AceTraderFx : Daily Recommendations on Major

[AceTRaderForex]

AceTraderFx May 16: Daily Recommendations on Major - USD/JPY

DAILY MARKET OUTLOOK
Update Time: 16 May 2016 09:13 GMT

USD/JPY - 108.74
Despite last Friday's resumption of upmove from May's 18-month trough at 105.55 to 109.56 on the back of upbeat U.S. economic data, subsequent retreat to 108.47 today suggests a minor top has been made and consolidation with downside bias would be seen for weakness towards 108.23, then 108.03 (38.2% retracement).
However, support at 107.56 (50%) would remain intact and yield rebound later.

On the upside, only above 109.56 would revive bullishness for gain towards 109.90, then 110.03 (previous support, now resistance) before prospect of retreat.

 

[AceTRaderForex]

AceTraderFx May 17: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major EUR/USD
Update Time: 17 May 2016 03:08 GMT

EUR/USD - 1.1319
The single currency's selloff from last Wednesday's high at 1.1447 to 1.1283 on Friday after the release of upbeat U.S. economic data signals decline from May's 8-month peak at 1.1617 remains in progress and consolidation with downside bias would be seen for weakness towards 1.1272, then to 1.1234.
However, near term loss of momentum would keep price above April's bottom at 1.1216 and yield rebound.

On the upside, only above 1.1359 (previous support, now resistance) would indicate a temporary low has been made and risk stronger retracement towards 1.1415.

 

[AceTRaderForex]

AceTraderFx May 18: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major EUR/USD
Update Time: 18 May 2016 03:08 GMT

EUR/USD - 1.1295
Despite yesterday's brief but strong rebound from 1.1302 to 1.1349 in New York morning, subsequent retreat and then intra-day break of said support suggests euro's correction from last Friday's fresh 2-week trough at 1.1283 has ended and recent decline would resume to 1.1250/60 after consolidation.
However, loss of downward momentum should keep price well above daily sup at 1.1216 today and bring correction.

On the upside, only failure to penetrate said 1.1283 sup and subsequent rise back above 1.1325 would 'prolong' choppy trading and may risk another upmove to 1.1344/49.

 

[AceTRaderForex]

AceTraderFx May 19: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major EUR/USD
Update Time: 19 May 2016 01:50 GMT

EUR/USD - 1.1225
Yesterday's break of last week's 1.1283 low to 1.1256 in European morning and then subsequent selloff after hawkish FOMC minutes to a 6-*week trough of 1.1206 (Reuters) in Australia today confirms decline from May's 8-month peak at 1.1617 has once again resumed and expect 1.1256 to hold, yield further weakness towards next chart objective at 1.1144 which should hold on 1st testing today.

On the upside, only a daily close above 1.1283 signals a temporary low is in place, then risk is seen for a stronger retracement towards 1.1349 before of another fall next week.

 

[AceTRaderForex]

AceTraderFx May 20: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major EUR/USD
Update Time: 20 May 2016 01:30 GMT

EUR/USD - 1.1302
Despite staging a recovery in New York session on Thur after intra-day resumption of recent decline from May's 8-month peak of 1.1617 to a 7-week trough of 1.1180 on minor short covering, outlook remains bearish for aforesaid fall to resume after consolidation.
However, near term loss of downward momentum should keep price above daily sup at 1.1144 today.

On the upside, only a daily close above 1.1256 (previous sup, now res) confirms temporary low is in place and risks stronger retracement towards 1.1288/93 before prospect of another fall next week.

 

[AceTRaderForex]

AceTraderFx May 20: Daily Recommendations on Major - USD/JPY

DAILY MARKET OUTLOOK
Update Time: 20 May 2016 09:00 GMT

USD/JPY - 110.30
Dollar's intra-day cross-inspired rebound suggests pullback from yesterday's 110.39 high has ended earlier at 109.70 in New York and recent upmove from May's fresh 18-month bottom at 105.55 would head to 110.77/82 after consolidation, however, 'loss of upward' momentum would cap price at 111.20/25 and bring a much-needed correction.

On the downside, below 109.70 would confirm temporary top is in place and yields retracement of aforesaid rise to 109.30, then 109.00/05.

 

[AceTRaderForex]

AceTraderFx May 23: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major EUR/USD
Update Time: 23 May 2016 04:50 GMT

EUR/USD - 1.1231
Despite euro's retreat from 1.1238 to 1.1204 in New York on Friday, as intra-day broad-based gain in the yen has pressured usd broadly in Asia, suggesting further choppy trading above last Thursday's 7-week trough at 1.1180 would continue, only above 1.1238/40 would suggest recent decline has made a temporary low there and risk stronger retracement to 1.1256 (previous sup, now res), break there would bring further gain towards 1.1288/93 later today or tomorrow.

