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EUR/USD: WAVE (III) ENDED 16:24 26.04.2017 There’s a pullback from 7/8 MM Level, so wave (iii) has been ended. Therefore, bears are likely going to deliver wave (iv). In this case, we should keep an eye on 4/8 MM Level as an intraday target. ]IMG]https://ignat.news/img/post/90/fbs/Image20170426191634002.png[/img] As we can see on the one-hour chart, wave (iii) was formed like a double zigzag. The main target for wave a or w is 5/8 MM Level, which could be a departure point for a local bullish correction. More: https://fbs.com/analytics/articles/eur%2fusd%3a_wave_%28iii%29_ended_732

AUD/CHF BROKE STRONG SUPPORT ZONE 14:52 26.04.2017 AUD/CHF broke strong support zone Next sell target - 0.7370 AUD/CHF continues to fall after the earlier sharp breakout of the strong support zone lying between the pivotal support level 0.7480 (which also reversed the previous waves 4 and (A), as can be seen below ) and the 61.8% Fibonacci correction of the previous sharp upward impulse from December. The breakout of this support accelerated the active minor impulse wave 3, which belongs to wave © from March. AUD/CHF is expected to fall to the next sell target at the next support level 0.7370 (target price for the completion of the active impulse wave 3). More: https://fbs.com/analytics/articles/aud%2fchf_broke_strong_support_zone_731

EUR/AUD BROKE RESISTANCE ZONE 14:51 26.04.2017 EUR/AUD broke resistance zone Next buy target - 1.4700 EUR/AUD continues to rise after the earlier breakout of the resistance zone lying between the resistance levels 1.4300 (top of the previous waves 2 and (A), intersecting with the 61.8% Fibonacci correction of the previous sharp downward impulse © from December) and 1.4400. The breakout of this resistance zone follows the earlier breakout of the extended daily down channel - which accelerated the active minor impulse wave 3. EUR/AUD is expected to rise to the next buy target at the next resistance level 1.4700 (which reversed the previous intermediate correction ( in December) More: https://fbs.com/analytics/articles/eur%2faud_broke_resistance_zone_730

EUR/AUD BROKE RESISTANCE ZONE 14:51 26.04.2017 EUR/AUD broke resistance zone Next buy target - 1.4700 EUR/AUD continues to rise after the earlier breakout of the resistance zone lying between the resistance levels 1.4300 (top of the previous waves 2 and (A), intersecting with the 61.8% Fibonacci correction of the previous sharp downward impulse © from December) and 1.4400. The breakout of this resistance zone follows the earlier breakout of the extended daily down channel - which accelerated the active minor impulse wave 3. EUR/AUD is expected to rise to the next buy target at the next resistance level 1.4700 (which reversed the previous intermediate correction ( in December). More: https://fbs.com/analytics/articles/eur%2faud_broke_resistance_zone_730

USD/TRY: SHORT-TERM AND NEAR-TERM OUTLOOK 13:04 26.04.2017 The lira strengthened significantly following President Erdogan referendum victory held on April 16. Yet it was hardly the win the president had expected. The yes camp limped away with just 51.4% of the vote. The opposition and outside observers accused the country’s electoral board with stacking the odds in Mr. Erodgan’s favor. Investors seemed to be less concerned with the fairness of referendum’s results; they welcomed outcome although there are still many questions of how Erdogan will use his enhanced powers to reunite splintered nation, revive economic growth, bring inflation under control, strengthen lira, resolve problems with country’s external woes and widened the current-account deficit. On this Monday, with the first round of France’s presidential election complete, many emerging market currencies managed to escape a potential sell-off trigger that they would have experienced if centrist Macron hadn’t won the runoff. So, the Turkish lira extended its post-referendum gains since the French results announcement. USD/TRY slumped to 3.5675. In the following day, the Turkish currency lost its steam despite the great efforts of the Turkish Central Bank to strengthen its exchange rate and fight inflation. Earlier today Turkish central bank officials unexpectedly increased its late liquidity window rate by 50 bp to 12.25% despite pressure from Erodgan’s government to avoid tightening measure. The bank officials seem to be deaf to government’s threats; they are determined to tackle the country’s inflation problem with additional tightening measure if needed. The lira strengthened after the decision and started trading at 3.5720 against the US dollar. The lira’s rally has little support though as Donald Trump is preparing to reveal his tax plan later today. The technical outlook for USD/TRY is bullish. The prices failed to break a solid support line at 3.5483 which is the basis of the descending triangle – a bearish chart pattern. Now, the quotes are heading towards the salient resistance at 3.6521, near the coming closer together of 50- and 100-day MAs. A break of this resistance will open the way towards next hurdle at 3.7475 (April 7 high). If markets are disappointed with Trump not providing sufficient details on his tax plan, USD/TRY might try test the support at 3.5483, or lower levels. More: https://fbs.com/analytics/articles/usd%2ftry%3a_short_term_and_near_term_outlook__729

