AceTraderFx : Daily Recommendations on Major

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 26 Oct 2017 05:25 GMT

EUR/USD - 1.1757
Euro's brief break of last week's 1.1730 low to 1.1726 due to continued political concerns in Catalonia/Spain suggests recent decline from Oct's 1.1880 high may pressure price to 1.1700 after consolidation, reckon key sup area at 1.1762/70 would contain weakness and brig rebound.

A daily close above 1.1800 would signal low has been made, then euro may ratchet higher back towards 1.1858 later this week.

Pay attention to release of Germany's Gfk consumer confidence, then Itay's business confidence n consumer confidence. ECB's rate decision will be announced at 11:45GMT and ECB President Draghi's blockbuster post-ECB press conference is at 12:30GMT (so we can ignore 12:30GMT U.S. data).

 

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 27 Oct 2017 06:25 GMT

EUR/USD - 1.1637
Euro's selloff from 1.1837 (Europe) to a 3-month trough of 1.1641 (New York) yesterday after ECB extended its APP confirms recent decline from 2017 2-1/2 year peak at 1.2093 (September) has once again resumed and price is en route towards next psychological downside target at 1.1500 next week.

Expect 1.1726 (previous sup, now res) to hold for this move and only above would risk stronger retracement to 1.1775/85 before prospect of another fall.

Euro area countries will release some eco. data starting with Germany's import price index and France's consumer confidence. ECB's Chief Economist Praet will speak at 07:15GMT and then ECB's Angeloni at 10:45GMT.

 

[AceTRaderForex]

AceTraderFx Oct 27: Daily Recommendations on Major -USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 27 Oct 2017 09:12 GMT

USD/JPY - 114.11
The greenback's rally from yesterday's low at 113.34 and intra-day break of Wednesday's fresh 3-1/2 month peak at 114.24 signals recent erratic upmove has once again resumed and consolidation with upside bias would be seen for gain towards daily resistance at 114.49, above would extend marginally but loss of momentum would keep price below 114.90/00 ahead of today's U.S. GDP release.

On the downside, only below 113.34 would indicate a temporary top has been made and risk would increase for a stronger retracement to 112.70/80 before prospect of rebound.

Data to be released on Friday:
Japan national CPI, Tokyo CPI, Australia PPI, U.K. nationwide house price, France consumer confidence and U.S. GDP annualized, GDP deflator, PCE prices, University of Michigan sentiment.

 

[AceTRaderForex]

AceTraderFx Oct 30: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 30 Oct 2017 05:12 GMT

EUR/USD - 1.1604
Euro's firm break of previous Oct's 1.1670 low (now res) to a fresh 3-month trough at 1.1575 on Friday due to market jitters on Catalan independence declaration confirms recent decline from 1.2093 (September) has once again resumed and subsequent rebound in New York would bring consolidation before heading to 1.1540/50, loss of momentum would keep price above 1.1512.

Only a daily close above 1.1670 signals temporary low is in place, however, reckon 1.1726/30 would cap subsequent recovery and yield another fall.

The euro area countries will release a slew of eco. data starting with Germany's retail sales, EU's business climate, eco., industrial and services sentiment and consumer confidence.

 

[AceTRaderForex]

AceTraderFx Oct 30: Daily Recommendations on Major -USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 30 Oct 2017 09:32 GMT

USD/JPY - 113.72
Despite the greenback's rally from Thursday's low at 113.34 to a fresh 3-1/2 month peak at 114.45, subsequent retreat signals recent erratic upmove has formed a temporary top there and choppy trading with downside bias would be seen for weakness towards 113.20/24, then 112.80/90 but loss of momentum would keep price above 112.50 and yield rebound later this week.

On the upside, only above 114.45 would revive bullishness for gain towards 114.60/70 before prospect of a correction due to over bought condition.

Data to be released today:
Japan retail sales, Germany retail sales, Swiss KOF leading indicator, U.K. mortgage approvals, EU business climate, economic sentiment, industrial sentiment, servcies sentiment, consumer confidence.
U.S. personal income, personal spending, PCE, core PCE, Dallas Fed manufacturing business index, and Germany CPI, HICP on Monday.

