AceTraderFx : Daily Recommendations on Major

[AceTRaderForex]

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

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

USD/JPY - 105.42
The greenback's rise to a fresh 11-week peak at 105.64 at Asian open today on usd's continued strength suggests upmove from January's 9-1/2 month bottom at 102.60 would head to resistance at 106.10 after consolidation, however, daily resistance at 106.55 would limit upside due to loss of momentum and yield a much-needed correction later this week.

On the downside, only a daily close below 104.62 would indicate a temporary top has been made and risk stronger retracement to 104.18/20.

Data to be released on Friday :
Australia AIG services index, retail sales, Japan all household spending, coincident index, leading economic index.
Germany industrial orders, France current account, non-farm payrolls, trade balance, imports, exports, UK Halifax house price, Italy retail sales, U.S. non-farm payrolls, private payrolls, unemployment rate, average earnings, trade balance, and Canada employment change, unemployment rate, trade balance, exports, imports, Ivey PMI.

 

[AceTRaderForex]

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

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

EUR/USD - 1.2043
Although Fri's rally from Asian fresh 2-month trough of 1.1953 (Asia) to as high as 1.2049 in New York after downbeat U.S. jobs report confirms euro's decline from Jan's near 33-month peak at 1.2349 has made a temporary low and 1-2 days of choppy consolidation is in store, as long as 1.2087 holds, downside bias remains.

A daily close below 1.2000 signals recovery has ended and brings re-test of 1.1953 later. Only above 1.2087 risks stronger correction of said decline, then price may head back towards 1.2155 'later' this week.

On the eco. data front, Germany will kick off with industrial output n then EI Sentix investor confidence index. We have participation by ECB President Lagarde in a debate on the ECB Annual Report 2019 at the European Parliament at 16:00GMT.

 

[AceTRaderForex]

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

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

USD/JPY - 105.59
The greenback's rise to a fresh 11-week peak at 105.76 at New York open on Friday due to usd's continued strength suggests upmove from January's 9-1/2 month bottom at 102.60 would head to resistance at 106.10 after consolidation, however, daily resistance at 106.55 would limit upside due to loss of momentum and yield a much-needed correction later this week.

On the downside, only a daily close below 104.62 would indicate a temporary top has been made and risk stronger retracement to 104.18/20.

Data to be released today :
New Zealand market holiday, Japan current account, trade balance, Economy Watchers outlook, Economy Watchers current.
Swiss unemployment rate, Germany industrial output, EU Sentix index.
Canada leading index on Monday.

 

[AceTRaderForex]

AceTraderFx Feb 09: Daily Recommendations on Major -EUR/USD

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

EUR/USD - 1.2059
Although yesterday's marginal gain to 1.2066 on renewed usd's weakness due to return of risk appetite on the back of rally in U.S. stocks suggests recent fall from January's 1.2349 peak has made a temporary low at Friday's 2-month trough of 1.1953, near term loss of upward momentum would cap price below minor res at 1.2087 and yield retreat.

On the downside, a daily close below Mon's 1.2019 low would be 1st signal correction from 1.1953 has ended and yield weakness to 1.2000/03.

On the eco. data front, we have a slew of 2nd-tier data from Germany and Italy (please refer to our EI page for details). Later, we have ECB Chief Economist Lane speaking at a conference at 15:00GMT.

 

[AceTRaderForex]

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

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

USD/JPY - 104.77
The greenback's rise to a fresh 11-week peak at 105.76 at New York open on Friday due to usd's continued strength suggests upmove from January's 9-1/2 month bottom at 102.60 would head to resistance at 106.10 after consolidation, however, daily resistance at 106.55 would limit upside due to loss of momentum and yield a much-needed correction later this week.

On the downside, only a daily close below 104.62 would indicate a temporary top has been made and risk stronger retracement to 104.18/20.

Data to be released on Tuesday :
New Zealand inflation forecast.
UK BRC retail sales, Australia NAB business conditions, NAB business confidence, Germany exports, imports, trade balance, current account, Italy industrial output.
U.S. redbook, JOLTS job openings.

