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There's a bullish "Harami", which has been formed on the 34 Moving Average. Considering confirmation of this pattern, the price is likely going to test the nearest resistance. If we see a pullback from this level, there'll be an opportunity to have a local decline.
All the Moving Averages have been broken, but we still don't have any reversal pattern. Also, there's resistance by the last "Three Methods" pattern. If we have a pullback from this level, bears are likely going to test the nearest support.
USD/JPY: "ENGULFING" ON THE 34 MOVING AVERAGE
12:52 23.08.2017
We've got an "Engulfing" pattern on the 34 Moving Average, so bears are likely going to continue pushing the price lower. The main intraday target is the lower "Window".
Bulls faced resistance on the 144 Moving Average, so there's a bearish "High Wave" pattern, which has been confirmed. In this case, the market is likely going to continue falling down.
There's a developing wave [iv], which is taking place on the four-hours chart. The main target for wave (c) is 7/8 MM Level, which could be a departure point for wave [v] of 3.
We've got a double zigzag in wave (b) and a bearish impulse in wave i. It seems like wave ii is going to end soon, so we could have wave iii of (c) in the short term. If a pullback from 3/8 MM Level happens later on, there'll be an opportunity to have an upward correction.
Technical levels: support – 1.2750, 1.2710; resistance – 1.2820.
Trade recommendations:
Sell — 1.2820; SL — 1.2840; TP1 — 1.2750; TP2 — 1.2710.
Reason: expanding bearish Ichimoku Cloud with falling Senkou Span A and B; a dead cross of Tenkan-sen and Kijun-sen, with falling lines; the local market is oversold, waiting for correction to Tenkan-sen.
Technical levels: support – 0.7850, 0.7810; resistance – 0.7880.
Trade recommendations:
Buy — 0.7850; SL — 0.7830; TP1 — 0.7935; TP3 — 0.7980.
Reason: bearish Ichimoku Cloud with falling Senkou Span A and B; a new dead cross of Tenkan-sen and Kijun-sen; the prices are entered to negative area, but there is a strong support on the daily timeframe.
There's a "Double Bottom" pattern, which has been confirmed, so the price is consolidating. The main intraday target is the nearest resistance at 1.1846 - 1.1875. If a pullback from this area happens, there'll be an opportunity to have a decline in the direction of the 34 Moving Average.
We've got a "Triple Top" pattern right under resistance at 1.1827. So, the price is likely going to test the 55 Moving Average in the short term. If a pullback from this line happens, bulls will probably try to achieve the closest resistance at 1.1827 - 1.1838
The last "Flag" pattern has been broken, so the price reached support at 1.2768. Nevertheless, bears are likely going to test the next support at 1.2768 - 1.2736 in the short term. If we have a pullback from these levels, bulls will have a green light to deliver a local upward correction.
Bears faced support at 1.2768, so the price is consolidating. In this case, we should keep an eye on the nearest resistance at 1.2811 as an intraday target. If a pullback from this level arrives little later on, there'll be an option to have another decline towards the next support at 1.2768 - 1.2736.
On the daily chart, another attempt of bulls to return inside the triangle was unsuccessful. In order to have another chance, buyers need to keep the pair inside the medium-term channel between 108.50 and 114.50. A successful test of its lower border will open the way down to 161.8% target of the AB=CD pattern.
On USD/JPY there's consolidation within the inverted “Spike and ledge” pattern on the basis of 1-2-3. Together with “Three Indians” it’s a serious reversal pattern.
On the daily chart, USD/CHF keeps consolidation near an important level of 0.9650 (23.6% of the last long-term descending wave). If bears manage to lead the pair down below the diagonal support (lower border of the uptrend channel), the odds of reaching 88.6% target of Gartley pattern will increase.
On H1, USD/CHF is consolidating within a “Widening wedge”. A break of support levels at 0.9605 and 0.9585 won’t lead the pair south. On the other hand, successful test of resistance at 0.9750 and 0.9765 will open the way for further advance.
There's developing wave [iv], which is likely going to take the form of a zigzag. The main target is 7/8 MM Level, which could be a departure point for wave [v] of 3.
There are a bearish impulse in wave i and a zigzag in wave ii. So, there's an opportunity to have wave iii of (c) soon. In this case, we should keep in mind 3/8 MM Level as the next bearish target.
