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EUR/USD: gap formation was favorable for bulls 3/27/2017 On the EUR/USD daily chart, there is an uptrend developing towards 161.8% ? 88.6% targets in the AB=CD and Bat patterns. There was a gap on the technical chart. The bulls managed to test the resistance at 1.0822. Until quotes are still above this level, the control over the pair will in bulls' hands. On the EUR/USD hourly chart, to launch the counterattack the bears need to get the signals from the Three movements pattern. For this to happen, the bulls should fail the test of the resistance at 1.087, then, prices should slide below the support at 1.0825. Recommendation: hold longs (BUY 1,0775 SL 1,072 TP1 1,086 TP2 1,104), until quotes are above 1.082. More: https://new.fxbazooka.com/analytics/13007

AUD/USD: aussie supported by SSB 3/27/2017 Technical levels: support – 0.7600/20, 0.7570; resistance – 0.7670, 0.7700. Trade recommendations: 1. Buy — 0.7620/30; SL — 0.7600; TP1 — 0.7670; TP2 — 0.7700. Reason: narrowing bullish Ichimoku Cloud, falling Senkou Span A; a dead cross of Tenkan-sen and Kijun-sen; the prices are supported by bottom border of the Cloud. https://new.fxbazooka.com/img/articles/13006/03-audusdh4(92).png[/iG] More: https://new.fxbazooka.com/analytics/13006

GBP/USD: pound is going to 5-W highs 3/27/2017 Technical levels: support – 1.2500, 1.2450; resistance – 1.2550. Trade recommendations: 1. Sell — 1.2550; SL — 1.2570; TP1 — 1.2500; TP2 — 1.2450. Reason: expanding bullish Ichimoku Cloud, rising Senkou Span A; a golden cross of Tenkan-sen and Kijun-sen, rising Kijun-sen; the prices are under daily resistance. More: https://new.fxbazooka.com/analytics/13005

Key option levels for Monday, March 27th 3/25/2017 * Data about changes in the open interest will be available on Monday after 01:50 CT (Central Time) * UPDATED EUR/USD Main trend Short-term period Medium-term period Bearish Neutral Changes in the open interest + 3 479 ? - 117 309 ? Closest resistance levels 1.0817; 1.0850; 1.0871; 1.0903-11 Closest support levels 1.0787; 1.0738; 1.0693; 1.0667 Trading recommendations Baseline scenario Short EUR/USD below 1.0787 (or from 1.0817), with target points at 1.0738 and 1.0693 Alternative scenario Moving above 1.0817 can be considered as a signal to Buy the pair, with target at 1.0850 and 1.0871 GBP/USD Main trend Short-term period Medium-term period Neutral Bearish Changes in the open interest + 12 ? + 97 ? Closest resistance levels 1.2491; 1.2525-30; 1.2562; 1.2597 Closest support levels 1.2476; 1.2429; 1.2399; 1.2364 Trading recommendations Baseline scenario Short GBP/USD below 1.2476 (or from 1.2525), with target points at 1.2429 and 1.2399 Alternative scenario Moving above 1.2491 can be considered as a signal to Buy the pair, with target at 1.2525 and 1.2562 USD/CAD Main trend Short-term period Medium-term period Bullish Bullish Changes in the open interest + 142 ? + 113 ? Closest resistance levels 1.3392; 1.3421; 1.3472; 1.3497 Closest support levels 1.3342; 1.3316; 1.3277; 1.3252 Trading recommendations Baseline scenario Long USD/CAD above 1.3392 (or from 1.3342), with the target points at 1.3421 and 1.3472 Alternative scenario Moving below 1.3342 can be considered as a signal to Sell the pair, with target at 1.3316 and 1.3277 More: https://new.fxbazooka.com/analytics/13004

CAD/CHF broke key support level 0.7450 3/24/2017 CAD/CHF broke key support level 0.7450 Next sell target - 0.7350 CAD/CHF continues to fall after the earlier breakout of the key support level 0.7450 (which stopped the previous sharp minor impulse wave 1 in December, as can be seen below). The breakout of this support level accelerated the active minor impulse wave 3, which belongs to the intermediate downward impulse wave (1) from the start of December. CAD/CHF is expected to fall further toward the next sell target at the support level 0.7350 (target price for the completion of the active minor impulse wave 3). More: https://new.fxbazooka.com/analytics/13003