 

[AceTRaderForex]

AceTraderFx Feb 10: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 10 Feb 2021 03:00GMT

EUR/USD - 1.2110
Euro's resumption of near term upmove from Friday's 2-month bottom at 1.1953 to a 1-week high of 1.2121 in New York yesterday due to continued usd's weakness suggests recent fall from Jan's 1.2349 peak has made a low there and as long as 1.2066 (Monday high, now sup) holds, upside bias remains for further gain, overbought condition should cap price well below daily res at 1.2190.

Only a daily close below 1.2066 signals 1st leg of correction from 1.1953 over and risks weakness towards 1.2019 before prospect of rebound later this week.

Data to be released on Wednesday :
Australia Westpac consumer sentiment, Japan corporate goods price index, machine tool orders, China PPI, CPI, Germany CPI, HICP.
France industrial output, and U.S. MBA mortgage applications, core CPI, CPI, real weekly earnings, wholesale inventory, wholesale sales, Federal budget.

 

[AceTRaderForex]

AceTraderFx Feb 10: Daily Recommendations on Major –USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 10 Feb 2021 09:30GMT

USD/JPY - 104.57
Despite the greenback's rally to a 16-week peak at 105.76 last Friday, subsequent selloff to 104.51 yesterday due to return or risk sentiment on rally in global equities 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 104.10, however, oversold condition would keep price above 103.80/90 and yield a rebound later.

On the upside, only above 105.16 would indicate aforesaid correction has ended and risk gain to 105.34, then 105.45/50 later this week.

U.S. will release a slew of eco. data later today, please refer to our EI page for details. Also pay attention to Fed President J. Powell speech at 17:00GMT at Economic Club of New York where he will speak on "State of the U.S. labor Market" and may shed more light on future Fed's monetary policy.

 

[AceTRaderForex]

AceTraderFx Feb 11: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 11 Feb 2021 03:00GMT

EUR/USD - 1.2115
Euro's intra-day retreat from Wed's 11-day high of 1.2143 (Europe) suggests iintial consolidation would be seen before near term upmove from last Fri's 2-month trough of 1.1953 extends further gain, 'loss of momentum' should cap price well below daily res at 1.2222.

On the downside, only a daily close below 1.2089 dampens bullishness and risks stronger retracement of aforesaid rise twd 1.2066.

Data to be released on Thursday :
New Zealand retail sales, Japan market holiday, China market holiday.
UK RICS housing price balance, Germany wholesale price index.
U.S. initial jobless claims, continued jobless claims.

 

[AceTRaderForex]

AceTraderFx Feb 11: Daily Recommendations on Major –USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 11 Feb 2021 09:30GMT

USD/JPY - 104.64
Despite the greenback's rally to a 16-week peak at 105.76 last Friday, subsequent selloff to 104.42 yesterday due to return or risk sentiment on rally in global equities 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 104.10, however, oversold condition would keep price above 103.80/90 and yield a rebound later.

On the upside, only above 105.16 would indicate aforesaid correction has ended and risk gain to 105.34, then 105.45/50 later this week.

On the data front, U.S. will release weekly jobless claims n continued jobless claims at 13:30GMT.
U.S. will release a slew of eco. data later today, please refer to our EI page for details. Also pay attention to Fed President J. Powell speech at 17:00GMT at Economic Club of New York where he will speak on "State of the U.S. labor Market" and may shed more light on future Fed's monetary policy.

 

[AceTRaderForex]

AceTraderFx Feb 16: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 16 Feb 2021 03:00GMT

EUR/USD - 1.2138
Euro's rebound from 1.2082 (Friday) to 1.2144 yesterday suggests re-test of last week's 1.2149 high would be forthcoming soon due to renewed usd's weakness on risk appetite, above would extend upmove from Feb's 1.1953 trough to 1.2190, loss of upward momentum should cap price below daily res at 1.2222.

Only below 1.2082 dampened bullishness and may risk stronger retracement of said rise to 1.2045/50.

Data to be released on Tuesday:
China market holiday, Japan tertiary industry activity.
France unemployment rate, Italy trade balance, Germany economic sentiment, current conditions, EU employment change, GDP.
Canada housing starts and US NY Fed manufacturing.

 

[AceTRaderForex]

AceTraderFx Feb 16: Daily Recommendations on Major –USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 16 Feb 2021 09:30GMT

USD/JPY - 105.36
Despite the greenback's selloff from February's 16-week peak at 105.76 to as low as 104.42 last Wednesday on usd's continued weakness due to rise in US stocks, subsequent strong rebound to 105.63 today suggests the pullback has possibly ended and consolidation with upside bias remains for a re-test of aforesaid resistance, break would extend to 105.90/00.

