AceTraderFx : Daily Recommendations on Major

[AceTRaderForex]

AceTraderFx May 17: Daily Recommendations on Major -USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 17 May 2017 09:26 GMT

USD/JPY - 112.50
The greenback's selloff yesterday and subsequent break of Monday's low at 113.13 signals decline from last Wednesday's 8-week peak at 114.37 remains in progress and consolidation with downside bias remains for weakness towards 112.09/10.
However, near term loss of momentum would prevent sharp move beyond there and risk would increase of a much-needed rebound later.

On the upside, only above 113.13 would indicate the first leg of correction has ended and turn outlook bullish for gain to 113.40/50 but resistance at 113.85 should remain intact, bring retreat.

 

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 18 May 2017 05:37 GMT

EUR/USD - 1.1159
Although euro has continued its recent winning streak due to broad-based usd's weakness caused by U.S. political turmoil, near term loss of upward momentum would prevent strong gain above intra-day fresh 6-month high at 1.1172 and reckon upside is limited to 1.1300/10.

On the downside, below 1.1123 would be the 1st signal temporary top has been made, then stronger retracement towards 1.1081 may be seen before recent uptrend resumes next week.

 

[AceTRaderForex]

AceTraderFx May 18: Daily Recommendations on Major -USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 18 May 2017 09:16 GMT

USD/JPY - 110.84
The greenback's sharp selloff yesterday and subsequent break of Monday's low at 113.13 to 110.53 today signals decline from last Wednesday's 8-week peak at 114.37 remains in progress and consolidation with downside bias remains for weakness towards 110.20/30.
However, near term loss of momentum would prevent sharp move beyond there and risk would increase of a much-needed rebound later.

On the upside, only above 112.55 would indicate the first leg of correction has ended and turn outlook bullish for gain to 113.15 but resistance at 113.85 should remain intact, bring retreat.

 

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 19 May 2017 06:10 GMT

EUR/USD - 1.1106
Despite yesterday's stronger-than-expected decline from a fresh 6-month peak made in Asia at 1.1172 to 1.1076 in New York due to broad-based recovery in the usd, subsequent rebound suggests consolidation with upside bias is in store, above 1.1140/45 would signal pullback is over and bring subsequent re-test of 1.1172.

Only a daily close below 1.1076 would bring stronger correction of recent uptrend and yield weakness towards 1.1024 before prospect of a recovery.

Data to be released on Friday:
France unemployment, Germany PPI, EU current account, consumer sentiment, UK CPI trends and Canada retail sales.

 

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 22 May 2017 05:00 GMT

EUR/USD - 1.1193
Euro's intra-day retreat following resumption of Medium Term upmove to a fresh 6-month high at 1.1211 in New York on Friday suggests consolidation is in store before prospect of further gain, 'loss of momentum' should cap price at 1.1270/75 today.

Only a daily close below 1.1172 signals temporary top is in place and risks stronger retracement but reckon 1.1020/25 would contain weakness.

No eco. data will be released from euro area countries today except Buba monthly report.
Eurogroup ministers and FinMins (2-day meeting) will meet today and some of its members are scheduled to speak during the day (refer to economic data section for details).

 

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 23 May 2017 05:05 GMT

EUR/USD - 1.1245
Despite Monday's anticipated resumption of recent strong upmove to a fresh 6-month peak of 1.1264 (New York) after Germany's Merkel said euro is 'too weak', near term loss of upward momentum should prevent strong gain and reckon daily res at 1.1300 would remain intact and bring a much-needed correction later this week.

Below 1.1211 anytime would signal a temporary top is in place and yields stronger retracement towards 1.1162.

Data to be released on Tuesday:
Swiss trade balance, France business climate, manufacturing PMI, services PMI, Germany GDP, manufacturing PMI, services PMI, EU manufacturing PMI, services PMI, UK PSNB, PSNCR, CBI trends, U.S. redbook, manufacturing PMI, services PMI and new home sales.

 

[AceTRaderForex]

AceTraderFx May 23: Daily Recommendations on Major -USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 23 May 2017 09:18 GMT


USD/JPY - 111.21
The greenback's recent swings after last Thursday's rebound from 110.24 to 111.73 are likely to continue and intra-day rebound from 110.86 has retained bullishness but above 111.73 is needed to yield stronger retracement of decline from May's peak at 114.37 towards 112.24/30, however, resistance at 112.94 should remain intact this week and yield retreat.

On the downside, only below 110.53 would confirm the recovery from 110.24 has ended instead and turn outlook bearish for weakness to 110.24, break, 110.00 later.

Data to be released on Tuesday:
Swiss trade balance, France business climate, manufacturing PMI, services PMI, Germany GDP, manufacturing PMI, services PMI, EU manufacturing PMI, services PMI, UK PSNB, PSNCR, CBI trends, U.S. redbook, manufacturing PMI, services PMI and new home sales.