EUR/CAD reversed from key support level 1.4370 3/24/2017 EUR/CAD reversed from key support level 1.4370 Next buy targets - 1.4500 and 1.4600 EUR/CAD continues to rise after the earlier upward reversal from the key support level 1.4370 (former strong resistance level from December, acting as support now after it was broken previously by the active minor C-wave which belongs to the intermediate ABC correction ( from the middle of February. EUR/CAD is expected to rise further to the next buy target at the resistance level 1.4500 (which reversed the price earlier this month) – the breakout of which can lead to further gains toward 1.4600. More: https://new.fxbazooka.com/analytics/13002

EUR/USD: wave 2 is going to be ended 3/24/2017 Wave 2 is taking form of a double zigzag. The main intraday target for wave © of [y] is +2/8 MM Level. If a pullback from this line happens, there’ll be an opportunity to have a bearish wave. As we can see on the one-hour chart, there’s a diagonal triangle in wave v of ©. Therefore, bulls are likely going to deliver a new local high during the day. If a pullback from the upper side of the triangle be on the table, bears will probably try to deliver a local correction. More: https://new.fxbazooka.com/analytics/13001

USD/JPY: bears going to test the nearest support 3/24/2017 The last bearish “Engulfing” hasn’t been confirmed yet. Therefore, the market is likely going to continue moving down towards the nearest support level. If any bullish pattern arrives afterwards, bulls will probably try to deliver an upward correction. The 34 Moving Average acted as a resistance, so we’ve got a confirmed “Engulfing” on this line. In this case, bears are likely going to continue pushing the price lower, so we could have a new low soon. More: https://new.fxbazooka.com/analytics/13000

EUR/USD: "Window" waiting for bulls 3/24/2017 We’ve got a “Morning Doji Star”, which has been confirmed enough. Therefore, the market is likely going to reach the upper “Window”. If a pullback from this level happens, there’ll be an opportunity to have a bearish correction. There’s a “Tweezers” at the local low. At the same time, we’ve got a bearish “Doji”, but this pattern hasn’t been confirmed yet. So, there’s an opportunity to have a local correction. However, bulls are likely going to deliver a new high. More: https://new.fxbazooka.com/analytics/12999

GBP/USD: outlook for March 27-31 3/24/2017 The British pound soared to 1.2530 mainly on the upbeat economic releases coming from the UK. CPI figures pushed up through the Bank of England’s 2% target. UK monthly retail sales posted a stronger-than-expected growth of 1.4% having broken a weakening trend which was present in the past two months. Next week on March 29 the UK PM Theresa May will finally invoke Article 50 of the Lisbon treaty and start lengthy negotiation over Britain’s departure from the EU. As most of the negative news and Brexit uncertainty is already reflected in the price, we don’t expect massive troughs from the pound. Another market trigger will probably be Trump’s fiscal policies. On the data front, traders will closely watch US consumer confidence indicator, final GDP, and unemployment claims. UK current account data and final GDP figures will be released on Friday. Technically, the bullish phase that has started on Monday is still intact. The next physical hurdles can be found at 1.2570 (February 24 high) and 1.2620 (trendline from December high). But the numerous fundamental factors that we’ve previously identified will probably not allow the pound to hit these levels. As we approach towards the official launch of the Brexit negotiations GBP/USD will probably slide towards the supports at 1.2420 (100-day MA), 1.2377 (200-H4 MA) and 1.2105 (March low). More: https://new.fxbazooka.com/analytics/12995

GBP/USD: "Double Top" led to bearish correction 3/24/2017 The pair faced a resistance at 1.2522, so we’ve got a confirmed “Double Top”, which pushed the price to a support at 1.2477. In this case, the market is likely going to achieve the next support at 1.2438 – 1.2411 in the short term. If bears be stopped here, there’ll be a chance to have a bullish price movement towards a resistance at 1.2522 – 1.2547. We’ve got a “Triple Top”, which has been confirmed, so the price is consolidating near a support at 1.2477. Under this circumstances, bears are likely going to test the 89 Moving Average, which could be a departure point for another upward price movement. More: https://new.fxbazooka.com/analytics/12994

