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EUR/USD: returning to positive area 8/23/2016 Technical levels: support – 1.1305, 1.1270; resistance – 1.1330, 1.1360, 1.1450. Trade recommendations: 1. Buy — 1.1310; SL — 1.1290; TP1 — 1.1360; TP2 – 1.1450. Reason: bullish Ichimoku Cloud, rising Senkou Span A and B; a golden cross of Tenkan-sen and Kijun-sen. More: https://new.fxbazooka.com/analytics/10164

EUR/USD: wave v of © is on the way 8/23/2016 Bulls have came back into the market. It’s likely that yesterday wave iv was formed, so the price is currently rising in wave v of ©. Therefore, buyers are going to break wave’s 3 high very soon. The main intraday target is 7/8 Murrey Math Level (P=200). As we can see on the one-hour chart, there’s a zigzag in wave iv. Also, we’ve got an upward impulse in wave [1], which confirms the beginning of wave v of ©. So, the next bullish target is +1/8 Murrey Math Level (P=200), which could be a departure point for wave [4]. More: https://new.fxbazooka.com/analytics/10162

GBP/USD: "Pennant" highlights increasing bullish pressure 8/23/2016 We’ve got a “Double Bottom” pattern above a support at 1.3015, so the price reached a resistance at 1.3183. In this case, bulls are likely going to achieve a resistance at 1.3214 – 1.3247 in the short term. If a pullback from these levels be on the table, then a bearish correction becomes possible. There’s a consolidation above a support at 1.3119. Also, there’s a “Pennant” pattern, so the pair is likely going to get a resistance at 1.3214 – 1.3247. At the same time, if we see a pullback from this area, there’ll be an opportunity to have a correction in the direction of the nearest support at 1.3119 – 1.3092. More: https://new.fxbazooka.com/analytics/10160

EUR/USD: bulls going to deliver new high 8/23/2016 There’s a “V-Bottom” pattern, which led to the current upward price movement, so yesterday’s “Breakaway Gap” has been closed. Despite of a resistance at 1.1324, the market is likely going to reach the next resistance at 1.1381 – 1.1398. If a pullback from this area happens, there’ll be an opportunity to have a decline towards a support at 1.1324 – 1.1282. The price has been rising since a “V-Bottom” pattern formed at the local low. So, bulls are likely going to get a resistance at 1.1381 – 1.1398. However, if buyers be stopped here, then bears will probably try to deliver a local correction. More: https://new.fxbazooka.com/analytics/10159

EUR/USD & New Home Sales: Bullish potential remains alive 8/23/2016 Following a very quiet Monday in terms of the economic calendar, today we'll have the New Home Sales in the United States at 14:00 GMT, where the analysts are expecting a slight decline from 592K to 575K. This macro data is classified as a medium-impact catalyst for US Dollar and eventually we may see some volatile movements on the greenback, ahead of Yellen's speech at Jackson Hole Symposium due this week. The technical picture for EUR/USD at H4 chart is showing a bullish trend line channel's formation, helping to boost the pair above the 200 SMA. The next resistance is placed at the 1.1347 level, where a breakout should push it to test the 1.1406 level, in case that the New Home Sales came worst-than-expected. By another hand, if the EUR/UD does a pullback at the current stage, then the next support is located at the 1.1240 level. More: https://new.fxbazooka.com/analytics/10156

EUR/USD: consolidation in a range of the "Window" 8/22/2016 We’ve got a “Harami” at the last high, which has been confirmed enough. Also, there’s an “Engulfing” on the nearest support level, so bulls are likely going to deliver an upward correction. As we can see on the Daily chart, here’s a “Harami” at the local maximum. If it confirms, bears will have an opportunity to push the market lower. There’re a “Tweezers” and an “Engulfing” at the last low, which both have a good confirmation. Therefore, the pair is likely going to rise during the day until any bearish pattern forms. More: https://new.fxbazooka.com/analytics/10154

