AceTraderFx : Daily Recommendations on Major

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 12 Feb 2019 05:30 GMT

EUR/USD - 1.1277
Yesterday's break of Jan's 1.1290 low to a 2-1/2 month trough at 1.1267 suggests re-test of 2018 16-month bottom at 1.1216 is on the cards this week after consolidation, however, anticipated loss of downward momentum should keep p[rice above 1.1187.

On the upside, only above 1.1330 signals temporary low has been made, then risk is seen for stronger retracement to 1.1360/70 before prospect of another fall later this week.

Although no eco. data is due out from the euro area countries, we have ECB Governing Council member Weidmann speaking at 08:00GMT, then ECB's policymaker Nowotny speaking at 09:00GMT. The ECOFIN will hold a meeting today, so one can expect EU officials making comments b4 n after the meeting.

 

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 13 Feb 2019 05:30 GMT

EUR/USD - 1.1330
Although euro's rally from Tuesday's fresh 2-1/2 month trough at 1.1258 to as high as 1.1341 on short covering and usd's broad-based retreat suggests recent decline has made a temporary low and 1-2 days of consolidation with near term upside bias is seen for gain to 1.1360, reckon 1.1400/05 should cap present rise and yield decline later this week.

A daily close below 1.1291 would signal correction is over and bring re-test of 1.1258, then towards 2018 bottom at 1.1216.

The only eco. data due out today is EU's industrial production, traders will buy the euro on dips if readings come in weaker than expectation due to usd's weakness.

 

[AceTRaderForex]

AceTraderFx Feb 13: Daily Recommendations on Major -USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 13 Feb 2019 09:30 GMT

USD/JPY - 110.75
Intra-day break of yesterday's 6-week high at 110.65 suggests recent upmove from January's 9-month trough of 104.79 remains in progress and further gain towards 111.10 would be seen but loss of momentum should cap price below 111.38/45 and yield correction.

Only below 110.16 would indicate temporary top made, risk weakness to 109.76/80 before prospect of rebound.

Data to release on Wednesday :
Australia Westpac consumer survey, Japan corp goods price, New Zealand RBNZ interest rate decision.
UK CPI, RPI, PPI input, PPI output, EU industrial production.
U.S. CPI, real weekly earnings, Federal budget.

 

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 14 Feb 2018 06:30 GMT

EUR/USD - 1.1265
Euro's intra-day brief break of Tuesday's 2-1/2 month low at 1.1258 due to follow-through selling in Australia on renewed usd's strength in New York session suggests price is en route towards 2018 16-month bottom at 1.1216 (November), a break there would pressure euro towards 1.1185/90 later.

On the upside, only above 1.1300/10 signals temporary low is made and may risk another bounce to 1.1340/44.

Today is GDP day in the euro area countries, France will kick off with unemployment rate, then German Q4 GDP, then EU's GDP n employment change.

 

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 14 Feb 2019 09:30 GMT

USD/JPY - 111.09
The greenback's break of yesterday's 6-week peak at 111.06 on Trump's extension for China tariffs deadline to 111.13 suggests erratic upmove from January's 9-month trough at 104.79 remains in progress and further gain towards 111.40 would be seen, however, over bought condition would keep price below resistance at 111.72 and yield correction.

On the downside, only below 110.65 (previous resistance, now support) would indicate a temporary top has been made and risk stronger retracement to 110.35.

Data to be released later :
France ILO unemployment rate, Germany GDP, wholesale price index, Swiss producer/import price, EU employment change, GDP.
U.S. initial jobless claims, PPI, retail sales, business inventories, and Canada manufacturing sales, new housing price index.

 

[AceTRaderForex]

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

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

Update Time: 15 Feb 2019 00:40 GMT
EUR/USD - 1.1291
Although euro's erratic rise from Thursday's fresh 2-1/2 month trough at 1.1249 (Reuters) to 1.1310 in New York after downbeat U.S. retail sales data, then 1.1311 (AUS) today suggests recent downtrend has made a temporary low and range trading with mild upside bias is seen, reckon res at 1.1341/44 should cap intra-day corrective rise and yielded one more.

