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NZD/USD REACHED BUY TARGET 0.7200 17:28 08.06.2017 NZD/USD reached buy target 0.7200 Next buy target - 0.7250 NZD/USD continues to rise after the earlier breakout of the resistance level 0.7200 (which was set as the buy target in our previous forecast for this currency pair). The breakout of the resistance level 0.71200 follows the earlier breakout of 61.8% Fibonacci correction level of the previous sharp downward impulse wave © from the start of February – which accelerated the active impulse waves 3 and (3). NZD/USD is expected to rise to the next buy target at the next resistance level 0.7250 (target price for the termination of the active impulse (3)). More: https://fbs.com/analytics/articles/nzd_usd_reached_buy_target_0.7200_1507

EUR/USD REACHED BUY TARGET 1.1270 17:27 08.06.2017 EUR/USD reached buy target 1.1270 Next sell target - 1.1160 EUR/USD recently reversed down from the powerful, long-term resistance level 1.1270 (which reversed the pair sharply in November and May and which was set as the buy target in our earlier forecast for this currency pair). The downward reversal from this resistance level stopped the earlier minor impulse wave (v) – which belongs to the C-wave from the middle of April. Considering the clear bearish divergence on the daily RSI indicator - EUR/USD is expected to fall to the next sell target at the next support level 1.1160. Strong resistance remains at 1.1270. More: https://fbs.com/analytics/articles/eur_usd_reached_buy_target_1.1270_1506

EUR/USD: NEW HIGH COMING SOON 15:41 08.06.2017 There's a developing diagonal triangle in wave (v) of [c], which is taking place on the four-hours chart. The main intraday target is 5/8 MM Level, which could act as resistance. If so, there'll be an opportunity to have a bearish price movement towards 3/8 MM Level. It seems like we've got a zigzag in wave ii with a triangle in wave . Therefore, bulls are likely going to deliver wave iii, which means we could have a new local high in the coming hours. If +2/8 MM Level breaks, the Murray math indication will be updated. More: https://fbs.com/analytics/articles/eur_usd%3a_new_high_coming_soon_1505

HIGHLIGHTS OF THE ECB MEETING AND PRESS CONFERENCE. 12:53 08.06.2017 The European Central Banks left its key interest rates. The Council decided to remain the rates at the present levels for an extended period of time, and well past the horizon of the net asset purchase. The asset purchase program is left at 60 bln of euros per month. It will be run until the end of December 2017, or beyond, if necessary, until the ECB’s policymakers sees a sustained adjustment in the path of inflation consistent with their target. Press Conference Assets purchases are still need; they will be maintained until sustained inflation around the 2% level. There is a stronger momentum in the euro area economic growth Risks to the growth outlook is broadly balanced If growth projections are distorted, the ECB is ready to increase its asset purchase program in size and duration ECB growth outlook has been revised upwards. HICP was volatility due to temporal increases in energy and services prices. The inflation headline will remain at current level in the upcoming months, there is no convincing sign of pickup The ECB policymakers expect only gradually rise in inflation figures Inflation expectations are revised downwards, while the growth expectations – upwards. The euro moved a little bit lower against the USD on the lowering of the inflation estimates by the ECB policymakers. More: https://fbs.com/analytics/articles/highlights_of_the_ecb_meeting_and_press_conference._1501

USD/JPY: BULLISH "THREE METHODS" 11:48 08.06.2017 There's an "Inverted Hammer", which has confirmation. Also, we've got bullish "Three Methods", so the market is likely going to test the nearest resistance. If we see any bearish pattern on this level, there'll be an opportunity to have a decline towards the last low. We've got some bullish patterns such a "Morning Star" and a "Harami", which both have been confirmed. However, there's a bearish "Hanging Man", so we could have a local downward correction in the coming hours. Anyway, bulls are likely going to deliver a new local high afterwards. More: https://fbs.com/analytics/articles/usd_jpy%3a_bullish_%22three_methods%22_1499

EUR/USD: "TWEEZERS" PATTERN 11:45 08.06.2017 We've got a "Tweezers" pattern, which has been confirmed. So, bears are likely going to test the 34 Moving Average line, which could be a departure point for another bullish price movement The 144 Moving Average has acted as support, but there's a bearish "Engulfing' at the local high. Considering confirmation of this pattern, the pair is likely going to test the 144 MA one more time. More: https://fbs.com/analytics/articles/eur_usd%3a_%22tweezers%22_pattern_1498

