AceTraderFx : Daily Recommendations on Major

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 18 Dec 2019 03:30GMT

EUR/USD - 1.1152
Despite the single currency's rise to a 4-month peak at 1.1199 on Friday, subsequent selloff to 1.1112 the same day suggests medium-term upmove has made a temporary top there and consolidation with downside bias remains for stronger retracement to 1.1104, then 1.1071, however, support at 1.1041 should remain intact and yield rebound later this week.

On the upside, only above 1.1185 would revive bullishness for a re-test of said top, break would extend uptrend from October's 2019 trough at 1.0880 to 1.1220/30 later before prospect of correction.

Data to be released on Wednesday :
New Zealand current account, Japan exports, imports, trade balance, Australia Westpac leading index.
Germany producer prices, Ifo business climate, Ifo current conditions, Ifo expectations, UK core CPI, CPI, RPI, core RPI, PPI in put prices, PPI output prices, PPI core output prices, EU construction output, HICP, core HICP, U.S. MBA mortgage applications.
Canada CPI.

 

[AceTRaderForex]

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

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

USD/JPY - 109.40
Dollar's daily sideways swings following retreat from last Friday's 109.70 high to 109.21 in New York suggests further choppy trading below Dec's 6-month peak at 109.72 would continue and below said sup would bring stronger retrace of recent upmove from Dec's 108.44 bottom to 108.94/99.

On the upside, above 109.70/72 needed to extend medium term rise from Aug's 33-month trough at 104.46 to 109.90/00, then possibly 110.20.

In the absence of major economic data from U.S., pay attention to comments from Chicago Federal Reserve President Charles Evans, who will participate in a question-an-answer session before an Economic Club of Indiana at 17:40GMT.

 

[AceTRaderForex]

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

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

EUR/USD - 1.1117
Despite the single currency's rise to a 4-month peak at 1.1199 on Friday, subsequent selloff to 1.1112 the same day, then 1.1111 yesterday suggests medium-term upmove has made a temporary top there and consolidation with downside bias remains for stronger retracement to 1.1071, then 1.1050/55 however, support at 1.1041 should remain intact and yield rebound later.

On the upside, only above 1.1185 would revive bullishness for a re-test of said top, break would extend uptrend from October's 2019 trough at 1.0880 to 1.1220/30 later before prospect of correction.

Data to be released on Thursday :
New Zealand GDP, imports, trade balance, exports, Australia employment change, unemployment rate, Japan Bank of Japan interest rate decision.
Swiss trade balance, exports, imports, France business climate, UK retail sales, retail sales ex-fuel, CBI distributive trades, 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 corporate bond purchases.
U.S. current account, initial jobless claims, Philadelphia Fed manufacturing survey, existing home sales, leading indicator, and Canada average weekly earnings, wholesale trade, ADP employment change

 

[AceTRaderForex]

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

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

USD/JPY - 109.58
Although dollar's choppy trading following retreat from last Fri's 109.70 high to 109.21 would continue and expect consolidation before re-test of Dec's 6-month top at 109.72, break would extend upmove from Aug's 33-month trough at 104.46 to 109.93, then 110.10/20 before prospect of correction.

On the downside, only below 109.21/26 would risk stronger retracement to 108.94/99.

Pay attention to Bank of Japan's rate decision (circa 03:00GMT) and although no change in policy is expected, investors should pay attention to Governor Kuroda's press conference at 06:00GMT to see if he gives any hints on whether the central bank will look to ease its policy further or not.

 

[AceTRaderForex]

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

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

EUR/USD - 1.1123
Despite the single currency's rise to a 4-month peak at 1.1199 on Friday, subsequent selloff to 1.1112 the same day, then 1.1108 yesterday suggests medium-term upmove has made a temporary top there and consolidation with downside bias remains for stronger retracement to 1.1071, then 1.1050/55 however, support at 1.1041 should remain intact and yield rebound later.

