AceTraderFx : Daily Recommendations on Major

AceTRaderForex

Master Trader
Mar 19, 2013
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AceTraderFx July 22: Daily Recommendations on Major -EUR/USD

flag_eur.gif DAILY MARKET OUTLOOK on Major

Update Time: 22 July 2021 03:00GMT

EUR/USD - 1.1790
Although euro's rebound on Wednesday after marginal weakness to a fresh 3-1/2 month low at 1.1753 would bring sideways swings ahead of key ECB monetary policy meeting announcement, reckon 1.1850 res would cap upside and yield another fall.

On the downside, below 1.1753 (ECB's dovish hold perhaps) would pressure price towards 2021 bottom at 1.1705 (March).

Data to be released on Thursday:
Japan market holiday, France business climate.
U.K. CBI trends orders, EU ECB refinancing rate, ECB deposit rate.
U.S. initial jobless claims, continuing jobless claims, U.S. existing home sales, leading index change, KC manufacturing index and EU consumer confidence.
 

AceTRaderForex

Master Trader
Mar 19, 2013
3,872
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74
Hong Kong
www.acetraderfx.com
AceTraderFx July 22: Daily Recommendations on Major –USD/JPY

flag_yen.gif DAILY MARKET OUTLOOK on Major

Update Time: 22 July 2021 09:30GMT

USD/JPY - 110.28
Despite dollar's selloff to a 7-week trough at 109.07 on Monday due to risk-averse buying in jpy, subsequent strong rebound to 109.95 yesterday and intra-day break above there suggests decline from July's peak at 111.65 has ended there and consolidation with upside bias remains for stronger retracement to 110.34, however, resistance at 110.69 would remain intact and yield retreat.

On the downside, only below 109.54 would indicate aforesaid correction has ended instead and risk stronger weakness to 109.34 later this week.

U.S. will release a slew of eco. data, pls refer to our EI page for details n pay attention to release of weekly jobless cliams, continued jobless claims.

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AceTRaderForex

Master Trader
Mar 19, 2013
3,872
7
74
Hong Kong
www.acetraderfx.com

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


flag_eur.gif DAILY MARKET OUTLOOK on Major
Update Time: 23 July 2021 03:00GMT

EUR/USD - 1.1777​

As euro's intraday wild swings after ECB's dovish hold has ended with price falling from 1.1830 to 1.1758, re-test of Wednesday's 3-1/2 month trough at 1.1753 would be seen, however, loss of downward momentum may keep price above 2021 bottom at 1.1705 (March) today and risk has increased for a correction to occur next week.

On the upside, only a daily close above 1.1830 would bring stronger retracement of recent decline to 1.1850.

Data to be released on Friday:
Australia manufacturing PMI, services PMI, Japan market holiday.
U.K. Gfk consumer confidence, retail sales, Markit manufacturing PMI, Markit services PMI
France Markit manufacturing PMI, Markit services PMI, Germany Markit manufacturing PMI, Markit services PMI, EU Markit manufacturing PMI, Markit services PMI.
Canada retail sales, U.S. Markit manufacturing PMI and Markit services PMI.
 

AceTRaderForex

Master Trader
Mar 19, 2013
3,872
7
74
Hong Kong
www.acetraderfx.com
AceTraderFx July 23: AceTraderFx July 23: Daily Recommendations on Major –USD/JPY

flag_yen.gif DAILY MARKET OUTLOOK on Major

Update Time: 23 July 2021 09:30GM

USD/JPY - 110.48
Despite dollar's selloff to a 7-week trough at 109.07 on Monday due to risk-averse buying in jpy, subsequent strong rebound to 110.38 on Wednesday and intra-day break above there suggests decline from July's peak at 111.65 has ended there and consolidation with upside bias remains for stronger retracement to 110.97/00, however, resistance at 111.18 would remain intact and yield retreat.

On the downside, only below 109.54 would indicate aforesaid correction has ended instead and risk stronger weakness to 109.34 later this week.

Data to be released on Friday:
Australia manufacturing PMI, services PMI, Japan market holiday.
U.K. Gfk consumer confidence, U.K. retail sales, France Markit manufacturing PMI, Markit services PMI, Germany Markit manufacturing PMI, Markit services PMI, EU Markit manufacturing PMI, Markit services PMI, U.K. Markit manufacturing PMI, Markit services PMI.
Canada retail sales, U.S. Markit manufacturing PMI and Markit services PMI.
 

AceTRaderForex

Master Trader
Mar 19, 2013
3,872
7
74
Hong Kong
www.acetraderfx.com
AceTraderFx July 26: Daily Recommendations on Major -EUR/USD

flag_eur.gif DAILY MARKET OUTLOOK on Major

Update Time: 26 July 2021 03:00GMT

EUR/USD - 1.1770
Euro's selloff from 1.1830 (Thursday) to 1.1755 on Friday suggests re-test of Wednesday's fresh 3-1/2 month trough at 1.1753 would be seen, break there would extend recent erratic decline towards 2021 bottom at 1.1705 (March) but 'loss of downward momentum' may keep price above there.

On the upside, only a daily close above 1.1804 'prolongs' choppy sideways trading and may risk another rise towards 1.1830.

Market's attention is release of Germany's key Ifo data, keep an eye out on Jul's business climate n current expectations.
 