GBP/USD: "FLAG" PUSHING PRICE HIGHER 08:05 08.06.2017 Bulls faced resistance at 1.2964, so the price is consolidating. Meanwhile, we've got a "Flag" pattern, the market is likely going to achieve the nearest resistance at 1.2988 - 1.2995. However, if we see a pullback from this area, there'll be an option to have another bearish price movement in the direction of the next support at 1.2964 - 1.2945. We've got a "Flag", so bulls are likely going to reach the closest resistance at 1.2988 - 1.2995 during the day. However, if a pullback from these levels happens, bears will have a green light to reach support at 1.2964 - 1.2945. More: https://fbs.com/analytics/articles/gbp_usd%3a_%22flag%22_pushing_price_higher_1496

EUR/USD: BULLISH "RECTANGLE" 08:00 08.06.2017 The price has been consolidating under resistance at 1.1287. The 34 Moving Average is acting as support, so the pair is likely going to test the nearest resistance at 1.1307 - 1.1325. If a pullback from this area happens, there'll be an opportunity to have a decline towards the closest support at 1.1249 - 1.1232. There's a consolidation, which is taking place between the levels 1.1278 - 1.1204. Also, we've got a "Rectangle", so bulls are likely going to test the next resistance at 1.1287 - 1203 in the coming hours. However, if we have a pullback from this area, bears will probably try to test the 55 Moving Average More: https://fbs.com/analytics/articles/eur_usd%3a_bullish_%22rectangle%22_1495

USD/JPY: BEARS SHOWED THEIR WEAKNESS 06:42 08.06.2017 Recommendation: BUY 110,6 SL 110,05 TP1 112,1 TP2 113,8. On the USD/JPY daily chart, the Bears' failure to move below support at 109.35 (78.6% of the last corrective wave) was a signal of their weakness. To launch a counterattack, the Bulls need to break the resistance at 110.5. Once it is broken, the risks for implementation of the target 88.6% of the Shark inverted pattern will increase substantially. On the USD/JPY hourly chart, a further direction of the pair will be determined by the Bulls' attempt to return the quotes to the previous consolidation range of 110.35-111.9. If they succeed, the formation of the Shakeout-Fakeout pattern may lead to the continuation of the rally. More: https://fbs.com/analytics/articles/usd_jpy%3a___bears_showed_their_weakness_1492

NZD/USD: KIWI IS POISED TO FALL LOWER 06:39 08.06.2017 On the NZD/USD daily chart, a workout of the triangle with its lower border acting as a solid resistance allowed the quotes to approach 113% and 161.8% targets of the Crab and AB = CD patterns. A break of the convergence zone 0.6745-0.6785 may result in the continuation of the downward movement. On the NZD/USD hourly chart, the target 113% should be fulfilled for the quotes to slide towards 38.2% and 50% levels of the CD wave. Rebound from the supports at 0.687 and 0.6885 can be used for opening short positions. More: https://fbs.com/analytics/articles/nzd_usd%3a_kiwi_is_poised_to_fall_lower_1491