On the upside, only above 1.1185 would revive bullishness for a re-test of said top, break would extend uptrend from October's 2019 trough at 1.0880 to 1.1220/30 later before prospect of correction.

Data to be released on Friday :
Japan national CPI, core national CPI, China PBoC interest rate decision.
UK GfK consumer confidence, GDP, current account, PSNB, PSNCR, Germany GfK consumer confidence, France consumer spending, producer prices, Italy MFG business confidence, consumer confidence, producer prices, trade balance, EU current account, consumer confidence.
U.S. GDP, PCE prices, personal income, personal spending, core PCE price index, PCE price index, University of Michigan sentiment, KC Fed manufacturing activity, and Canada new housing price index, retail sales, retail sales ex-autos.

 

[AceTRaderForex]

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

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

USD/JPY - 109.37
Although price has recovered after yesterday's selloff on falling U.S. yields and break of previous support at 109.21 to 109.19 and minor consolidation would be seen, as said move signals near term decline from last Friday's high at 109.70 has resumed, downside bias remains and below 109.19 would yield stronger retracement to 108.94, then 108.50/60.

On the upside, only a daily close above 109.70/72 would indicate Medium Term upmove from 2019 trough at 104.46 (August) has resumed instead and extend to 109.93/95 early next week.

There is a slew of data out from the U.S. today but one should pay particular attention to the release of final GDP figures at 13:30GMT. Street forecasts for GDP Q3 and GDP deflator are 2.1% and 1.8% vs previous readings of 2.1% and 1.7% respectively.

 

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 23 Dec 2019 03:30GMT

EUR/USD - 109.46
Despite the single currency's rise to a 4-month peak at 1.1199 in December, subsequent selloff to 1.1067 yesterday suggests medium-term upmove from 1.0880 (October) has made a temporary top there and consolidation with downside bias remains for stronger retracement to 1.1041, then 1.1050/55 however, support at 1.1004 should remain intact and yield rebound later.

On the upside, only above 1.1185 would revive bullishness for a re-test of said top, break would extend uptrend from October's 2019 trough at 1.0880 to 1.1220/30 later before prospect of correction.

Data to be released later today:
Japan all industry activity index, leading indicator, coincident index.
U.S. durable goods, durables ex-transpot, durables ex-defense, building permits, Chicago Fed national activity index, new home sales and Canada GDP on Monday.

 

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 23 Dec 2019 09:30GMT

USD/JPY - 109.37
Dollar's rebound to 109.53 in Australia today suggests pullback from 109.70 has ended at 109.19 last Thursday and re-test of Dec's 6-month high at 109.72 would be seen after consolidation, break would extend upmove from Aug's 33-month trough at 104.46 to 109.93, then 110.10 before prospect of correction.

On the downside, only below 109.19 signals temporary top made and risks weakness to 108.94, then 108.44/46.

Pay attention to release of U.S. durable goods, durables ex-transport at 13:30GMT. Street forecasts are 1.9% and 0.1% vs previous readings of 0.5% and 0.5% respectively.

 

[AceTRaderForex]

AceTraderFx Dec 24: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 24 Dec 2019 03:30GMT

EUR/USD - 1.1093
Despite the single currency's rise to a 4-month peak at 1.1199 in December, subsequent selloff to 1.1067 yesterday suggests medium-term upmove from 1.0880 (October) has made a temporary top there and consolidation with downside bias remains for stronger retracement to 1.1041, then 1.1050/55 however, support at 1.1004 should remain intact and yield rebound later.

On the upside, only above 1.1185 would revive bullishness for a re-test of said top, break would extend uptrend from October's 2019 trough at 1.0880 to 1.1220/30 later before prospect of correction.

Data to be released on Tuesday :
U.S. redbook and Richmond Fed manufacturing index.