On the downside, below 1.1249 would extend marginal weakness, however, weakening of downward momentum should keep price above 2018 bottom at 1.1216 and risk has increased for a correction to occur next week.

Data out on Friday:
New Zealand manufacturing PMI, China PPI, CPI, Japan industrial output, capacity utilization, Italy trade balance, UK retail sales, EU trade balance, and U.S. New York Fed manufacturing index, import prices, export prices, industrial production, capacity utilization, manufacturing output, University of Michigan sentiment.

 

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 18 Feb 2019 05:30 GMT

EUR/USD - 1.1303
Despite the single currency's fall to a fresh 2-1/2 month trough at 1.1234 on Friday, subsequent rally to 1.1308 the same day suggests recent erratic decline has made a temporary low there and choppy trading with upside bias would be seen for gain towards 1.1344, however, over bought condition would keep price well below 1.1380 and yield retreat later this week.

On the downside, only below 1.1234 would revive bearishness for weakness towards 2018 trough at 1.1216 (November), break would extend Medium Term decline towards 1.1180 before prospect of a correction.

Since there is no major eco. data due today, traders should keep an eye on Brexit related headlines and eur/gbp cross.

 

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 19 Feb 2019 05:30 GMT

EUR/USD - 1.1307
Despite the single currency's fall to a fresh 2-1/2 month trough at 1.1234 on Friday, subsequent rally to 1.1334 yesterday suggests recent erratic decline has made a temporary low there and choppy trading with upside bias would be seen for gain towards 1.1344, however, over bought condition would keep price well below 1.1380 and yield retreat later this week.

On the downside, only below 1.1234 would revive bearishness for weakness towards 2018 trough at 1.1216 (November), break would extend Medium Term decline towards 1.1180 before prospect of a correction.

Data to be released on Tuesday :
Swiss trade balance, exports, imports, Italy industrial orders, industrial sales, EU current account, construction output, ZEW economic sentiment, UK claimant count, ILO unemployment rate, employment change, average weekly earnings, Germany ZEW economic sentiment, ZEW current conditions.
U.S. NAHB housing market index.

 

[AceTRaderForex]

AceTraderFx Feb 19: Daily Recommendations on Major - USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 19 Feb 2019 09:30 GMT

USD/JPY - 110.67
Dollar's selloff from last Thursday's 6-week high at 111.13 to 110.26 Friday suggests recent upmove from January's 9-month trough of 104.79 has made a temporary top there, subsequent rebound to 110.65, then intra-day brief break of said res to 110.71 on Bank of Japan Governor Kuroda's dovish comments would bring range trading with mild upside bias but 110.82/87 should hold and yield retreat.

On the downside, below 110.46 (Asia) would bring re-test of 110.26, where break would extend to 109.85/90.

As there is no major eco. data due today, focus remains on Cleveland Fed President Loretta Mester's speech on economic outlook and monetary policy in Newark at 13:50GMT.

 

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 20 Feb 2019 06:30 GMT

EUR/USD - 1.1341
The single currency's rally to as high as 1.1357 in New York afternoon yesterday on dollar's broad-based weakness suggests upmove from Friday's low at 1.1234 has once again resumed and consolidation with upside bias remains for gain towards 1.1374, however, loss of momentum would keep price below 1.1408 this week and yield retreat.

On the downside, only below 1.1275 would indicate aforesaid correction has ended instead and risk stronger weakness towards 1.1249/51 later.

Data due out on Wednesday :
New Zealand PPi inputs PPI outputs, Japan exports, imports, trade balance, Australia Westpac leading index, wage price index, Germany producer prices, Swiss industrial production, EU consumer confidence, and U.S. CBI trends survey, MBA mortgage application, redbook, FOMC minutes.

