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#7621
riki143

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USD/JPY: DOLLAR STUCK IN THE CLOUDS
05:39 29.05.2017
 
Technical levels: support – 111.00; resistance – 112.20/30.
 
Trade recommendations:
 
Buy — 111.50; SL — 112.30; TP1 — 112.20; TP2 — 113.20.
Reason: bearish Ichimoku Cloud, horizontal Senkou Span A and B; a new weak dead cross of Tenkan-sen and Kijun-sen; the prices are on the SSA.
 
1496036331-3dcc4d3b0e9d38341d309e86e7227
 
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#7622
riki143

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MORNING BRIEF FOR MAY 29
06:16 29.05.2017
 
The start of this week was really quiet with the UK, the US observing Memorial Day and China celebrating Dragon Boat Festival.
 
The British pound slumped to 1.2775 on Friday after YouGov poll suggested the UK election race was getting tighter with Theresa May’s party lead over her Labour counterparts to just 5 points.  GBP will likely remain under pressure throughout this week as Sunday’s opinion poll appear to confirm the decline of Conservative support. A poll for the Sunday Telegraph showed Labour party regaining its support lacking just 6 points to catch up with the Conservative party. While the conservative win is still the most probable outcome in June 8 election, recent polls raised concerns over the possibility of a smaller working majority for Tories or even a hung parliament.
 
The US dollar regained its strength on Friday after the Commerce Department upgraded its first quarter GDP estimate and after Fed of San Francisco President John Williams said that the US economy is strong enough for three-four rate hikes this year. The possibility of President Trump being impeached is low. US domestic intelligence and security service is now investigating into the ties of Trump’s son law Jared Kushner with Russian authorities.
 
Trump’s finally back home after his 9-day foreign trip.  Trump’s first foray on the international stage saw him engaged in multiple negotiations in which he touched on many global issues. He visited Saudi Arabia, Israel, met with the Pope Francis, discussed security issues with NATO members and participated in G7 summit in Taormina, Sicily. The later one ended up with the most developed countries failing to agree on a common stance on climate change or trade (because of Trump of course).
 
USD/JPY is trading a little bit higher in today’s session at around 111.30 from Friday’s low at 111.20. The yen didn’t show any reaction to North Korea’s missile launch. It seems that market already used to this sort of occasions. The pair has room for extension towards the solid resistance towards 111.80 – the horizontal Senkou B span (the upper border of Ichimoku Kumo).
 
EUR/USD declined to 1.1170 in the Asian session from Friday’s high at 1.1235. The single currency soared to 1.268 last week following the fortunate election outcome but failed to make any further gains. European Central Bank President Mario Draghi is speaking today at 4:00 PM MT time.  He will likely be asked about his plans for stimulus withdrawal (QE taper). If Draghi still points to still low inflation figures, the euro will be hurt. The euro area data that came in recent weeks is very strong, The disconnect between accelerating growth in the Eurozone and sluggish inflation is a puzzle that should be unraveled by the ECB officials before they meet to decide on their monetary policy stance on June 8.
 
The NZD was the major performer on Friday. It spiked almost to 0.7080. In today’s Tokyo session, it was trading at 0.7060 level.
 
USD/CAD ticked up to 1. 3460 from Friday’s low of 1.3430 as oil crude futures slipped some points in the Asian session. Oil prices suffered significant losses last week after an OPEC-led decision to curb oil supply didn’t go as far as many investors projected.
 
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#7623
riki143

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EUR/JPY: BEARS WANT TO DEVELOP CORRECTION
06:32 29.05.2017
 
Recommendation: BUY 124,9 SL 1,2435 TP 127,9. 
 
On the EUR/JPY daily chart,  bears launched a counterattack willing to develop correction and push quotes beyond the upward trading channel. As a result, the Double-Top pattern was formed. To restore the uptrend, buyers need to test the resistance at 125.75.
 
Screenshot_2017_05_29_07_25_22.png
 
On the EUR/JPY hourly chart, there is a consolidation in the range of 124.15-124.5. A breakout of its lower border can result in the development of the correction towards 122.85  (88.6% target in the Shark pattern). A successful test of the resistance at 124.9 can lead to the uptrend restoration.
 
Screenshot_2017_05_29_07_25_39.png
 
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#7624
riki143

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USD/JPY: BULLS WAIT FOR THE SIGNAL TO ATTACK
06:33 29.05.2017
Recommendation: BUY 111,95 SL 111,4 TP 113,9 TP2 117.
 
On the USD/JPY daily chart, the transformation of the inverted Shark pattern into 5-0 continues. A corrective movement towards 50% and 61.8% levels of the CD wave can be used for opening long positions. In the current situation, it is better to wait for the moment when the resistance at 111.95 is tested. A successful test of this resistance may result in activation of the Crab pattern with target 161.8%.
 
Screenshot_2017_05_29_07_24_41.png
 
On the USD/JPY hourly chart, the Expanding wedge pattern is formed. To complete it, the point 5 should be formed. A break of the resistance at 111.5 will allow us to open long positions.
 
Screenshot_2017_05_29_07_24_59.png
 
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#7625
riki143

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EUR/USD: "DOUBLE TOP" PATTERN
08:01 29.05.2017
 
1496044796-f64ef618df646256ff3efebfb81f2
 
The price is consolidating between resistance at 1.1267 and support at 1.1171. Also, we've got a "Double Top" pattern, so the market is likely going to decline towards the nearest support at 1.1103 - 1.1075. If we see a pullback from this area, there'll be an opportunity to have another bullish price movement in the direction of the last high.
 