USD/JPY: "WINDOW" ACTED AS SUPPORT 12:54 26.04.2017 We still don’t have any confirmed reversal pattern. Also, there’s a possible bullish “Three Methods”. So, the pair is likely going to test the upper “Window” in the coming days. There’s an “Engulfing” pattern on the lower “Window”, which has acted as a support. In this case, the market is likely going to continue moving up towards the nearest resistance level. More: https://fbs.com/analytics/articles/usd%2fjpy%3a_%22window%22_acted_as_support_727

EUR/USD: "TWEEZERS" LED TO CORRECTION 12:50 26.04.2017 We’ve got a bearish “Tweezers”, which has been confirmed enough. Therefore, bears are likely going to test nearest “Window”. If a pullback from this level happens, there’ll be an opportunity to have another bullish price movement. There’re a “Three Black Crows” and an “Engulfing”. Considering a confirmation of both patterns, the market is likely going to test the 55 Moving Average during the day. More: https://fbs.com/analytics/articles/eur%2fusd%3a_%22tweezers%22_led_to_correction_726

USD/JPY: BANK OF JAPAN’S MEETING PREVIEW 11:16 26.04.2017 The Bank of Japan meets on Thursday to announce its monetary policy statement and to deliver its latest updated Outlook Report. Here is a banks’ preview Barclays Barclays expects the BoJ to keep the settings on its monetary easing program intact as inflation remains well below the central bank’s 2 percent target. The board shouldn’t make any changes to its current quantitative easing program despite the gradually reducing amount of available JGBs. The quarterly Outlook Report will be released at the end of the meeting. Barclays doesn’t expect any changes in the bank’s GDP growth forecasts. But policymakers might change its core CPI projections for 2017 fiscal year. Barclays analysts predict the BoJ slightly raising its target for long-term yields under the yield curve control program in the third quarter of 2017. This might offer some support to the yen. However, the prospects for such a move will heavily depend on the gradually rising inflation rates, stable financial conditions, weakening of the yen and pronounced acceleration of the US and China’s economic growth. Nomura Nomura analysts also expect the Bank of Japan to leave its ultra-loose monetary policy unchanged tomorrow as geopolitical risks in the Korean peninsula still exist. They will be safe haven supportive for the yen. The recent JPY depreciation after the first round of the French election has been a relief for the BoJ officials willing to stay on the sidelines this week. On the Japanese currency front, Nomura believes the yen’s reaction to policy announcement would be muted as overall market expectations for any change are low. The banks’ forecasts can be supported by the recent comments from the BoJ’s Governor Kuroda. Last week, he said that the bank will continue with its very accommodative monetary policy and maintain the current pace of asset purchases for some time as inflation rate is still quite sluggish. The BoJ’s loose monetary policy lasts for already 4 years. So far, Kuroda is still far from his coveted inflation target. The bank is running up huge balance sheet since the outburst of the financial crisis. While the Fed is planning to trim its $4 trillion portfolio, Japan’s CB officials are not going to discuss its balance sheet problems in the near-term future. "I don’t think our monetary policy is constrained by the fact that we have acquired 40 % of JGBs already, or our balance sheet is about 80% of GDP, which is certainly large compared with other central banks,” Kuroda notes in his recent interview. “We have acquired about 40 percent of JGBs outstanding. But that means that 60 percent is still in the market." USD/JPY spiked to 111.50 in wait for the US President Trump’s tax proposal which is expected to ask for a reduction of the corporate rate to 15% from the current 35%. And bring the highest tax rate down to 25% from 39.6%. The problem is the lack of details on how these tax cuts will be implemented/funded. If Mr. Trump fails to provide us with details, the dollar can lose some of its recent gains. In the opposite scenario, the USD/JPY currency will rally higher above 112. More: https://fbs.com/analytics/articles/usd%2fjpy%3a_bank_of_japan%E2%80%99s_meeting_preview_725