 

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 27 Dec 2019 03:30GMT

EUR/USD - 1.1108
Despite the single currency's rise to a 4-month peak at 1.1199 in December, subsequent selloff to 1.1067 last Friday suggests medium-term upmove from 1.0880 (October) has made a temporary top there and consolidation with downside bias remains for stronger retracement to 1.1041, then 1.1050/55 however, support at 1.1004 should remain intact and yield rebound later.

On the upside, only above 1.1185 would revive bullishness for a re-test of said top, break would extend uptrend from October's 2019 trough at 1.0880 to 1.1220/30 later before prospect of correction.

Data due out later:
Swiss Investor Sentiment - Dec, Italy Unemployment Rate - Nov, EU Economic Bulletin.

 

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 27 Dec 2019 09:30GMT

USD/JPY - 109.49
Although dollar's rally from last Thursday's trough at 109.19 to 109.68 yesterday suggests early correction from 109.70 has ended, intra-day retreat would bring range trading before price heads toward Dec's 6-month high at 109.72, above would extend upmove from Aug's 33-month's 104.46 low to 110.00/10 but 110.20 may hold today.

On the downside, only below 109.19 signals temporary top made and risks weakness to 108.94, then 108.44.

 

[AceTRaderForex]

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

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

EUR/USD - 1.1183
Euro's impressive rally on Friday from 1.1095 to as high as 1.1187 (New York) due to broad- based usd's weakness suggests re-test of December's 4-month peak at 1.1199 would be forthcoming next, break there would extend Medium Term upmove towards next daily chart objective at 1.1249 'later'.

On the downside, only a daily close below 1.1144 signals temporary top is made and may risk stronger retracement towards 1.1095.

Economic data to be released later:
Germany retail sales, Swiss KOF indicator, UK BBA mortgage application.
U.S. goods trade balance, wholesale inventories, Chicago PMI, pending home sales, Dallas Fed manufacturing business index on Monday.

 

[AceTRaderForex]

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

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

USD/JPY - 109.14
Despite dollar's rebound to 109.68 last Thursday, subsequent retreat and intra-day break of previous support at 109.19 suggests further choppy trading below Dec's 6-month peak at 109.72 would continue and would head towards 108.94, then possibly 108.44/46 before prospect of rebound.

On the upside, only above 109.39/44 signals pullback has ended and risks gain to 109.58, then re-test of 109.72.

Pay attention to the release of Chicago PMI at 14:45GMT. Street forecast is for an increase to 47.9 from previous reading of 46.3.

 

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 31 Dec 2019 03:30GMT

EUR/USD - 1.1204
Euro's rally to a fresh 4-month peak at 1.1222 yesterday on usd's continued weakness suggests upmove from October's 2019 trough at 1.0880 remains in progress and further gain to 1.1249 would be seen, however, loss of upward momentum would keep price below 1.1285 and yield a much-needed correction early next week.

On the downside, only below 1.1144 would indicate a temporary top has been made and risk stronger retracement of aforesaid uptrend to 1.1109/10.

Data to be released on Tuesday :
Japan market holiday, China NBS manufacturing PMI, NBS non-manufacturing PMI.
U.S. redbook, monthly home price, CS home price, consumer confidence.

 

[AceTRaderForex]

AceTraderFx Dec 31: Daily Recommendations on Major -USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 31 Dec 2019 09:30GMT

USD/JPY - 108.68
Although dollar's selloff and break of previous support at 109.19 to 108.76 in New York yesterday, then lower today suggests further choppy trading below Dec's 6-month high at 109.72 would continue and weakness to 108.44/46 would be seen after consolidation, break needed to extend decline to 108.25/29.

On the upside, only above 109.07 signals pullback over and risks gain towards 109.22 then 109.39/44.

U.S. will release a slew of eco. data later today, pay attention to U.S. consumer confidence at 15:00GMT. Street forecast is for an uptick to 128.2 from previous reading of 125.5.

 

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 02 Jan 2020 03:30GMT


EUR/USD - 1.1222
Euro's rally to a fresh 4-1/2 month peak at 1.1239 on Tuesday on usd's continued weakness suggests upmove from October's 2019 trough at 1.0880 remains in progress and further gain to 1.1260 would be seen, however, loss of upward momentum would keep price below 1.1285 and yield a much-needed correction early next week.

