AceTraderFx : Daily Recommendations on Major

[AceTRaderForex]

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

MARKET OUTLOOK on Major
Update Time: 07 Nov 2018 06:30 GMT

EUR/USD - 1.1444
Despite euro's initial brief break of Fri's 1.1456 top to a 2-week high of 1.1473 on news of U.S. Democrat's lead in the House election, intra-day selloff to 1.1396 suggests early upmove from Oct's 2-1/2 month trough at 1.1303 has possibly made a temporary top and choppy sideways swings are in store.

Below 1.1392/96 would bring stronger retracement to 1.1355/65 before rebound whilst above 1.1476 would extend said rise towards 1.1494 later today

Data to be released later on Wednesday :
Germany industrial output, UK Halifax house prices, Italy retail sales, EU retail sales, U.S. MBA mortgage application, and Canada Ivey PMI.

 

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 08 Nov 2018 05:30 GMT

EUR/USD - 1.1431
Euro's decline from Wednesday's 2-week high of 1.1550 (Europe) to 1.1424 in New York due to renewed usd's strength on easing of market concern of a political gridlock in Washington suggests 1st leg of correction from October's 2-1/2 month bottom at 1.1303 has ended and 'choppy' sideways swings are in store.

Expect 1.1392/95 sup to contain intra-day weakness but above 1.1473 is needed to re-test 1.1500. Only below 1.1373 risks stronger retacement towards 1.1336.

On the eco. data front, Germany will release import n export data, trade balance n current account, then the same set of trade data from France. The EU will release eco. bulletin as well as eco. growth forecasts. ECB's Draghi will speak in Dublin at 15:20GMT and ECB Board members Coeure and Nowotny will also be speaking in Euroepan afternoon/New York morning.

 

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 08 Nov 2018 09:30 GMT

USD/JPY - 113.70
Despite the greenback's selloff from yesterday's Asian high at 113.82 to 112.95 on dollar's broad-based weakness post US midterm election results, subsequent strong rebound suggests the pullback has ended and consolidation with upside bias remains for upmove from October's trough at 111.38 to resume and yield re-test of said resistance, break would extend towards 114.09/10 later but loss of momentum would keep price below daily resistance at 114.55.

On the downside, only below 112.95 would indicate a temporary top has been made and risk stronger retracement towards 112.73.

Data to be released on Thursday :
UK RICS housing price balance, China exports, imports, trade balance, Swiss unemployment rate, Germany imports, exports, trade balance, current account, France current account, trade balance, imports, exports, imports, trade balance.
Canada housing starts, and U.S. initial jobless claims, Fed interest rate decision.

 

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 09 Nov 2018 05:30 GMT

EUR/USD - 1.1362
Euro's intra-day selloff from 1.1447 (Europe) on Thursday to as low as 1.1352 after Fed's hawkish hold suggests correction from October's 1.1303 low has ended at 1.1500 on Wednesday and consolidation with downside bias remains for weakness towards said sup but break of key 2018 13-month bottom at 1.1301 (August) needed to retain bearishness for resumption of downtrend to 1.1240/50 next week.

On the upside, only above 1.1447 'prolongs' choppy sideways swings and may risk another rise back to 1.1470/80 but reckon 1.1500 would remain intact.

Eco calendar in the EZ is very light today with France's industrial output being the only data due out. ECB Governing Council member Coeure will deliver a speech in Frankfurt at 10:00GMT.

 

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 09 Nov 2018 09:30 GMT

USD/JPY - 113.81
The greenback's rise above Wednesday's high at 113.82 to 114.09 today on overnight Federal Reserve's hawkish hold suggests upmove from October's low at 111.38 to retrace decline from October's near 11-month peak at 114.55 has resumed and further gain towards 114.30/40 would be seen.
However, aforesaid resistance should hold on first testing and yield retreat early next week.

On the downside, only below 113.39 would indicate a temporary top has been made and turn outlook bearish for a stronger retracement towards 112.95.