 

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 31 Oct 2017 05:32 GMT

EUR/USD - 1.1640
Although yesterday's gain to 1.1658 due to broad-based usd's weakness on U.S. political concerns suggests recent downtrend has made a temporary low at last Friday's fresh 3-month bottom at 1.1575, as long as 1.1670 (previous sup, now res) holds, consolidation with downside bias remains, below 1.1594/98 would signal correction over and yield re-test of 1.1575.

Only a daily close above 1.1670 may risk stronger retracement to 1.1700, then 1.1726/30.

German financial markets are closed for Reformation Day holiday but France will release preliminary GDP, consumer spending, CPI and PPI, Italy will release CPI, then EU's CPI, GDP, unemployment, ECB growth forecast and finally Italy will release PPI.

 

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 01 Nov 2017 09:22 GMT

USD/JPY - 113.73
Despite the greenback's rally from Thursday's low at 113.34 to a fresh 3-1/2 month peak at 114.45, subsequent retreat signals recent erratic upmove has formed a temporary top there and choppy trading with downside bias would be seen for weakness towards 112.80/90 but loss of momentum would keep price above 112.50 and yield rebound later this week.

On the upside, only above 114.45 would revive bullishness for gain towards 114.60/70 before prospect of a correction due to over bought condition.

Ahead of FOMC, U.S. will release Markit mfg PMI, construction spending, ISM-mfg PMI. Although the Fed is widely expected to keep its interest rate unchanged at today's meeting until its final meeting in December (13th), market will look at the FOMC statements (as no press conference is scheduled) for clues on Fed's view about the labour market and the U.S. economic outlook.

 

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 02 Nov 2017 05:22 GMT

EUR/USD - 1.1635
Despite euro's intra-day sideways swings following early retreat from 1.1661 (Tuesday) to 1.1607 in New York yesterday, as this move signals correction from last Friday's 3-month bottom at 1.1575 has possibly ended, consolidation is seen before recent downtrend resumes tomorrow, below 1.1604/07 would extend weakness to 1.1540/50, loss of downward momentum would keep price above 1.1512.

On the upside, only a daily close above 1.1670 (previous sup, now res) would risk stronger retracement to 1.1600 but 1.1726/30 should remain intact.

Data to be released on Thursday:
Australia trade balance, imports, exports, building permits, Japan consumer confidence.
Swiss consumer confidence, retail sales, Italy Markit manufacturing PMI, France Markit manufacturing PMI, Germany Markit manufacturing PMI, unemployment change, unemployment rate, EU Markit manufacturing PMI, U.K. Markit construction PMI, Bank of England MPC vote hike, Bank of England MPC vote unchanged, Bank of England MPC vote cut, Bank of England interest rate decision, Bank of England QE total, Bank of England QE corporation bond purchases.
U.S. initial jobless claims, nonfarm productivity, ISM New York index.

 

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 02 Nov 2017 09:12 GMT

USD/JPY - 114.06
Despite the greenback's rally from Thursday's low at 113.34 to a fresh 3-1/2 month peak at 114.45, subsequent retreat signals recent erratic up move has formed a temporary top there and choppy trading with downside bias would be seen for weakness towards 112.80/90 but loss of momentum would keep price above 112.50 and yield rebound later this week.

On the upside, only above 114.45 would revive bullishness for gain towards 114.60/70 before prospect of a correction due to over bought condition.

U.S. will release weekly jobless claims, non-farm productivity, ISM New York bus. conditions index. New York Fed President Dudley will give closing remarks before the Alternative Reference Rates Committee (ARRC) Roundtable at 16:15GMT but Fed Gov. Powell will participate in this forum via prerecorded video at 12:30GMT.

 

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 03 Nov 2017 05:20 GMT

EUR/USD - 1.1658
Despite euro's intra-day wild swings after hitting a 3-month trough of 1.1575 last week, as long as 1.1690/00 holds, medium-term decline from 1.2093 (September) is likely to resume if today's U.S. jobs data beats forecast, below 1.1607 would yield subsequent weakness to 1.1540/50 but 1.1512 should hold.

A daily close above 1.1700 would risk stronger retracement of aforesaid decline and risks gain to 1.1726/30, break there may head towards 1.1773 next week.

No eco. data is due out from the euro area countries, so everyone is waiting or the U.S. jobs report. ECB Board member Nowotny will deliver a speech in London at 10:30GMT and much later today at 20:15, ECB's Coeure will speak at a conference in Washington at 20:15GMT.

