6/8 Murrey Math Level (P=200). Under this circumstances, bears are likely going to deliver wave iii of (a) shortly, so we should keep an eye on 3/8 MM Level as an intraday target. We’ve got a bearish impulse in wave i, which has been formed right after a diagonal triangle in wave v of ©. Also, there’s a probable zigzag in wave ii. So, if bears finds a lodgement under 6/8 Murrey Math Level (P=250), there’ll be an opportunity to have wave iii. More: https://new.fxbazooka.com/analytics/10219

USD/JPY: under the Senkou Span A 8/26/2016 Technical levels: support – 100.00; resistance – 100.40. Trade recommendations: 1. Sell — 100.40; SL — 100.60; TP1 — 99.00; TP2 — 98.50. Reason: a bearish Ichimoku Cloud; Tenkan-sen and Kijun-sen are horizontal; a strong consolidation under resistance of Senkou Span A. More: https://new.fxbazooka.com/analytics/10218

EUR/USD: the Bulls are trying to return the positions 8/26/2016 Technical levels: support – 1.1270; resistance – 1.1330, 1.1360, 1.1450. Trade recommendations: 1. Buy — 1.1300; SL — 1.1280; TP1 — 1.1360; TP2 – 1.1450. Reason: a dead cross of Tenkan-sen and Kijun-sen, but the bullish Ichimoku Cloud and the prices breaking out the resistance of Kijun-sen. More: https://new.fxbazooka.com/analytics/10217

GBP/USD: price faced support by local uptrend 8/26/2016 There’s a “Double Top” pattern, which has been confirmed, so the market achieved a support at 1.3160. Therefore, bears are likely going to reach the next support at 1.3119 soon. At the same time, if a pullback from this level be on the table, we should keep an eye on the closest resistance at 1.3271 – 1.3302 as a possible bullish intraday target. The price faced a support by the local uptrend, which led to an achievement of the nearest resistance at 1.3214. So, bulls are likely going to reach the next resistance at 1.3247 shortly. However, if we see a pullback from here, there’ll be a chance to have another decline towards a support at 1.3183 – 1.3160. More: https://new.fxbazooka.com/analytics/10216

EUR/USD: local upward movement going to move on 8/26/2016 Bulls faced a resistance on the 34 Moving Average, so the price is currently declining. Considering the last “Double Top” pattern, the market is likely going to get a support at 1.1235 – 1.1222 in the short term. If we see a pullback from this area, there’ll be an opportunity to have a correction towards a resistance at 1.1365 – 1.1381. We’ve got a consolidation along the Moving Averages. It’s likely that the price is going to reach a resistance at 1.1282 – 1.1324 during the day. However, if a pullback from these levels happens, bears will probably try to catch the next support at 1.1244 – 1.1235. More: [uR:L=https://new.fxbazooka.com/analytics/10215]https://new.fxbazooka.com/analytics/10215[/url]

Gold: bears want to leave the ledge 8/26/2016 On the daily chart of XAU/USD the bears managed to bring the pair below the lower border of the short-term uptrend and pull it to support at $1313 an ounce. Successful test of the ledge's lower border ("Spike and ledge" pattern based on 1-2-3) will allow the pair to slide towards $1280 and lower. On H1 after the pair reached target of the triangle and settled below $1345, so that the bears got control. Targets of senior and junior AB=CD patterns allowed to spot convergence area of $1312-1316. Its successful test will make the pair resume descent, recoil will allow the pair to rise towards $1332,5. More: https://new.fxbazooka.com/analytics/10214

EUR/USD: euro met an inside bar 8/26/2016 On the daily EUR/USD chart the bulls managed to make the pair hold above support at 1.1269 and counterattacked. The pair formed an inside bar, which points at uncertainty. The break of yesterday's low at 1.124 will make the pair decline to 1.1175. Resistance is near 1.1345. On H1 convergence area of 1.1233-1.1244 became a big obstacle for the bears. If the bulls manage to bring the pair above 1.1290, the pair will fight to overcome the lower border of the bullish channel. On the contrary, another test of support will increase the risks of decline to 1.1169. More: https://new.fxbazooka.com/analytics/10213

EUR/USD ahead of Jackson Hole: Will Janet Yellen define us today the mid-term trend for US Dollar? 8/26/2016 Today at 14:00 GMT will be the main event of the week in financial markets, as the Fed Chairwoman Janet Yellen will speak at the Jackson Hole Symposium and all traders will be looking for hints of further rate hike by the central bank before the end of the year, or in the other scenario, in September's meeting. However, some experts aren't expecting major information to be delivered by Yellen during this event, which is also an academic symposium and likely it will bring some kind of information that goes on that line. The technical picture for EUR/USD at H1 chart ahead of that event is still calling for the upside, amid recent US dollar's strengthening. Currently, a bullish trend line from August 24th low can be seen on this timeframe and eventually it should act as dynamic support. EUR could rally towards the resistance zone of 1.1320, in case that Yellen didn't bring clear hints of further hikes on this year. In the hawkish scenario, a breakout below the support zone of 1.1272 can push the pair towards the 1.1209 level. More: https://new.fxbazooka.com/analytics/10210

USD/JPY: bulls and bears fighting inside the "Window" 8/25/2016 There’s a strong resistance by the 21 Moving Average, so we’ve got a “Shooting Star” on this line. However, a confirmation of this pattern is a quite weak, so the nearest “Window” is likely going to be tested once again. As we can see on the Daily chart, the price is consolidating under the closest resistance line, so bears will probably try to reach the lower “Window” in the short term. We’ve got a “Harami” and a “Doji” on the 89 Moving Average, which both have been confirmed enough. At the same time, there’s a bullish “Harami” as well, so the market is likely going to test the local highs again. More: https://new.fxbazooka.com/analytics/10209