AceTraderFx : Daily Recommendations on Major

AceTRaderForex

Master Trader
Mar 19, 2013
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AceTraderFx Mar 09: Daily Recommendations on Major -EUR/USD

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DAILY MARKET OUTLOOK on Major

Update Time: 09 Mar 2020 03:30GMT

EUR/USD - 1.1368
The single currency's rally to a fresh 8-month peak at 1.1354 last Friday and intra-day gap-up open and rise above this level to 1.1395 signals upmove from February's near 3-year trough 1.0778 remains in progress and further gain to 1.1412/15 would be seen before prospect of a much-needed correction due to loss of momentum.

On the downside, only below 1.1286 would indicate a temporary top has been made and risk stronger weakness to 1.1260/65.

Data to be released today:
Japan current account, trade balance, GDP deflator, GDP, economic watchers current, economic watchers outlook.
Swiss unemployment rate, Germany industrial output, exports, imports, trade balance, current account, EU Sentix index.
Canada leading index, housing starts, building permits on Monday.
 

AceTRaderForex

Master Trader
Mar 19, 2013
4,782
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74
Hong Kong
www.acetraderfx.com
AceTraderFx Mar 09: Daily Recommendations on Major -USD/JPY

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DAILY MARKET OUTLOOK on Major

Update Time: 09 Mar 2020 09:30GMT

USD/JPY - 102.45
Intra-day selloff below 2019 low at 104.46 (Aug) to a 3-1/2 year trough at 101.57 on plunge in U.S. Treasury yields suggests medium term decline has resumed, and as 103.06 has capped subsequent recovery, downside bias remains, below 101.57 needed to head to 101.15/20.

On the upside, only above 103.06 signals temporary bottom is made and risks stronger retracement to 103.50/55.

Data to be released later:
Swiss unemployment rate, Germany industrial output, exports, imports, trade balance, current account, EU Sentix index.
Canada leading index, housing starts, building permits on Monday.
 

AceTRaderForex

Master Trader
Mar 19, 2013
4,782
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74
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www.acetraderfx.com
AceTraderFx Mar 10: Daily Recommendations on Major -EUR/USD

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DAILY MARKET OUTLOOK on Major

Update Time: 10 Mar 2020 03:30GMT

EUR/USD - 1.1397
The single currency's rally above last Friday's high at 1.1354 to a 13-month peak at 1.1494 yesterday on dollar's broad-based weakness signals upmove from February's near 3-year trough 1.0778 remains in progress and further gain to 1.1520/30 would be seen before prospect of a much-needed correction due to loss of momentum.

On the downside, only below 1.1354 would indicate a temporary top has been made and risk stronger weakness to 1.1260/65.

Data to be released on Tuesday :
New Zealand manufacturing sales, UK BRC retail sales, Australia NAB business conditions, NAB business confidence, China PPI, CPI.
France non-farm payrolls, industrial output, Italy industrial output, EU employment change, GDP.
U.S. redbook.
 

AceTRaderForex

Master Trader
Mar 19, 2013
4,782
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74
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www.acetraderfx.com
AceTraderFx Mar 10: Daily Recommendations on Major -USD/JPY

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DAILY MARKET OUTLOOK on Major

Update Time: 10 Mar 2020 09:30GMT

USD/JPY - 104.16
Dollar's rally from a 3-1/2 year trough at 101.19 in New York yesterday suggests recent decline has made a temporary bottom there, subsequent weakness from 105.03 in Asia would bring consolidation before prospect of another rise, however, reckon 105.70/73 should cap upside and yield retreat.

On the downside, below 103.67 would head to 103.06/10, then 102.68.

In the absence of major economic data from U.S. today, investors should continue to keep their attention on the newswires together with keeping an eye on the U.S. Treasury yields and stock markets.
 