TIMING OF THE NEXT FED RATE HIKE 09:33 26.04.2017 Investors are always concerned with the question of when the Fed will raise interest rates. The timing of the next hike is a balancing act between the need for preemptive policy to stave off heightening inflation rates against the need to let labor market strength continue to eat away at any residual underemployment. Everyone who needs to determine the odds of rate increases at the upcoming meetings should look at the economic data releases reflecting the performance of country’s economy. So, we did skim through the key data and noticed some distortions that would probably divert Fed’s policymakers from hiking in June. CPI figures – the well-known bedrock behind the Fed’s rate hiking intentions – fell for the first time in 13 months. The headline fell short of market expectations having printed at -0.3%. US retail sales decline 0.2% last month marking the worst two-month stretch in two years and warning traders of the softness in the first-quarter US growth data (will be released on this Friday). Core CPI numbers dropped 0.1% as if they wanted to remind the Fed, that they won’t always be at its targeted levels and that there shouldn’t be any sense of urgency for the Fed to raise rates. Consumer confidence declined to 120.3 in April from a revised 124.9; the March jobs report had a weaker-than-expected headline. The soft data won’t knock the Fed’s officials off tightening course, but it may retard it. According to BofA analysts, next rate increases will likely be approved at the Fed's September and December meetings in 2017. Then, the Fed will likely proceed with shrinkage of its balance sheet. BofA believes that the Fed will signal about its readiness to trim $4 trillion portfolio in September. In December, it will release a formal balance sheet reduction plan and final changes will be made public in March 2018. The announcement of the balance sheet reduction is a tightening measure. So, it might have an impact equal to a 25 bp rate hike. Market participants seem to be more optimistic about June rate increases than banks’ analysts. The CME Group FedWatch reflects a 71.3% probability of a hike in June. The main focus will be on the upcoming US labor and inflation data. If it is not strong enough, there won’t be a rate hike in June. The US dollar has weakened in the past weeks. The US dollar index was steadily falling since the beginning of this year. It found support at 98.70, and now it is hovering around 99. More: https://fbs.com/analytics/articles/timing_of_the_next_fed_rate_hike__722

GBP/USD: RESISTANCE WAITING FOR BULLS 07:17 26.04.2017 The last “Pennant” was broken, but bulls haven’t moved higher yet. So, the price is consolidating under a resistance at 1.2865. Nevertheless, the market is likely going to achieve the next resistance at 1.2911 – 1.2945. If a pullback from these levels be on the table, there’ll be a chance to have a bearish correction. The price is consolidating near the broken “Pennant”. The main intraday target is the nearest resistance at 1.2911, which could be a departure point for a downward correction towards the 89 Moving Average. More: https://fbs.com/analytics/articles/gbp%2fusd%3a_resistance_waiting_for_bulls_720