Below 1.1200/04 would signal said correction from 1.1180 has ended and yield resumption of recent decline towards daily chart objective at 1.1144.

 

[AceTRaderForex]

AceTraderFx May 23: Daily Recommendations on Major - USD/JPY

DAILY MARKET OUTLOOK
Update Time: 23 May 2016 09:38 GMT

USD/JPY - 109.50
Dollar's intra-day decline in Asian and European morning due to broad-based buying of yen following warnings by U.S. Treasury Secretary against Japan's yen intervention to weaken the yen in the weekend's G7 meeting confirms recent upmove from May's fresh 18-month bottom at 105.55 has made a temporary last Friday at 110.59 and choppy consolidation with downside bias remains for weakness towards 108.72.
However, sup at 108.28 should hold from here.

Expect 110.08 (Friday's New York low, now res) to hold for this move and only a daily close above suggests correction is over but 110.59 should remain intact today.

 

[AceTRaderForex]

AceTraderFx May 24: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major EUR/USD
Update Time: 24 May 2016 04:15 GMT

EUR/USD - 1.1208
Despite yesterday's anticipated retreat from 1.1243 (Europe) to 1.1188 in New York morning, subsequent rebound suggests further volatile trading above last Thursday's 7-week trough at 1.1180 would continue, and as long as 1.1256 (previous sup, now res) holds, outlook remains mildly bearish for recent fall from May's 1.1617 to resume, loss of momentum is likely to keep price above minor daily support at 1.1144.

A daily close above 1.1256 confirms temporary low is in place and risk stronger retracement to 1.1293 before prospect of another fall later this week.

 

[AceTRaderForex]

AceTraderFx May 24: Daily Recommendations on Major - USD/JPY

DAILY MARKET OUTLOOK
Update Time: 24 May 2016 09:08GMT
USD/JPY - 109.56
Yesterday's anticipated decline to 109.11 in New York confirms dlr's recent upmove from May's fresh 18-month bottom at 105.55 has indeed formed a temporary top at 110.59 on Friday and although intra-day rebound following more verbal yen-intervention warning by Japanese official suggests sideways price swings are in store, as long as 109.85/95 holds, one more fall is to retrace aforesaid rise still envisaged, loss of momentum should keep price well above sup at 108.72.

A daily close above 110.08 would signal correction is over, then re-test of 110.59 would be seen later this week.

 

[AceTRaderForex]

AceTraderFx May 25 : Daily Recommendations on Major EUR/USD

DAILY MARKET OUTLOOK on Major EUR/USD
Update Time: 25 May 2016 04:09 GMT

EUR/USD - 1.1143
Tuesday's intra-day selloff which started at European open due to broad-based selling of euro especially vs sterling and then break of last week's low at 1.1180 to a 2-month bottom of 1.1133 in New York after robust U.S. new home sales suggests euro's decline from May's 8-month peak at 1.1617 would resume after minor consolidation and yield further weakness to 1.1100.
However, near term loss of momentum is likely to keep price above 1.1070 today and risk has increased for a minor correction to take place later this week.

On the upside, only a daily close above 1.1180 would indicate temporary bottom is in place and may yield stronger retracement to 1.1227/31.

 

[AceTRaderForex]

AceTraderFx May 25 : Daily Recommendations on Major USD/JPY

DAILY MARKET OUTLOOK on Major USD/JPY
Update Time: 25 May 2016 09:59 GMT

USD/JPY - 110.17
Yesterday's intra-day rally signals pullback from last Friday's high of 110.59 has ended at 109.11 on Monday and upside bias is seen for dollar's recent upmove from May's fresh 18-month bottom at 105.55 to resume and extend gain to 111.00 and later 111.50/60 before correction occurs due to 'loss of momentum.'

On the downside, only below 109.11 would indicate a temp. top has been made and yield retracement of aforesaid rise to next chart support at 108.72.

 

[AceTRaderForex]

AceTraderFx May 26: Daily Outlook on Major -USD/JPY

DAILY USD/JPY OUTLOOK - 109.49
26 May 2016 01:20GMT

Despite dlr's erratic rise from 109.11 (Monday) to 110.45 yesterday, intra-day selloff in Asia suggests choppy trading below last Friday's 3-week peak at 110.59 would continue and below 109.11 would bring stronger retrace. of early rise from 105.55 (May) towards 108.72.

Turn cautious seller on recovery for 108.85 and only above 110.06 aborts bearishness, 110.35/45.