Data to be released on Friday :
UK GDP, industrial output, manufacturing output, construction output, trad balance, NIESR GDP estimate, and U.S. PPI, University of Michigan sentiment, wholesale inventories, wholesale sales.

 

[AceTRaderForex]

AceTraderFx Nov 12: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 12 Nov 2018 05:30 GMT

EUR/USD - 1.1326
Fri's weakness to 1.1316 due to continued usd's strength following Fed's hawkish hold on Thursday suggests re-test of 2018 13-month bottom at 1.1301 (Aug) would be seen, below 1.1300 would encourage for resumption of Medium Term downtrend towards 1.1444 later this week.

Only above 1.1369 prolongs choppy sideways swings and risks another rise to 1.1392/95, however, reckon 1.1447 should remain intact.

Data to be released later :
France ILO unemployment, and Italy industrial output on Monday.
U.S. markets are closed for Veterans Day holiday and markets in Canada are also closed for Remembrance Day holiday.

 

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major

Update Time: 14 Nov 2018 06:30 GMT

EUR/USD - 1.1304
Euro's intra-day break above yesterday's 1.1294 (New York) to 1.1320 in Australia suggests recent downtrend has made a temporary bottom at Monday's 16-month bottom at 1.1216 and as long as 1.1253 (New York low) holds, stronger gain to 1.1332 is envisaged.
However, near term overbought condition should cap price at previous res area at 1.1360/69 and yield decline later today or tomorrow.

On the downside, below 1.1253 anytime signals correction is over, then euro will be en route towards next downside retracement target at 1.1187.

On the data front, the euro area countries will release a slew of data starting with Germany's flash GDP, France's final CPI, EU's employment change, GDP and industrial production. ECB Board member Weidmann will deliver a speech on economic challenges in Berlin at 08:30GMT.

 

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 14 Nov 2018 09:30 GMT

USD/JPY - 113.87
The greenback's rally on Monday and subsequent break of last Thursday's high at 114.09 to 114.21 signals recent erratic upmove from 111.38 has resumed and subsequent retreat would yield consolidation before prospect of gain towards 114.40/45.
However, near term loss of momentum would keep price below October's near 11-month peak at 114.55 and yield retreat later.

On the downside, only below 113.64 would indicate a temporary top has been made and risk stronger retracement towards 113.39 (previous resistance) but 112.95 should contain downside.

Data to be released later on Wednesday :
Germany GDP, France CPI, UK CPI, RPI, PPI input prices, PPI output prices, EU GDP, industrial production, and U.S. MBA mortgage application, CPI, real weekly earnings, redbook.

 

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 15 Nov 2018 05:30 GMT

EUR/USD - 1.1320
Although yesterday's 'cable'led' rise to 1.1348 on Brexit deal optimism suggests recent downtrend has made a temporary low at Monday's 16-month trough at 1.1216, reckon previous res area at 1.1360/69 would cap present recovery and yield strong retreat later.

Below sup at 1.1253/63 signals said correction is over, then bearishness is seen for re-test of 1.1216.

On the eco. data front, EU will release second-tier trade balance. ECB's Coeure will speak at a conference in Basel at 12:15GMT, then ECB Chief Economist Praet will speak in Brussels at 13:10GMT and ECB VP Guindos will speak in Amsterdam at 14:35GMT.

 

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 15 Nov 2018 09:30 GMT

USD/JPY - 113.47
The greenback's selloff yesterday to 113.31 due to a drop in U.S. Treasury yields and equities suggests upmove from October's 1-month trough at 111.38 has made a temporary top at 114.21 on Monday and consolidation with downside bias remains for stronger retracement to 112.95.
However, near term loss of momentum would keep price above 112.56 and yield a rebound later today or tomorrow.

On the upside, only above 114.01 would revive bullishness for 114.21, break would yield a re-test of October's near 11-month peak at 114.55.

Data to be released on Thursday :
UK retail sales, EU trade balance, Canada AP employment change, and U.S. NY Fed manufacturing index, import prices, export prices, initial jobless claims, Philadelphia Fed survey, retail sales, business inventories.