MORNING BRIEF FOR JUNE 8 06:14 08.06.2017 Currency ranges in Tokyo morning were subdued as traders take a time out ahead of an onslaught of major events today including a general snap election in the UK, an ECB monetary policy meeting, and testimony by James Comey, the former FBI director. The US dollar index remains at its eight-months low as investors lost faith in Trump’s ability to push through his stimulus plans. There is an impeachment heaving in sight as James Comey in his written statement deposed to a fact that Donald Trump did ask him to drop an investigation of former national security adviser Michael Flynn as part of a probe into Russia’s interference in the US presidential elections. His oral testimony may strengthen an impeachment case build on obstruction of justice, but first, prosecutors should prove that incumbent US President Donald Trump acted with corrupt intent. EUR/USD is trading range bound near 1.2560 before the ECB meeting and Mario Draghi’s press conference scheduled for 2:45 and 3:30 pm (MT time) respectively. ECB’s policymakers are up to announce a “no change” to their monetary policy settings and probably to upgrade their economic assessment and policy guidance with regards to Eurozone in lights of strengthening of its economic fundamentals. The inflation forecast would be cut to 1,5% for this year from 1.7% as the lower prices one energy source might be taken into account. A “no change” decision without any hints of bank’s intention to remove the reference to lower rates, or change its extremely dovish tone to an at least hawkish one will likely weigh on the EUR. Another threat event of today is a snap election in the UK. GBP holds firm above 1.2950 due to incoming polls indicating that Tories are on course to win the election with a decent majority. Yet the traders remain concerned ahead of the election outcome as Conservative party’ s lead over its major rival Labour party has been narrowing throughout the campaign. Theresa May called the snap election in April seeking to strengthen her position in the talks with EU officials over Brexit, but the internal Tory backlash over the failures of her campaign as well as horrific terrorist attacks made her position more vulnerable, more perilous than before. GBP/USD is trading at 1.2960. There is a slight upside bias. The pound may extend its gains towards 1.3000/1.3050 resistance levels. If Tories fail to gain a solid ground in the election, we will see the pair tumbling to the much lower levels – 1.2880, 1.2770. If they manage to win a solid majority, we will easily see a surge in the GBP. The yen has strengthened against the USD in Tokyo morning despite disappointing final GDP that came from Japan. Investors raised their demand for this safe-haven currency ahead of the numerous risky events and on the increased Qatari activity and North Korea’s missile tests. USD/JPY is trading at 109.45. There is a room for the further weakness of the greenback. The quotes may move towards the supports at 109, 108.70. More: https://fbs.com/analytics/articles/morning_brief_for_june_8__1490

GBP/USD: POUND IS APPROACHING RESISTANCE 04:59 08.06.2017 Technical levels: support – 1.2910; resistance – 1.2980. Trade recommendations: Sell — 1.2980; SL — 1.3000; TP1 — 1.2910; TP2 — 1.2870. Reason: narrow bullish Ichimoku Cloud and horizontal Senkou Span A and B; a golden cross of Tenkan-sen and Kijun-sen with horizontal lines; the prices are under strong 3-week’s resistance. More: https://fbs.com/analytics/articles/gbp_usd%3a_pound_is_approaching_resistance_1488

EUR/USD: ON SUPPORT OF TENKAN AND KIJUN 04:57 08.06.2017 Technical levels: support – 1.1250; resistance – 1.1360. Trade recommendations: Buy — 1.1250/60; SL — 1.1230; TP1 — 1.1340; TP2 – 1.1360. Reason: bullish Ichimoku Cloud, but the lines Senkou Span A and B are horizontal; a cancelled golden cross of Tenkan-sen and Kijun-sen, horizontal Tenkan-sen and Kijun-sen; the market is overbought, but prices are supported by Tenkan-sen and Kijun-sen. More: https://fbs.com/analytics/articles/eur_usd%3a_on_support_of_tenkan_and_kijun_1487

AUD/USD BROKE KEY RESISTANCE LEVEL 0.7510 17:01 07.06.2017 AUD/USD broke key resistance level 0.7510 Next buy target - 0.7670 AUD/USD continues to rise after the earlier breakout of the key resistance level 0.7510 (which stopped the earlier minor correction (a) in May, as can be seen below). The breakout of the resistance level 0.7510 was preceded by the breakout of the resistance trendline of the daily down channel from March (which has enclosed the previous minor impulse sequence 1). AUD/USD is expected to rise to the next buy target at the next resistance level 0.7670 (top of the previous minor correction (ii) from March). Strong support now stands at 0.7510. More: https://fbs.com/analytics/articles/aud_usd_broke_key_resistance_level_0.7510_1477

NZD/CAD REACHED BUY TARGET 0.9630 17:00 07.06.2017 NZD/CAD reached buy target 0.9630 Next buy target - 0.9630 NZD/CAD continues to rise sharply – after the earlier breakout of the resistance level 0.9630 (which stopped the previous waves 1 and B and which was set as the buy target in our previous forecast for this currency pair). The breakout of the resistance level 0.9630 accelerated the active impulse waves (iii) and 3 – both of which belong to the sharp intermediate impulse wave (3) from April. NZD/CAD is expected to rise to the next buy target at the next resistance level 0.9800. Buy stop-loss can be placed below the aforementioned price level 0.9630. More: https://fbs.com/analytics/articles/nzd_cad_reached_buy_target_0.9630_1476