On the downside, only below 1.1144 would indicate a temporary top has been made and risk stronger retracement of aforesaid uptrend to 1.1109/10.

There is a slew of manufacturing PMIs to be released from the eurozone today.
Pay particular attention to Germany (08:55GMT) and EU's (09:00GMT) releases. Street forecasts for unchanged readings at 43.4 and 45.9 respectively.

 

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 03 Jan 2020 03:30GMT

EUR/USD - 1.1173
Despite euro's rally to a fresh 4-1/2 month peak at 1.1239 on Tuesday on usd's continued weakness, subsequent selloff to as low as 1.1164 yesterday suggests upmove from October's 2019 trough at 1.0880 has made a temporary top there and consolidation with downside bias remains for stronger retracement to 1.1144, then 1.1109 before prospect of a rebound.

On the upside, only above 1.1239 would revive bullishness for further gain to 1.1260/70 but loss of momentum would limit upside to 1.1300/10.

Data to be released on Friday :
Japan market holiday.
UK BRC shop price index, nationwide house price index, Markit construction PMI, France CPI (EU norm), CPI, Swiss manufacturing PMI, Germany unemployment change, unemployment rate, CPI, HICP.
U.S. ISM New York index, construction spending, ISM manufacturing PMI.

 

[AceTRaderForex]

AceTraderFx Jan 03: Daily Recommendations on Major -USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 03 Jan 2020 03:30GMT

USD/JPY - 107.94
Dollar's break of December's trough at 108.44 to 108.22 yesterday, then lower today on active safe-haven jpy buying after U.S. missile attack on Iraq suggests decline from December's 6-month high at 109.72 has resumed and re-test of November's 107.90 low would be seen after consolidation, break would extend towards 107.71, then 107.40/50 before prospect of correction.

On the upside, only above 108.44/48 would risk stronger retracement to 108.62, then possibly 108.86.

Pay attention to the US ISM manufacturing PMI at 15:00GMT. Street forecast is for an increase to 49.0 from previous reading of 48.1. Investors should also keep an eye out on the release of FOMC minutes at 19:00GMT.

 

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 06 Jan 2020 03:30GMT

EUR/USD - 1.1166
Despite euro's decline last week from a 4-1/2 month peak of 1.1239 (Tuesday) to as low as 1.1216 on Friday, subsequent strong bounce in New York session to 1.1180 suggests pullback has possibly ended and re-test of said temporary top is now envisaged after consolidation.

On the downside, only below 1.1126 aborts bullish view on euro and risk would shift to the downside for stronger retracement of medium-term upmove towards 1.1067 'later' this week.

Data to be released later today:
Australia AIG manufacturing index, Japan Jibun bank manufacturing PMI, China Caixin manufacturing PMI.
Germany retail sales, Markit services PMI, Italy Markit services PMI, France Markit services PMI, EU Markit services PMI, Sentix index, producer prices, UK Markit services PMI.
U.S. Markit services PMI and Canada producer prices.

 

[AceTRaderForex]

AceTraderFx Jan 06: Daily Recommendations on Major -USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 06 Jan 2020 09:30GMT

USD/JPY - 108.12
Although price has recovered after intra-day fall to a 2-1/2 month trough at 107.78 on cross-buying in jpy and minor consolidation would be seen, as said move signals decline from December's 6-month peak at 109.72 has resumed, downside bias remains and below 107.78 would extend to 107.46. However, loss of momentum would keep price above 107.09/10 and yield correction later.

On the upside, only above 108.62 would indicate a temporary low has been made and risk stronger retracement to 108.86/90 before prospect of retreat.

U.S. eco. calendar is very light wuth Markit services PMI for Dec being the only data due out. Anyway, market focus remains on full alert on latest developments in the Middle East.