AceTraderFx : Daily Recommendations on Major

[AceTRaderForex]

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

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

EUR/USD - 1.2225
Yeeterday's rise from 1.2173 to 1.2229 (New York) due to renewed usd's weakness on return of risk sentiment suggests choppy trading inside recent 1.2245-1.2161 range would continue with upside bias, above 1.2245 would extend recent upmove from 1.1705 (March) to marginally higher, however, loss of upward momentum would cap price at 1.2300.

On the downside, only below 1.2161 shifts risk to the downside for a stronger correction to 1.2127, then later 1.2104/07.

Data to be released on Tuesday:
Germany GDP, Ifo business climate, Ifo current conditions, Ifo expectations, UK PSNB GBP, PSNCR GBP, CBI distributive trades.
U.S. building permits, redbook, monthly home price, consumer confidence, new home sales, Richmond Fed's manufacturing index.

 

[AceTRaderForex]

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

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

USD/JPY - 108.74
Although the greenback's intra-day break below last Wednesday's low at 108.58 signals decline from May's 1-month peak at 109.78 has once again resumed and marginal weakness is like to be seen, near term loss of momentum would keep price above daily support at 108.35 and yield a much-needed rebound later this week.

On the downside, only a daily close below 108.35 would bring stronger retracement of upmove from 107.49 (April) to 107.90/00.

U.S. will later release a slew of eco. data, please refer to our EI page for detail.
We also have a number of Fed officials scheduled to speak in New York morning session.

 

[AceTRaderForex]

AceTraderFx May 26: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 26 May 2021 03:00GMT

EUR/USD - 1.2249
Euro's retreat from Tue's fresh 4-1/2 month peak of 1.2266 (New York) would bring initial consolidation before prospect of marginal gain, however, loss of upward momentum is expected to cap price below daily res at 1.2309 and yield a long-overdue correction.

A daily close below 1.2227 (NY low) would be first signal temporary top is made and yield weakness to 1.2087, then 1.2161/62.

Data to be released on Wednesday :
New Zealand imports, trade balance, exports, RBNZ rate decision, Australia construction work done, Japan coincident index, leading indicator.
France business climate, consumer confidence, Swiss investor sentiment.
U.S. MBA Mortgage.

 

[AceTRaderForex]

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

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

USD/JPY - 108.84
Although the greenback's intra-day break below last Wednesday's low at 108.58 signals decline from May's 1-month peak at 109.78 has once again resumed and marginal weakness is like to be seen, near term loss of momentum would keep price above daily support at 108.35 and yield a much-needed rebound later this week.

On the downside, only a daily close below 108.35 would bring stronger retracement of upmove from 107.49 (April) to 107.90/00.

On the U.S. data front, the only data due out is MBA mortgage applications.
We also have a number Fed officials scheduled to speak in New York session (please refer to our EI page for details).

 

[AceTRaderForex]

AceTraderFx May 27: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 27 May 2021 03:00GMT

EUR/USD - 1.10171.2187
Yesterday's selloff from 1.2262 (Asia) to as low as 1.2183 due to broad-based usd's rebound in New York strongly suggests euro's recent upmove has made a temporary top at Tue's fresh 4-1/2 month peak at 1.2266 and consolidation with downside bias remains for weakness towards 1.2161 sup, a daily close below there would yield stronger retracement towards 1.2127.

Only above 1.2240/45 may risk re-test of 1.2266, however, 'loss of momentum' should limit gain to 1.2280/90.

Data to be released on Thursday :
Australia capital expenditure, building capex.
Germany Gfk consumer sentiment, Swiss trade balance, exports, imports, non-farm payrolls, Italy business confidence, consumer confidence, trade balance.
U.S. durable goods, durable ex-transport, durable ex-defence, GDP, PCE prices, initial jobless claims, Continuous jobless claims, pending home sales, KC Fed manufacturing, Canada average weekly earnings.

 

[AceTRaderForex]

AceTraderFx May 27: Daily Recommendations on Major –USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 27 May 2021 09:30GMT

USD/JPY - 109.10
Despite the greenback's 1-tick break below last Wednesday's low at 108.58 on Tuesday, subsequent rally to 109.20 in Asia today signals decline from May's 1-month peak at 109.78 has made a temporary low there and consolidation with upside bias remains for gain to 109.30/33, then 109.50, however, near term loss of momentum would keep price below aforesaid top.