EUR/USD: BROKEN "PENNANT" 07:10 26.04.2017 Bulls have broken the “Wedge’s” upper side, but the price faced a resistance at 1.0951 afterwards. However, the market is likely going to test the next resistance at 1.0991. If a pullback from this level happens, there’ll be an opportunity to have a decline in the direction of the nearest support at 1.0872 – 1.0828. We’ve got a new local high on the one-hour chart. Meanwhile, the pair is likely going to test the next resistance at 1.0991 during the day. If we see a pullback from this level, bears will probably try to reach the 55 Moving Average. More: https://fbs.com/analytics/articles/eur%2fusd%3a_broken_%22pennant%22_719

BULLS REGAINED THEIR STRENGTH 06:50 26.04.2017 On the daily chart of gold after reaching the 127.2% target in the "Perfect Butterfly" pattern there was a rebound from the lower boundary of the downward trading channel followed by the development of an upward short-term trend. If the bulls manage to settle down above $1,205 (38.2% Fibo level of the last downward wave), then the risks of continuation of the rally towards $1,230 and $1,255 will increase. On the hourly chart of gold, an ascending triangle was formed. A breakout of its upper boundary will create prerequisites for the realization of the "bullish" scenario. There might be a correction towards an uptrend once diagonal support near $1,195 is tested successfully. More: https://fbs.com/analytics/articles/bulls_regained_their_strength_718

USD/CAD: LOONIE IS ROLLING INTO THE ABYSS 06:49 26.04.2017 On the USD/CAD daily, taking advantage of the weakness of the bears, the bulls broke the upper border of the downward trading channel and restored the uptrend. If they manage to keep quotes above 1.357, they might extend the rally towards 1.384. On the USD/CAD hourly chart, the expanding wedge pattern was realized. This allowed us to open long positions and lock in their profits. The immediate support is located near 1.3525. Previously, it was a resistance. Target 161.8% in the AB = CD pattern is still relevant. Recommendation: BUY 1,3525 SL 1,347 TP 1,372. More: https://fbs.com/analytics/articles/usd%2fcad%3a_loonie_is_rolling_into_the_abyss_717

MORNING BRIEF FOR APRIL 26 06:23 26.04.2017 Growing appetite for risk meant safe-haven assets fell out of favor. Global equities rallied to an all-time high this month as European political risk abated ("dog days are over" for Europe? as Florence Welch from Florence and the machine would say). US President Donald Trump is preparing to unveil a tax plan today that would include a slashing of the of the corporate tax rate and lower taxes on offshore earnings stockpiled by US businesses oversee. The threat of a US government shutdown was eliminated after Trump consented not to demand fundings for his border wall with Mexico. Overall, the absence of the fresh news can be a lull before the storm as investors wait for some risks this week with Bank of Japan and European Central bank meetings, geopolitical tensions simmering around North Korea. In currency markets, the euro rallied to 1.0945. The near-term outlook is tilted to the upside, but the single currency should move well above 1.2950 to indicate that an extension towards 1.1000 is not far off. Tomorrow traders will be watching for the European Central Bank meeting. While most analysts don’t expect extreme changes in the ECB’s monetary policy stance, they might send a small signal towards reducing the stimulus they provide to spur Eurozone economic growth. Aussie was the main loser of the Asian session. It dropped to 0. 7520 on the Australian CPI data. Annual core inflation data accelerated to just below the lower end of the RBA’s target. The central bank might be willing to introduce a cut tax at the upcoming meeting. Fortunately for AUD, the Reserve Bank of Australia tend to focus on the labor market conditions (job growth and wage growth) which are still slow for the RBA to cut rates. The British pound is consolidating in the range of 1.2750 – 1.2900 (last week high). It is a sign that the recent upward momentum is waning, and that a slide towards the nearest supports at 1.2752, 1.2620. if GBP manages to reclaim 1.2900, it might rise higher towards 1.2950. yesterday the UK’s Telegraph reported that Britain will have to pay into the EU budget up until 2020 in exchange for a sensible EU offer on a transition deal. The pound stayed intact after the announcement. This news might be important further. USD/CAD spiked to 1.3625 overnight on the news that the US placed tariffs on Canada’s soft lumber exports. Canadian PM Trudeau refuted the baseless allegations of US commerce department on lumber and claimed that he will vigorously defend interests of softwood industry in Canada. US crude futures lost a few points after yesterday’s industry report showed a surprise increase in the US stockpiles. Crude oil WTI futures were down to $49.45. Brent oil futures are quite steady. They hover around $52.50 level. More: https://fbs.com/analytics/articles/morning_brief_for_april_26_716

