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The price is still consolidating. Also, there's a "Hanging Man", which has been formed at the last local high. So, the 34 Moving Average is likely going to act as support. If so, we could have another bullish rally afterwards.
The last "Tower" pattern led to the current decline. Meanwhile, if any bullish pattern forms on the lower "Window", there'll be an opportunity to have an upward price movement towards the nearest resistance area.
There's a bullish "Engulfing", which has been confirmed enough. So, the market is likely going to continue moving up towards the nearest resistance area, which could be a departure point for another decline.
We've got a bullish "Hammer", but confirmation of this pattern is still on the way. Therefore, we could have a local bearish correction during the day. However, if a pullback from the closest support happens little later on, there'll be an opportunity to have an upward price movement in the direction of the last high.
Technical levels: support – 1.3200, 1.3090; resistance – 1.3280.
Trade recommendations:
Sell — 1.3190; SL — 1.3210; TP1 — 1.3090; TP2 — 1.3050.
Reason: expanding bearish Ichimoku Cloud, but rising Senkou Span B; a dead cross of Tenkan-sen and Kijun-sen with falling Tenkan-sen and Kijun-sen; the prices are breakdown the main support of the Cloud and entered into the negative area.
Technical levels: support – 0.7800; resistance – 0.7880.
Trade recommendations:
Buy — 0.7830; SL — 0.7810; TP1 — 0.7880; TP2 — 0.7900.
Reason: bearish Ichimoku Cloud with rising Senkou Span A; a new golden cross of Tenkan-sen and Kijun-sen with rising Tenkan-sen; the prices are returned to the support of Tenkan-sen and Kijun-sen.
[B[EUR/JPY: THE TRUCE HAS RUN OVER TIME[/b]
07:16 05.10.2017
Recommendations:
BUY 133.05 SL 132.5 TP1 134.05 TP2 135
SELL 132 SL 132.55 TP1 131.25 TP2 130.4 TP3 129.8
On the daily chart, EUR/JPY is consolidating within a bullish trend. A break of its lower border and exit outside the uptrend channel will increase the risks of a pullback to 129.80.
On H1, EUR/JPY got stuck between 132 and 133.05. A successful test of its lower border will allow triggering of AB=CD pattern with a target at 200%. On the other hand, a break of resistance at 133.05 creates room for the uptrend’s resumption.
USD/CAD: LOONIE IS BREAKING THE TREND
07:34 05.10.2017
Recommendation:
BUY 1.2595
SL 1.254
TP1 1.2715 TP2 1.292 TP3 1.325
On the daily chart, USD/CAD bulls managed to overcome resistance at 1.2462. If they manage to conquer the level of 1.2717, the risks of an inverted “Shark” pattern will significantly increase. Its 88.6% target is at 1.3250.
On H1, a break of resistance at 1.2533 will open the way to 1.2595 (88.6% of the last descending wave + 161.8% target of AB=CD). A successful test of this level will allow bulls to continue the rally.
EUR/USD: PRICE GOING TO REACH 89 MA
08:43 05.10.2017
The price is consolidating between the levels 1.1739 - 1.1793. It's likely that the market is going to test the 34 Moving Average during the day. If a pullback from this line happens later on, we could have just another decline towards the nearest support area at 1.1714 - 1.1688.
The 55 Moving Average has acted as resistance, so the price is consolidating. However, the price is likely going to reach the 89 MA, which could be a departure point for another decline.
Bears faced with support at 1.3223, so the price is consolidating near the 89 Moving Average. Also, there's a "Flag" pattern, so the market is likely going to reach the nearest support st 1.3182 - 1.3150 in the short term. If a pullback from these levels happens little later on, there'll be an opportunity to have an upward price movement towards the next resistance at 1.3278.
We've got a "Pennant" pattern, which lower side has been broken. So, the pair is likely going to achieve the next support at 1.3182 - 1.3150. However, if we see a pullback from this area, bulls will probably try to test the 34 Moving Average.
EUR/USD: LEADING DIAGONAL IN WAVE (I)
08:53 05.10.2017
The price faced with support on 0/8 MM Level, so wave 4 may have been ended as a zigzag pattern. In this case, we're likely going to have an upward impulse in wave [i], so we should keep an eye on 3/8 MM Level as the nearest bullish target.
There's a leading diagonal in wave (i), but wave (ii) hasn't been finished yet. So, the pair is likely going to test 0/8 MM Level, which could be a departure point for wave (iii) of [i].
USD/JPY: 144 MA GOING TO ACT AS SUPPORT
11:49 05.10.2017
The price is consolidating above the "Window", which is likely going to act as support once again soon. If a pullback from the 34 Moving Average happens, there'll be an opportunity to have another upward price movement.
There's a "Shooting Star", so the price is declining. Also, there isn't any reversal pattern so far. The 144 Moving Average is likely going to act as support. If so, bulls will probably try to deliver another rally.