On the downside, only below 104.42 would revive bearishness for stronger retracement of upmove from January's 9-1/2 month bottom at 102.60 to 104.18.

U.S. markets will re-open after Monday's holiday, the only eco. data due out is New York Fed mfg index at 13:30GMT.
We have a number of fed officials scheduled to speak later today, please refer to our EI page for details.

 

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 17 Feb 2021 03:00GMT

EUR/USD - 1.2093
Euro's decline from Tue's 1.2169 high to 1.2096 in New York due to usd's broad-based rally in tandem with U.S. treasury yields, then intra-day weakness to 1.2084 in Asia suggests recent upmove from February's 2-month trough at 1.1953 has made a top and stronger retracement towards 1.2035 (61.8% r) may be seen after consolidation, however, reckon 1.2019 sup would remain intact.

Only a daily close above 1.2123 signals pullback is possibly over and risks re-test of 1.2169, then 1.2090 later.

Economic calendar is pretty light today with EU's construction output being the only data due out.

 

[AceTRaderForex]

AceTraderFx Feb 17: Daily Recommendations on Major –USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 17 Feb 2021 09:30GMT

USD/JPY - 105.94
The greenback's rise above February's 16-week peak 105.76 to 106.22 ahead of Asian open today on usd's continued strength suggests upmove from January's 9-1/2 month bottom at 102.60 has once again resumed and further gain to 106.40/50 would be seen after consolidation, however, over bought condition would keep price below 106.60/70 and yield correction.

On the downside, only below 105.41 would indicate a temporary top has been made and risk stronger retracement to 105.19, then 104.80/84.

Data to be released on Wednesday :
Australia Westpac leading index, Japan machinery orders, exports, imports, trade balance, China market holiday
UK core CPI, CPI, RPI, core RPI, PPI input prices, PPI output prices, PPI core output, DCLG house price index, EU construction output.
U.S. MBA mortgage applications, PPI, core PPI, retail sales, retail sales ex-autos, redbook, industrial production, capacity utilization, manufacturing output, business inventories, NAHB housing market index, and Canada CPI, core CPI.

 

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 18 Feb 2021 03:00GMT

EUR/USD - 1.2047
Euro's selloff from 1.2169 (Tuesday) to as low as 1.2024 due to usd's broad-based rally in tandem with U.S. yields strongly suggests early rise from February's 2-month bottom at 1.1953 has ended, a daily close below 1.2019 sup would add credence to this view and yield weakness towards there next week.

On the upside, only above 1.2082/84 dampens bearish outlook and may risk stronger gain to 1.2121/23.

Eco data is pretty light today n the only data due out later today is EU's consumer confidence at 15:00GMT.
We also have ECB Board member Schnabel speaking at 16:15GMT.

 

[AceTRaderForex]

AceTraderFx Feb 18: Daily Recommendations on Major –USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 18 Feb 2021 09:30GMT

USD/JPY - 105.79
The greenback's rise above February's 16-week peak 105.76 to 106.22 ahead of Asian open yesterday on usd's continued strength suggests upmove from January's 9-1/2 month bottom at 102.60 has once again resumed and further gain to 106.40/50 would be seen after consolidation.
However, overbought condition would keep price below 106.60/70 and yield correction.

On the downside, only below 105.41 would indicate a temporary top has been made and risk stronger retracement to 105.19, then 104.80/84.

Data to be released on Thursday :
Australia employment change, unemployment rate.
Swiss trade balance, exports, imports.
U.S. building permits, housing starts, import prices, export prices, initial jobless claims, continued jobless claims, Philadelphia Fed manufacturing index, Canada ADP employment change, new housing price index, and EU consumer confidence.

 

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 19 Feb 2021 03:00GMT

EUR/USD - 1.2089
Although this week's decline from 1.2169 (Tuesday) to 1.2024 on Wednesday suggests recent upmove from February's 2-month bottom at 11.1953 has possibly ended there, yesterday's rebound on broad-based usd's retreat suggests sideways swings are in store with a 'neutral' bias.