 

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 24 May 2017 05:20 GMT

EUR/USD - 1.1183
Euro's anticipated decline from Tuesday's fresh 6-month peak of 1.1268 to as low as 1.1176 in New York session due to broad-based short covering in the usd ahead of release of Fed minutes later today signals long-overdue correction of MT uptrend has taken place and 1-2 days of choppy trading with downside bias remains.
However, near term oversold condition should keep price above 1.1098 sup and bring rebound later this week.

Only above 1.1248 (New York high) signals pullback is possibly over and risks re-test of 1.1268, however, daily res at 1.1300 is expected to remain intact.

Data to be released on Wednesday:
Germany consumer sentiment, Swiss industrial production, Italy trade balance, U.S. monthly home price, existing home sales and Canada BoC rate decision and Fed minutes.

 

[AceTRaderForex]

AceTraderFx May 24: Daily Recommendations on Major -USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 24 May 2017 09:38 GMT

USD/JPY - 111.82
The greenback's recent swings after last Thursday's rebound from 110.24 to 111.73 are likely to continue and intra-day rebound from 110.86 has retained bullishness but above 111.73 is needed to yield stronger retracement of decline from May's peak at 114.37 towards 112.24/30, however, resistance at 112.94 should remain intact this week and yield retreat.

On the downside, only below 110.53 would confirm the recovery from 110.24 has ended instead and turn outlook bearish for weakness to 110.24, break, 110.00 later.

Data to be released on Wednesday:
Germany consumer sentiment, Swiss industrial production, Italy trade balance, U.S. monthly home price, existing home sales and Canada BoC rate decision and Fed minutes.

 

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 25 May 2017 09:05 GMT

USD/JPY - 111.78
The greenback's recent swings after last Thursday's rebound from 110.24 to 112.13 are likely to continue and intra-day rebound from 111.46 has retained bullishness but above 112.13 is needed to yield stronger retracement of decline from May's peak at 114.37 towards 112.24/30.
However, resistance at 112.94 should remain intact this week and yield retreat.

On the downside, only below 110.53 would confirm the recovery from 110.24 has ended instead and turn outlook bearish for weakness to 110.24, break, 110.00 later.

Data to be released on Thursday:
Italy industrial sales, industrial orders, UK mortgage approvals, GDP, U.S. jobless claims, trade balance and wholesale inventories.

 

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 26 May 2017 05:00 GMT

EUR/USD - 1.1208
Despite euro's intra-day gain to 1.1251 in Europe, subsequent strong retreat to 1.1194 suggests further 'choppy' trading below Tue's fresh 6-month peak at 1.1268 would continue, as long as previous sup area at 1.1162/69 holds.
Outlook remains mildly bullish for Medium Term upmove to head to 1.1280/85 but reckon res at 1.1300 should cap upside.

A daily close below 1.1162 confirms temporary top is in place, then risk would shift to the downside for stronger retracement to 1.1140/45 and possibly towards 1.1098 next week.

 

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 26 May 2017 09:12 GMT

USD/JPY - 111.03
Dollar's intra-day 'cross-inspired' selloff after penetrating 111.48 sup confirms early corrective rise from last Thursday's 3-week bottom at 110.24 has indeed ended at 112.13 (Wed) and consolidation with downside bias remains for further weakness to 110.70/80.
However, oversold readings on the hourly indicators are expected to keep price above 110.24.

On the upside, only a move back above 111.66 would dampen present bearish scenario and may risk another bounce towards 111.94 but reckon 112.13 should remain intact.

Data to be released on Friday:
Italy business confidence, consumer confidence, U.S. GDP, PCE, core PCE, durable goods and consumer sentiment.

 

[AceTRaderForex]

AceTraderFx May 29: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 29 May 2017 05:05 GMT

EUR/USD - 1.1175
Friday's intra-day decline from 1.1235 (Europe) to as low as 1.1161 after robust U.S. GDP data suggests further choppy trading below last Tuesday's fresh 6-month peak at 1.1268 would continue with downside bias, below 1.1161 would bring stronger retracement of Medium Term uptrend to 1.1120/25.
However, near term oversold condition should keep price above 1.1098/00 today and yield rebound.

On the upside, only above 1.1235 signals said correction is over and yield subsequent re-test of 1.1268.

 

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 31 May 2017 05:16 GMT

EUR/USD - 1.1176
Despite yesterday's resumption of recent decline from last Tuesday's 6-month peak at 1.1268 to 1.1110 in Europe, subsequent impressive rally to 1.1206 in New York suggests said correction has ended and consolidation with upside bias remains for further gain to 1.1235, a daily close above there would bode well for euro to bring re-test of 1.1268.

On the downside, only below 1.1140/45 dampens present bullish view and may risk weakness towards 1.1110.

Eco. calendar from the euro area countries is heavy (please refer to EI page for details).
Pay attention to speech by ECB Board member Benoit Coeure will be speak at a financial conference in Frankfurt at 07:20GMT. Then at 12:30GMT, ECB Executive Board member Sabine Lautenschlager will speak at an event in Berlin.