AceTRaderForex

Master Trader
Mar 19, 2013
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www.acetraderfx.com
AceTraderFx Mar 10: Daily Recommendations on Major -EUR/USD

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DAILY MARKET OUTLOOK on Major

Update Time: 11 Mar 2020 03:30GMT

EUR/USD - 1.1310
Despite the single currency's rise to a 13-month peak at 1.1494 on Monday, subsequent selloff to 1.1276 yesterday in late New York due to a rally in U.S. stocks suggests upmove from February's near 3-year trough at 1.0778 has made a temporary top there and consolidation with downside bias remains for weakness to 1.1245, however, near term loss of momentum would keep price above 1.1213.

On the upside, only above 1.1401 would indicate aforesaid pullback has ended instead and risk stronger gain to 1.1450/60 later this week.

Data to be released on Wednesday :
New Zealand retail sales, Australia consumer sentiment, Italy producer prices, UK GDP, industrial output, manufacturing output, construction output, trade balance, NIESR GDP estimate, budget report.
U.S. MBA mortgage applications, core CPI, CPI, real weekly earnings, and Canada capacity utilization.
 

AceTRaderForex

Master Trader
Mar 19, 2013
4,782
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74
Hong Kong
www.acetraderfx.com
AceTraderFx Mar 12: Daily Recommendations on Major -EUR/USD

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DAILY MARKET OUTLOOK on Major

Update Time: 12 Mar 2020 03:30GMT

EUR/USD - 1.1267
Despite the single currency's rise to a 13-month peak at 1.1494 on Monday, subsequent selloff to 1.1276 Tuesday, then 1.1258 yesterday due to a rally in U.S. yields suggests upmove from February's near 3-year trough at 1.0778 has made a temporary top there and consolidation with downside bias remains for weakness to 1.1212, however, near term loss of momentum would keep price above 1.1180/90.

On the upside, only above 1.1366 would indicate aforesaid pullback has ended instead and risk stronger gain to 1.1401 later

Data to be released on Thursday :
Japan corporate goods price index.
UK RICS housing price balance, EU industrial production, ECB interest rate decision, ECB deposit rate decision.
U.S. initial jobless claims, PPI, core PPI.
 

AceTRaderForex

Master Trader
Mar 19, 2013
4,782
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74
Hong Kong
www.acetraderfx.com
AceTraderFx Mar 12: Daily Recommendations on Major -USD/JPY

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DAILY MARKET OUTLOOK on Major

Update Time: 12 Mar 2020 09:30GMT

USD/JPY - 103.72
Despite dollar's rally from Monday's near 3-1/2 year bottom at 101.19 to 105.91 on Tuesday, subsequent fall to 103.10 in Asia today suggests 1st leg of correction has ended and intra-day rebound would bring range trading before prospect of another fall, however, reckon 101.95/00 should remain intact.

On the upside, only a firm break above 104.25/30 would indicate temporary low made and yield gain to 104.75/80.

Pay attention to the release of U.S. jobless claims claims at 12:30GMT. Street forecast is for a marginal increase to 218k from previous reading of 216k.
 

AceTRaderForex

Master Trader
Mar 19, 2013
4,782
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74
Hong Kong
www.acetraderfx.com
AceTraderFx Mar 13: Daily Recommendations on Major -EUR/USD

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DAILY MARKET OUTLOOK on Major

Update Time: 13 Mar 2020 03:30GMT

EUR/USD - 1.1175
Despite the single currency's selloff from 1.1301 to as low as 1.1056 in post-ECB trading, subsequent strong rebound to 1.1226 near New York closing suggests decline from Monday's 14-month peak at 1.1494 has possibly made a temporary low there and choppy trading with upside bias would be seen for gain to 1.1333, however, resistance at 1.1366 should remain intact and yield retreat.

On the downside, only below 1.1056 would revive bearishness for further weakness to 1.1000/10 before prospect of a correction due to loss of momentum.

Data to be released on Friday :
New Zealand manufacturing PMI, food price index, Japan tertiary industry activity index.
Germany CPI, HICP, France CPI (EU norm), CPI.
U.S. import prices index, export prices index, University of Michigan sentiment.
 