As long 1.2049 holds, stronger retracement towards 1.2123 can't be ruled out but reckon 1.2141/44 would cap upside. below 1.2049 signals recovery over and yields subsequent weakness to 1.2019/24.

We have heavy data dump in the euro area countries today, please refer to our EI page for details. pay attention to Germany's n EU's mfg n services PMIs at 08:30GMT n 09:00GMT respectively.

 

[AceTRaderForex]

AceTraderFx Feb 19: Daily Recommendations on Major –USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 19 Feb 2021 09:30GMT

USD/JPY - 105.62
Despite dollar's resumption of upmove from January's 9-1/2 month low at 102.60 to a 5-month high of 106.22 on Wednesday, subsequent retreat in tandem with U.S. Treasury yields suggests temporary top is made and choppy sideways swings would be seen, however, reckon 105.41 would contain downside and yield another rise to 106.50/55.

On the downside, only below 105.41 risks weakness to 105.18/19 before prospect of rebound.

Data to be released on Friday :
New Zealand PPI inputs, PPI outputs, Australia manufacturing PMI, services PMI, retail sales, Japan nationwide core CPI, nationwide CPI, Jibun Bank manufacturing PMI.
UK GfK consumer confidence, PSNB, PSNCR, retail sales, retail sales ex-fuel, Markit manufacturing PMI, Markit services PMI, Swiss industrial production, France CPI (EU norm), CPI, Markit manufacturing PMI, Markit services PMI, Germany Markit manufacturing PMI, Markit services PMI, Italy CPI, CPI (EU norm), EU current account, Markit manufacturing PMI, Markit services PMI.
Canada retail sales, retail sales ex-autos, and U.S. Markit manufacturing PMI, Markit services PMI, existing home sales.

 

[AceTRaderForex]

AceTraderFx Feb 22: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 22 Feb 2021 03:00GMT

EUR/USD - 1.2123
Euro's strong rise from 1.2024 (Wednesday) to as high as 1.2144 on Friday due to renewed usd's weakness on continued risk appetite suggests pullback from last week's high at 1.2169 (Tuesday) has ended and upmove from February's 2-month trough at 1.1953 would extend marginal gain, near term loss of momentum would limit upside to 1.2190.

On the downside, a daily close below 1.2083 (Friday low) signals top is made and shifts risk to downside for weakness towards 1.2049.

On the data front, we have key german Ifo data due out at 09:00GMT, pay attention to Ifo business climate for Feb, street forecast is 90.1, if actual reading is higher then expectation, then euro should head higher. ECB President Lagarde will speak at the European Semester Conference at 13:45 GMT.

 

[AceTRaderForex]

AceTraderFx Feb 22: Daily Recommendations on Major –USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 22 Feb 2021 09:30GMT

USD/JPY - 105.76
Although dollar's fall from last Wednesday's 5-month high at 106.22 to 105.25 Friday suggests upmove from January's 9-1/2 month trough of 102.60 has made a temporary top, subsequent rebound to 105.66, then intra-day break there on rise in U.S. yields signals pullback has possibly ended, above 105.92 would confirm and bring re-test of 106.22

On the downside, only below 105.25 risks weakness to 104.84/88, however, reckon 104.42 should remain intact.

Data to be released later:
Germany Ifo business climate, Ifo current conditions, Ifo expectations.
U.S. national activity index, leading index change, Dallas Fed manufacturing business index on Monday.

 

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 23 Feb 2021 03:00GMT

EUR/USD - 1.2172
Euro's re-test of last week's high at 1.2169, then intra-day break there in Asia confirms recent rise from February's 2-month trough at 1.1953 has once gain resumed and would yield further gain, however, loss of upward momentum should cap price below pivotal res at 1.2222.

On the downside, a daily close below 1.2130 (New York low) would be 1st signal temporary low is made and risks stronger retracement towards 1.2092.

Data to be released on Tuesday :
New Zealand retail sales ex-autos, retail sales, Japan market holiday, China house prices.
UK claimant count, ILO unemployment rate, employment change, average weekly earnings, CBI distributive trades, Swiss producer and import price index, Italy industrial orders, industrial sales, EU HICP, core HICP.
U.S. redbook, monthly home price, Case-Shiller home price, consumer confidence, Richmond Fed manufacturing index.