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EUR/USD Daily Analytics

07:25 12.03.2018

Technical levels: support – 1.2260; resistance – 1.2350.

 

Trade recommendations:

 

Sell — 1.2300; SL — 1.2320; TP1 — 1.2200; TP2 — 1.2160

Buy — 1.2360; SL — 1.2340; TP1 — 1.2450; TP2 — 1.2480

Reason: narrow bullish Ichimoku Cloud with horizontal Senkou Span A and B; a cancelled golden cross of Tenkan-sen and Kijun-sen with horizontal lines; the prices returned into the Cloud and supported by Cenkou Span A.

 

1520839476-5974574d0f06c411e972e24d898d2

 

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GBP/USD Daily Analytics

07:26 12.03.2018

Technical levels: support – 1.3760; resistance – 1.3860.

 

Trade recommendations:

 

Sell — 1.3840; SL — 1.3860; TP1 — 1.3760; TP2 — 1.3710.

Reason: expanding bearish Ichimoku Cloud with falling Senkou Span A; a dead cross of Tenkan-sen and Kijun-sen; the prices are supported by Senkou Span A but the Bears looks strong.

 

1520839476-5838ef800660551113de2aff99712

 

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AUD/USD Daily Analytics

07:07 12.03.2018

Recommendation:

 

BUY 0.7885

 

SL 0.7830

 

TP1 0.7985 TP2 0.8050 TP3 0.8100

 

On the daily chart of AUD/USD, a break of the line 2-4 and exit from the downtrend channel triggered “Wolfe waves” pattern. As a result, the odds of going to 1-4 (situated near 0.8050-0.8100) with the following resumption of the uptrend increased.

 

1520838224-f40aaf5d04bad0f539993215f0879

 

On H1, AUD/USD reached 88.6% target of the “Bat”. As a result, the risks that it will transform to “Crab” increased. The pair continues forming a “Dragon” pattern.

 

1520838359-2243993d86dce21bfcf502179f4e2

 

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EUR/USD Daily Analytics

09:26 12.03.2018

 

1520846716-41e4150d0a49f384fabe76bffb4b2

 

The main trend is still bullish. There's a confirmed "Thorn" pattern, so the market is likely going to test the next resistance at 1.2384 - 1.2445. If a pullback from this area happens little later on, there'll be an opportunity to have a decline towards the nearest support at 1.2359 - 1.2319.

 

1520846716-9b5ae4b3571477cca1df32bfd9c9b

 

There's a consolidation, which is taking place under the Moving Averages. It's likely that the pair is going to test the closest support at 1.2301 - 1.2283, which could be a departure point for another upward price movement.

 

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GBP/USD Daily Analytics

09:28 12.03.2018

 

1520846716-fd81bcba5b7824314562b8a7d38a6

 

There's a local "V-Bottom" pattern, so the price is testing Moving Averages. The main intraday target is the nearest resistance at 1.3915. If a pullback from this level happens afterwards, bears will probably try to achieve another support at 1.3856 - 1.3799.

 

1520846716-888e659bc7e446d38df402fb92857

 

All the Moving Averages have been broken, so the market is likely going to test the next resistance at 1.3918 - 1.3928 in the short term. Meanwhile, if we see a pullback from this area, there'll be a moment for a decline in the direction of the nearest support at 1.3845 - 1.3816.

 

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EUR/USD Daily Analytics

12:48 12.03.2018

 

1520858827-7955e8a7173fdee43489dfe576edc

 

The price is consolidating under the Moving Averages. Also, there's a "Shooting Star" pattern, so the market is likely going to test the nearest support area, which could be a departure point for an upward price movement.

 

1520858827-07ad4dc31eaa46c787d114fd2da6d

 

The 55 Moving Average acted as resistance, so there's a "Hanging Man" pattern, which has been confirmed. Therefore, the lower "Window" is likely going to act as support in the coming hours.

 

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USD/JPY Daily Analytics

12:50 12.03.2018

 

1520858827-19639825459be217adc043574f8b6

 

The price is consolidating between the Moving Averages. At the same time, there's a bullish "Hammer", so the pair is likely going to test the next resistance area in the short term.

 

1520858826-026962ba99622a35a8a85a2385b36

 

There's an "Engulfing" pattern, which has been formed on the 55 & 89 Moving Averages. In this case, the market is likely going to test the upper "Window" anytime soon.

 

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USD/JPY: BULLISH "HAMMER"

12:50 12.03.2018

 

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The price is consolidating between the Moving Averages. At the same time, there's a bullish "Hammer", so the pair is likely going to test the next resistance area in the short term.

 

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There's an "Engulfing" pattern, which has been formed on the 55 & 89 Moving Averages. In this case, the market is likely going to test the upper "Window" anytime soon.

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WEEKLY FOREX OUTLOOK: MAR. 12-16

13:04 12.03.2018

 

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US jobs growth was higher than expected in February, but wage inflation disappointed. As a result, traders doubt that the Federal Reserve will raise rates 4 times this year. More likely there will be just 3 rate hikes. The main conclusion is that for now there are few reasons to buy the USD.