Key option levels for Monday, August 22th 8/22/2016 EUR/USD Main trend Short-term period Medium-term period Neutral Bearish Changes in the open interest + 42 856 ? - 26 548 ? Closest resistance levels 1.1336; 1.1360/71; 1.1385; 1.1403 Closest support levels 1.1259; 1.1232; 1.1201; 1.1165 Trading recommendations Baseline scenario Buy EUR/USD above 1.1336, with the target points at 1.1360 and 1.1385 Alternative scenario Moving below 1.1259 can be considered as a signal to sell the pair, with target at 1.1232 and 1.1201 GBP/USD Main trend Short-term period Medium-term period Bearish Bearish Changes in the open interest + 808 ? + 1 652 ? Closest resistance levels 1.3108; 1.3136; 1.3168; 1.3188 Closest support levels 1.3014; 1.2995; 1.2973; 1.2947 Trading recommendations Baseline scenario Sell GBP/USD below 1.3014, with target points at 1.2995 and 1.2973 Alternative scenario Moving above 1.3108 can be considered as a signal to buy the pair, with target at 1.3136 and 1.3168 USD/JPY Main trend Short-term period Medium-term period Bullish Neutral Changes in the open interest + 1 349 ? + 511 ? Closest resistance levels 100.96; 101.17; 101.42; 101.71 Closest support levels 100.13(08?); 99.88 (78?); 99.64 Trading recommendations Baseline scenario Long USD/JPY above 100.96, with the target points at 101.17 and 101.42 Alternative scenario Moving below 100.13 can be considered as a signal to sell the pair, with target at 99.88 and 99.64 USD/CAD Main trend Short-term period Medium-term period Bullish Bullish Changes in the open interest + 572 ? + 445 ? Closest resistance levels 1.2913; 1.2945; 1.2987; 1.3041 Closest support levels 1.2857; 1.2837; 1.2806; 1.2776 Trading recommendations Baseline scenario Buy USD/CAD above 1.2913, with the target points at 1.2945 and 1.2987 Alternative scenario Moving below 1.2857 can be considered as a signal to sell the pair, with target at 1.2837 and 1.2806 More: https://new.fxbazooka.com/analytics/10149

https://new.fxbazooka.com/analytics/10149 8/22/2016 Wave C was ended last week, so we’ve got a pullback from 6/8 Murrey Math Level (P=200). Therefore, the price is declining in wave [a]. The main intraday target is 3/8 MM Level, which could be a departure point for an upward correction. We’ve got a “Diagonal Triangle” in wave v of ©, which led to form wave i. So, there’s a possible bearish extension in wave iii. Under this circumstances, the market is likely going to reach 4/8 Murrey Math Level (P=200). More: https://new.fxbazooka.com/analytics/10148

GBP/USD: "Double Top" brought bears into the market 8/22/2016 There’s a “Double Top” under the 89 Moving Average. So, bears are likely going to get a support at 1.2979 – 1.2934 in the short term. However, if a pullback from this area happens, there’ll be an opportunity to have a bullish correction towards a resistance at 1.3119 – 1.3183. The price faced a support at 1.3033, which led to the current consolidation. Therefore, the price is likely going to reach the 34 Moving Average during the day. At the same time, if a pullback from this line arrives later on, we should keep an eye on the next support at 1.3015 – 1.2979 as a possible bearish target. More: https://new.fxbazooka.com/analytics/10147

USD/JPY: correction to the Cloud 8/22/2016 Technical levels: support – 100.00; resistance – 100.90, 101.50. Trade recommendations: 1. Sell — 100.90; SL — 101.10; TP1 — 100.00; TP2 — 99.00. Reason: a bearish Ichimoku Cloud; the cancelled dead cross of Tenkan-sen and Kijun-sen for the oversold reason; a strong resistance of Senkou Span A. More: https://new.fxbazooka.com/analytics/10146

AUD/USD: on the support of Senkou Span B 8/22/2016 Technical levels: support – 0.7590, 0.7550; resistance – 0.7680. Trade recommendations: 1. Buy — 0.7590; SL — 0.7570; TP1 — 0.7680; TP2 — 0.7720. 2. Buy — 0.7550; SL — 0.7530; TP1 — 0.7680; TP2 — 0.7720. Reason: a dead cross of Tenkan-sen and Kijun-sen; bullish Ichimoku Cloud; strong support of Senkou Span B. More: https://new.fxbazooka.com/analytics/10145

EUR/USD: the correction may be deeper 8/22/2016 Technical levels: support – 1.1270, 1.1240, 1.1180; resistance – 1.1330, 1.1360, 1.1450. Trade recommendations: 1. Buy — 1.1270; SL — 1.1250; TP1 — 1.1360; TP2 – 1.1450. 2. Buy — 1.1180; SL — 1.1160; TP1 — 1.1360; TP2 – 1.1450. Reason: bullish Ichimoku Cloud, rising Senkou Span A and B; a golden cross of Tenkan-sen and Kijun-sen. More: https://new.fxbazooka.com/analytics/10144

EUR/USD: "Breakaway Gap" speed up bearish correction 8/22/2016 There’re a “V-Top” pattern and a “Breakaway Gap”, so the price is declining. Despite of a support at 1.1268, the market is likely going to reach the next support at 1.1235. If a pullback from this level happens, bulls will probably try to catch a resistance at 1.1349 – 1.1381. As we can see on the one-hour chart, the last consolidation in a range of a “Pennant” pattern was finally ended by the “Breakaway Gap”. Therefore, the pair is likely going to get a resistance on the 34 Moving Average during the day. However, bears have enough power to move on afterwards. More: https://new.fxbazooka.com/analytics/10143