EUR/USD: support waiting for bears 3/24/2017 We’ve got a “Double Top”, which has been confirmed, so the price is declining. Therefore, the market is likely going to continue moving down towards the 34 Moving Average. If a pullback from this level happens, there’ll be an opportunity to have an upward price movement in the direction of the nearest resistance at 1.0797 – 1.0828. There’s a “Triple Top”, which has been confirmed by the last “Pennant” pattern. So, bears are likely going to test a support at 1.0731 – 1.0713 during the day. However, if we see a pullback from this area, bulls will probably try to reach a resistance at 1.0797 – 1.0811. More: https://new.fxbazooka.com/analytics/12993

Key option levels for Friday, March 24th 3/24/2017 EUR/USD Main trend Short-term period Medium-term period Bullish Neutral Changes in the open interest + 23 275 ? - 188 956 ? Closest resistance levels 1.0770; 1.0798; 1.0820(?); 1.0854 Closest support levels 1.0756; 1.0723; 1.0680; 1.0654 Trading recommendations Baseline scenario Long EUR/USD above 1.0770, with target points at 1.0798 and 1.0820 Alternative scenario Moving below 1.0756 can be considered as a signal to Sell the pair, with target at 1.0723 and 1.0680 GBP/USD Main trend Short-term period Medium-term period Bearish Bearish Changes in the open interest + 58 ? + 111 ? Closest resistance levels 1.2498; 1.2521; 1.2541 Closest support levels 1.2480; 1.2455; 1.2429; 1.2397 Trading recommendations Baseline scenario Short GBP/USD below 1.2480 (or from 1.2498), with target points at 1.2455 and 1.2429 Alternative scenario Moving above 1.2498 can be considered as a signal to Buy the pair, with target at 1.2521 and 1.2541 More: https://new.fxbazooka.com/analytics/12992

Morning brief for March 24 3/24/2017 The US dollar regained some losses in the Tokyo session as Trump still didn’t get a vote on his healthcare bill. Yesterday U.S. President said to lawmakers that he wants a vote (up or down) today. Otherwise, he will have to leave Obamacare in place and move forward with tax reform. It seems that Donald Trump is a Rolling Stones fan as he learned their lesson “You can’t always get what you want” well. The vote on the new healthcare legislation has been seen by financial markets as a test of Trump's ability to work with Congress to deliver on other parts of his agenda (government procurements, infrastructure spending, tax cuts and other fiscal expansionary measures). In addition to this healthcare conundrum, we got a Reuters report stating that the US Administration is preparing a streak of new executive orders to re-examine all 14 US free trade agreement. The NAFTA agreement is on the top of the list. In the near-term, we might see Mexican peso and Loonies bleeding. The euro traded lower in the course of the past session. EUR/USD dropped to 1.0765. The pair is still going through the consolidation phase moving in a tight range of 1.0705/1.0825. A move towards 1.0870 is not ruled out. On the downside, there is a sturdy support at 1.0735 (50-H4 MA). if it’s tested, it will be a signal of the downtrend restoration. Today’s focus will be on the French, German, Austrian preliminary PMI. The consensus forecasts promise strong readings. Solid economic releases will be supportive for the European currency. USD/JPY slumped to 110.60 overnight. In the early hours of Tokyo session, the yen succumbed to USD after BoJ’s Governor Kuroda said that he sees no reason to reduce monetary easing now. He also added that the BoJ’s policy-makers are not going to raise yield target at the present moment until the bank’s inflation target is hit. The traders should pay closer attention to the US durable goods today. Aussie fell to 0.7615 in the past sessions. The move was not triggered by any specific news. A deeper pullback towards 0.7600/0.7555 level is not ruled out. If AUD manages to reclaim 0.7700 we will be able to conclude that the downward pressure has eased. The British pound was the top performer in the previous session. It spiked above 1.2530 overnight as we received a better than expected retail sales release from the UK. In the Tokyo morning, GBP has ceded its ground to the greenback. It seems that the bullish phase has started to phase out. The immediate support can be found at around 1.2415. USD/CAD picked up to 1.3368 on the session. The market participants will be waiting for the inflation data from Canada coming at 14:30 pm MT time. Oil prices hit their three-months lows ($50.70) on investor concerns that OPEC-led supply cuts are not leading to the reduction of US oil stockpiles. More: https://new.fxbazooka.com/analytics/12991

