AceTraderFx : Daily Recommendations on Major

[AceTRaderForex]

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

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

EUR/USD - 1.1334
The single currency's selloff to 1.1309 yesterday suggests upmove from February's low at 1.1234 has made a temporary top at 1.1420 last Thursday and consolidation with downside bias remains for stronger retracement to 1.1275, however, over sold condition would keep price above 1.1258/60 and yield a much-needed rebound later this week.

On the upside, only above 1.1395 would indicate aforesaid pullback has ended instead and risk gain towards 1.1409, then 1.1420 later.

There is a slew of services PMI to be released from the euro area today but one should also pay attention to EU retail sales at 10:00GMT. Street forecasts for mm and yy are 1.2% and 1.9% vs previous readings of -1.6% and 0.8% respectively.

 

[AceTRaderForex]

AceTraderFx Mar 05: Daily Recommendations on Major -USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 05 Mar 2019 09:30 GMT

USD/JPY - 111.93
Despite the greenback's retreat from last Friday's 10-week peak at 112.07 to 111.64 yesterday, subsequent rebound suggests the pullback has ended and consolidation with upside bias remains for upmove from January's 9-month trough at 104.79 to resume and yield re-test of said resistance, break would extend towards 112.30/40, however, overbought condition would keep price below 112.69 and yield correction later this week.

On the downside, only below 111.64 would indicate a temporary top has been made and risk stronger retracement to 111.49, then 111.23.

Data out on Tuesday :
UK BRC retail sales, Markit services PMI, Germany Markit services PMI, Swiss CPI, Italy Markit services PMI, GDP, France Markit services PMI, EU Markit services PMI, retail sales.
U.S. building permits, redbook, Markit services PMI, ISM non-manufacturing PMI, new home sales, Federal budget.

 

[AceTRaderForex]

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

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

EUR/USD - 1.1300
The single currency's selloff to 1.1309 Monday, then to 1.1290 yesterday suggests upmove from February's low at 1.1234 has made a temporary top at 1.1420 last Thursday and consolidation with downside bias remains for stronger retracement to 1.1275, however, over sold condition would keep price above 1.1258/60 and yield a much-needed rebound later this week.

On the upside, only above 1.1395 would indicate aforesaid pullback has ended instead and risk gain towards 1.1409, then 1.1420 later.

Data to be released on Wednesday :
Japan household spending, Australia GDP, U.S. MBA mortgage application, ADP employment change, trade balance, Fed's Beige Book, and Canada trade balance, exports, imports, labor productivity, BoC interest rate decision, Ivey PMI.

 

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 07 Mar 2019 05:30 GMT

The single currency's selloff to 1.1290 Tuesday, then to 1.1286 yesterday suggests upmove from February's low at 1.1234 has made a temporary top at 1.1420 last Thursday and consolidation with downside bias remains for stronger retracement to 1.1275, however, over sold condition would keep price above 1.1258/60 and yield a much-needed rebound later this week.

On the upside, only above 1.1395 would indicate aforesaid pullback has ended instead and risk gain towards 1.1409, then 1.1420 later.

Data out on Thursday :
Australia AIG construction index, retail sales, trade balance, imports, exports, Japan coincident index, leading indicator.
Swiss unemployment rate, UK Halifax house price, Italy retail sales, EU employment change, GDP, ECB interest rate decision, ECB deposit rate decision, ECB Draghi press conference.
U.S. initial jobless claims, productivity and Canada building permits.

 

[AceTRaderForex]

AceTraderFx Mar 07: Daily Recommendations on Major -USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 07 Mar 2019 09:20 GMT

USD/JPY - 111.77
Despite dollar's brief break of Wednesday's 111.62 low to 111.58 at Asian open, subsequent strong rebound suggests pullback from Tuesday's 10-week high at 112.14 has possibly ended, above 111.92 would confirm and yield re-test of said res, break would extend upmove from January's 9-month trough of 104.79 towards 112.40/45, but 112.60/67 may cap upside.

On the downside, only below 111.49 would indicate temporary top made, risks weakness to 111.23.

Pay attention to the release of U.S. jobless claims at 13:30. Street forecast is for an unchanged figure at 225K.

 

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 08 Mar 2019 05:30 GMT

EUR/USD - 1.1190
Although price has stabilised after yesterday's spectacular selloff from 1.1321 to a fresh 20-month trough at 1.1177 as ECB postponed its rate hike and introduced a new round of TLTROs and minor consolidation would be seen before Medium Term decline resumes towards 1.1140/50, reckon oversold condition would keep price above 1.1100/10 and yield a much-needed correction early next week.

On the upside, only above 1.1286 would indicate a temporary low has been made and risks stronger retracement towards 1.1321/26 before another retreat.

Since there is no major economic data due today from the eurozone, traders are likely to focus on yesterday's events to send the pair lower.

 

[AceTRaderForex]

AceTraderFx Mar 11: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 11 Mar 2019 05:30 GMT

EUR/USD - 1.1224
Although price has rebounded after last Thursday's spectacular selloff from 1.1321 to a fresh 20-month trough at 1.1177 on a dovish ECB and minor consolidation would be seen before MT decline resumes towards 1.1140/50, reckon oversold condition would keep price above 1.1100/10 and yield a much-needed correction early next week.