USD/JPY: bulls put in a counterattack 8/22/2016 On the daily USD/JPY chart support is at 99.94 (88.6% Fibo of the last bullish wave) managed to hold the bears. The bulls try to seize the initiative, and if they manage to test resistance at 100.83, risks of correction towards the upper border of the previous consolidation range at 100.8-102.7 will increase. On H1 USD/JPY after reaching target at 200% of AB=CD,recoiled and is now testing resistance at 100.83. Success and further increase to 101.15 will set off the "Bat" pattern target at 102. More: https://new.fxbazooka.com/analytics/10142

EUR/USD: bulls have lost power 8/22/2016 On the daily chart EUR/USD bulls failed to overcome important convergence area and this triggered selling of the euro. 161.8% target of AB=CD, the upper border of the rising channel and lower border of the downtrend channel discouraged the bulls and returned the prices to 1.1269 (50% Fibo of the last meduim-term bearish wave). On H1 EUR/USD has completed "3 indians" model. If the bears manage to overcome convergence area at 1.1233-1.1244, the risk of decline to 1.1206 and 1.1169 will increase. To resume the bullish trend the byers need to push the pair above 1.135. More: https://new.fxbazooka.com/analytics/10141

USD/CAD & Wholesale Sales: Further downside or can we see a bottom soon? Today we have a very light economic calendar, where there are no major macro indicators to be released. The only one that we can highlight for this Monday's session comes from Canada, with the Wholesale Sales on its monthly basis reading and analysts are expecting a decline from 1.8% to 0.5%. This data has been performing with a bullish trend for the mid-term, but this decline should add bearish pressure on the CAD, at least into a medium impact. The technical picture for USD/CAD at H4 chart is still very bearish and showing some interesting patterns, like as the formation of a lower low pattern. Currently, the Loonie is well consolidated below the 200 SMA and it performed a rebound above the support level of 1.2777. Next resistance is located at the 1.2905 level, where a breakout can open the doors to test a very strong resistance zone on 1.2976. However, if the pair has bearish momentum during this week, it can re-test the 1.2777 level. More: https://new.fxbazooka.com/analytics/10140

GBP/USD: outlook for August 22-28 8/19/2016 Hello dear traders! My name is Angela, this is FBS analytical portal FX Bazooka and you are watching the weekly outlook for the British Pound. The British pound recovered on solid economic data released in the UK. A block of inflation figures showed that price growth accelerated in July, the number of unemployment claims declined and retail sales rose by 1.4% after declining by 0.9% in June. These statistics mean that for now British economy isn’t hit by Brexit as it was thought to be. A close above 1.3070 will form a bullish engulfing pattern on the weekly chart. That would make possible recovery to 1.33. Note, however, that once investors get reminded about the divergence between the Bank of England and the Federal Reserve’s monetary policy, negative trend in GBP/USD will resume. Such a reminder may come from the Fed Chair Janet Yellen’s speech next week. Support is at 1.3040, 1.2970 and 1.2840. As for the UK economic calendar, the nation will release second estimate of Q2 GDP and business investment data on Friday. More: https://new.fxbazooka.com/analytics/10138

EUR/USD: outlook for August 22-28 8/19/2016 During the past week EUR/USD mounted from the bottom of the 4-week bullish channel to its top. Next week some correction to the downside may develop. Support is at 1.1260, 1.1235 and 1.1190. Resistance is at 1.1380, 1.1405 and 1.1450. The euro has been holding its ground recently, despite the fact that its current levels are not supported by the yield differentials. Generally cheaper US dollar partly explains this phenomenon. So far economic data from the euro area was mostly alright, pointing that the region is not hit hard by the Brexit. July inflation reading was positive, economic sentiment improved and current account surplus remains big. Next week the euro zone will release flash manufacturing PMIs on Monday. Germany will publish Ifo business climate index on Tuesday. All in all, for now traders don’t think that the European Central Bank will necessarily have to ease policy in September. This is a supporting factor for the single currency. More: https://new.fxbazooka.com/analytics/10137

AUD/USD: outlook for August 22-28 8/19/2016 AUD/USD once again failed to get above 0.7755. Close below 100-day MA at 0.7625 will increase bearish pressure on the pair pulling it down to 0.7530/00. Good Australian labor market data failed to trigger sustainable buying of Aussie. Moody’s Investors Service lowered its outlook on Australia’s banks to negative from stable, warning of sluggish profit growth. Next week apart from Jackson Hole Symposium watch Australian construction work done on Wednesday. Aussie was supported in the past week by the rally in stocks and commodities. However, as markets price in a greater chance of Fed tightening at the September meeting, risk sentiment and equities may come under pressure which would be negative for Australian currency. More: https://new.fxbazooka.com/analytics/10136