1496044796-3ec41465e2688985a37cdbfb705d6
 
There's a consolidation, which is taking place along the Moving Averages. The 89 Moving Average has acted as support, so bulls are likely going to get resistance on the 34 Moving Average in the coming hours. However, if a pullback from this line happens, bears will have a chance to reach the closest support at 1.1139 - 1.1103.
 
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#7626
riki143

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GBP/USD: "V-BOTTOM" STOPPED BEARS
08:13 29.05.2017
 
1496044796-87be0e4baab8baf668aa30f1ea35c
 
The last upward trend has been broken, so the price meet with support at 1.2755, which led to forming a "V-Bottom" pattern. Therefore, the market is likely going to rise towards the nearest resistance at 1.2913. If a pullback from this level happens, there'll be an opportunity to have a decline towards support at 1.2755 - 1.2705.
 
1496044796-50bb9504d21d1e9d387537ce7850c
 
The price faced support at 1.2755, so we've got a "V-Bottom". In this case, we're likely going to have another upward price movement towards resistance at 1.2887 - 1.2905, which could be a departure point for a decline in the direction of the next support at 1.2755 - 1.2705.
 
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#7627
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EUR/USD: BULLISH "TWEEZERS"
13:00 29.05.2017
 
1496062712-7924aba2648297bdb9c552febf779
 
There's a consolidation, which is taking place on the four-hours chart. Also, we've got a bullish "Tweezers", but this pattern hasn't been confirmed yet. In this case, the current correction is likely going to be continued.
 
1496062712-f4572e27a1d66bdd0795fe826269a
 
We've got a bullish "Tweezers" at the last local low. Also, there's a "Shooting Star" on the 55 Moving Average. Therefore, the 89 Moving Average is likely going to act as support shortly. If a pullback from this line happens, there'll be an opportunity to have another upward price movement.
 
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#7628
riki143

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USD/JPY: BULLS GOING TO TEST MA
13:03 29.05.2017
 
1496062713-6f688312355b3a702094b6622cd51
 
We've got a "Hammer" at the last local low, but a confirmation of this pattern is a quite weak. So, the price is likely going to test the 55 Moving Average in the coming hours. However, if a pullback from this line arrives afterwards, bulls will probably try to test the nearest resistance.
 
1496062712-c6e048ab13eea04925dd9eb485ae4
 
The 34 Moving Average has acted as resistance, but we've got a bullish "Harami", which hasn't been confirmed yet. Therefore, the pair is likely going to test the closest resistance, which could be a departure point for another bearish price movement.
 
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#7629
riki143

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CHF/JPY REVERSED FROM RESISTANCE ZONE
16:18 29.05.2017
 
CHF/JPY reversed from resistance zone
Next sell target - 113.00
CHF/JPY recently reversed down sharply from the resistance zone surrounding the key resistance level 115.00, which has been steadily reversing all upward impulse waves from last December, as can be seen from the daily CHF/JPY chart below. The resistance zone near the resistance level 115.00 was further strengthened by the upper daily Bollinger Band.
 
Given the clear triple bearish divergence on the daily Stochastic indicator, CHF/JPY is expected to fall to the next sell target at the next support level 113.00 (which reversed earlier correction (2)).
 
caunI7EqY.png
 
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#7630
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NZD/USD REACHED BUY TARGET 0.7050
16:20 29.05.2017
 
NZD/USD reached buy target 0.7050
Next buy target - 0.7130.
NZD/USD continues to rise after the earlier breakout of the resistance level 0.7050 (top of wave 4, which was set as the buy target in our earlier forecast for this currency pair). The breakout of the resistance level 0.7050 was preceded by the breakout of the 38.2% Fibonacci correction of the previous intermediate impulse wave © from the start of February, as can be seen below.
 
If the pair closes today above resistance level 0.7050 - NZD/USD can then be expected to rise to the next buy target at the resistance level 0.7130.
 
cazCLcGPy.png
 
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#7631
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EUR/USD: EURO FALLING INTO THE CLOUD
04:59 30.05.2017
 
Technical levels: support – 1.1110, 1.1050; resistance – 1.1190, 1.1210.
 
Trade recommendations:
 
Buy — 1.1110/00; SL — 1.1080; TP1 — 1.1190; TP2 – 1.1210.
Reason: narrowing bullish Ichimoku Cloud with falling Senkou Span A; a dead cross of Tenkan-sen and Kijun-sen, falling lines; the prices are on the strong support in the Cloud.
 
1496120348-5974574d0f06c411e972e24d898d2
 
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#7632
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AUD/USD: AUSSIE GOING LOWER
05:01 30.05.2017
 
Technical levels: support – 0.7370; resistance – 0.7440.
 
Trade recommendations:
 
Sell — 0.7420; SL — 0.7440; TP1 — 0.7370; TP2 — 0.7340.
Reason: narrow bullish Ichimoku Cloud, falling Senkou Span A and B; a dead cross of Tenkan-sen and Kijun-sen with falling lines; the prices are under the Cloud and bounced from Senkou Span B.
 
1496120461-42a68b4bfa2f0515dfbaa054e9dba
 
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