On the upside, only above 1.1286 would indicate a temporary low has been made and risks stronger retracement towards 1.1321/26 before another retreat.

Since there is no major eco. data due today, investors should keep an eye on the eur/gbp cross due to potential Brexit related headlines in the lead up to tomorrow's vote in UK's Parliament.

 

[AceTRaderForex]

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

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

EUR/USD - 1.1259
Although price has rebounded after last Thursday's spectacular selloff to a fresh 20-month trough at 1.1177 on ECB's dovish forward guidance and minor consolidation would be seen before Medium Term decline resumes towards 1.1140/50, reckon oversold condition would keep price above 1.1100/10 and yield a much-needed correction early next week.

On the upside, only above 1.1286 would indicate a temporary low has been made and risks stronger retracement towards 1.1321/26 before another retreat.

Market focus is now on Brexit related headlines as UK PM May holds a meaningful vote on her Brexit plan in the House of Commons. Hence, traders should keep an eye on the eur/gbp cross.

 

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 13 Mar 2019 06:30 GMT

EUR/USD - 1.1290
The single currency's rise to 1.1307 in New York yesterday suggests medium-term decline has made a temporary low at last Thursday's 20-month trough at 1.1177 and consolidation with upside bias remains for stronger retracement towards 1.1321/26 would be seen, however, loss of momentum would keep price below 1.1351/55 and yield retreat later this week.

On the downside, only below 1.1249 would indicate aforesaid recovery has ended instead and risk would increase for stronger weakness towards 1.1222.

Data to be released on Wednesday :
Australia consumer sentiment, Japan corporate goods price, machinery orders.
EU industrial production, and U.S. MBA mortgage application, durable goods, durables ex-transport, durables ex-defense, PPI, construction spending.

 

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 14 Mar 2019 05:30 GMT

EUR/USD - 1.1325

The single currency's rise to 1.1339 in near New York close yesterday suggests medium-term decline has made a temporary low at last Thursday's 20-month trough at 1.1177 and consolidation with upside bias remains for stronger retracement towards 1.1350/55 would be seen, however, loss of momentum would keep price below 1.1370/75 and yield retreat early next week.

On the downside, only below 1.1249 would indicate aforesaid recovery has ended instead and risk would increase for stronger weakness towards 1.1222.

Data to be released on Thursday :
UK RICS housing survey, Germany CPI, HICP, Swiss producer/import price, France CPI, U.S. building permits, import prices, initial jobless claims, new home sales, and Canada new housing price index.

 

[AceTRaderForex]

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

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

USD/JPY - 111.70
Despite yesterday's fall from 111.47 to 111.01 in New York, intra-day cross-inspired rally above previous resistant at 111.48 suggests pullback from Mar's 10-week high of 112.14 has possibly ended at 110.79 last Friday, above 111.86/92 would confirm and bring re-test of 112.14, where break would extend upmove from 104.79 (January) towards 112.69.

On the downside, only below 111.01 would prolong choppy trading and risk weakness towards 110.79/88.

There is a slew of US data to be released today including import and export prices but traders should keep an eye on jobless claims at 12:30GMT. Street forecast is for a slight increase to 225k from previous reading of 223k.

 

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 15 Mar 2019 05:30 GMT

EUR/USD - 1.1319
The single currency's rise to 1.1341 yesterday suggests medium-term decline has made a temporary low at last Thursday's 20-month trough at 1.1177 and consolidation with upside bias remains for stronger retracement towards 1.1350/55 would be seen, however, loss of momentum would keep price below 1.1370/75 and yield retreat early next week.

On the downside, only below 1.1249 would indicate aforesaid recovery has ended instead and risk would increase for stronger weakness towards 1.1222.

There is a slew of economic data to be released from the eurozone today but traders should pay attention to the release of EU final inflation figures at 10:00GMT. Street forecasts for mm and yy are 0.3% and 1.5% vs previous readings of -1.0% and 1.5%.

 

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 15 Mar 2019 09:30 GMT

USD/JPY - 111.68
Although dollar's intra-day retreat from 111.90 to 111.49 in Asia due to active safe-haven buying in jpy on renewed U.S./North Korea tension signals recent rise from last Friday's 110.79 low has made a temporary top, subsequent rebound has retained bullishness and above 111.90/92 would bring re-test of Mar's 10-week high of 112.14.

On the downside, only below 111.47 would indicate recovery has ended instead, risk weakness towards 111.01.

There is a slew of US data to be released today but one should be particular attention to the release of University of Michigan Consumer Sentiment at 14:00GMT.
Street forecast is for an increase to 95.3 from previous reading of 93.8.

 

[AceTRaderForex]

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

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

EUR/USD - 1.1324
The single currency's rise to 1.1345 last Friday suggests medium-term decline has made a temporary low at last March's 20-month trough at 1.1177 and consolidation with upside bias remains for stronger retracement towards 1.1350/55 would be seen, however, loss of momentum would keep price below 1.1370/75 and yield retreat early next week.