AceTRaderForex

Master Trader
Mar 19, 2013
3,872
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74
Hong Kong
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AceTraderFx July 26: Daily Recommendations on Major –USD/JPY

flag_yen.gif DAILY MARKET OUTLOOK on Major

Update Time: 26 July 2021 09:30GMT

USD/JPY - 110.16
Despite dollar's selloff to a 7-week trough at 109.07 last Monday due to risk-averse buying in jpy, subsequent strong rebound to 110.58 on Friday suggests decline from July's peak at 111.65 has ended there and consolidation with upside bias remains for stronger retracement to 110.97/00, however, resistance at 111.18 would remain intact and yield retreat.

On the downside, only below 109.54 would indicate aforesaid correction has ended instead and risk stronger weakness to 109.34 later this week.

Data to be released later :
New Zealand imports, trade balance, exports, Japan Jibun bank manufacturing PMI.
Germany import prices, Ifo business climate, Ifo current conditions, Ifo expectations.
U.S. building permits, new home sales and Dallas Fed manufacturing business index on Monday.
 

AceTRaderForex

Master Trader
Mar 19, 2013
3,872
7
74
Hong Kong
www.acetraderfx.com
AceTraderFx July 27: Daily Recommendations on Major -EUR/USD

flag_eur.gif DAILY MARKET OUTLOOK on Major

Update Time: 27 July 2021 03:00GMT

EUR/USD - 1.0808
Although euro's fall from 1.1830 (Thursday) to 1.1755 on Friday suggests correction from July's 3-1/2 month trough at 1.1753 has ended, Monday's stronger-than-expected rebound due to broad-based usd's weakness would bring further choppy swings ahead of Wed's Fed's monetary policy decision.

As long as 1.1830 holds, downside bias remains for re-test of 1.1753, however, loss of downward momentum would keep price above 2021 bottom at 1.1705.
Only a daily close above 1.1830 risks stronger retracement to 1.1880/90 before prospect of decline later

Data to be released on Tuesday:
Italy trade balance.
U.S. durables goods, durables ex-transport, durables ex-defense, redbook, monthly home price, consumer confidence and Richmond Fed manufacturing.
 

AceTRaderForex

Master Trader
Mar 19, 2013
3,872
7
74
Hong Kong
www.acetraderfx.com
AceTraderFx July 27: Daily Recommendations on Major –USD/JPY

flag_yen.gif DAILY MARKET OUTLOOK on Major

Update Time: 27 July 2021 09:30GMT

USD/JPY - 110.10
Despite dollar's selloff to a 7-week trough at 109.07 last Monday due to risk-averse buying in jpy, subsequent strong rebound to 110.58 on Friday suggests decline from July's peak at 111.65 has ended there and consolidation with upside bias remains for stronger retracement to 110.97/00, however, resistance at 111.18 would remain intact and yield retreat.

On the downside, only below 109.54 would indicate aforesaid correction has ended instead and risk stronger weakness to 109.34 later this week.

The increase was also driven by a 1.3% rise in transportation fees as international freight prices continued to increase, highlighting the cost pressure companies are facing as economies across the globe re-open
 

AceTRaderForex

Master Trader
Mar 19, 2013
3,872
7
74
Hong Kong
www.acetraderfx.com
AceTraderFx July 28: Daily Recommendations on Major -EUR/USD

flag_eur.gif DAILY MARKET OUTLOOK on Major

Update Time: 28 July 2021 03:00GMT

EUR/USD - 1.1817
Although yesterday's brief break of last week's 1.1830 high to 1.1841 in New York due to broad-based usd's weakness suggests recent decline has made a temporary bottom at 1.1753 last week, subsequent retreat would bring consolidation ahead of key FOMC's announcement, below 1.1171 signals correction over and yields re-test of 1.1753, then later towards 2021 trough at 1.1705.

A daily close above 1.1841 (Fed's dovish hold perhaps) would risk stronger gain to 1.1880/90 later.

Data to be released on Wednesday:
Australia CPI, Japan coincident index, leading indicator,
U.K. BRC shop price index, Germany Gfk consumer sentiment, France consumer confidence, Italy business confidence, consumer confidence, Swiss investor sentiment.
U.S. MBA mortgage application good trade balance, wholesale inventories, Fed interest rate decision and Canada CPI.
 

AceTRaderForex

Master Trader
Mar 19, 2013
3,872
7
74
Hong Kong
www.acetraderfx.com
AceTraderFx July 28: Daily Recommendations on Major –USD/JPY

flag_yen.gif DAILY MARKET OUTLOOK on Major

Update Time: 28 July 2021 09:30GMT

USD/JPY - 109.95
Although dlr's decline from 110.59 (Fri) to 109.59 in tandem with U.S. yields suggests early cross-inspired rise from Jul's 109.07 bottom has made a temporary top, intra-day rebound in Europe would bring consolidation ahead of key FOMC's announcement.

A daily close above 110.13 signals pullback is over, then outlook would turn bullish for re-test of 110.59. Below 109.59 would shift risk to downside for weakness towards 109.07 later.

Ahead of FOMC announcement at 18:00GMT and post-FOMC press conference at 18:30GMT, we have some second-tier data due out, please refer to our EI page for details.