 

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 21 Feb 2019 05:30 GMT

EUR/USD - 1.1345
Although price has retreated after yesterday's rise above Tuesday's high at 1.1357 to 1.1372 and minor consolidation would be seen before upmove from last Friday's low at 1.1234 resumes, reckon loss of momentum would keep price below 1.1402 (50% r from 1.1570) and yield a much-needed correction early next week.

On the downside, below 1.1325 is needed to indicate a temporary top has been made and risk stronger retracement of rise from 1.1234 to 1.1270/80.

There is a slew of data to be released today from the euro region but investors should pay special attention to release of manufacturing and services PMIs from Germany at 08:30GMT.
ECB is also scheduled to release the accounts of its latest monetary policy at 12:30GMT.

 

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 21 Feb 2019 09:30 GMT

USD/JPY - 110.77
Although dollar’s rise from last Friday’s 110.26 low to 110.95 yesterday suggests pullback from February’s 6-week high of 111.13 has ended, subsequent retreat to 110.59 in Asian morning today suggests range trading would be seen before upmove from January’s 9-month trough of 104.79 resumes and extend towards 111.40/45.

On the downside, only below 110.46 would prolong choppy trading and risk weakness to 110.26, then 109.90/00.

Data due out later on Thursday :
Germany CPI, HICP, Markit manufacturing PMI, Markit services PMI, France business climate, CPI, Markit manufacturing PMI, Markit services PMI, EU Markit manufacturing PMI, Markit services PMI, UK PSNB, PSNCR, Italy CPI, Canada wholesale trade, ADP employment change.
U.S. durable goods, durables ex-transport, ex-defense, initial jobless claims, Philadelphia Fed survey, Markit manufacturing PMI, Markit services PMI, existing home sales, leading indicator.

 

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 22 Feb 2019 05:30 GMT

EUR/USD - 1.3338
Although yesterday's wild swings suggest further volatile trading below Wednesday's near 2-week high at 1.1372 would continue, a firm break of 1.1321 sup is needed to signal upmove from last Friday's 3-month bottom at 1.1234 has made a top and bring stronger retracement towards 1.1275.

Only above 1.1372 yields marginal gain but loss of upward momentum should cap price below 1.1400 and yield decline.

Data due out in European morning, pay attention to release of key German Ifo data, expect selling to emerge if actual readings come in below street forecasts. We have a no. of ECB officials speaking at various venues but pay attention to ECB Presient Drgahi's speech in Italy at an event at 15:15GMT.

 

[AceTRaderForex]

AceTraderFx Feb 25: Daily Recommendations on Major - EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 25 Feb 2019 05:30 GMT

EUR/USD - 1.1346
Although price has retreated after last Wednesday's rise to 1.1372 and minor consolidation would be seen before upmove from last February's low at 1.1234 resumes, reckon loss of momentum would keep price below 1.1402 (50% r from 1.1570) and yield a much-needed correction early next week.

On the downside, below 1.1325 is needed to indicate a temporary top has been made and risk stronger retracement of rise from 1.1234 to 1.1270/80.

Data out today (Monday):
New Zealand retail sales, Japan coincident index, leading economic index, and U.S. Chicago national activity index, wholesale sales, Dallas Fed manufacturing business index.

 

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 25 Feb 2019 09:30 GMT

USD/JPY - 110.65
Dollar's initial rise to 110.86 at Asian open due to weekend positive U.S.-China trade talk news then retreat to 110.58 on renewed concerns over talks suggests further choppy trading inside recent 111.13-110.26 range would continue, subsequent rebound has retained bullishness and above 110.95 would bring re-test of Feb's 6-week high of 111.13, break, 111.40/45.

On the downside, only below 110.46 would risk weakness towards 110.26 before prospect of rebound.

Data out today:
Japan coincident index, leading economic index, and U.S. Chicago national activity index, wholesale sales, Dallas Fed manufacturing business index on Monday.

