AceTraderFx : Daily Recommendations on Major

AceTRaderForex

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


DAILY MARKET OUTLOOK on Major
Update Time: 18 Nov 2019 09:50 GMT

USD/JPY - 108.91
Dollar's rebound from last Thur's trough at 108.25 to 108.85 on Friday and then intra-day break of this level suggests decline from Nov's 5-month high at 109.48 has made a temporary low there and consolidation with upside bias remains for gain to 109.14 is seen, break would confirm this view and extend to 109.29 but 109.48 may hold on first testing.

On the downside, only below 108.62 signals recovery is over and risk stronger weakness to 108.49, 108.25.

Data to be released later today:
UK Rightmove house price and U.S. NAHB housing market index on Monday.
 

AceTRaderForex

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

DAILY MARKET OUTLOOK on Major
Update Time: 19 Nov 2019 03:30GMT

EUR/USD - 1.1067
Despite the single currency's fall to a 1-month trough at 1.0990 last Thursday, subsequent strong rebound to 1.1057 on Friday, then higher to 1.0990 yesterday on improved risk appetite suggests recent decline from October's 2-month peak at 1.1179 has made a temporary low there and consolidation with upside bias remains for stronger retracement to 1.1131 before prospect of retreat later this week.

On the downside, only below 1.0990 would revive bearishness for weakness to 1.0968 but loss of momentum would keep price above support at 1.0942, yield rebound.

Economic data to be released later:
New Zealand GDT price index, PPI inputs, PPI outputs.
Germany wholesale sales, Swiss trade balance, exports, imports, Italy industrial orders, industrial sales, EU current account, construction output, UK CBI trends survey.
U.S. building permits, housing starts, redbook and Canada manufacturing sales
 

AceTRaderForex

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

DAILY MARKET OUTLOOK on Major
Update Time: 19 Nov 2019 09:50 GMT

USD/JPY - 108.62
Despite dollar's strong rebound from last Thursday's trough at 108.25 to 109.06 in Europe yesterday, subsequent retreat to 108.52 in New York, then 108.47 (Asia) today suggests choppy trading below November's 5-month high at 109.48 would continue, below 108.25 would extend decline towards 107.90.

On the upside, only above 108.85/90 signals pullback over and risks re-test of 109.06, break, 109.29.

U.S. will release its building permits and housing starts data at 13:30GMT and New York Fed President John Williams will speak at the Capital Markets Conference in Washington at 14:00GMT.
 

AceTRaderForex

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

DAILY MARKET OUTLOOK on Major
Update Time: 20 Nov 2019 03:30GMT

EUR/USD - 1.1077
Despite the single currency's fall to a 1-month trough at 1.0990 last Thursday, subsequent strong rally to 1.1090 on Monday due partly to usd's weakness suggests recent decline from October's 2-month peak at 1.1179 has made a temporary low there and consolidation with upside bias remains for stronger retracement to 1.1131 before prospect of retreat later this week.

On the downside, only below 1.0990 would revive bearishness for weakness to 1.0968 but loss of momentum would keep price above support at 1.0942, yield rebound.

Pay attention to the release of German producer prices at 07:00GMT. Street forecasts for mm and yy are 0.0% and -0.4% vs previous readings of 0.1% and -0.1% respectively.
 

AceTRaderForex

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

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

USD/JPY - 108.42
The greenback's selloff from Monday's high at 109.06 to 108.46 yesterday, then lower to 108.36 today suggests the recovery from last Thursday's low at 108.25 has ended there and consolidation with downside bias remains for a re-test of said support, break would signal decline from November's 5-month peak at 109.48 has resumed and extend to 107.90 before prospect of correction due to over sold condition.

On the upside, only above 109.06 would revive bullishness for a stronger retracement to 109.29 but aforesaid 109.48 top should hold on first testing

Pay attention to the release of Fed's FOMC minutes after the central bank cut its rates for the third time this year. Investors should look for disagreement amongst the members over the rate cut and what path with the bank take for its rate-setting policy in the future.
 

AceTRaderForex

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

DAILY MARKET OUTLOOK on Major

Update Time: 22 Nov 2019 03:30GMT

EUR/USD - 1.1065
Despite the single currency's brief break of Monday's high at 1.1090 to 1.1096 yesterday, subsequent sharp retreat to 1.1053 suggests recent upmove from last Thursday's trough at 1.0990 has made a temporary top there and consolidation with downside bias would be seen for stronger retracement to 1.1027/29, however, support at 1.1015 should remain intact and yield rebound later.