AceTRaderForex

Master Trader
Mar 19, 2013
4,782
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74
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www.acetraderfx.com
AceTraderFx Mar 13: Daily Recommendations on Major -USD/JPY

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DAILY MARKET OUTLOOK on Major

Update Time: 13 Mar 2020 09:30GMT

USD/JPY - 105.91
The greenback's break of Tuesday's high at 105.91 to 106.08 yesterday suggests upmove from Monday's near 3-1/2 year low at 101.19 has resumed, as subsequent rebound after retreat to 104.51 in Australia today signals price would bring re-test of 106.08, break would extend to 106.34, however, reckon 106.86 should remain intact.

On the downside, only below 105.27 would indicate a temporary top has been made and risk stronger retreacement to 104.51/55 before correction.

Pay attention to the release of University of Michigan Consumer Sentiment at 14:00GMT. Street forecast is for a drop to 95.0 from previous reading of 101.0.
 

AceTRaderForex

Master Trader
Mar 19, 2013
4,782
9
74
Hong Kong
www.acetraderfx.com
Daily Recommendations on Major -EUR/USD

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DAILY MARKET OUTLOOK on Major

Update Time: 16 Mar 2020 03:30GMT

EUR/USD - 1.1100
Despite the single currency's rally in New Zealand to 1.1199 on the Federal Reserve's surprise decision to cut rates to 0-0.25%, subsequent retreat suggests recovery from Friday's low at 1.1055 has ended there and below said support would extend decline from last Monday's 13-month peak at 1.1494 to 1.0952 before prospect of correction later.

On the upside, only above 1.1199 would indicate aforesaid pullback has ended instead and risk stronger retracement to 1.1275 (50% r).

Data to be released today:
Japan Machinery orders.
UK Rightmove house price, China house prices, industrial output, retail sales, Swiss import price, Italy consumer prices, CPI (EU) norm.
U.S. New York Fed manufacturing on Monday.
 

AceTRaderForex

Master Trader
Mar 19, 2013
4,782
9
74
Hong Kong
www.acetraderfx.com
AceTraderFx Mar 16: Daily Recommendations on Major -USD/JPY

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DAILY MARKET OUTLOOK on Major

Update Time: 16 Mar 2020 09:30GMT

USD/JPY - 106.56
Despite dollar's resumption of upmove from last Monday's near 3-1/2 year bottom at 101.19 to a 9-day high at 108.50 (New York) on Friday, intra-day gap-down open and then selloff to 105.74 in New Zealand on active safe-haven yen buying after Fed's surprise rate cut suggests temporary top is made.

As price has retreated after rebounding to 107.57 (Asia), downside bias is retained, below 105.74 would head to 104.90/00 while above 107.57 would yield 107.95/00.
 

AceTRaderForex

Master Trader
Mar 19, 2013
4,782
9
74
Hong Kong
www.acetraderfx.com
AceTraderFx Mar 17: Daily Recommendations on Major -EUR/USD

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DAILY MARKET OUTLOOK on Major

Update Time: 17 Mar 2020 03:30GMT

EUR/USD - 1.1160
Despite the single currency's rally to 1.1236 in Europe after yesterday's gap-down and fall to 1.1047 in New Zealand, subsequent retreat to 1.1095 suggests the recovery has ended and consolidation with downside bias remains for a re-test of said support, break would extend decline from last Monday's 13-month peak at 1.1494 towards 1.1000/10 later before prospect of a correction.

On the upside, only above 1.1236 would revive bullishness for a stronger retracement of above mentioned move to 1.1275 (50% r).

Data to be released on Tuesday :
New Zealand Westpac consumer survey, GDT price index, Australia RBA meeting minutes, home price index, Japan industrial output, capital utilization.
UK claimant count, ILO unemployment rate, employment change, average weekly earnings, Germany ZEW economic sentiment, ZEW current conditions, EU construction output, labour costs, ZEW economic sentiment.
Canada manufacturing sales, and U.S. retail sales ex-autos, retail sales, redbook, industrial production, capital utilization, manufacturing output, JOLTS job openings, NAH housing market index.
 