On the downside, only below 108.71 would indicate aforesaid recovery has ended instead and turn outlook bearish for weakness to 108.57.

We have data dump in the U.S. later today, please refer to our EI page for details.
Pay attention to release of PCE n core PCE, GDP adn weekly jobless claims, if actual readings come in stronger than street forecast, the greenback would gain further.

 

[AceTRaderForex]

AceTraderFx May 28: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 28 May 2021 03:00GMT

EUR/USD - 1.2192
Euro's decline from Tuesday's fresh 4-1/2 month peak at 1.2266 to as low as 1.2176 (Asia) yesterday suggests recent upmove has made a temporary top there and subsequent sideways swings in New York would bring initial consolidation before down, a daily close below previous good sup at 1.2261 would pressure price towards 1.2127 early next week.

Only above 1.2235/40 dampens daily bearish view and may risk another rise back to 1.2262/66 which should hold on 1st testing.

Ahead of release of U.S. key inflation data later today, we have date dump from the euro area, pls refer to our Economic Indicator page for details n pay attention to EU's bus. cimate n eco. sentiment at 09:00GMT.
ECB President Largade n Board member Panetta will participate in virtual G7 FinMin n cenbank Governors' meeting.
We also have ECB's Villeroy and Enria speaking at 07:00GMT and 11:00GMT respectively

 

[AceTRaderForex]

AceTraderFx May 28: Daily Recommendations on Major –USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 28 May 2021 09:30GMT

USD/JPY - 109.86
The greenback's rally yesterday in tandem with U.S. Treasury yields and break above previous May's 1-month peak at 109.78 to 109.95 today suggests erratic upmove from April's bottom at 107.49 has once again resumed and further gain to 110.25/30 would be seen after consolidation, however, over bought condition would keep price below 110.50/60 and yield a much-needed correction early next week.

On the downside, only below 109.33 would indicate a temporary top has been made and risk stronger retracement to 108.90/00 before prospect of a rebound.

Data to be released on Friday:
Japan Tokyo CPI, unemployment rate, construction orders.
Germany import prices, France consumer spending, GDP, CPI, producer prices, Swiss KOF indicators, Italy producer prices, EU business climate, economic sentiment, industrial sentiment, services sentiment, consumer confidence.
U.S. personal income, personal spending, PCE price, trade balance, wholesale inventories, Chicago PMI, University of Michigan sentiment, Canada budget balance.

 

[AceTRaderForex]

AceTraderFx May 31: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 31 May 2021 03:00GMT

EUR/USD - 1.2194
Despite euro's resumption of decline from last Tuesday's 4-1/2 month peak of 1.2266 to a near 2-week trough of 1.2133 Friday, subsequent strong bounce in New York due to broad-based usd's weakness on falling U.S. yields suggests 1st leg of correction over and 1-2 days of sideways swings are in store.

Expect intra-day recovery to falter below 1.2245 and yield retreat but below 1.2133 needed to extend said fall to 1.2104/07.

On the data front, we have some inflation data from the euro area countries, Italy will kick off with CPI and then we have Germany's CPI n HICP. London market is closed for Spring Bank Holiday.

 

[AceTRaderForex]

AceTraderFx May 31: Daily Recommendations on Major –USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 31 May 2021 09:30GMT

DAILY MARKET OUTLOOK on Major
Update Time: 31 May 2021 09:30GMT

USD/JPY - 109.69
Dollar's erratic rise from April's 107.49 low to a 6-week high at 110.20 on Friday suggests decline from March's 1-year 110.96 peak has made a temporary bottom and subsequent retreat would bring choppy sideways swings before prospect of another rise to 110.50/55 but 110.96 should hold today.

On the downside, only below 109.30/33 risks retracement to 109.04 (Thursday's low), break, 108.71/76.

Data to be released today:
Australia market holiday, Japan industrial order, industrial output, retail sales, consumer confidence, housing starts, China NBS manufacturing PMI, New Zealand NBNZ business outlook, NBNZ outlook activity.