On the downside, only below 1.1249 would indicate aforesaid recovery has ended instead and risk would increase for stronger weakness towards 1.1222.

Data to be released today:
Japan exports, imports, trade balance, industrial production, capacity utilization.
UK Rightmove house price, EU trade balance, and U.S. NAHB housing market index on Monday.

 

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 18 Mar 2019 09:30 GMT

USD/JPY - 111.49
Despite dollar's resumption of upmove from Mar's 110.79 low to 111.90 on Friday, subsequent fall to 111.39 in New York on safe-have jpy buying suggests correction has ended and further weakness towards 110.79/88 would be seen after consolidation but loss of momentum should keep price above 110.63/66.

On the upside, only above 111.90/92 would risk re-test of Mar' 10-week peak at 112.14, break, 112.30/35 later.

Since there is no significant eco. data due from the EU today, traders should keep an eye on comments from ECB's chief economist Peter Praet, as he delivers a keynote speech in Luxembourg at 15:10GMT.

 

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 19 Mar 2019 05:41 GMT

EUR/USD - 1.1345
The single currency's rise to 1.1359 yesterday suggests medium-term decline has made a temporary low at last March's 20-month trough at 1.1177 and consolidation with upside bias remains for stronger retracement towards 1.1374/75 would be seen, however, loss of momentum would keep price below 1.1390/00 and yield retreat later this week.

On the downside, only below 1.1249 would indicate aforesaid recovery has ended instead and risk would increase for stronger weakness towards 1.1222.

There is a slew of data to be released from the eurozone today but particular attention should be given to Germany's ZEW economic sentiment and current conditions at 10:00GMT.
Street forecasts are -11.0 and 11.7 vs previous readings of -13.4 and 15.0 respectively.

 

[AceTRaderForex]

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

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

EUR/USD - 1.1354
The single currency's rise to 1.1362 yesterday suggests medium-term decline has made a temporary low at last March's 20-month trough at 1.1177 and consolidation with upside bias remains for stronger retracement towards 1.1374/75 would be seen, however, loss of momentum would keep price below 1.1390/00 and yield retreat later this week.

On the downside, only below 1.1249 would indicate aforesaid recovery has ended instead and risk would increase for stronger weakness towards 1.1222.

Data to be released on Wednesday :
New Zealand current account, Australia Westpac leading index, Japan coincident index, leading economic index, Germany producer prices, UK CPI, RPI, PPI input prices, PPI output prices, DCLG house price index, CBI trens survey, and U.S. MBA mortgage application, Fed interest rate decision.

 

[AceTRaderForex]

AceTraderFx Mar 20: Daily Recommendations on Major -USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 20 Mar 2019 09:30 GMT

USD/JPY - 111.57
The greenback's rise to 111.68 in Asia suggests pullback from last Friday's high at 111.90 has ended at 111.16 yesterday and consolidation with upside bias remains for gain to 111.83, however, loss of momentum would keep price below 111.90 and yield another fall towards 111.16 later, below would extend marginally before prospect of rebound.

On the downside, only below 110.79 would signal decline from March's 10-week peak at 112.14 has resumed and yield weakness to 110.60/65.

Market focus is on today's FOMC decision at 18:00GMT and although it is widely expected the central bank will keep its rate unchanged, traders should pay particular attention to Chairman Powell's press conference at 18:30GMT and his tone in regards to the rate path the central bank will undertake this year.

 

[AceTRaderForex]

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

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

EUR/USD - 1.1431
The single currency's rally in New York afternoon yesterday to 1.1448 on dollar's broad-based weakness post the Federal Reserve's dovish hold signals upmove from March's 20-month trough at 1.1177 remains in progress and further gain towards 1.1489 would be seen after consolidation, however, overbought condition would keep price below 1.1515 and yield a much-needed correction early next week.

On the downside, only below 1.1362 would indicate a temporary top has been made and risk stronger retracement to 1.1336/40 before prospect of rebound.

Data to be released on Thursday :
New Zealand GDP, Japan market holiday, Australia employment change, unemployment rate.
Swiss interest rate decision, UK retail sales, BoE MPC vote hike, BoE MPC vote unchanged, BoE MPC vote cut, BoE interest ratre decision, BoE QE total, BoE QE corporate bond purchases.
Canada ADP employment change, U.S. initial jobless cliams, Philadelphia Fed survey, leading indicator, and EU consumer confidence.

 

[AceTRaderForex]

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

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

USD/JPY - 110.35
Dollar's selloff yesterday and then break of previous sup at 110.79 to a near 3-week low of 110.54 after Fed's dovish hold suggests recent decline from March's 10-week high at 112.14 has once again resumed and further weakness towards 110.10/15 would be seen but oversold condition should keep price above 109.90/00.

On the upside, only above 111.01 would indicate temporary low has been made instead, risk stronger retracement to 111.38.

Pay attention to the release of US jobless claims at 12:30GMT.
Street forecast is for a drop to 225k from previous reading of 229k.