USD/JPY: DOLLAR GOING TO APRIL’S HIGHS 05:29 26.04.2017 Technical levels: support – 110.80, 110.50; resistance – 111.50. Trade recommendations: 1. Sell — 111.50; SL — 111.70; TP1 — 110.80; TP2 — 110.50. Reason: bullish Ichimoku Cloud with rising Senkou Span A; a golden cross of Tenkan-sen and Kijun-sen, horizontal Tenkan-sen; the market is overbought. More: https://fbs.com/analytics/articles/usd%2fjpy%3a_dollar_going_to_april%E2%80%99s_highs_711

GBP/USD: POUND IN CONSOLIDATION 05:27 26.04.2017 Technical levels: support – 1.2810; resistance – 1.2830, 1.2900. Trade recommendations: 1. Buy — 1.2840; SL — 1.2820; TP1 — 1.2900; TP2 — 1.2980. 2. Sell — 1.2820; SL — 1.2840; TP1 — 1.2710; TP2 — 1.2630. Reason: bullish Ichimoku Cloud, but horizontal Senkou Span A and B; a weak golden cross of Tenkan-sen and Kijun-sen, the lines are horizontal; the prices are on the support of Tenkan-sen and Kijun-sen. More: https://fbs.com/analytics/articles/gbp%2fusd%3a_pound_in_consolidation_710

EUR/USD: WAVE (III) GOING TO END 16:11 25.04.2017 We’ve got a new high on the four-hours chart. However, if the price couldn’t find a lodgment, bears are likely going to deliver a correction. The main target for wave (iv) is 4/8 MM Level. There’s a possible double zigzag in wave (iii). It’s likely that wave [C] of y is going to end soon. Therefore, we could have wave a or w in the short term. Meanwhile, this wave count will be unconfirmed until the price come back upper 7/8 MM Level. ore: https://fbs.com/analytics/articles/eur%2fusd%3a_wave_%28iii%29_going_to_end_702

USD/JPY: BULLS CAN'T STOP 13:16 25.04.2017 https://ignat.news/img/post/90/fbs/2504usdjpyH4.png] The 34 Moving Average has acted as a support, so the price is rising. Considering that there isn’t any reversal pattern so far, bulls are likely going to test the 89 Moving Average, which could be a departure point for a bearish correction. There’s a bullish “Three Methods” pattern, which has been confirmed enough. Therefore, the price is likely going to continue moving up until any bearish candle pattern arrives. More: https://fbs.com/analytics/articles/usd%2fjpy%3a_bulls_can%27t_stop_701

EUR/USD: "WINDOW" STILL OPEN 13:10 25.04.2017 Monday’s “Window” are pushing the price even higher despite of the last “Belt Hold” pattern. Therefore, if a pullback from the nearest support happens, bulls are likely going to test the last high in the short term. We’ve got a “Three Black Crows” and an “Engulfing”, so the pair is likely going to get a support on the 21 Moving Average. If a pullback from this line happens, there’ll be an opportunity to have another bullish price movement. More: https://fbs.com/analytics/articles/eur%2fusd%3a_%22window%22_still_open_700