Gold got in with doji 3/24/2017 On the daily chart of gold, the formation of two doji bars indicates uncertainty. To continue the rally, the bulls will need to update the March high/ A pullback towards $1,242 will lead to the development of correction towards $1,229 and $1,220. In general, the outlook for the pair is still bullish. You should consider buying on the rollbacks. On the hourly chart of gold, the expanding wedge pattern has been formed. It may send the prices lower towards the 200% and 88.6% targets in the AB = CD and "Shark" patterns. They are located near the $1,237 and $1,229. Recommendations: BUY $1237 SL $1222 TP $1280, BUY $1229 SL $1214 TP $1280. More: https://new.fxbazooka.com/analytics/12990

USD/CAD: loonie came closer to the Rubicon 3/24/2017 On the USD/CAD daily chart, the bulls managed to hold their positions at 1.3306 (38,2% from the last long-term downward wave) and launch a counterattack.A breakout of the support at 1.3405 will lead to the continuation of the rally towards the upper boundary of the downward trading channel (1.35-1.3525). On the USD/CAD hourly chart, the further dynamics of the movement of the pair will depend on the test of the diagonal support located near 1.34. If it is tested successfully it will lead to the implementation of the 113% target in the Shark inverted pattern, A failure to do so will lead to the development of consolidation in the range of 1.325-1.34. Recommendation: BUY 1,34 SL 1,3345 TP 1,3525. More: https://new.fxbazooka.com/analytics/12989

AUD/USD: aussie testing SSB’s support 3/24/2017 Technical levels: support – 0.7600/20, 0.7570; resistance – 0.7670, 0.7700. Trade recommendations: 1. Buy — 0.7620; SL — 0.7600; TP1 — 0.7670; TP2 — 0.7700. Reason: narrowing bullish Ichimoku Cloud with falling Senkou Span A; a new dead cross of falling Tenkan-sen and Kijun-sen; the prices are entered into the Cloud and testing the support of Senkou Span B. More: https://new.fxbazooka.com/analytics/12988

EUR/USD: euro corrected to Kijun-sen 3/24/2017 Technical levels: support – 1.0760, 1.0740; resistance – 1.0800/20. Trade recommendations: 1. Buy — 1.0740; SL — 1.0720; TP1 — 1.0800; TP2 – 1.0820. Reason: bullish Ichimoku Cloud, but the Senkou Span A is falling; a golden cross of Tenkan-sen and Kijun-sen, falling Tenkan-sen; the prices are corrected to Kijun-sen and may continue correction to the Cloud. More: https://new.fxbazooka.com/analytics/12987

EUR/USD: "Diagonal Triangle" in wave v of © 3/23/2017 A Double Zigzag in wave 2 is about to end, so we should keep an eye on +2/8 MM Level as a bullish target. If a pullback from this level be on the table there’ll be time for a new bearish wave. There’s a possible diagonal triangle in wave v of ©, which is a part of a zigzag in wave [y]. In this case, bulls are likely going to deliver a new local high during the day. More: https://new.fxbazooka.com/analytics/12985

AUD/USD falling inside minor corrective wave (ii) 3/23/2017 AUD/USD falling inside minor corrective wave (ii) Next sell target - 0.7500 AUD/USD today reached the support level 0.7640, which was indicated as the likely downward target – in case the price failed to overcome the powerful resistance barrier 0.7730 (which has been steadily reversing this currency pair from the start of August, as can be seen from the daily AUD/USD chart below). The downward reversal from the resistance level 0.7730 started the active minor corrective wave (ii). AUD/USD is expected to fall further toward the next sell target at the support level 0.7500 (which stopped the previous minor correction 2 at the start of March). More: https://new.fxbazooka.com/analytics/12981

USD/JPY: bearish "High Wave" 3/23/2017 There’s a bullish “Engulfing” at the local low. However, there’s also a local bearish “Hanging Man”, which has been confirmed. Therefore, the pair is likely going to test the nearest support line once again. The 21 Moving Average acted as a resistance. Also, there’s a confirmed bearish “High Wave”, so the price is likely going to continue moving down until any bullish pattern arrives. More: https://new.fxbazooka.com/analytics/12984