AceTRaderForex

Master Trader
Mar 19, 2013
4,782
9
74
Hong Kong
www.acetraderfx.com
AceTraderFx Mar 17: Daily Recommendations on Major -USD/JPY

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DAILY MARKET OUTLOOK on Major

Update Time: 17 Mar 2020 09:30GMT

USD/JPY - 106.75
Despite dollar's fall from Friday's 9-day high at 108.50 to 105.15 in New York, subsequent strong rebound to 117.18 in Asia today suggests 1st leg of correction has ended and as price has recovered after retreating to 106.18, upside bias is retained for gain to 107.90/00 after consolidation.

On the downside, only below 105.59/60 would risk weakness to 105.15/20.

There is a slew of data to be released from U.S. today and one should pay attention to industrial production and manufacturing output at 13:15GMT. Street forecasts are 0.4% and 0.3% vs previous readings of -0.3% and -0.1% respectively.
 

AceTRaderForex

Master Trader
Mar 19, 2013
4,782
9
74
Hong Kong
www.acetraderfx.com
AceTraderFx Mar 18: Daily Recommendations on Major -EUR/USD

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DAILY MARKET OUTLOOK on Major

Update Time: 18 Mar 2020 03:30GMT

EUR/USD - 1.1004
The single currency's fall below Monday's low at 1.1047 to 1.0956 yesterday on dollar's broad-based strength suggests erratic decline from last Monday's 13-month peak at 1.1494 has once again resumed and further weakness to 1.0915 would be seen after consolidation, however, loss of momentum would keep price above 1.0880 and yield a much-needed correction later.

On the upside, only above 1.1047 would indicate a temporary low has been made and risk stronger retracement of aforesaid downtrend to 1.1095/00.

Pay attention to the release of German Wholesale Price index at 07:00GMT.
Street forecast for mm and yy are 0.0% and 1.3% vs previous readings of 1.0% and 0.3% respectively.
 

AceTRaderForex

Master Trader
Mar 19, 2013
4,782
9
74
Hong Kong
www.acetraderfx.com
AceTraderFx Mar 18: Daily Recommendations on Major -USD/JPY

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DAILY MARKET OUTLOOK on Major

Update Time: 18 Mar 2020 09:30GMT

USD/JPY - 107.42
Although dollar's retreat from yesterday's 107.86 (NY) high suggests choppy trading below last Friday's 9-day peak at 108.50 would continue, intra-day rebound from 106.76 at European open has retained bullishness for re-test of 107.86, where break would extend gain towards 108.50.

On the downside, only below 106.72/76 would risk stronger retracement to 106.18, then 105.59.

Data to be released on Wednesday :
Germany wholesale price index, Italy industrial orders, industrial sales, trade balance, EU trade balance, HICP, core HICP,.
U.S. MBA mortgage applications, building permits, housing starts, and Canada CPI, core CPI.
 

AceTRaderForex

Master Trader
Mar 19, 2013
4,782
9
74
Hong Kong
www.acetraderfx.com
AceTraderFx Mar 19: Daily Recommendations on Major -EUR/USD

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DAILY MARKET OUTLOOK on Major

Update Time: 19 Mar 2020 03:30GMT

EUR/USD - 1.0933
Despite the single currency's selloff to a 3-week trough at 1.0803 yesterday on dollar's broad-based strength, subsequent rally to 1.0981 today on ECB's stimulus announcement suggests decline from March's 13-month peak at 1.1494 has made a temporary low there and further choppy trading above February's near 3-year trough at 1.0778 would continue with upside bias, however, 1.1044 should hold.

On the downside, only below 1.0821 would revive bearishness for a re-test of aforesaid support, break would extend marginally but 1.0778 should hold on 1st testing.