WHERE BITCOIN IS HEADING? 12:46 25.04.2017 Bitcoin’s price spiked to $1,270 on Monday leaving it within $40 of its all-time high ($1,316) reached in early March on the speculation that the Securities and Exchange Commission might soon approve the first bitcoin exchange-traded fund. Bitcoin has risen in price by almost 30% since the beginning of this year, and it shows no sign of letting up despite the numerous fundamental headwinds. Bitcoin incurred significant losses after suspension of all bitcoin withdrawals in China, after the Securities and Exchange Commission rejected Winklevoss’s proposal to establish the Bitcoin Trust, which would've traded on the BATS exchange; after the agency prohibited creation of the SolidX Bitcoin Trust, a bitcoin-focused exchange-traded fund that would’ve traded on the New York Stock Exchange. Since then, the cryptocurrency has pared some of its losses and spiked again. After falling sharply during the second half of March, the bitcoin price managed to recoup its losses after Japan recognized bitcoin as a legal method of payment. Additional tailwind came out of Russia after the country’s authorities claimed that they might recognize the world’s most popular digital currency as a legitimate financial instrument next year. Now, the coin Is becoming truly attractive to investors due to its rising profitability. The currency has become more stable, less volatile compared to the earlier stages of its existence. After spending two years in the doldrums, the currency came roaring back in 2016 when its price more than doubled. This year BTC rose even higher. In the near-term future, one of the main drivers of the BTC/USD will be the SEC decision on a third bitcoin ETF proposal – the Grayscale Bitcoin Investment Trust (the ruling will be delivered somewhere in the third quarter). Another factor that might influence digit/traditional currency pair is the fact that Bitfinex’s customers are now long nearly 12, 967 coins, while 18, 775 coins are short. The data like these is viewed as a counter-indicator; when betting against the cryptocurrency increases, its raises the likelihood that any gains could be amplified as investors try to buy back the coins held short. Short positions exceeded the long ones for the first time since February. The last time it happened, it preceded a nearly $300 r ally in bitcoin price. The main factor that determines the strong position of bitcoin at the present time and that might lead to its further appreciation is an increasing probability of the Segregated Witness (SegWit) activation, which is designed to solve a number of issues of network scaling. The progress on the activation of SegWit in other cryptocurrencies, such as Litecoin, Syscoin and DigiByte, has already led to a significant increase in their prices. And according to many analysts, bitcoin will rise higher against USD once SegWit is activated. https://cdn.pbrd.co/images/QXY1NfVu.png] More: https://fbs.com/analytics/articles/where_bitcoin_is_heading%3f_698

AUD/USD: BULLS SHOWED THEIR WEAKNESS 06:47 25.04.2017 On the AUD/USD daily chart, the bulls for the second time in the last couple of days tried to push quotes out of the downward trading channel. They failed to do so. Most likely, they fail to implement an inverted Gartley pattern with target 0.7635 too. The fall of the Australian dollar below support at 0.7525 will strengthen the risks of a downtrend restoration. On the AUD/USD hourly chart, the breakout of the lower border of the upward trading channel will activate the "Crab" pattern. Its target 161.8% is located near 0.774. Recommendation: SELL 0,7545 SL 0,76 TP1 0,747 TP2 0,741 More: https://fbs.com/analytics/articles/aud%2fusd%3a_bulls_showed_their_weakness_690

