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We've got a bullish "Three Methods", which has been confirmed. So, the market is likely going to continue moving up towards the nearest resistance area. If any bearish pattern forms little later on, there'll be an opportunity to have a decline.
The 34 Moving Average has acted as support, so the price is rising. The last "Window" has been broken. If a pullback from the achieved resistance happens, bears are likely going to deliver a local downward correction.
USD/JPY: PULLBACK FROM THE LOWER "WINDOW"
11:36 07.09.2017
There's a pullback from the lower "Window", but we've got a local bearish "Shooting Star", which has been confirmed. So, the market is likely going to test the lower "Window" once again in the short term.
We've got a "Doji" and a "High Wave" on the 55 Moving Average. Considering of confirmation of both patterns, the pair is likely going to continue moving down towards the last low until any bullish pattern arrives.
On the daily chart, EUR/USD keeps forming “Spike and ledge with acceleration”. The trend’s angle is increasing the risks of correction. The inability of bulls to keep the pair above 1.2062 and 1.2156 (161.8% and 200% targets) points at their weakness.
On H1, EUR/USD formed 2 convergence areas with the help of senior and junior AB=CD patterns. The fall of the pair below the low of the bar, which marked the previous minimum, will signal the start of bears’ counterattack.
EUR/GBP: BULLS ARE LIFTING THEIR HEADS
07:28 08.09.2017
Recommendation:
BUY 0.9215
SL 0.916
TP 0.929 TP2 0.9355 TP3 0.942
On the daily chart, EUR/GBP keeps forming “Spike and reversal with acceleration”. Until the price falls below both trendlines, bulls will retain control of the situation. Their further movement up will increase the possibility of an advance towards 127,2%, 161.8%, 200% and 224% targets of AB=CD.
On H1, a break above resistance at 0.9213 and the following triggering of the “Widening wedge” and the “Shark” patterns will increase the possibility of an advance to 0.9285-0.9290.
The 34 Moving Average has acted as support so the price is rising. However, bulls didn't fixate above the "Runaway Gap", so we could have a local downward correction. Nevertheless, the market is likely going to climb even higher, so we should keep an eye on the next resistance at 1.2080 - 1.2129 as an intraday target.
We've got a "Double Top" pattern, which has been confirmed, so the price is likely going to achieve the closest support at 1.2022. If a pullback from this level happens, there'll be an opportunity to have an upward price movement towards another resistance at 1.2129.
GBP/USD: BULLS FACED WITH RESISTANCE
08:31 08.09.2017
Bulls faced with resistance at 1.3164, so the market is likely going to decline towards the nearest support at 1.3119 - 1.3083. However, if a pullback from this area happens, we could have an upward price movement in the direction of the closest resistance at 1.3164 - 1.3190.
There's a "Thorn" pattern, which pushed the pair to support at 1.3114. Meanwhile, the price is likely going to reach the next support at 1.3093 - 1.3083, which could be a departure point for a bullish price movement. In this case, we should keep in mind the nearest resistance at 1.3164 - 1.3190 as the next bullish target.
EUR/USD: BULLS GOING TO TEST NEXT RESISTANCE
11:51 08.09.2017
The price is still rising, but we've got a bearish "High Wave" at the local high, so there's a local consolidation. However, bulls are likely going to test the next resistance in the short term. If a pullback from this level happens afterwards, there'll be an opportunity to have a bearish correction.
We've got a "Shooting Star", but this pattern is unconfirmed, cause the last candles have been closed above the middle of the huge white candle. In this case, the market is likely going to continue moving up.
Bears are still pushing the price lower, so we don't have any reversal pattern. Therefore, the pair is likely going to continue falling down towards the lower "Window". If any bullish pattern arrives later on, we could have an upward correction.
We've got a bearish "Three Methods" pattern at the local low. Previously, a bearish "Engulfing" has been formed. So, the market is likely going to continue declining during the day.
EUR/USD: 7/8 MM LEVEL ACTED AS RESISTANCE
12:38 08.09.2017
We've got a new high, so wave 5 may have been started. At the same time, wave 4 turned out to be a triangle pattern, so there's a bullish impulse in wave [i] of 5. 7/8 MM Level acted as resistance, which means we could have a local bearish correction in the short term. Nevertheless, bulls are likely going to deliver wave [iii] of 5 afterwards.
Wave (v) of [i] has been ended on 8/8 MM Level, so it's time for a correction. The nearest target for wave [ii] is 6/8 MM Level, which could be a departure point for another bullish rally.