AceTraderFx : Daily Recommendations on Major

[AceTRaderForex]

AceTraderFx Feb 23: Daily Recommendations on Major –USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 23 Feb 2021 09:30GMT

USD/JPY - 105.14
Although dollar's fall from last Wednesday's 5-month high at 106.22 to 104.99 yesterday, then 104.93 today suggests upmove from January's 9-1/2 month trough of 102.60 has made a temporary top, subsequent rebound signals pullback has possibly ended, above 105.92 would confirm and bring re-test of 106.22

On the downside, only below 105.93 risks weakness to 104.84/88, however, reckon 104.42 should remain intact.

U.S. will later release a slew of U.S. eco. data (please refer to EI page for details).
Last but not the least, Fed Chairman J. Powell will testify on the Semiannual Monetary Report to Congress before the Senate Banking Committee at 15:00GMT.

 

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 24 Feb 2021 03:00GMT

EUR/USD - 1.2158
Despite euro's retreat from Tuesday's 4-week high of 1.2180 (Europe) to 1.2136 in New York, subsequent rebound and intra-day rally in cable suggests upside bias remains for recent upmove from 1.1953 (January) to yield further gain after consolidation, loss of upward momentum is likely to cap price below res at 1.2222 and bring a much-needed correction.

A daily close below 1.2136 signals temporary top is in place, then risk would shift to the downside for stronger retracement towards 1.2092.

Data to be released on Wednesday :
Australia construction work down, wage price index, New Zealand RBNZ interest rate decision.
Germany GDP, France business climate, Swiss investor sentiment.
U.S. MBA mortgage applications, building permits, new home sales.

 

[AceTRaderForex]

AceTraderFx Feb 24: Daily Recommendations on Major –USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 24 Feb 2021 09:30GMT

USD/JPY - 105.58
Although dollar's fall from last Wednesday's 5-month high at 106.22 to 104.99 yesterday, then 104.93 today suggests upmove from January's 9-1/2 month trough of 102.60 has made a temporary top, subsequent rebound signals pullback has possibly ended, above 105.92 would confirm and bring re-test of 106.22

On the downside, only below 105.93 risks weakness to 104.84/88, however, reckon 104.42 should remain intact.

On the data front, the only data due out is U.S. new home sales. Pay attention to comments by Fed Chair J. Powell when he tesitifies in the second day of his 2-day appearance b4 the Senate.
As market has already reacted to his dovish comments yesterday, beware of usd's buying on short covering in other G7 currencies later today. We also have a no. of Fed officials scheduled to speak (please refer to our EI page for details) but Powell will take centre stage.

 

[AceTRaderForex]

AceTraderFx Feb 25: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 25 Feb 2021 03:00GMT

EUR/USD - 1.2162
Euro's rebound from 1.2110 in New York yesterday after repeated dovish comments by Fed's J. Powell suggests re-test of this week's 1.2180 high would be forthcoming soon, above would extend upmove from Feb's 2-month trough at 1.1953 towards next chart objective at 1.2222, loss of upward momentum should prevent strong gain and risk has increased for a retracement of said rise.

On the downside, below 1.2110 anytime signals top is made, then outlook would turn bearish for weakness to 1.2092, then towards 1.2063.

Data to be released on Thursday :
Australia capital expenditure, building capex, New Zealand NBNZ business outlook, NBNZ own activity, Japan coincident index, leading economic index.
Germany GfK consumer sentiment, France consumer confidence, Italy business confidence, consumer confidence, EU business climate, economic sentiment, industrial sentiment, services sentiment, consumer confidence.
U.S. durable goods, durables ex-transportation, durables ex-defense, GDP, GDP deflator, core PCE price index, PCE price index, initial jobless claims, continued jobless claims, average weekly earnings, pending home sales, KC Fed manufacturing index.

 

[AceTRaderForex]

AceTraderFx Feb 25: Daily Recommendations on Major –USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 25 Feb 2021 09:30GMT

USD/JPY - 106.12
Despite the greenback's selloff from February's 5-month peak at 106.22 to 104.93 on Tuesday on usd's continued weakness, subsequent strong rebound to 106.10 yesterday and intra-day break above there on active cross-selling in jpy suggests the correction has ended and consolidation with upside bias remains for a re-test of aforesaid resistance, break would extend upmove from January's bottom at 102.60 to 106.55/60 later.