On the upside, only above 1.1096 would revive bullishness for gain to 1.1113, then 1.1140 before prospect of retreat early next week.
There is a slew of manufacturing and services PMIs due from the eurozone today.

Pay particular attention to Germany's release at 08:30GMT. Street forecast for manufacturing and services PMI are 42.9 and 52.0, up from previous readings of 42.1 and 51.6 respectively.
 

AceTRaderForex

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

DAILY MARKET OUTLOOK on Major

Update Time: 22 Nov 2019 09:30GMT

USD/JPY - 108.59
Dollar's fall from Nov's 5-month peak at 109.48 to 108.25 last Thursday suggests medium term upmove from Aug's 33-month trough at 104.46 has made a temporary top, subsequent rebound to 109.06 on Monday, then retreat to 108.29 yesterday would yield range trading before prospect of another fall towards 107.90 (Nov low).

On the upside, only above 108.84 would risk stronger retracement to 109.06, break, 109.29.

Data release later:
Germany GDP, Markit manufacturing PMI, Markit services PMI, France Markit manufacturing PMI, Markit services PMI, EU Markit manufacturing PMI, Markit services PMI, UK manufacturing PMI, services PMI.
Canada retail sales, retail sales ex-autos, and U.S. Markit manufacturing PMI, Markit services PMI, University of Michigan sentiment index, KC Fed manufacturing index.
 

AceTRaderForex

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

DAILY MARKET OUTLOOK on Major

Update Time: 25 Nov 2019 05:30GMT

EUR/USD - 1.1023
The single currency's selloff to 1.1015 on Friday suggests correction from November's low at 1.0990 has ended at 1.1096 last Thursday and consolidation with downside bias remains for a re-test of aforesaid support, break would extend decline from October's 2-month peak at 1.1179 to 1.0970/75, however, loss of momentum would keep price above at 1.0942 and yield correction.

On the upside, only above 1.1053 would indicate a temporary low has been made and risk stronger retracement to 1.1081, then 1.1096 later.

Pay attention to the release of German Ifo business climate, current conditions and expectations at 09:00GMT. Street forecasts are 95.0, 98.0 and 92.5 vs previous readings of 94.6, 97.8 and 91.5 respectively.
 

AceTRaderForex

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

DAILY MARKET OUTLOOK on Major

Update Time: 25 Nov 2019 09:30GMT

USD/JPY - 108.82
Despite dollar's retreat from last Monday's high at 109.06 to 108.29 Thursday, subsequent rebound to 108.72 Friday, then higher today suggests choppy trading above Nov's trough at 107.90 would continue, however, 109.25/29 should cap upside and bring another fall, below 108.48 would yield re-test 108.25 (reaction low), break, 107.90.

On the upside, only above 109.29 may risk 109.48 again which should hold on first testing.

In the absence of major economic data from U.S., focus will remain on US-China trade related headlines as they try to complete the "phase one" part of the deal.
 

AceTRaderForex

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

DAILY MARKET OUTLOOK on Major

Update Time: 26 Nov 2019 03:30GMT

EUR/USD - 1.1016
The single currency's selloff to 1.1015 on Friday, then 1.1004 yesterday suggests correction from November's low at 1.0990 has ended at 1.1096 last Thursday and consolidation with downside bias remains for a re-test of aforesaid support, break would extend decline from October's 2-month peak at 1.1179 to 1.0970/75, however, loss of momentum would keep price above at 1.0942 and yield correction.

On the upside, only above 1.1053 would indicate a temporary low has been made and risk stronger retracement to 1.1081, then 1.1096 later.

Pay attention to release of German Gfk consumer sentiment at 07:00GMT. Street forecast is for an unchanged reading at 9.6.
 

AceTRaderForex

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

DAILY MARKET OUTLOOK on Major

Update Time: 27 Nov 2019 03:30GMT

EUR/USD - 1.1018
The single currency's weakness after Monday's fall to 1.1004 suggests correction from November's low at 1.0990 has ended at 1.1096 last Thursday and consolidation with downside bias remains for a re-test of aforesaid support, break would extend decline from October's 2-month peak at 1.1179 to 1.0970/75, however, loss of momentum would keep price above at 1.0942 and yield correction.