 

[AceTRaderForex]

AceTraderFx Nov 06: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 06 Nov 2017 05:20 GMT

EUR/USD - 1.1614
Euro's intra-day selloff from post-NFP at 1.1691 to 1.1600 in New York session last Friday signals correction from October's 3-month bottom at 1.1575 has ended there, however, intra-day rebound from 1.1597 would bring minor sideways swings before medium-term decline heads to 1.1540/50, loss of near term downward momentum would keep price above 1.1512.

Only above 1.1640/50 prolongs choppy consolidation and may risk another rise to 1.1670/80.

Today is PMI day in the eruo zone, Germany will release industrial orders, then Italy's services PMI, the same from Germany, then the EU, EU's Sentix investor confidence n PPI.
The Eurogroup will meet in Brussels today, ECB's Draghi, Nouy, Coeure will participate this meeting. ECB Chief Economist Praet will speak at at conference in Frankfurt at 08:00GMT and later at 18:00GMT, ECB's Mersch will speak in Slovenia.

 

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 07 Nov 2017 05:20 GMT

EUR/USD - 1.1611
Although euro's selloff from last Friday's post-NFP high at 1.1691 to 1.1581 on Monday signals correction from October's 3-month trough at 1.1575 has ended, subsequent rebound in New York session due to broad-based usd's weakness suggests further choppy sideways swings would continue before Medium Term decline resumes.

As long as 1.1660/70 holds, re-test of 1.1575 is envisaged later, break would head to 1.1540/50.
Only above 1.1670 may risk gain towards 1.1691.

Germany will release industrial production, then Italy's retail sales n later the same fm the EU.
Today there is EU ECOFIN meeting in Brussels (ECB's Constancio will participate at the meeting). At 09:00GMT, ECB's Draghi will giving a welcome address at an ECB forum in Frankfurt, then ECB's Nouy will speak at the same venue at 09:15GMT, then ECB's Angeloni at 10:00GMT, then ECB's Latenschlager at 14:30GMT.

 

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 08 Nov 2017 05:20 GMT

EUR/USD - 1.1597
Despite euro's anticipated resumption of recent decline below October's 1.1575 trough to a fresh 3-month bottom at 1.1554 in Europe yesterday, subsequent rebound to 1.1592 in New York, then intra-day gain to 1.1606 on media report of a possible delay to U.S. tax cut suggests temporary low is made and choppy consolidation is in store.

A firm rise above 1.1624 res would bring stronger retracement to 1.1660/70 but res 1.1691 should cap upside whilst below 1.1554 would yield marginal weakness, loss of downward momentum should keep price above 1.1512.

News to be released on Wednesday:
Japan coincident indicator, leading indicator, China exports, imports, trade balance.
France current account, trade balance, imports, exports.
U.S. MBA mortgage application and Canada housing starts, building permits.

 

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 09 Nov 2017 05:20 GMT

EUR/USD - 1.1592
Although euro's rebound from Tuesday's fresh 3-month trough at 1.1554 suggests recent downtrend has made a temporary low, as 1.1611 has capped yesterday's rebound, consolidation with downside bias is retained, below 1.1570/75 would bring one more fall but 'loss of downward momentum' should keep price above 1.1512.

A daily close above 1.1624 res would risk stronger retracement to 1.1660/70, however, reckon res at 1.1691 should cap upside and yield retreat.

News to be released on Thursday:
New Zealand interest rate decision, Japan trade balance, current account, machinery orders, tertiary industry index, eco watchers outlook, eco watchers current.
U.K. RICS housing survey, China PPI, CPI, Swiss unemployment rate, Germany exports, imports, trade balance, current account, Canada new housing price index and U.S. initial jobless claims, wholesale inventories, wholesale sales.

 

[AceTRaderForex]

AceTraderFx Nov 09: Daily Recommendations on Major -USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 09 Nov 2017 09:20 GMT

USD/JPY - 113.55
Despite dollar's cross-inspired strong rebound from yesterday's 1-week low at 113.40 to 114.07 initially in Asia today, intra-day sharp fall suggests choppy trading below Mon's 7-1/2 month peak at 114.74 would continue with downside bias, loss of downward momentum would keep price above daily sup at 112.96.