 

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 31 May 2017 09:45 GMT

USD/JPY -110.97
Despite intra-day selloff to 110.67 in New York yesterday, subsequent rebound suggests further choppy trading above May's trough at 110.24 would continue with upside bias and gain towards resistance at 111.47 is likely.
However, as broad-outlook remains consolidative, reckon 112.13 (reaction high) would remain intact this week and yield retreat.

On the downside, only below 110.67 would revive bearishness for weakness towards 110.53, daily close below there would bring re-test of 110.24 later.

Data to be released later:
Germany import price index, retail sales, unemployment rate, France HICP, PPI, Italy PPI, UK consumer confidence, shop price, mortgage approvals, EU CPI, unemployment rate.
Canada GDP, U.S. redbook and pending home sales.

 

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 01 Jun 2017 05:26 GMT

EUR/USD - 1.1240
Yesterday's anticipated rally from 1.1165 to 1.1253 suggests re-test of May's fresh 6-month peak at 1.1268 would be forthcoming soon, break would extend MT uptrend from 1.0341 (Jan) to 1.1300.

On the downside, only failure to penetrate 1.1268 res and a daily close below 1.1206 would 'prolong' choppy consolidation and risk weakness towards 1.1110 later.

Data to be released on Thursday:
Swiss GDP, retail sales, Italy manufacturing PMI, GDP, France manufacturing PMI, Germany manufacturing PMI, EU manufacturing PMI, UK manufacturing PMI, house prices, mortgage approvals.
U.S. ADP employment, initial jobless claims, manufacturing PMI, ISM manufacturing PMI, and construction spending.

 

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 01 Jun 2017 09:15 GMT

USD/JPY - 111.06
Despite intra-day selloff to 110.49 in New York yesterday, subsequent rebound suggests further choppy trading above May's trough at 110.24 would continue with upside bias and gain towards resistance at 111.47 is likely.
However, as broad-outlook remains consolidative, reckon 112.13 (reaction high) would remain intact this week and yield retreat.

On the downside, only below 110.49 would revive bearishness for weakness towards 110.24, daily close below there would signal recent decline has resumed and extend to 110.00.

 

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 02 Jun 2017 05:05 GMT

EUR/USD - 1.1217
Although yesterday's retreat from 1.1257 to 1.1203 suggests further sideways swings below last Tuesday's 6-month peak at 1.1268 would continue ahead of key U.S payrolls report, as long as 1.1180/90 holds, Medium Term uptrend may head towards 1.1300 before prospect of a correction next week.

Below 1.1180 would 'prolong' recent broad consolidation and risk stronger pullback to 1.1140/50.
however, reckon this week's low at 1.1110 would contain weakness.

Data to be released on Friday:
Australia new home sales, Japan consumer confidence.
UK construction PMI, EU PPI, Canada exports, imports, trade balance, U.S. non-farm payrolls, private payrolls, unemployment rate, average earnings, trade balance and ISM New York index.

 

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 02 Jun 2017 09:13 GMT

USD/JPY - 111.52
Despite intra-day selloff to 110.49 in New York Wednesday, subsequent rebound suggests further choppy trading above May's trough at 110.24 would continue ahead of today's U.S. jobs report with upside bias and gain towards resistance at 111.94 is likely, however, as broad-outlook remains consolidative, reckon 112.13 (reaction high) would remain intact this week and yield retreat.

On the downside, only below 110.49 would revive bearishness for weakness towards 110.24, daily close below there would signal recent decline has resumed and extend to 110.00.

Market focus is obviously the U.S. payrolls at 12:30GMT, street forecast is look for an increase of 185K growth vs prev. reading of 211K n monthly earnings' growth of 0.2%, if actual numbers beat expectation, then usd will continue its broad-based short-covering rally, if they fall short of expectation, then be ready for another round usd bashing.

After release of U.S. data, 2 Fed officials (both voters) will be speaking publically (last b4 FOMC meeting on Jun 14-15). Philly Fed President Harker at 16:45GMT n Dallas Fed President Kaplan at 17:00GMT.

 

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 05 Jun 2017 05:16 GMT

EUR/USD - 1.1277
Euro's resumption of recent uptrend to a near 7-month peak at 1.1285 last Friday following disappointing U.S. jobs report suggests price is en route to 1.1300 target next.
However, overbought condition would cap price below daily res at 1.1366 and risk has increased for a correction to take place later this week.

On the downside, only a daily close below 1.1235 signals temporary top is in place, then stronger retarcement to 1.1203/05 would follow but previous sup at 1.1265 should contain weakness.

Data to be released today:
Italy services PMI, France services PMI, Germany services PMI, EU services PMI, sentix index, UK services PMI.
U.S. labour costs, productivity, services PMI, factory orders and ISM non-manufacturing PMI on Monday.