 

[AceTRaderForex]

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

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

EUR/USD - 1.2228
Although euro's strong rebound from 1.2133 (Friday) to 1.2231 yesterday suggests 1st leg of correction from May's 4-1/2 month peak at 1.2266 has ended, near term overbought condition would prevent strong gain and yield retreat, below 1.2184 needed to head back towards 1.2231.

Only above 1.2266 extends recent upmove to 1.2280/90 before prospect of a correction later this week.

Today is PMI day in the euro area countries, please refer to our EI page for details of a slew of eco. data.
Pay attention to German n EU's mfg PMIs, if actual readings come in stronger than street forecast, the euro will head north.

 

[AceTRaderForex]

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

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

USD/JPY - 109.60
Dollar's erratic rise from April's 107.49 low to a 6-week high at 110.20 on Friday suggests decline from March's 1-year 110.96 peak has made a temporary bottom and subsequent retreat would bring choppy sideways swings before prospect of another rise to 110.50/55 but 110.96 should hold today.

On the downside, only below 109.30/33 risks retracement to 109.04 (Thursday's low), break, 108.71/76.

Data to be released on Tuesday :
UK nationwide house price, Markit manufacturing PMI, Swiss retail sales, GDP, manufacturing PMI, Italy Markit manufacturing PMI, unemployment rate, GDP, France Markit manufacturing PMI, Germany Markit manufacturing PMI, unemployment change, unemployment rate, EU Markit manufacturing PMI, HICP, core HICP.
Canada GDP, Markit manufacturing PMI, and U.S. Markit manufacturing PMI, construction spending, ISM manufacturing PMI, Dallas Fed manufacturing business index on Tuesday.

 

[AceTRaderForex]

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

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

EUR/USD - 1.2222
Despite euro's strong rise from last week's low of 1.2133 (Friday) to 1.2254 in New York morning yesterday, subsequent retreat to 1.2212 due to broad-based rebound in the greenback suggests further volatile trading below May's 4-1/2 month peak at 1.2266 would continue with downside bias, below 1.2204 would add credence to this view but 1.2133 should remain intact.

Only above 1.2254 aborts bearish view and risks re-test of 1.2266, however, loss of upward momentum would cap price below 1.2300 today and yield correction.

Data to be released on Wednesday :
New Zealand terms of trade, import prices, export prices.
UK BRC shop price index, Australia GDP, Italy market holiday, Germany retail sales, France budget balance, EU producer prices.
U.S. MBA mortgage applications, redbook, and Canada building permits.

 

[AceTRaderForex]

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

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

USD/JPY - 109.80
Despite the greenback's fall to 109.34 yesterday, intra-day strong rebound suggests the pullback from last Friday's 6-week peak at 110.20 has ended there and consolidation with upside bias remains, above 109.92 would confirm this view and yield re-test of aforesaid resistance, break would extend erratic umove from 107.49 (April) to 110.55 before prospect of a retreat due to loss of momentum.

On the downside, only below 109.30/34 would indicate a temporary top has been made and risk stronger retracement to 108.70/80.

U.S. will release 2nd-tier mortgage application data and later Fed's beige book, however, a have a total of 5 Fed official scheduled to speak in New York session which may move the greenback a bit, please refer to our Economic Indicator page for details.

 

[AceTRaderForex]

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

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

EUR/USD - 1.2210
Although euro's decline from 1.2254 (Tuesday) to 1.2165 yesterday suggests further choppy trading below May's 4-1/2 month peak at 1.2266 would continue, subsequent rebound due to falling U.S. yields signals volatile swings inside recent 1.2266-1.2133 range would be seen before a possible breakout occurs after Friday's release of key U.S. jobs data.

As long as 1.2254 holds, downside bias remains but only below 1.2165 would head back towards 1.2133 whilst above 1.2254 risks re-test of 1.2266, break extends recent upmove to 1.2290/00 later.