 

[AceTRaderForex]

AceTraderFx Nov 16: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 16 Nov 2018 05:30 GMT

EUR/USD - 1.1341
Despite yesterday's cable-led weakness to 1.1271 in Europe, subsequent rally to 1.1362 in New York due to cross-buying in euro esp. vs sterling suggests choppy trading above Mon's 16-month bottom at 1.1216 would continue, as long as res at 1.1369 holds, consolidation with downside bias remains.

Below 1.1271 would encourage for weakness towards 1.1216 next week whilst a firm break above 1.1369 may risk stronger correction to 1.1400/04 and possibly towards 1.1447 next Monday.

The euro area countries will release a slew of eco. data in Eurpean morning (please refer to EI section for details).
Pay attention to speech by ECB President Draghi at Frankfurt European Banking Congress at 08:30GMT, then ECB Board member Weidmann will speak at a conference in Frankfurt at 13:00GMT.

 

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 19 Nov 2018 05:30 GMT

EUR/USD - 1.1408
Euro's impressive rally above indicated res area at 1.1362/69 to as high as 1.1421 due to usd's weakness in New York on Friday confirms Medium Term downtrend has made a low at last Monday's 16-month bottom at 1.1216 and upside bias remains for gain to 1.1450/60, however, reckon daily res at 1.1500 should hold.

On the downside, only a daily close below 1.1369 signals 1st leg of correction is over and risks stronger retracement to 1.1310/20.

Data to be released later day :
New Zealand PPI, Japan exports, imports, trade balance, UK Rightmove house price, EU current account, construction output and U.S. NAHB housing market index.

 

[AceTRaderForex]

AceTraderFx Nov 20: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 20 Nov 2018 05:30 GMT

EUR/USD - 1.1449
Yesterday's anticipated gain to 1.1465 in New York due to continued usd's weakness suggests recent strong rise from Nov's 16-month bottom at 1.1216 would head towards next daily chart obj. at 1.1500 after consolidation, loss of upward momentum should cap price below 1.1550.

On the downside, only a daily close below 1.1394 sup signals temporary top is made, then risk is seen for stronger retracement to 1.1369 but sup at 1.1321/22 should remain intact.

On the eco. data front, France will kick off with France's unemployment and then Germany's producer prices. e have a number of ECB officials speaking today (pls refer to our EI section for details).

 

[AceTRaderForex]

AceTraderFx Nov 21: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 21 Nov 2018 06:30 GMT

EUR/USD - 1.1369
Despite yesterday's resumption of recent rise from November's 16-month trough at 1.1216 to 1.1472, subsequent selloff to as low as 1.1359 due initially to renewed market concerns on Italian budget and then usd's broad-based strength in New York suggests 1st leg of correction over and would head to 1.1321/22, oversold condition should keep price above pivotal sup at 1.1271.

Expect 1.1421/23 to cap intra-day recovery and yield another fall and only above 1.1439/43 signals retracement from 1.1472 is over.

No eco. data is due out from the euro are countries, so all eyes are on the European Commission disciplinary report on Italy, so stay tuned.

 

[AceTRaderForex]

AceTraderFx Nov 21: Daily Recommendations on Major -USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 21 Nov 2018 09:30 GMT

USD/JPY - 112.85
Despite the greenback's fall to 112.31 yesterday on broad-based buying of the yen, subsequent strong rebound suggests decline from last Monday's 5-week peak at 114.21 has made a temporary low there and consolidation with upside bias remains for stronger retracement, however, 113.26 (50% r) should remain intact and yield retreat later this week.

On the downside, only below 112.31 would revive bearishness for weakness towards 112.19 but near term loss of momentum would keep price above 111.92 and yield rebound.

Data to be released on Wednesday :
UK PSNB, PSNCR, Canada wholesale sales, and U.S. MBA mortgage application, durable goods, durables ex-transportation, durables ex-defense, initial jobless claims, existing home sales, leading indicator, University of Michigan sentiment.