EUR/USD SHORT-TERM AND LONG-TERM FORECASTS FROM BANKS 08:37 25.04.2017 Now, when political risks amid French presidential elections have faded, euro traders will focus on the Thursday’s European Central Bank monetary policy meeting and press conference. The market participants will be eager to know whether the ECB officials announce the withdrawal of the strong support they have lent to the Eurozone economy over recent years or not. It seems that they won’t do it and say that they are happy with their current monetary policy settings. In the face of a still subdued inflation outlook, prudence will prevail, the ECB won’t introduce any changes to its forward guidance and announce a slow pace of tapering in the next year, no cuts in the near-term future. The major banks would probably agree with the aforementioned scenario for the ECB meeting. In the remaining part of the article, you may find some clues the banks’ strategists give you on the further direction of the euro. The Bank of Tokyo-Mitsubishi UFJ The banks' strategists note that the result of the first round of the French presidential elections was in line with markets’ expectation of a quite limited rally. They believe that the elections won’t have much further impact on the euro in the near-term. In the longer term, the euro will be supported by the strong economic fundamentals coming from the Eurozone countries. The improving economic outlook of the EMU countries will prompt the ECB officials to adopt a less dovish monetary policy stance in the next quarters and don’t renege on their promise to taper QE at the end of the year. The long-term outlook of the BTMU EUR/USD is a gradual drift higher towards 1.1200 by year end. Societe Generale SocGen analysts believe that EUR/USD bearishness is behind us and that there is a development of the uptrend. The reasons behind the aforementioned conclusion: The tightening gap between the US Treasury/Bund yield differentials. SocGen strategists note that the low in EUR/USD were registered when real yields were down at -120bp in Germany, and +50bp in the US. The following divergence is not relevant anymore; the gap narrowed to 105bp by the end of the past week. If the US/German real yield differential continues narrowing, the bank counts on the EUR/USD appreciation towards 1.24. Additional tailwind for the euro – the Euro Area’s current account surplus. Credit Agricole The European single currency rallied sharply in response to the market-friendly results of the first round of the French elections. EUR/USD could stay for a quite long time at its current levels near the high of the year. The further upside will depend on how constructive President Draghi will be while presenting the ECB’s updated outlook for the Eurozone on this Thursday. Danske Danske Bank analysts expect a slightly dovish tone from the ECB President on Thursday, They believe that Draghi will probably reiterate the phrase he dropped earlier “a reassessment of the current monetary policy stance is not warranted at this stage.” This would be perceived as dovish and send EUR lower. Danske believes the change in ECB’s forward guidance on policy rates will probably be introduced at the CB’s meeting in June. More: https://fbs.com/analytics/articles/eur%2fusd_short_term_and_long_term_forecasts_from_banks_695

GBP/USD: "PENNANT" PUSHING PRICE HIGHER 07:08 25.04.2017 The market is consolidating between the levels 1.2911 – 1.2774. Also, there’s a “Pennant” pattern, so the pair is likely going to move up towards the nearest resistance at 1.2945. At the same time, if we see a pullback from this level, there’ll be a chance to have a decline in the direction of the closest support at 1.2774 – 1.2727. The price is moving up and down in a range of the “Pennant”. The 34 Moving Average is acting as a support. In this case, the market is likely going to test the next resistance at 1.2911 – 1.2945 during the day. If a pullback from these levels happens, bears will probably try to reach the 55 Moving Average. More: https://fbs.com/analytics/articles/gbp%2fusd%3a_%22pennant%22_pushing_price_higher_693

EUR/USD: BULLS GOING TO TEST MONDAY'S HIGH 07:03 25.04.2017 There’s a “V-Top” at the last high, so the price is consolidating between the levels 1.0872 – 1.0828. Therefore, bulls are likely going to test the nearest resistance at 1.0918. If a pullback from this level happens, there’ll be an opportunity to have a decline towards a support at 1.0759 – 1.0736. We’ve got a “Pennant” pattern, so the market is likely going to reach the next resistance at 1.0905 – 1.0918. However, if we see a pullback from this area, bears will probably try to achieve the 89 Moving Average, which could act as a support. More: https://fbs.com/analytics/articles/eur%2fusd%3a_bulls_going_to_test_monday%27s_high_692

GOLD CAME ACROSS THE WEDGE 06:49 25.04.2017 On the daily chart of gold, the bulls failed to settle down above the important resistance level of $1,287 per ounce. There might be a pullback towards $1,260 and $1,250. To restore the uptrend, buyers need to update the April high. If they succeed the target 200% in the AB=CD pattern will be fulfilled. https://fxbazooka.com/img/articles/13115/Screenshot_2017_04_25_07_42_09.png On the hourly chart of gold, the expanding wedge pattern has been formed. The correction towards 38.2%, 50% and 61.8% from the wave 4-5 can be used for the formation of short positions. But we should bear in mind, that there are positions of large buyers near $1,250. More: https://fbs.com/analytics/articles/gold_came_across_the_wedge__691