USD/JPY: outlook for August 22-28 8/19/2016 The bears kept USD/JPY pinned to the 100.00 area. The pair was supported as some Japanese investors want to buy dollars on moves towards 99.00. Yet, the picture remains negative and it seems only a question of time before the pair slides down. Target is at 98.70. Resistance is located at 101.20, 101.60 and 102.00. Trading next week will likely be more volatile as global central bankers meet in Jackson Hole amid low summer liquidity. Speech of the Federal Reserve’s Chair Janet Yellen will likely make USD/JPY leave consolidation range. As for Japanese economic calendar, the nation will release inflation data early on Friday. A representative of Japanese financial authorities said that they were watching for speculative currency market moves and would respond if needed. Analysts think that Japanese interventions will be more likely not at current levels, but lower, around 96-95.00. As for the position of the Bank of Japan, traders don’t expect much from the central bank and this supports the yen. More: https://new.fxbazooka.com/analytics/10135

US dollar: outlook for August 22-28 8/19/2016 US dollar survived another week of declines. Despite hawkish comments of the Fed members Williams and Dudley, FOMC July meeting minutes showed that not all policymakers think that the central bank should raise rates in the near term. Economic data released during the past week mixed. Monthly growth of American consumer prices has stalled and Empire State manufacturing index declined. However, industrial production growth accelerated and the number of unemployment claims dropped more than expected. The lack of unity from the Fed and ambiguous economic figures didn’t make investors price in higher possibility of the Fed’s rate hike. According to CME, futures market is pricing in 15% possibility of a hike in September and less than 5% chance of increase in December. In other words, traders don’t believe that hawkish comments of the Fed members will be followed by action. Low expectations of a rate hike represent the main negative factor for USD. The picture may change next week, when global central bankers will meet at Jackson Hole, Wyoming. Fed Chair Janet Yellen will speak on Friday and she may follow Williams and Dudley hinting that the Fed will raise interest rates rather sooner than later. That would be reasonable as it makes more sense for the Fed to prepare traders for potential hike than not. The market should give more weight to Yellen’s words and this would be a reason for a bullish pullback in the greenback. However, if the head of US central bank sounds cautious, we’ll see another selloff of American currency. More: https://new.fxbazooka.com/analytics/10134

USD/JPY: bulls going to deliver deeper correction 8/19/2016 We’ve got a “Hammer” and a “Harami” at the last lows, which both have been confirmed. So, bulls are likely going to test the nearest resistance line. As we can see on the Daily chart, there’s an “Inverted Hammer”, so an upward correction has a reason to be continued. There’re an “Engulfing” and a “Three White Soldiers”. Also, we’ve got a strong resistance by the 34 Moving Average. Under this circumstances, the main intraday target is the 89 Moving Average. More: https://new.fxbazooka.com/analytics/10133

EUR/USD: "Engulfing" brought bearish correction into the market 8/19/2016 There’s a local correction, which is taking place on the four-hour chart. Previously, a “Harami” pattern was formed at the local high. Therefore, the market is likely going to reach the nearest support line. As we can see on the Daily chart, we’ve got a possible “Harami”, so there’s an opportunity to have a downward correction. https://new.fxbazooka.com/img/articles/10130/1908eurusdh1.png[/uIMG] We’ve got an “Engulfing” at the local high, which has been confirmed enough. Also, there’s a “Three Methods” pattern, which highlights bearish pressure on the ground. So, the pair is likely going to test the lower side of the nearest “Window”. More: https://new.fxbazooka.com/analytics/10130

EUR/USD: "Diagonal Triangle" has been formed 8/19/2016 The price faced a resistance on 6/8 Murrey Math Level (P=200), so there’s a possible ending of wave ? in a form of a double zigzag. Therefore, the market is likely going to decline in wave [a] of D. The main bearish target is 3/8 MM Level. As we can see on the one-hour chart, there’s an ended diagonal triangle in wave v of ©. Also, we’ve got a downward impulse in wave i, which could be the first bearish step into wave D. In this case, the price is likely going to reach 5/8 Murrey Math Level during the day. More: https://new.fxbazooka.com/analytics/10129

GBP/USD: Moving Averages waiting for bears 8/19/2016 The price found a resistance on the 89 Moving Average, so the market is likely going to achieve the 55 & 34 Moving Averages. However, there’s a “Double Bottom” as well, which makes possible the next bullish movement. There’s a flat under the closest support at 1.3119. Therefore, it’s likely to see a decline towards the next support at 1.3092. At the same time, is a pullback from this level arrives, bulls will probably try to reach a resistance at 1.3183 – 1.3247. More: https://new.fxbazooka.com/analytics/10128