 

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 22 Nov 2018 05:30 GMT

EUR/USD - 1.1387
Euro's decline from Tuesday's 12-day high at 1.1472 to 1.1359 the same day suggests recent upmove from November's 16-month bottom at 1.1216 has made a temporary top there and as price has retreated after yesterday's recovery to 1.1425, downside bias remains for stronger retracement of said rise towards 1.1321, 'loss of momentum' should keep price well above pivotal sup at 1.1271.

On the upside, only a daily close above 1.1425 would signal pullback has ended, then risk is seen for a re-test of 1.1472 later.

The eco. calendar in the euro area countries is very light with France's Nov business climate being the only data due out at 07:45GMT.
Pay attention to release of ECB minutes of last policy meeting at 12:30GMT. Also, a no. of ECB officials are scheduled to speak (please refer to our EI section for details) and their comments may well cause the euro to swing a bit.

 

[AceTRaderForex]

AceTraderFx Nov 22: Daily Recommendations on Major -USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 22 Nov 2018 09:30 GMT

USD/JPY - 112.96
Despite the greenback's fall to 112.31 yesterday on broad-based buying of the yen, subsequent strong rebound suggests decline from last Monday's 5-week peak at 114.21 has made a temporary low there and consolidation with upside bias remains for stronger retracement, however, 113.26 (50% r) should remain intact and yield retreat later this week.

On the downside, only below 112.31 would revive bearishness for weakness towards 112.19 but near term loss of momentum would keep price above 111.92 and yield rebound.

Data out on Thursday :
Japan national CPI, France business climate, Swiss industrial production, and EU consumer confidence,
U.S. market holiday.

 

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 23 Nov 2018 05:30 GMT

EUR/USD - 1.1402
Euro's decline from this week's 1.1472 (Tue) high to 1.1359 suggests recent upmove has made a temporary top there and despite staging a rebound to 1.1434 in Europe yesterday, subsequent retreat suggests consolidation with downside bias remains, below 1.1359 would extend marginal weakness, loss of momentum should keep euro above 1.1321/22 sup.

Only a daily close above 1.1434 signals pullback over and risks re-test of 1.1472, then towards 1.1500 early next week.

Data out on Friday :
Japan market holiday, Nikkei manufacturing PMI, Germany GDP, Markit manufacturing PMI, Markit services PMI, France Markit manufacturing PMI, Markit services PMI, Italy trade balance, EU Markit manufacturing PMI, Markit services PMI.
Canada CPI, retail sales, and U.S. Markit manufacturing PMI, Markit services PMI.

 

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 23 Nov 2018 09:30 GMT

USD/JPY - 112.84
Despite the greenback's fall to 112.31 on Tuesday on broad-based buying of the yen, subsequent strong rebound to 113.22 yesterday suggests decline from last Monday's 5-week peak at 114.21 has made a temporary low there and consolidation with upside bias remains for stronger retracement, however, 113.48 (61.8% r) should remain intact and yield retreat later.

On the downside, only below 112.31 would revive bearishness for weakness towards 112.19 but near term loss of momentum would keep price above 111.92 and yield rebound.

T.G.I.F., U.S. will release Markit mfg n services PMIs at 14:45GMT later today.

 

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 26 Nov 2018 09:00 GMT

USD/JPY - 113.28
Despite the greenback's fall to 112.31 last week on broad-based buying of the yen, subsequent strong rebound suggests decline from last Monday's 5-week peak at 114.21 has made a temporary low there and consolidation with upside bias remains for stronger retracement, however, 113.48 (61.8% r) should remain intact and yield retreat later this week.

On the downside, only below 112.31 would revive bearishness for weakness towards 112.19 but near term loss of momentum would keep price above 111.92 and yield rebound.

Data to be released later:
France producer prices, Germany Ifo business climate, Ifo current conditions, Ifo expectations, UK BBA mortgage approvals.
U.S. National activity index and Dallas manufacturing index.