On the upside, only above 1.1053 would indicate a temporary low has been made and risk stronger retracement to 1.1081, then 1.1096 later.

Pay attention to the release of Germany import prices mm and yy at 07:00GMT. Street forecasts are -0.2% and -3.6% vs previous readings of 0.6% and -2.5% respectively.
 

AceTRaderForex

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

DAILY MARKET OUTLOOK on Major

Update Time: 27 Nov 2019 09:30GMT

USD/JPY - 109.16
Despite dollar's retreat from 109.20 in Asia yesterday to 108.88 (Europe), subsequent rebound suggests correction has ended and consolidation with upside bias remains for re-test of Nov's 5-month peak at 109.48, break would extend upmove from 104.46 (Aug) to 108.70/75 before prospect of correction due to over/bought condition

On the downside, only below 108.88 signals temporary top made and risks weakness to 108.48, break, 108.25/29.

Data to be released later:
UK BRC shop price index, Australia construction work done, Germany import prices, France consumer confidence, Italy Mfg business confidence, consumer confidence, Swiss investor sentiment.
U.S. MBA mortgage applications, durable goods, durables ex-transport, durables ex-defense, GDP, GDP deflator, core PCE, PCE price index, initial jobless claims, personal income, personal spending, pending home sales, Fed's Beige Book.
 

AceTRaderForex

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Mar 19, 2013
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AceTraderFx Nov 28: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major

Update Time: 28 Nov 2019 03:30GMT

EUR/USD - 1.1006
The single currency's break of Monday's low at 1.1004 to 1.0993 yesterday suggests correction from November's low at 1.0990 has ended at 1.1096 last Thursday and consolidation with downside bias remains for a re-test of aforesaid support, break would extend decline from October's 2-month peak at 1.1179 to 1.0970/75, however, loss of momentum would keep price above at 1.0942 and yield correction.

On the upside, only above 1.1053 would indicate a temporary low has been made and risk stronger retracement to 1.1081, then 1.1096 later.

Data to be released on Thursday :
UK YouGov MRP poll release, Japan retail sales, New Zealand NBNZ business outlook, NBNZ own activity, Australia capital expenditure, building capex, Swiss GDP, Italy producer prices, EU business climate, economic sentiment, industrial sentiment, services sentiment, consumer confidence, Germany CPI, HICP.
U.S. market holiday, and Canada current account, average weekly earnings.
 

AceTRaderForex

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AceTraderFx Nov 28: Daily Recommendations on Major -USD/JPY

DAILY MARKET OUTLOOK on Major

Update Time: 28 Nov 2019 09:30GMT

USD/JPY - 109.46
Although dollar's break of Nov's previous high at 109.48 to near-6-month top at 109.60 in New York yesterday suggests upmove from Aug's 33-month trough at 104.46 has resumed, intra-day retreat on renewed U.S.-China trade concern would bring consolidation before price heads to 109.90/93 but 110.30/40 should hold due to loss momentum.

On the downside, only below 109.11 (Wed European low) would indicate temporary top made and risk weakness toward 108.88/90, break, 108.43/48.

U.S. markets will be closed today for Thanksgiving holiday, hence no data will be out today.
 

AceTRaderForex

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

DAILY MARKET OUTLOOK on Major

Update Time: 29 Nov 2019 03:30GMT

EUR/USD - 1.1010
Although euro has recovered after Wednesday's break of Monday's low at 1.1004 to 1.0993 and minor consolidation would be seen, as said move signals correction from November's low at 1.0990 has ended at 1.1096 last Thursday, downside bias remains for a re-test of aforesaid support, break would extend decline from October's 2-month peak at 1.1179 to 1.0970/75, however, loss of momentum would keep price above at 1.0942 and yield correction.

On the upside, only above 1.1053 would indicate a temporary low has been made and risk stronger retracement to 1.1081, then 1.1096 later.

There is a slew of data to be released from the eurozone today. Pay attention to Germany's retail sales at 07:00GMT. Street forecasts for mm and yy are 0.0% and 1.1% vs previous readings of 0.1% and 3.4% respectively.
 