Data to be released on Thursday :
New Zealand GDP, Japan nationwide core CPI, nationwide CPI, all industry activity index, Australia employment change, unemployment rate, RBA interest rate decision.
Swiss exports, imports, trade balance, SNB interest rate decision, EU construction output.
U.S. current account, initial jobless claims, Philadelphia Fed manufacturing index, leading index, and Canada new housing price index, ADP employment change.
 

AceTRaderForex

Master Trader
Mar 19, 2013
4,782
9
74
Hong Kong
www.acetraderfx.com
AceTraderFx Mar 19: Daily Recommendations on Major -USD/JPY

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DAILY MARKET OUTLOOK on Major

Update Time: 19 Mar 2020 09:30GMT

USD/JPY - 109.02
Yesterday's rise above last Friday's high at 108.50 to 108.65, then to a 2-week top at 109.55 in Asia today suggests recent upmove from March's near 3-1/2 year trough at 101.19 has resumed and gain towards 109.90 would be seen after consolidation, however, reckon 110.70 may hold and yield correction.

On the downside, only below 108.46 signals temporary peak made and risks weakness to 107.75, then 107.09.

Pay attention to the release of U.S. jobless claims at 12:30GMT. Street forecast is for a slight increase to 220k from previous reading of 213k.
 

AceTRaderForex

Master Trader
Mar 19, 2013
4,782
9
74
Hong Kong
www.acetraderfx.com
AceTraderFx Mar 20: Daily Recommendations on Major -EUR/USD

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DAILY MARKET OUTLOOK on Major

Update Time: 20 Mar 2020 03:30GMT

EUR/USD - 1.0697
The single currency's fall to a fresh near 3-year trough at 1.0656 yesterday, then marginally lower to 1.0654 today suggests MT decline remains in progress and further weakness to 1.0610/20 would be seen, however, oversold condition would keep price above daily support at 1.0571 and yield a much-needed correction early next week.

On the upside, above 1.0803 is needed to indicate a temporary low has been made and risk stronger retracement to 1.0839 before retreat.

Data to be released on Friday :
Japan market holiday.
Germany producer prices index, EU current account, UK PSNB, PSNCR, quarterly report.
Canada retail sales, retail sales ex-autos, and U.S. existing home sales.
 

AceTRaderForex

Master Trader
Mar 19, 2013
4,782
9
74
Hong Kong
www.acetraderfx.com
AceTraderFx Mar 20: Daily Recommendations on Major -USD/JPY

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DAILY MARKET OUTLOOK on Major

Update Time: 20 Mar 2020 09:30GMT

USD/JPY - 109.60
Despite dollar's resumption of recent upmove from March's 39-month bottom at 101.19 to a 3-week high at 111.36 in Australia today, subsequent fall suggests temporary top is made and consolidation with mild downside bias would be seen, however, reckon 108.80/90 should hold, yield rebound.

On the upside, only above 110.05/10 would bring retracement to 110.50/60 before prospect of retreat.

In the absence of major U.S. economic data today, market focus will remain on the ongoing coronavirus pandemic related headlines and how global stocks react to the measures taken by several central banks to tackle the slowing global growth.
 

AceTRaderForex

Master Trader
Mar 19, 2013
4,782
9
74
Hong Kong
www.acetraderfx.com
AceTraderFx Mar 23: Daily Recommendations on Major -EUR/USD

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DAILY MARKET OUTLOOK on Major

Update Time: 23 Mar 2020 03:30GMT

EUR/USD - 1.0691
The single currency's fall to a fresh near 3-year trough at 1.0638 last Friday and intra-day break of this support suggests Medium Term decline remains in progress and further weakness to 1.0610/20 would be seen, however, oversold condition would keep price above daily support at 1.0571 and yield a much-needed correction early next week.

On the upside, above 1.0803 is needed to indicate a temporary low has been made and risk stronger retracement to 1.0839 before retreat.

Pay attention to the release of EU consumer confidence at 15:00GMT. Street forecast is -6.5 vs previous reading of -6.6.