 

Another important result of the last week was an improvement in risk sentiment. It happened as concerns about global trade wars and North Korea declined.

 

These factors, as well as the optimistic Bank of Japan, helped USD/JPY to recover to 107.00. The pair closed above resistance line since the start of January, so it has a chance to visit 108.00.

 

EUR/USD failed to rise above 1.2450 and was rejected to 1.23 area as European Central Bank President Mario Draghi indicated that the bank is in no hurry to reduce the monetary stimulus. This will make the euro’s life more difficult.

 

GBP/USD is inside a descending triangle. More active trading will start when the pound gets out of it: wither above 1.3900 or below 1.3750. There’s no progress in Brexit talks yet, although British economic figures were good.

 

Canadian dollar got a positive boost. USD/CAD has a good chance to slide to 1.2750/1.2700.

 

Economic calendar

 

This week the US will publish several important data blocks.

 

The most important event for the pound will be the spring statement of Finance Minister Philip Hammond on Tuesday. It will contain important info about the UK economy.

 

We’ll hear from central bank leaders – Bank of Canada’s governor will speak on Tuesday, while the ECB president – on Wednesday.

 

All in all, there are not so many big events this week, so the market will be driven by primarily by the risk appetite.

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FBS Video Lessons

 

In this video Tutorial LESSON 13. SWAP AND ROLLOVER

Rollover is a procedure of moving open positions from one trading day to another. If a trader extends his position beyond one day, he/she will be dealing with a cost or gain, depending on prevailing interest rates. 

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AUD/USD Daily Analytics

07:46 13.03.2018

Technical levels: support – 0.7850; resistance – 0.7910

 

Trade recommendations:

 

Buy — 0.7850; SL — 0.7830; TP1 — 0.7910; TP2 — 0.7940.

Reason: narrowing bearish Ichimoku Cloud with rising Senkou Span A; a golden cross of Tenkan-sen and Kijun-sen with rising lines; the prices are above the support of Senkou Span B.

 

1520927148-42a68b4bfa2f0515dfbaa054e9dba

 

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USD/JPY Daily Analytics

07:48 13.03.2018

Technical levels: support – 106.25; resistance – 107.00.

 

Trade recommendations:

 

Buy — 106.60; SL — 106.40; TP1 — 107.40; TP2 — 107.80.

Reason: narrowing bearish Ichimoku Cloud with falling Senkou Span B; a golden cross of Tenkan-sen and Kijun-sen with rising Tenkan-sen; the market is supported by Kijun-sen and the prices rising to Senkou Span B.

 

1520927148-3dcc4d3b0e9d38341d309e86e7227

 

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XAU/USD Daily Analytics

08:01 13.03.2018

Recommendation:

 

BUY 1332

 

SL 1317

 

TP1 1362 TP2 1385 TP3 1400

 

On the daily chart of XAU/USD, bulls are trying to keep the pair inside the uptrend channel and don’t lose hope for reaching 127.2% and 161.8% targets of AB=CD. On the other hand, a break below $1302 will increase the risk of correction to 88.6% of the “Bat” pattern.

 

1520928002-d8029dd1a750de79fab315e2c8c95

 

On H1, the “Shark” pattern is transforming into 5-0. A successful test of resistance at 1331-1332 will allow bulls to make another step towards the uptrend’s resumption.

 

1520928025-ec8be01d836e6a0db07525bf3cdc0

 

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USD/CAD Daily Analytics

09:13 13.03.2018

Recommendation:

 

BUY 1.2710 SL 1.2655 TP1 1.2810 TP2 1.2910 TP3 1.3100

 

BUY 1.2960 SL 1.2905 TP1 1.3060 TP2 1.3100

 

On the daily chart of USD/CAD, the “Shark” is transforming into 5-0. Pullbacks from 23.6%, 38.2% and 50% of the wave CD are usually used for formation of long positions. One of the bullish targets may lie at 127.2% of AB=CD pattern.

 

1520932363-1430b06b52ccdf0a9e951da313446

 

On H1, USD/CAD keeps forming “Spike and reversal with acceleration”. The necessary condition for the uptrend’s resumption is a break above resistance at 1.2960.

 

1520932375-5c726ce87bf89e31cdcfbd4c37b26

 

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EUR/USD Daily Analytics

11:32 13.03.2018

 

1520940683-65bdd404d4b847f91de91d2e0966b

 

The main trend is still bullish, but there's a developing "Pennant", so the market is likely going to test the nearest support at 1.2275 - 1.2234. If a pullback from this area happens little later on, there'll be a moment for another upward price movement.

 

1520940683-000f78f45868ead310d40edff8f30

 

The pair is moving up and down in a range of the possible "Pennant" pattern, which hasn't been finished yet. So, the price is likely going to test the next resistance at 1.2345 - 1.2364, which could be a departure point for a decline.

 

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GBP/USD Daily Analytics

11:34 13.03.2018

 

1520940684-a630f4521299e956f1d3927a90080

 

Bulls faced with resistance at 1.3928, so there's a "V-Top" pattern, so the market is likely going to test the closest support at 1.3840. Meanwhile, if a pullback from this level forms afterwards, there'll be an opportunity to have an upward price movement in the direction of the next resistance at 1.3928.

