AceTraderFx : Daily Recommendations on Major

AceTRaderForex

Master Trader
Mar 19, 2013
3,779
7
74
Hong Kong
www.acetraderfx.com
AceTraderFx Jun 08: Daily Recommendations on Major -EUR/USD

flag_eur.gif DAILY MARKET OUTLOOK on Major

Update Time: 08 Jun 2021 03:00GMT

EUR/USD - 1.2185
Euro's rally from 1.2105 to 1.2185 on Friday, then yesterday's gain to 1.2201 (New York) strongly suggests early correction from May's 4-1/2 month peak at 1.2266 has ended, intra-day retreat would bring consolidation before prospect of further gain, however, loss of upward momentum would cap price below last week's high at 1.2254.

On the downside, only a daily close below Mon's 1.2145 low aborts bullish view and may risk weakness towards 1.2105.

Data to be released on Tuesday :
Japan current account, trade balance, GDP deflator, GDP, Economy Watchers outlook, Economy Watchers current, Australia NAB business conditions, NAB business confidence.
UK BRC retail sales, Germany industrial output, ZEW economic sentiment, ZEW current conditions, France current account, trade balance, imports, exports, Italy retail sales, EU employment change, GDP, ZEW survey expectations.
Canada leading index, trade balance, exports, imports, and U.S. trade balance, redbook, JOLTS job openings.

 

AceTRaderForex

Master Trader
Mar 19, 2013
3,779
7
74
Hong Kong
www.acetraderfx.com
AceTraderFx Jun 08: Daily Recommendations on Major –USD/JPY

flag_yen.gif DAILY MARKET OUTLOOK on Major

Update Time: 08 Jun 2021 09:30GMT

USD/JPY - 109.50
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.

On the data front, U.S. will release international trade balance, goods trade balance, redbook sales and JOLTS job openings, these data are not expected to have any impact on intra-day price swings, so traders will take cue from movement in U.S. yields in New York session
 

AceTRaderForex

Master Trader
Mar 19, 2013
3,779
7
74
Hong Kong
www.acetraderfx.com
AceTraderFx Jun 09: Daily Recommendations on Major -EUR/USD

flag_eur.gif DAILY MARKET OUTLOOK on Major

Update Time: 09 Jun 2021 03:00GMT

EUR/USD - 1.2176
Despite yesterday's sideways move following early rally from last Friday's near 3-week trough at 1.2105 to 1.2201 (Monday), as this move signals correction from May's 4-1/2 month peak at 1.2266 has possibly ended, a daily close above 1.2201 would encourage for gain towards 1.2266 later this week.

Only a firm break of 1.2145 aborts bullish outlook and may risk re-test of 1.2105.

Data to be released on Wednesday :
New Zealand manufacturing sales, Australia consumer sentiment, China PPI, CPI, Japan machine tool orders.
Germany exports, imports, trade balance, current account.
Canada leading index, Bank of Canada interest rate decision, and U.S. MBA mortgage applications, wholesale inventories, wholesale sales.
 

AceTRaderForex

Master Trader
Mar 19, 2013
3,779
7
74
Hong Kong
www.acetraderfx.com
AceTraderFx Jun 09: Daily Recommendations on Major –USD/JPY

flag_yen.gif DAILY MARKET OUTLOOK on Major

Update Time: 09 Jun 2021 09:30GMT

USD/JPY - 109.39
Despite the greenback's brief rise to a fresh 2-month peak at 110.33 on Friday, subsequent selloff to 109.20 Monday 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.

U.S. will later release some second-tier eco. data, please refer to our EI page for details.
Once again, traders will take cue from intra-day movement in U.S. yields.
 