 

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 26 Feb 2019 05:30 GMT

EUR/USD - 1.1361
Despite euro's retreat from last Wednesday's high at 1.1372 to 1.1316 Friday, subsequent rebound to 1.1371 in Australia today suggests upmove from February's low at 1.1234 would resume after consolidation and above 1.1372 would extend marginally, however, loss of momentum would keep price below 1.1402 and yield a much-needed correction towards 1.1316, then 1.1275 later this week.

On the upside, above 1.1402 would encourage further gain to 1.1425 but resistance at 1.1442 (61.8% r from 1.1570) would remain intact and yield retreat.

Data to be released on Tuesday :
Germany GfK consumer sentiment, France consumer confidence, UK BBA mortgage approvals.
U.S. building permits, housing starts, redbook, monthly home price, CS home price, consumer confidence, and Richmond Fed manufacturing index.

 

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 27 Feb 2019 06:30 GMT

EUR/USD - 1.1389
The single currency's rally to as high as 1.1402 yesterday on usd's broad-based weakness in New York post dovish comments from Fed's Chairman Powell suggests erratic rise from February's trough at 1.1234 has resumed and further gain towards 1.1434/40 would be seen, however, overbought condition would keep price below 1.1497 and yield a much-needed correction later this week.

On the downside, only below 1.1345 would indicate a temporary top has been made and risk stronger retracement to 1.1316 before prospect of rebound.

There is a slew of eco. data to be released from the euro area today. Pay particular attention to the release of EU business climate, economic sentiment and industrial sentiment at 10:00GMT.

 

[AceTRaderForex]

AceTraderFx Feb 28: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 28 Feb 2019 05:30 GMT

EUR/USD - 1.1375
Despite euro' rally to as high as 1.1402 on Wednesday, then marginally higher to 1.1404 yesterday, subsequent retreat suggests erratic upmove from February's low at 1.1234 has made a temporary top there and consolidation with downside bias remains for stronger retracement towards 1.1345, then 1.1316, however, loss of momentum would keep price above 1.1275 and yield rebound later.

On the upside, only above 1.1404 would revive bullishness for for gain towards 1.1434/40 before prospect of a correction early next week.

There is a slew of data from the euro area to be released today but attention should be given to Germany's prelim CPI mm and yy at 13:00GMT. Street forecasts are 0.5% and 1.5% vs prev. readings of -0.8% n 1.4% respectively.

 

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 01 Mar 2019 05:30 GMT

EUR/USD - 1.1373
Despite euro' rally to as high as 1.1420 yesterday, subsequent retreat on dollar's broad-based strength suggests erratic upmove from February's low at 1.1234 has made a temporary top there and consolidation with downside bias remains for stronger retracement towards 1.1345, then 1.1316, however, loss of momentum would keep price above 1.1275 and yield rebound later.

On the upside, only above 1.1404 would revive bullishness for a re-test of 1.1420, break would extend towards 1.1473 before prospect of correction.

There is a slew of manufacturing PMIs due from the euro area today. Pay attention to Germany's employment data at 08:55GMT. Unemployment change is expected to drop by 5k from prev. reading of a 3k drop whilst unemployment is forecasted to remain unchanged at 5.0%.

 

[AceTRaderForex]

AceTraderFx Mar 04: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 04 Mar 2019 05:30 GMT

EUR/USD - 1.1368
Despite euro' rally to as high as 1.1420 last Thursday, subsequent retreat to 1.1353 Friday on dollar's broad-based strength suggests erratic upmove from February's low at 1.1234 has made a temporary top there and consolidation with downside bias remains for stronger retracement towards 1.1345, then 1.1316, however, loss of momentum would keep price above 1.1275 and yield rebound later.

On the upside, only above 1.1409 would revive bullishness for a re-test of 1.1420, break would extend towards 1.1473 before prospect of correction.

Pay attention to the release of EU PPI at 10:00GMT.
Street forecast for MM and YY are 0.3% n 2.9% vs prev. readings of -0.8% and 3.0% respectively.