On the upside, a daily close above 114.07 would suggest said correction from 114.74 has possibly ended and yield subsequent gain towards 114.45.

U.S. eco. calendar is pretty thin with weekly jobless claims and wholesale inventories and wholesale sales being the only data due out which should make no impact to price.

 

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 10 Nov 2017 05:20 GMT

EUR/USD - 1.1645
Despite intra-day sideways around the 1.1600 level yesterday, euro's subsequent rally near New York midday on usd's broad-based weakness due to market worries over U.S. tax reform and then gain to 1.1655 suggests corrective rise from Tuesday's fresh 3-month trough would yield further gain after consolidation later today, near term overbought condition should cap price below daily res at 1.1691.

On the downside, a daily close below 1.1600 would be the 1st signal correction is over and risk would shift to the downside for weakness to 1.1570/75.

Eco calendar in the euro zone is pretty light with France's industrial output, non-farm payrolls and Italy's industrial output being the only data due out.
ECB's Mersch will give a speech in the U.K. at 12:30GMT.

 

[AceTRaderForex]

AceTraderFx Nov 13: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 13 Nov 2017 05:00 GMT

EUR/USD - 1.1650
Euro's erratic rise to 1.1678 last Friday due to renewed usd's weakness suggests recent decline from 1.2093 (September) has made a temporary low at Tuesday's fresh 3-month trough at 1.1554 and subsequent retreat would bring consolidation before marginal gain towards next chart obj. at 1.1691, loss of upward momentum would cap price below 1.1726 and yield decline.

On the downside, below 1.1616 (previous res, now sup) signals 1st leg of correction is over and may risk weakness to 1.1579/81.

Similar to the U.S., no eco. data is due out from the euro area countries, however, ECB's Vice President Constancio will make a speech in Frankfurt at 0.9:00GMT.

 

[AceTRaderForex]

AceTraderFx Nov 14: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 14 Nov 2017 05:20 GMT

EUR/USD - 1.1671
As euro has rebounded after yesterday's 'sterling-led' retreat to 1.1638 in Europe, suggesting early upmove from last Tuesday's 3-month trough at 1.1554 would re-test previous daily res at 1.1691 after consolidation, however, loss of upward momentum would prevent strong gain today and reckon 1.1726 (previous sup, now res) would cap present gain.

On the downside, a daily close below 1.1638 would signal 1st leg of correction is over and bring subsequent weakness towrds 1.1601/05

Euro zone will release many key data starting with Germany's GDP and CPI and Italy's GDP, Germay's ZEW eco. sentiment, Italy's CPI, EU's GDP m industrial production.

 

[AceTRaderForex]

AceTraderFx Nov 14: Daily Recommendations on Major -USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 14 Nov 2017 09:20 GMT

USD/JPY - 113.86
The greenback's rebound from last Thursday's low at 113.09 to 113.72 yesterday and then intra-day break of this resistance strongly suggests decline from last Monday's 7-1/2 month peak at 114.74 has made a temporary low there and choppy trading with upside bias would be seen but above 114.07 is needed to add credence to this view and extend towards 114.34 later.

On the downside, only below 113.22/25 would confirm aforesaid recovery has ended instead and turn outlook bearish for a re-test of 113.09, break, 112.70/73 later.

U.S. will release PPI data n Redbook retails sales at 13:30GMT. Chair Janet Yellen will participate in policy panel before the CB Conference, the theme is Communications Challenges for Policy Effectiveness, Accountability and Reputation at 10:00GMT. Other Fed officials will be speaking later today (please refer to EI page for details).

 

[AceTRaderForex]

AceTraderFx Nov 15: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 15 Nov 2017 05:20 GMT

EUR/USD - 1.1794
Yesterday's impressive rally in Europe after robust German data and then intra-day break of previous November's 1.1691 high to a 2-1/2 week high of 1.1805 in New York suggests euro's major correction from September's 2-1/2 year peak at 1.2093 has ended earlier last week at 1.1554 and price is en route twd next daily chart obj. at 1.1880 (Oct's top).

Expect 1.1730/40 to hold for this move and only below 1.1691 would dampen present bullish view on the euro.

Some eco. data are due out during European morning starting with France's CPI and EU's trade data.
ECB's Chief Economist Praet will be speaking at a conference in FFT at 10:00GMT.