AceTRaderForex

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AceTraderFx Nov 29: Daily Recommendations on Major -USD/JPY

DAILY MARKET OUTLOOK on Major

Update Time: 29 Nov 2019 09:30GMT

USD/JPY - 109.50
Despite dollar's retreat from Wednesday's near 6-month high at 109.60 in New York, yesterday's rebound from 109.34 (AUS) to 109.59 in Asia today suggests correction has ended and upmove from Aug's 33-month trough at 104.46 would resume and head towards 109.93 after consolidation but 110.20/30 should hold due to loss of momentum.

On the downside, only below 109.07/11 would indicate temporary top made, risk weakness to 108.83/88.

Data out later :
UK GfK consumer confidence, Germany retail sales, unemployment change, unemployment rate, France consumer spending, GDP, CPI, producer prices, Swiss KOF indicator, Italy unemployment rate, CPI, GDP, EU HICP, core HICP, unemployment rate, and Canada GDP, producer prices, budget balance.
 

AceTRaderForex

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

DAILY MARKET OUTLOOK on Major

Update Time: 02 Dec 2019 03:30GMT

EUR/USD - 1.1018
Despite the single currency's fall to a 6-week trough at 1.0982 on Friday, subsequent strong rebound suggests decline from October's 2-month peak at 1.1179 has made a temporary low there and consolidation with upside bias remains for stronger retracement to 1.1032, however, 1.1048/53 should remain intact and yield another retreat towards said support later.

On the upside, only above 1.1048/53 would risk stronger gain to 1.1086, then 1.1096 before prospect of pullback later this week.

France and Germany will release their manufacturing PMIs at 08:50GMT and 08:55GMT.
Street forecasts are for unchanged figures of 51.6 and 43.8 respectively. Also keep an eye out on comments from ECB's President Christine Lagarde, who is due to speak at 14:00GMT.
 

AceTRaderForex

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

DAILY MARKET OUTLOOK on Major

Update Time: 02 Dec 2019 09:30GMT

USD/JPY - 109.63
Dollar's intra-day break of Fri's top at 109.66 to a fresh near 6-month high of 109.72 in Asia suggests upmove from Aug's 33-month trough at 104.46 has resumed, subsequent retreat would yield consolidation before prospect of another rise to 109.90/93 but 110.35/37 should cap upside due to loss of momentum.

On the downside, only below 109.34 signals temporary top made and risks weakness to 109.11, break, 108.88.

Pay attention to the release of U.S. ISM manufacturing PMI at 15:00GMT. Street forecast is for an uptick to 49.4 from previous reading of 48.3.
 

AceTRaderForex

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

DAILY MARKET OUTLOOK on Major

Update Time: 03 Dec 2019 03:30GMT

EUR/USD - 1.1075
Despite the single currency's fall to a 6-week trough at 1.0982 on Friday, subsequent rally to as high as 1.1089 yesterday on usd's broad-based weakness suggests decline from October's 2-month peak at 1.1179 has made a temporary low there and consolidation with upside bias remains for stronger retracement to 1.1096, then 1.1113, however, 1.1140 should remain intact and yield another retreat later.

On the downside, only below 1.1028 would indicate aforesaid recovery has ended and risk weakness to 1.1004, however, said 1.0982 low would remain intact.

Pay attention to the release of EU produce prices at 10:00GMT. Street forecasts for mm and yy are 0.0% and -1.9% vs previous readings of 0.1% and -1.2% respectively.
 

AceTRaderForex

Master Trader
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AceTraderFx Dec 03: Daily Recommendations on Major -USD/JPY

DAILY MARKET OUTLOOK on Major

Update Time: 03 Dec 2019 09:30GMT


USD/JPY - 109.09
Dollar's retreat from a 6-month high at 109.72 to 108.93 in New York yesterday suggests upmove from Aug's 33-month trough at 104.46 has made a temporary top there, subsequent rebound would bring choppy trading before prospect of another fall, below 108.88/93 would extend to 108.48 but 108.25 should hold today due to oversold condition.

On the upside, only above 109.41 signals correction has ended and may risk re-test of 109.72.

Data to be released on Tuesday :
UK BRC retail sales, Markit construction PMI, Australia current account, RBA interest rate decision, Swiss CPI, France budget balance, EU producer prices.
U.S. redbook, ISM New York index.