AceTRaderForex

Master Trader
Mar 19, 2013
3,779
7
74
Hong Kong
www.acetraderfx.com
AceTraderFx Jun 10: Daily Recommendations on Major -EUR/USD

flag_eur.gif DAILY MARKET OUTLOOK on Major

Update Time: 10 Jun 2021 03:00GMT

EUR/USD - 1.2178
Despite yesterday's resumption of near term upmove from 1.2105 (Friday) to 1.2218 in New York due to falling U.S. yields, intra-day sharp retreat on safe-haven usd's buying in reaction to weakness in U.S. equities suggests temporary top is made and consolidation with downside bias is seen ahead of key ECB monetary policy announcement and then release of U.S. inflation data.

Above 1.2218 would signal correction from May's 1.2266 peak has ended and gain towards there would follow whilst a daily close below 1.2145 would shift risk to downside for weakness towards 1.2105.

Data to be released on Thursday :
Australia consumer inflation expectations, Japan corporate goods price index.
UK RICS housing price balance, France non-farm payrolls, industrial output, Italy industrial output, EU ECB refinancing rate, ECB deposit rate.
U.S. core CPI, CPI, real weekly earnings, initial jobless claims, continued jobless claims, Federal budget.
 

AceTRaderForex

Master Trader
Mar 19, 2013
3,779
7
74
Hong Kong
www.acetraderfx.com
AceTraderFx Jun 10: Daily Recommendations on Major –USD/JPY

flag_yen.gif DAILY MARKET OUTLOOK on Major

Update Time: 10 Jun 2021 09:30GMT

USD/JPY - 109.49
Despite the greenback's brief rise to a fresh 2-month peak at 110.33 on Friday, subsequent selloff to 109.20 Monday 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.

On the data front, market's main focus this week is the release of U.S. inflation data, namely CPI n core CPI later today (please see our EI page for details).
Although street forecast for May annual CPI to be 4.7% vs previous reading of 4.2%, if actual figure comes in lower than estimate, then expect renewed usd's selling.
On the flip side, if it's higher, U.S. yields will jump and would push the pair higher to 110.00/10.
 

AceTRaderForex

Master Trader
Mar 19, 2013
3,779
7
74
Hong Kong
www.acetraderfx.com
AceTraderFx Jun 11: Daily Recommendations on Major -EUR/USD

flag_eur.gif DAILY MARKET OUTLOOK on Major

Update Time: 11 Jun 2021 03:00GMT

EUR/USD - 1.2177
Despite euro's intra-day brief fall from 1.2194 to 1.2144 on ECB Lagarde's dovish comments, subsequent rebound due to usd's weakness on the back of selloff in U.S. yields suggests pullback from this week's 1.2218 high has ended, a daily close above there would encourage for further headway towards May's peak at 1.2266 next week.

On the downside, only below 1.2144 prolongs this week's daily wild swings and would risk marginal weakness, loss of downward momentum should keep price above 1.2105.

The only EU eco. data due out is German wholesale price index. G7 starts its 3-day meeting in England later today, pay attention to comments by G7 officials. We also have ECB member Fernandez-Bollo speaking at an event at 12:00GMT.
 

AceTRaderForex

Master Trader
Mar 19, 2013
3,779
7
74
Hong Kong
www.acetraderfx.com
AceTraderFx Jun 11: Daily Recommendations on Major –USD/JPY

flag_yen.gif DAILY MARKET OUTLOOK on Major
Update Time: 11 Jun 2021 09:30GMT

USD/JPY - 109.49
Yesterday's fall from 109.79 to 109.31 in NY due to selloff in U.S. yields suggests early correction from this week's low at 109.20 (Mon) has ended and expect consolidation before decline from Jun's near 2-month peak at 110.33 resumes, however, loss of momentum should keep price above 108.71/75.

Only above 109.79 dampens bearish outlook and may risk stronger retracement to 110.00/10.

Data to be released on Friday :
New Zealand manufacturing PMI, retail sales.
Germany wholesale price index, UK GDP industrial output, manufacturing output, construction output, trade balance, NIESR GDP estimate.
Canada capacity utilization, and U.S. University of Michigan sentiment.