On the downside, only below 105.42 would indicate a temporary top has been made and risk stronger retracement to 105.07/10 later.

U.S. will later release a slew of eco. data, pls refer to our EI page for details n pay attention to key GDP as well as weekly jobless claims. We also have a number of Fed officials scheduled to speak in NY session.

 

[AceTRaderForex]

AceTraderFx Feb 26: Daily Recommendations on Major –USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 26 Feb 2021 09:30GMT

USD/JPY - 106.03
The greenback's rise above previous February's 5-month peak 106.22 to 106.42 in Asia today on usd's renewed strength suggests upmove from January's 9-1/2 month bottom at 102.60 remains in progress and further gain to 106.70/75 would be seen after consolidation, however, loss of momentum would keep price below 106.90/00 and yield a correction later this week.

On the downside, only below 105.42 would indicate a temporary top has been made and risk stronger retracement to 104.90/93.

Data to be released on Friday :
Germany import prices, UK nationwide house price, Swiss non-farm payrolls, GDP, KOF indicator, France consumer spending, GDP, CPI (EU norm), CPI, Italy trade balance, producer prices.
U.S. personal income, personal spending, core PCE price index, PCE price index, trade balance, wholesale inventories, Chicago PMI, University of Michigan sentiment, and Canada producer prices, budget balance.

 

[AceTRaderForex]

AceTraderFx Mar 01: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 01 Mar 2021 03:00GMT

EUR/USD - 1.2094

Although euro's decline from last Thursday's 6-week high at 1.2242 to as low as 1.2064 (New York) Friday due to active safe-haven buying of usd on the back of global stock and bond market rout signals correction from February's 2-month bottom at 1.1953 has ended, intra-day rebound would bring choppy sideways swings.

As long as 1.2139/41 res holds, further weakness is envisaged but loss of momentum should keep price above daily pivotal sup at 1.2024 today.

Data to be released today:
Australia manufacturing index, business inventories, Japan manufacturing PMI, China manufacturing PMI.
Swiss retail sales, manufacturing PMI, Italy manufacturing PMI, CPI, France manufacturing PMI, Germany manufacturing PMI, CPI, EU manufacturing PMI, UK manufacturing PMI, Canada current account, manufacturing PMI.
U.S. manufacturing PMI, construction spending and ISM manufacturing PMI on Monday.

 

[AceTRaderForex]

AceTraderFx Mar 01: Daily Recommendations on Major –USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 01 Mar 2021 09:30GMT

USD/JPY - 106.59
The greenback's rise above previous February's 5-month peak 106.22 to 106.69 in New York on Friday on usd's renewed strength suggests upmove from January's 9-1/2 month bottom at 102.60 remains in progress and further gain to 106.95/00 would be seen after consolidation, however, loss of momentum would keep price below 107.10/20 and yield a correction later this week.

On the downside, only below 105.42 would indicate a temporary top has been made and risk stronger retracement to 104.90/93.

The U.S. will release a slew of eco. data during NY morning session (pls refer to EI page for details) n pay attention to mfg n non-mfg PMI. We also have a number of Fed officials scheduled to speak later today.

 

[AceTRaderForex]

AceTraderFx Mar 02: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 02 Mar 2021 03:00GMT

EUR/USD - 1.2037
Although euro's decline from last week's high at 1.2242 (Thursday) to as low at 1.2028 yesterday due to continued usd's buying due to risk-off trade suggests early correction from February's 2-month bottom at 1.1953 has ended, near term loss of downward momentum would prevent steep fall and reckon 1.1990/00 may hold and yield recovery.

On the upside, only a daily close above Monday's 1.2101 high (AUS) would risk stronger retracement to 1.2130/40 before prospect of another fall later this week.

The euro-area countries will release a slew of eco. data, pls refer to our EI page for details. ECB board member Panetta will speak at a webinar conference at 13:40GMT later today.

 

[AceTRaderForex]

AceTraderFx Mar 02: Daily Recommendations on Major –USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 02 Mar 2021 09:30GMT

USD/JPY - 106.86
The greenback's rise above previous February's 5-month peak 106.22 to 106.88 yesterday on usd's renewed strength and intra-day break above there suggests upmove from January's 9-1/2 month bottom at 102.60 remains in progress and further gain to 107.20/30 would be seen after consolidation, however, loss of momentum would keep price below 107.40/50 and yield a correction later this week.

On the downside, only below 105.42 would indicate a temporary top has been made and risk stronger retracement to 104.90/93.