Data to be released on Thursday :
Australia AIG construction index, services PMI, retail sales, trade balance, imports, exports, Japan services PMI, China Caixin services PMI.
Germany market holiday, Markit services PMI, Swiss market holiday, Italy Markit services PMI, France Markit services PMI, EU Markit services PMI, UK Markit services PMI.
U.S. ADP employment change, initial jobless claims, continued jobless claims, labor costs, productivity, Markit services PMI, ISM non-manufacturing PMI.

 

[AceTRaderForex]

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

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

USD/JPY - 109.79
As dollar has risen after pullback from yesterday's high at 109.88 to 109.53 in New York, suggesting re-test of May's 6-week high at 110.20 would be seen after consolidation, break would extend upmove from Aprils 107.49 trough to 110.50/55 before prospect of retreat.

On the downside, only below 109.30/33 risks weakness to 109.00/04, then 108.57/62 later.

On the data front, we have a slew of U.S. eco. indicators, pls refer to our EI page for details n pay attention to ADP private payrolls, weekly initial jobless claims, continued jobless claims, ISM non-mfg index, we also have a number of Fed officials scheduled to speak later today.

 

[AceTRaderForex]

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

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

EUR/USD - 1.2123
Euro's intra-day selloff in New York session Thur on the back of jump in U.S. yields after robust U.S. ADP payrolls and then break of last week's 1.2133 low to 1.2119 confirms decline from May's fresh 4-1/2 month peak at 1.2266 has once again resumed, oversold condition is expected to keep price above 1.2052 sup and bring recovery later.

On the upside, only a daily close above 1.2165 (Wed low, now res) signals 1st leg of correction is over and may risk stronger gain to 1.2208/18.

Data to be released on Friday :
Japan all household spending, UK Markit construction PMI, EU retail sales.
U.S. non-farm payrolls, private payrolls, unemployment rate, average earnings, durables ex-defense, durable goods, durables ex-transport, factory orders.
Canada employment change, unemployment rate, labor productivity rate, Ivey PMI.

 

[AceTRaderForex]

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

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

USD/JPY - 110.17
The greenback's rally yesterday on the release of robust U.S. ADP data and break above May's peak at 110.20 to a near 2-month top at 110.33 today suggests erratic upmove from April's bottom at 107.49 remains in progress and further gain to 110.50/55 would be seen after consolidation, however, loss of momentum would keep price below daily resistance at 110.96.

On the downside, only below 109.53 would indicate a temporary top has been made and risk stronger retracement to 109.30/35.

T.G.I.F., however, all eyes are on U.S. May jobs report, ave. earnings at 12:30GMT and then durable goods n factory orders at 14:00GMT.
Before that, at 11:00GMT, Fed Chair J. Powell will participate in panel before virtual Bank for International Settlements "Green Swan Conference - Coordinating Finance on Climate,".

 

[AceTRaderForex]

AceTraderFx Jun 07: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 07Jun 2021 03:00GMT

EUR/USD - 1.4171
Despite resumption of recent erratic fall from May's high at 1.2266 to a near 3-week low at 1.2105 (Europe) on Friday, intra-day jump to 1.2185 after U.S. payrolls missed market forecast strongly suggests pullback has ended and consolidation with upside bias is seen, above 1.2208/18 res area would encourage for gain towards 1.2266 later this week.

Only a daily close below 1.2133 aborts bullish view and risks re-test of 1.2105, however, 'loss of downward momentum' should keep price above 1.2052.

Thee only economic data due out today is Germany's industrial oders. We also have ECB members Holzmann n Jochnick scheduled to speak at 08:00GMT n 12:30GMT respectively.

 

[AceTRaderForex]

AceTraderFx Jun 07: Daily Recommendations on Major –USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 07 Jun 2021 09:30GMT

USD/JPY - 109.46
Despite the greenback's brief rise to a fresh 2-month peak at 110.33 in Asia on Friday, subsequent selloff in New York on downbeat U.S. NFP data suggests recent erratic upmove has made a temporary top there and consolidation with downside bias remains for stronger retracement to 109.04, however, near term loss of momentum would keep price above support at 108.57 and yield rebound later.

On the upside, only above 110.15 would indicate aforesaid pullback has ended and bring re-test of said resistance.

Data to be released later today :
Swiss unemployment rate, CPI, Germany industrial orders, UK Halifax house prices, and EU Sentix index on Monday.