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On the daily chart, EUR/USD keeps forming 5-0. Pullbacks to 50% and 38.2% of the wave CD are usually used for selling. The inability of bulls to lead the pair outside of the downtrend channel points at their weakness.
On H1, a break below diagonal support at 1.1750 will open the way down to 127.2% of the ideal butterfly pattern. On the other hand, successful test of the local high at 1.1860 will mean the continuation of the “widening wedge”.
EUR/GBP: EURO IS WORKING WITH A DRAGON
08:46 20.10.2017
Recommendation:
BUY 0.896
SL 0.8905
TP1 0.9085 TP2 0.9145
On the daily chart, EUR/GBP recoil from the upper border of the downtrend allowed bulls to counterattack and form the reversal patter 5-0. Its 88.6% target is reached, and the level of 113% is near. The euro will likely continue its way up towards 161.8% target of AB=CD.
On H1, EUR/GBP formed a “Dragon” pattern. Pullbacks towards 0.8982-0.8985 and 0.8958-0.8965 will signify formation of the dragon’s head and will be a signal for buying.
There's a "V-Top" pattern, so the price reached the Moving Averages. It's likely that the market is going to reach the nearest support area at 1.1772 - 1.1757 in the short term. If a pullback from these levels happens little later on, we could have another upward price movement.
We've got a "Triple Top", so the price is consolidating. The main intraday target is the closest resistance at 1.1819 - 1.1831. If a pullback from these levels happens, we could have a decline in the direction of the next support at 1.1780 - 1.1767.
GBP/USD: BEARS GOING TO TEST NEAREST SUPPORT
13:57 20.10.2017
The price is consolidating between the levels 1.3221 - 1.3150. It's likely that bears are going to achieve the nearest support at 1.3081 in the short term. If we see a pullback from this level, there'll be an opportunity to have a bullish price movement towards another resistance at 1.3081 - 1.3120.
Bears faced with support at 1.3077, so there's a "Thorn" pattern. In this case, the pair is likely going to test the closest resistance at 1.3120 - 1.3150 during the day. Meanwhile, if a pullback from this area arrives afterwards, we could have just another decline.
There are bearish patterns such a "Tweezers" and a "Doji", which both have been confirmed enough. The 21 & 34 Moving Averages are acting as support. Nevertheless, the market is likely going to continue moving down in the short term.
We've got a bearish "Three Methods" pattern, but the price faced support on the Moving Averages. Therefore, we could have just a local upward correction and another decline afterwards.
There's a "High Wave" pattern, which has been formed at the local high. So, there's an opportunity to have a downward correcting in the coming hours. However, if we see a pullback from the nearest support level, bulls will probably try to deliver a new local high.
We've got a "Shooting Star" pattern, which has been confirmed. Therefore, the pair is likely going to test the lower "Window" during the day. If a pullback from this level happens, there'll be an option to have another bullish price movement.
It seems like wave [iii] has been started, so we could have another bullish impulse in the short term. The main intraday target is 6/8 MM Level.
The price couldn't fixate above 4/8 MM Level, so wave (i) has been ended. If a pullback from 2/8 MM Level happens little later on, there'll be time for wave (iii) of [iii].
EUR/USD: DOUBLE ZIGZAG IN WAVE [II]
06:16 23.10.2017
The price is likely going to test 0/8 MM Level in the coming hours. If we have a pullback from this level, wave [ii] likely will be ended. In this case, there'll be an opportunity to have another upward impulse in wave [iii].
It seems like wave [ii] is taking the form of a double zigzag on the one-hour chart. So, bears are likely going to test 0/8 MM Level, which could be a departure point for wave (i). In this case, the low of wave (w) will be broken in the coming hours.
AUD/USD: AUSSIE ENTERED INTO NEGATIVE AREA
06:18 23.10.2017
Technical levels: support – 0.7770; resistance – 0.7840
Trade recommendations:
Sell — 0.7840; SL — 0.7860; TP1 — 0.7770; TP2 — 0.7730.
Reason: narrow bearish Ichimoku Cloud, falling Senkou Span A and B; a cancelled golden cross of Tenkan-sen and Kijun-sen, falling Tenkan-sen and Kijun-sen; the prices are in the negative area under the pressure of a Cloud.
Technical levels: support – 113.40; resistance – 114.00.
Trade recommendations:
Buy — 113.40; SL — 113.20; TP1 — 114.00; TP2 — 114.40.
Reason: expanding bullish Ichimoku Cloud with rising Senkou Span A and B; a golden cross of Tenkan-sen and Kijun-sen with rising Kijun-sen; the prices are tested the resistance of 114.00 and may going higher.