EUR/USD: "Inverted Hammer" pushing the market higher 3/23/2017 We’ve got a bullish “Engulfing” on the nearest support area. If this pattern confirms, the market is likely going to continue moving up in the short term. The 55 Moving Average acted as a support, so we’ve got an “Inverted Hammer” on this line. Considering a confirmation of this pattern, bulls are likely going to test the closest resistance level. More: https://new.fxbazooka.com/analytics/12982

GBP/AUD rising inside primary impulse wave ③ 3/23/2017 GBP/AUD rising inside primary impulse wave ③ Next buy target - 1.6480 GBP/AUD continues to rise inside the primary upward impulse wave ③, which started earlier from the support zone surrounding the powerful support level 1.5900, which reversed the price multiple times in October and November, as can be seen from the daily GBP/AUD chart below. The upward reversal from this support area created the daily Japanese candlesticks reversal pattern Bullish Engulfing. GBP/AUD is expected to rise further to the next buy target at the resistance level 1.6480 (top of the previous minor correction ( from February) More: https://new.fxbazooka.com/analytics/12980

S&P 500 near-term outlook 3/23/2017 Yesterday the benchmark US S&P 500 stock index hit its lowest level (2341.65) in five weeks. Guess, what was the main fundamental factor that caused this downfall? Your first answer will probably be – Mr. Trump said/did something. And you will be right. American shares slumped mostly on the concerns that Trump might not be able to push head his pro-growth policies. The lawmakers might show their unwillingness to accept his policy initiatives. The first test will be run on Trump’s plan to dismantle Obamacare. Healthcare reform act is running into troubles. It takes too much time to push it through. It’s a sort of a signal for investors that Trump’s tax reform policies may face setbacks. Another fundamental reason for this drop is dipping oil prices. There is a positive correlation between crude oil prices and some equities. WTI crude oil futures has fallen nearly 12-13% in March bringing them at around $48 level. Brent oil futures touched their lowest levels since November on the investor’s concerns over non-compliance of several OPEC, non-OPEC countries with their obligations under November output cut deal, increasing US oil stockpiles and boosting US oil industry. In the near-term, stocks have all chance for recovery from their recent downfall thanks to lower yields in benchmark government bonds and 10-year Treasury notes (the yields were falling for 4 consecutive days to 2.37% from 2.62%). The latter ones will be less attractive for investors seeking higher returns. What will happen with S&P 500 in the near-term/short-term future? Let us refer to the technical chart to answer this question. The immediate support can be found at 2,328 (50-day MA). On the upside, there are several resistances located at 2,360/2,370 levels. In the short term, the equity prices will likely be consolidating within the range of 2,330-2,380 (yesterday’s high). A break of the higher level of the range will open the way towards resistance at 2,400 (March high). More: https://new.fxbazooka.com/analytics/12978

Key option levels for Thursday, March 23rd 3/23/2017 EUR/USD Main trend Short-term period Medium-term period Neutral Neutral Changes in the open interest + 29 196 ? + 5 744 ? Closest resistance levels 1.0820; 1.0844; 1.0865; 1.0901 Closest support levels 1.0799; 1.0777; 1.0729; 1.0685 Trading recommendations Baseline scenario Short EUR/USD below 1.0799 (or from 1.0820), with target points at 1.0777 and 1.0729 Alternative scenario Moving above 1.0820 can be considered as a signal to Buy the pair, with target at 1.0844 and 1.0865 USD/CAD Main trend Short-term period Medium-term period Neutral Bullish Changes in the open interest + 190 ? + 62 ? Closest resistance levels 1.3328; 1.3353; 1.3378; 1.3416 Closest support levels 1.3303; 1.3280; 1.3245; 1.3194 Trading recommendations Baseline scenario Long USD/CAD above 1.3328, with the target points at 1.3353 and 1.3378 Alternative scenario Moving below 1.3303 can be considered as a signal to Sell the pair, with target at 1.3280 and 1.3245 AUD/USD Main trend Short-term period Medium-term period Bearish Bearish Changes in the open interest + 0 + 337 ? Closest resistance levels 0.7668; 0.7687; 0.7699; 0.7718 Closest support levels 0.7657; 0.7639; 0.7622; 0.7597 Trading recommendations Baseline scenario Short AUD/USD below 0.7657, with the target points at 0.7639 and 0.7622 Alternative scenario Moving above 0.7668 can be considered as a signal to Buy the pair, with target at 0.7687 and 0.7699 More: https://new.fxbazooka.com/analytics/12977