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USD/JPY: "TOWER" PUSHED THE PRICE LOWER
13:41 28.08.2017
The last "Tower" pattern pushed the price lower. It seems like we're going to have a local correction in the short term. Nevertheless, bears are likely going to reach the lower "Window" afterwards.
There's a "High Wave" pattern at the last high. However, bulls are likely going to test the 89 Moving Average. If we have a pullback from this line, there'll be an opportunity to have just another decline.
EUR/USD: 34 & 55 MAS ACTED AS SUPPORT
13:44 28.08.2017
The 34 & 55 Moving Averages have acted as support, so we've got bullish patterns such a "Harami" and a "Hammer", which both were confirmed. Also, there's a bearish "High Wave", so we could have a local downward correction. Anyway, bulls are likely going to test the nearest resistance area afterwards.
The last "Shooting Star" led to the current bearish correction. However, we've got a bullish "Harami", so we're likely going to have a new local high soon. Meanwhile, if any reversal pattern arrives later on, there'll be an opportunity to have a downward correction.
Technical levels: support – 1.1930, 1.1880; resistance – 1.2080.
Trade recommendations:
Buy — 1.1930; SL — 1.1910; TP1 — 1.2020; TP2 – 1.2070.
Reason: bullish Ichimoku Cloud with rising Senkou Span A and B; a golden cross of Tenkan-sen and Kijun-sen with rising lines; the prices are on the new highs for last three years.
Technical levels: support – 108.60; resistance – 109.10.
Trade recommendations:
Sell — 109. 10; SL — 109.30; TP1 — 109.00; TP2 — 108.50.
Reason: expanding bearish Ichimoku Cloud with falling Senkou Span B; a cancelled golden cross of Tenkan-sen and Kijun-sen and the falling lines; the Bears made a new lows, but the market is on the strong daily’s support.
On the daily chart, XAU/USD reached 78.6% target of the inverted Gartley pattern and 78.6% of the last long-term descending wave. As a result, the risks of a pullback have increased. On the other hand, if the bulls manage to overcome the resistance at $1321-1325 an ounce, increase towards the target at 200% of the AB=CD pattern will likely continue.
On H1, there’s a “Spike and reversal with acceleration” pattern. XAU/USD is now at the spike stage. To change the trend, bears need to move the prices below $1285.
On the daily chart, USD/CAD approached multiyear minimum. If it goes below it, AB=CD with 200% target will be triggered. We can’t doubt in the force of the downtrend, so there’s sense to use the pullbacks for selling.
On H1, to resume the downtrend bears need to go below 1.2450. A signal for selling will be bulls’ inability to overcome 1.2595.
EUR/USD: BULLS WENT THROUGH RESISTANCE
12:25 29.08.2017
Bulls went through resistance at 1.1975 - 1.2003, but the price faced with another resistance at 1.2042. Anyway, the market is likely going to continue moving up, so we should keep an eye on the next resistance at 1.2080 - 1.2123 as a bullish target. If a pullback from this area happens, there'll be an opportunity to have a bearish correction.
There's resistance at 1.2042, so the market is likely going to test the nearest support at 1.2003. Meanwhile, if a pullback from this level happens, bulls will have a green light to catch another resistance at 1.2042 - 1.2080.
All the Moving Averages have been broken, so bulls faced resistance at 1.2958. Nevertheless, the price is likely going to continue rising, so we should keep an eye on the next resistance at 1.2989 - 1.3021 as the next bullish target.
The last bullish "Flag" has been broken, so the price is rising. However, bulls faced with resistance at 1.2958, so the market is likely going to test the closest support at 1.2943, which could be a departure point for another bullish rally.
The price is still rising, cause there's a triangle in wave [iv], so we've got a developing bullish impulse. The main target for wave [v] of 3 is 8/8 MM Level, which could be a departure point for a bearish correction.
As we can see on the one-hour chart, the price is forming an extension in wave (iii) of [v]. 7/8 MM Level is likely going to act as resistance. If so, we could have wave (iv) pretty soon. Nevertheless, bulls are going to deliver wave (v) of [v] afterwards.
The price reached the lower "Window", so we could have any reversal pattern soon. If so, bulls are likely going to test the 21 Moving Average. However, if a pullback from this line happens, we could have the market even lower.
There's a bullish "Hammer", but confirmation of this pattern is quite weak. In this case, the 55 Moving Average is likely going to act as resistance in the coming hours.