Data to be released on Tuesday :
New Zealand terms of trade, import prices, export prices, GDT price index, Japan unemployment rate, business capex, Australia building permits, current account, net exports contribution, RBA interest rate decision.
Germany retail sales, unemployment change, unemployment rate, UK nationwide house price index, EU HICP, core HICP.
Canada GDP, and U.S. redbook, ISM New York index.

 

[AceTRaderForex]

AceTraderFx Mar 03: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 03 Mar 2021 03:00GMT

EUR/USD - 1.2090
Despite yesterday's anticipated resumption of decline from last Thursday's 6-week peak of 1.2242 to 1.1992 (Europe), subsequent rally due to broad-based usd's weakness on return of risk appetite suggests temporary low is made and 1-2 days of sideways consolidation is seen.

As long as 1.2139/41 holds, downside bias remains for another fall, below 1.2.16/21 would bring re-test of 1.1992 while break of said res may risk stronger gain to 1.2175/80.

Today is PMI day in the euro area countries, we have ECB board member Weidmann n other ECB offcials scheduled to speak in European and New York sessions, please refer to our Economic Indicator page for details.

 

[AceTRaderForex]

AceTraderFx Mar 03: Daily Recommendations on Major –USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 03 Mar 2021 09:30GMT

USD/JPY - 106.90
The greenback's rise above previous February's 5-month peak 106.22 to 106.88 Monday on usd's renewed strength, then to 106.95 yesterday suggests upmove from January's 9-1/2 month bottom at 102.60 remains in progress and further gain to 107.20/30 would be seen after consolidation, however, loss of momentum would keep price below 107.40/50 and yield a correction later this week.

On the downside, only below 105.42 would indicate a temporary top has been made and risk stronger retracement to 104.90/93.

Data to be released on Wednesday :
UK BRC shop price index, Markit services PMI, Japan services PMI, China Caixin services PMI, Swiss CPI, France budget balance, Markit services PMI, Italy Markit services PMI, GDP, Germany Markit services PMI, EU Markit services PMI, producer price index.
U.S. MBA mortgage applications, ADP employment change, Markit services PMI, ISM non-manufacturing PMI, and Canada building permits.

 

[AceTRaderForex]

AceTraderFx Mar 04: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 04 Mar 2021 03:00GMT

EUR/USD - 1.2060
Euro's decline from 1.2112 to 1.2043 yesterday suggests correction from Tuesday's 1.1992 low has possibly ended and initial range trading is in store before weakness towards 1.1992 but break there needed to extend early fall from last Thursday's 6-week peak at 1.2242 towards Feb's bottom at 1.1953 'later'.

On the upside, only above 1.2112 dampens present bearish scenario and may risk stronger gain to 1.2139/41.

Data to be released on Thursday :
Australia retail sales, trade balance, imports, exports, Japan consumer confidence.
UK Markit construction PMI, EU retail sales, unemployment rate.
Canada labor productivity and U.S. initial jobless claims, continued jobless claims, labor costs, productivity, durables ex-defense, durable goods, factory orders, durables ex-transport.

 

[AceTRaderForex]

AceTraderFx Mar 04: Daily Recommendations on Major –USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 04 Mar 2021 09:30GMT

USD/JPY - 107.19
The greenback's rise above previous February's 5-month peak 106.22 to 107.15 on Wednesday on usd's renewed strength, and intra-day break above there suggests upmove from January's 9-1/2 month bottom at 102.60 remains in progress and further gain to 107.30/40 would be seen after consolidation, however, loss of momentum would keep price below 107.50/60 and yield a correction later this week.

On the downside, only below 106.68 would indicate a temporary top has been made and risk stronger retracement to 105.85/90 later.

Data to be released on Thursday :
UK Markit construction PMI, EU retail sales, unemployment rate.
Canada labor productivity and U.S. initial jobless claims, continued jobless claims, labor costs, productivity, durables ex-defense, durable goods, factory orders, durables ex-transport

 

[AceTRaderForex]

AceTraderFx Mar 05: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 05 Mar 2021 03:00GMT

EUR/USD - 1.1958
Euro's intra-day break of Thursday's 1.1962 low suggests re-test of February's 2-month trough at 1.1953 would be forth coming next where a break there would extend recent downtrend towards next downside retracement target at 1.1898 next week.