 

[AceTRaderForex]

AceTraderFx May 26 : Daily Recommendations on Major USD/JPY

DAILY MARKET OUTLOOK on Major USD/JPY
Update Time: 26 May 2016 10:12 GMT

USD/JPY - 109.98
Although dollar's rally from Monday's low at 109.11 to as high as 110.45 yesterday signals pullback from last Friday's high of 110.59 has ended there, intra-day selloff to 109.42 at Tokyo open suggests further choppy sideways trading would be seen before recent upmove from May's fresh 18-month bottom at 105.55 resumes to re-test said temporary top and then 111.50/60 later.

On the downside, only below 109.11 would indicate a temp. top has been made and yield retracement of aforesaid rise to next chart support at 108.72.

 

[AceTRaderForex]

AceTraderFx May 27 : Daily Recommendations on Major EUR/USD

DAILY MARKET OUTLOOK on Major EUR/USD
Update Time: 27 May 2016 05:03 GMT

EUR/USD - 1.1188
Yesterday's break of 1.1180 level to 1.1217 in New York morning confirms euro's recent decline from May's 8-month peak at 1.1617 has indeed formed a temporary low earlier at 1.1129 on Wed and several days of volatile consolidation with near term upside bias is seen, a daily close above res at 1.1243 needed to bring stronger retracement towards 1.1293 next week.

On the downside, below 1.1146/50 would suggests said correction is over and risk one more fall to 1.1200/10, however, 'loss of momentum' would keep price above 1.1070.

 

[AceTRaderForex]

AceTraderFx May 27 : Daily Recommendations on Major USD/JPY

DAILY MARKET OUTLOOK on Major USD/JPY
Update Time: 27 May 2016 08:12 GMT

USD/JPY - 109.75
Despite dlr's erratic rise from 109.11 (Monday) to 110.45 (Wednesday), yesterday's selloff to 109.42 in Asia signals 'choppy' trading below last Fri's 3-wk peak at 110.59 would continue and below 109.11 would bring retrace. of early rise from 105.55 (May) towards 108.72.

Still favour trading from short side and only above 110.59 extends upmove from 105.55 to 111.10/20 later.

 

[AceTRaderForex]

AceTraderFx May 30 : Daily Recommendations on Major EUR/USD

DAILY MARKET OUTLOOK on Major EUR/USD
Update Time: 30 May 2016 05:03 GMT

EUR/USD - 1.1106
Friday's selloff to a fresh 2-month low of 1.1110 near New York close after hawkish comments by Fed Chair Janey Yellen and then intra-day weakness to 1.1098 caused by usd's broad-based gain on rally in dlr/yen suggests recent decline from May's 1.1617 peak would pressure price towards 1.1070 before prospect of a rebound later.

On the upside, only above 1.1159/69 (previous sup area, now res) indicates a temporary bottom is in place and risks stronger retracement towards 1.1200.

 

[AceTRaderForex]

AceTraderFx May 30 : Daily Recommendations on Major GBP/USD

DAILY MARKET OUTLOOK on Major GBP/USD
Update Time: 30 May 2016 08:12GMT

GBP/USD - 1.4610
Cable's erratic fall from last Thursday's 3-week high to 1.4604 Friday due to dlr's broad-based gain after Fed Yellen's hawkish comments suggests 'choppy' trading below May's 4-mth peak at 1.4770 would continue with downside bias, below 1.4550, 1.4488 (61.8% r).

Incline to turn short on recovery for 1.4560 1st and only above 1.4689 may risk gain to 1.4720/30.

 

[AceTRaderForex]

AceTraderFx May 31 : Daily Recommendations on Major EUR/USD

DAILY MARKET OUTLOOK on Major EUR/USD
Update Time: 31 May 2016 4:03GMT

EUR/USD - 1.1148
Despite the single currency's fall to a fresh 2-month trough at 1.1098 yesterday, subsequent strong rebound suggests recent downtrend from May's peak at 1.1617 has formed a minor low there and consolidation with upside bias would be seen for gain towards 1.1169, then 1.1201/05.
However, as broad-outlook remains consolidative, reckon resistance at 1.1217 would hold and yield retreat later.

On the downside, only below 1.1098 would revive bearishness for weakness towards 1.1058/60, then 1.1020 later this week but near term loss of momentum would keep price above 1.1000.

 

[AceTRaderForex]

AceTraderFx May 31 : Daily Recommendations on Major USD/JPY

DAILY MARKET OUTLOOK on Major USD/JPY
Update Time: 31 May 2016 09:07 GMT

USD/JPY - 111.02
Although price has eased after yesterday's rally to a fresh 1-month peak at 111.45 on dollar's broad-based strength following last week's comments from Fed's Yellen and further choppy trading would be seen, as said move signals recent erratic uptrend has resumed, consolidation with upside bias remains for a re-test of aforesaid resistance, break would yield further gain towards 111.80/90 before prospect of retreat later this week.

On the downside, only below 110.59 would indicate a temporary top has been made and risk stronger retracement towards 110.00.