 

1520940683-c50476a86b07e1d8d9000cf19e624

 

There's a "Double Top" pattern, but the pair found support at 1.3876, so we could have a bullish price movement towards the nearest resistance at 1.3918 - 1.3928. These levels could be a starting point for another decline.

 

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EUR/USD Daily Analytics

11:45 13.03.2018

 

1520941458-8a88ad97fe6bed7a0157e7bd90dc2

 

The market is consolidating along the Moving Averages. Also, there's a "Shooting Star" pattern, so the pair is likely going to test the nearest support, which could be a departure point for a bullish price moment in the direction of the next resistance area.

 

 

1520941459-8d3fff89ce27aa957d57915cc50f4

 

There's a bearish "Doji" pattern, which hasn't been confirmed yet. Therefore, the price is likely going to test the closest support during the day. If any bullish pattern forms little later on, there'll be a moment for a local upward price movement.

 

 

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USD/JPY Daily analytics

11:47 13.03.2018

 

1520941459-08e11df0605026203f09f9e576094

 

The last bullish "Hammer" led to the current upward price movement. There's no any reversal pattern, so we should keep an eye on the 89 Moving Average, which could act as resistance. If so, there'll be time for a bearish correction.

 

1520941459-098b013d38445688e6d8e9819cf55

 

There's no any bearish pattern because all the last candles are bullish. Also, the price has broken the "Window", which acted as resistance many times before. So, it's likely that the pair is going to test this "Window", which could act as support this time.

 

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USD/CHF Daily Analytics

06:26 14.03.2018

Recommendation:

 

SELL 0.9415

 

SL 0.9470

 

TP1 0.932 TP2 0.926 TP3 0.9225

 

On the daily chart of USD/CHF, bulls tried twice to overcome resistance at 0.9475 and both times failed. It points at their weakness and increases the possibility of the pair’s decline below the lower border of the uptrend channel and further resumption of the downtrend.

 

1521008653-a5903a7f3cf43bc4f33886526fd84

 

On H1, there’s a “Three Indians” pattern. A break of support at 0.9415 and getting outside of the bullish channel will trigger the “Shark” pattern.

 

1521008697-351a015a31e5fdb2fee97b43bc66a

 

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GBP/USD Daily analytics

06:33 14.03.2018

Recommendation:

 

BUY 1.4070 SL 1.4015 TP1 1.4170 TP2 1.4225 TP2 1.4240

 

BUY 1.3915 SL 1.3860 TP1 1.4015 TP2 1.4100 TP3 1.4225

 

On the daily chart, GBP/USD «bulls managed to lead the pair outside of the downtrend channel and trigger the “Bat”. Its 88.6% target is at 1.41. After that, the rally may continue towards 88.6% target of the “Shark”.

 

1521009105-b6b56ed02b1869ac79ae2067aff9c

 

On H1, the “Wolfe waves” pattern was activated with a target at 1.4240-1.4245. To continue the rally, bulls need to overcome resistance at 1.4070.

 

1521009136-2cf183d9aa99dd882e50bd88c66a5

 

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EUR/USD Daily Analytics

06:58 14.03.2018

Technical levels: support – 1.2380; resistance – 1.2450.

 

Trade recommendations:

 

Buy — 1.2380; SL — 1.2360; TP1 — 1.2480; TP2 — 1.2520

Reason: narrow bullish Ichimoku Cloud with horizontal Senkou Span A and B; a dead cross of Tenkan-sen and Kijun-sen with horizontal lines and narrowing channel Tenkan-Kijun; the prices returned to the positive area and may continue uptrend.

 

1521010665-5974574d0f06c411e972e24d898d2

 

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GBP/USD Daily Analytics

06:59 14.03.2018

Technical levels: support – 1.3930; resistance – 1.4010.

 

Trade recommendations:

 

Buy — 1.3940; SL — 1.3920; TP1 — 1.4010; TP2 — 1.4070.

Reason: narrowing bearish Ichimoku Cloud with horizontal Senkou Span A and B; a golden cross of Tenkan-sen and Kijun-sen; the prices returned to the positive area and the Bulls looks strong to continue market’s growing.

 

1521010665-5838ef800660551113de2aff99712

 

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Important Economic Events

 

USA CPI (consumer price index) is an important indicator of consumer inflation. The Federal Reserve takes this indicator into account when it makes decisions about the key interest rate.

 

The Fed’s interest rate decision and monetary policy statement will be published on March 21, so the CPI release at 14:30 MT time on March 13 is highly important. If the index is higher than expected, the market’s confidence in the upcoming rate hikes will increase making the greenback go up. 

 

Follow this event on the FBS Economic Calendar https://goo.gl/Ri7XNU

 

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The Trading Strategy of a Genius of Commodity Trading

 


 

We are almost sure that you have hardly heard the incredible story of astonishingly rich, a genius and a pioneer of commodity trading, Richard Dennis.

Dennis’ story is the type of stuff for trading legends that can still fire the engines of aspiring traders today.

 

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