USD/JPY: "MORNING STAR" PUSHING PRICE HIGHER 12:53 07.06.2017 The price meet a support by the lower "Window", but we still don't have any reversal pattern so far. Therefore, bears are likely going to reach the next "Window" in the short term. We've got a "Morning Star", so there's a green light for a bullish intraday correction. The main target is the last "Three Methods" pattern. If a pullback from this level happens, we could have another decline shortly. More: https://fbs.com/analytics/articles/usd_jpy%3a_%22morning_star%22_pushing_price_higher_1473

EUR/USD: BEARISH "TWEEZERS" 12:50 07.06.2017 The upper "Window" has acted as resistance, so we've got a bearish "Tweezers", which has been confirmed. Therefore, the pair is likely going to test the 55 Moving Average, which could be a departure point for another bullish price movement. The current bearish correction is still in progress, so the price reached the 144 Moving Average. In this case, we could have a local upward correction in the coming hours, but bears are likely going to push the price even lower afterwards. More: https://fbs.com/analytics/articles/eur_usd%3a_bearish_%22tweezers%22_1472

GBP/USD: BULLS GOING TO DELIVER NEW LOCAL HIGH 09:51 07.06.2017 Bulls faced resistance at 1.2945, so the price is consolidating. However, the price is likely going to test the next resistance at 1.2945 - 1.2964 in the short term. If a pullback from this area happens, we should keep an eye on the nearest support at 1.2913 - 1.2887 as an intraday target. The price hasn't broken resistance at 1.2932, so bears are likely going to test support at 1.2887 in the coming hours. However, if we see a pullback from this level, bulls will have a chance to reach the next resistance at 1.2964. More: https://fbs.com/analytics/articles/gbp_usd%3a_bulls_going_to_deliver_new_local_high_1470

EUR/USD: BULLISH "PENNANT" 09:46 07.06.2017 The price has been consolidating under resistance at 1.1287. Also, we've got a "Pennant" pattern, so the pair is likely going to test the next resistance at 1.1307 - 1.1325. If a pullback from this area happens, there'll be an opportunity to have a decline towards the nearest support at 1.1249 - 1.1232. There's a consolidating, which is taking place between the closest resistance at 1.1287 and the 34 Moving Average. At the same time, we've got a "Triangle", so the market is likely going to test the lower side of this pattern, which could be a departure point for an upward price movement towards resistance at 1.1287 - 1.1307. More: https://fbs.com/analytics/articles/eur_usd%3a_bullish_%22pennant%22_1469

DAILY OIL MARKET OVERVIEW 07:57 07.06.2017 The oil prices are higher at the time of writing. They managed to regain their strength that was undermined after OPEC meeting on May 25. The market participants expected deeper and longer cuts from OPEC market, but were disappointed with the meeting’s outcome. Since then they have been selling into every bounce. On Monday, oil prices were hit by announcement that Saudi Arabia, Egypt, UAE and Bahrain cut their links with Qatar seeking to punish the country for according assistance to Islamist groups. Traders feared that a political rift between these Arab countries would undermine OPEC’s effort to curb global oil glut. Tuesday was a happy day crude oil futures. As market realized geopolitical tension is unlikely to become more severe in the Middle East, with Qatar clearly wanting to diffuse the politically charged environment rather than to escalate it. Qatar’s policymakers have recently pledged to adhere to their commitment under the output cut agreement. Even if it did refuse to comply with OPEC agreement, the implications for the oil market would be minimal, given the fact that Qatar’s commitment to cut amounts to just 30,000 barrels a day. Today analysts expect US official data from the Energy Information Administration to print a ninth-straight decline in domestic crude inventories. This should offer some support to currently falling oil prices. At the present moment, Brent oil futures are hovering near $49.80. If the EIA data does reveal a drop in the US crude oil inventories, the futures will rise higher towards the psychologically resistance at $50 or higher. More: https://fbs.com/analytics/articles/daily_oil_market_overview_1466