On the upside, expect 1.2000/10 to hold for this move and only a daily close above 1.2053 (New York high) dampens bearish view, risks stronger recovery to 1.2080/90.

The euro area countries will release a slew of eco. data (see EI page for details), however, market's focus is U.S. jobs data at 13:30GMT.

 

[AceTRaderForex]

AceTraderFx Mar 05: Daily Recommendations on Major –USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 05 Mar 2021 09:30GMT

USD/JPY - 108.45
The greenback's rise above previous Thursday's 7-month peak 107.98 to 108.52 today on usd's continued strength following comments from Fed Chair Powell suggests upmove from January's 9-1/2 month bottom at 102.60 remains in progress and further gain to 108.50/60 would be seen after consolidation, however, loss of momentum would keep price below 108.70 and yield a correction later this week.

On the downside, only below 107.158 would indicate a temporary top has been made and risk stronger retracement to 106.68 later.

Data to be released on Friday :
Germany industrial orders, France current account, trade balance, imports, exports, UK Halifax house price index, Italy retail sales.
U.S. non-farm payrolls, private payrolls, unemployment rate, average earnings, trade balance, and Canada trade balance, exports, imports, Ivey PMI.

 

[AceTRaderForex]

AceTraderFx Mar 08: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 08 Mar 2021 03:00GMT

EUR/USD - 1.1925
Despite resumption of recent decline to a 3-month trough of 1.1894 in New York last Friday after robust U.S. jobs report, intra-day short-covering rebound would bring initial choppy swings before prospect of further weakness, however, loss of downward momentum would keep price above 1.1846.

Only a daily close above 1.1977 signals temporary low is made, then risk is seen for a stronger retracement towards 1.1992.

On the data front, Germany will kick off with industrial output, then EU Sentix index

 

[AceTRaderForex]

AceTraderFx Mar 08: Daily Recommendations on Major –USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 08 Mar 2021 09:30GMT

USD/JPY - 108.49
The greenback's rise above previous Thursday's 7-month peak 107.98 to 108.64 on Friday following release of robust U.S. jobs report suggests upmove from January's 9-1/2 month bottom at 102.60 remains in progress and further gain to 108.80/85 would be seen after consolidation, however, loss of momentum would keep price below 109.00 and yield a correction later this week.

On the downside, only below 107.15 would indicate a temporary top has been made and risk stronger retracement to 106.68 later.

Data to be released today:
Japan current account, trade balance, coincident index, leading indicator, Economy Watchers outlook, Economy Watchers current, China exports, imports, trade balance.
Swiss unemployment rate, Germany industrial output, EU Sentix index, Canada leading index, housing starts.
U.S. wholesale inventory, wholesale sales on Monday.

 

[AceTRaderForex]

AceTraderF Mar 09: x Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 09 Mar 2021 03:00GMT

EUR/USD - 1.1845
Although euro's intra-day brief break of Monday's fresh 3-month low at 1.1845 confirms recent decline from January's 1.2349 peak remains in progress, loss of near term downward momentum is likely to keep price above sup at 1.1800 and risk has increased for a much-needed correction to take place.

On the upside, only a daily close above 1.1894 (Friday's low, now res) needed to signal temporary bottom is made and yield stronger retracement to 1.1935/45 before prospect of another fall later.

The euro area countries will release a slew of eco. data, pls refer to our Economic Indicator page for details n pay attention to EU's Q4 GDP at 10:00GMT, a weaker-than-expected reading will weigh on recent falling single currency vs usd n sterling.

 

[AceTRaderForex]

AceTraderFx Mar 09: Daily Recommendations on Major –USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 09 Mar 2021 09:30GMT

USD/JPY - 108.65
Despite the greenback's break above Monday's 7-month peak 108.94 to 109.23 in Asia on usd's continued strength, subsequent sharp retreat in tandem with U.S. yields suggests upmove from January's 9-1/2 month bottom at 102.60 has made a temporary top there and consolidation with downside bias remains for stronger retracement to 108.10, however, support at 107.83 should remain intact, yield rebound later.

On the upside, only above 109.23 would revive bullishness for gain to 109.50/60 but loss of momentum would cap price below 109.90/00.

Data to be released on Tuesday :
UK BRC retail sales, Australia NAB business conditions, NAB business confidence, France non-farm payrolls, Germany exports, imports, trade balance, current account, Italy industrial output, EU employment change, GDP.
Canada leading index and U.S. redbook.