GBP/USD: POUND DREAMS OF REVENGE 06:11 07.06.2017 The GBP/USD daily chart, the transformation of the Shark pattern into 5-0 continues. If bulls fail to return to the borders of the upward trading channels. It will be a signal of their weakness and will allow us to sell the pound from the break of support at 1.284 (23.6% of the CD wave). In contrast, a test of the solid resistance at 1.3024 (88.6% of the CD wave) will create prerequisites for the continuation of the rally. On the GBP/USD hourly chart, the realization of the expanding wedge pattern continues. As long as the quotes are above the supports at 1.284 and 1.278, the Bulls retain their control over the pair. Recommendations: SELL 1,284 SL 1,2895 TP1 1,274 TP2 1,264, BUY 1,3025 SL 1,297 TP 1,3125. More: https://fbs.com/analytics/articles/gbp_usd%3a_pound_dreams_of_revenge_1464

MORNING BRIEF FOR JUNE 7 05:57 07.06.2017 There is lots of anxiety ahead of Thursday’s events. Nervous investors streamed into low-risk bonds and other safe-haven assets ruled by fears of Britain general election, the ECB policy meeting and James Comey’s testimony, all planned for Thursday. The US dollar weakness reverberated across the trading desk on Tuesday. The yen was a great outperformer. It strengthened to 109.20 yesterday. In Tokyo morning, the USD regained its strength and popped a little higher to 109.55. EUR/USD acted in the similar pattern. Yesterday, the single currency picked higher due to weaker USD. In the Asian session, it fell to 1.1265. The ECB meeting will have to decide whether there will a considerable rebound from the present level to the key resistance at 1.1300. AUD/USD picked up on the positive quarterly GDP out of Australia beating investors’ worst fear. It posted a 0.3% gain which is tiny little comparing the forecasts envisioned by the Reserve Bank of Australia. The undertone for this pair is largely positive. It is trading at 0.7535 and may surge higher at least towards 0.7555/0.7575 levels. Extension beyond the following levels is unlikely. GBP/USD continues to trade sideways waiting for the major event of this week – the UK general election. Some polls indicate that Conservative party of the incumbent PM Theresa May is on course to increase its parliamentary majority, while others show the narrowing gap between the Tories and Labor. Don’t miss housing prices coming from Halifax Ban of Scotland. USD/CAD ticked a little bit higher in the Asian session. Today’s focus will be on the Canadian building permits. Brent crude futures is hovering near $50. It rose overnight due to rising tensions in the Middle East. Saudi Arabia, Egypt, OAE, Bahrain cut links with Qatar having accused it for supporting Islamist groups, Despite the sanctions imposed by the neighboring countries, Qatar pledged to fulfill its obligations under the OPEC agreement. More: https://fbs.com/analytics/articles/morning_brief_for_june_7_1463

USD/JPY: DOWNTREND CONTINUES 05:16 07.06.2017 Technical levels: support – 108.70; resistance – 109.90. Trade recommendations: Sell — 109.90; SL — 110.10; TP1 — 109.10; TP2 — 108.70. Reason: expanding bearish Ichimoku Cloud, falling Senkou Span A and B; a dead cross of Tenkan-sen and Kijun-sen, falling Tenkan-sen; the prices formed a new lows, but market is oversold and Dollar may go to Tenkan-sen. More: https://fbs.com/analytics/articles/usd_jpy%3a_downtrend_continues_1461

AUD/USD: AUSSIE UNDER MAY’S HIGHS 05:14 07.06.2017 Technical levels: support – 0.7510, 0.7480; resistance – 0.7550. Trade recommendations: Sell — 0.7550; SL — 0.7570; TP1 — 0.7510; TP2 — 0.7480. Reason: bullish Ichimoku Cloud, rising Senkou Span A and B; a golden cross of Tenkan-sen and Kijun-sen, rising Tenkan-sen; the prices are under the strong resistance of May; the market is overbought and expected a correctional movements. More: https://fbs.com/analytics/articles/aud_usd%3a_aussie_under_may%E2%80%99s_highs_1460

EUR/NZD REACHED SELL TARGET 1.5700 15:41 06.06.2017 EUR/NZD reached sell target 1.5700 Next sell target - 1.5480 EUR/NZD continues to fall after the earlier breakout of the support level 1.5700 (previous sell target, which has been reversing the price from the start of May, as can be seen from the daily EUR/NZD chart below). The breakout of the support level 1.5700 should accelerate the active minor ABC correction 2 – which started earlier from the key resistance level 1.6200. EUR/NZD is expected to fall to the next sell target at the next support level 1.5480 (previous resistance level from March and the target price for the termination of the active correction 2). More: https://fbs.com/analytics/articles/eur_nzd_reached_sell_target_1.5700_1452