AceTraderFx : Daily Recommendations on Major

AceTRaderForex

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AceTraderFx Jun 10: Daily Recommendations on Major -EUR/USD

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DAILY MARKET OUTLOOK on Major

Update Time: 10 June 2020 03:30GMT

EUR/USD - 1.1339
Yesterday's rally from 1.1242 (Europe) to as high as 1.1364 in New York due to renewed usd's broad-based weakness suggests early pullback from last Friday's fresh 2-1/2 month peak at 1.1383 has ended and recent upmove would resume after consolidation, however, loss of upward momentum should cap price well below 2020 peak (March) at 1.1494.

On the downside, only failure to penetrate 1.1383 and a daily close below 1.1300 'prolongs' choppy swings, risks weakness towards 1.1242.

The only eco. data due out today is France's industrial out, however, we have a number of ECB members scheduled to speak during European session, please refer to EI page for details.
 

AceTRaderForex

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AceTraderFx Jun 10: Daily Recommendations on Major – USD/JPY

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DAILY MARKET OUTLOOK on Major

Update Time: 10 Jun 2020 09:30GMT

USD/JPY - 107.36
Although dollar's selloff this week from Monday's 109.69 high to 107.63 yesterday, then lower today suggests decline from last Friday's 109.84 peak to retrace upmove from May's 105.99 bottom has resumed, loss of momentum should prevent steep fall below 107.04/09 and yield rebound later.

Above 107.87 (Asia) would indicate temporary low is made and yield gain to 108.24, then 108.54.

Data to be released on Wednesday :
France industrial output, Canada leading index, and U.S. MBA mortgage applications, core CPI, CPI real weekly earnings, Fed interest rate decision.
 

AceTRaderForex

Master Trader
Mar 19, 2013
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AceTraderFx Jun 11: Daily Recommendations on Major -EUR/USD

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DAILY MARKET OUTLOOK on Major

Update Time: 11 June 2020 03:30GMT

EUR/USD - 1.1390
Although euro's retreat from Wednesday's 3-month high of 1.1422 in post-FOMC after Fed's dovish hold suggests temporary top is in place and initial sideways swings are in store, as long as 1.1323 (New York low) holds, marginal gain is likely, however, loss of upward momentum should cap price well below 2020 peak (March) at 1.1894 and yield a long-overdue correction.

A daily close below 1.1323 would risk stronger retracement to 1.1269, then later towards 1.1242.

On the data front, France will kick off with non-farm payrolls data, then Italy's industrial output.
The Eurogroup will meet today, ECB President Lagarde n ECB members Panetta n Enria will participate in this virtual meeting.
 

AceTRaderForex

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AceTraderFx Jun 11: Daily Recommendations on Major – USD/JPY

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DAILY MARKET OUTLOOK on Major

Update Time: 11 Jun 2020 09:30GMT

USD/JPY - 106.87
Dollar's selloff from Monday's 109.69 high to 106.80 in Europe today on usd's weakness confirms upmove from May's 105.99 bottom has made a temporary top at last Fri's 2-month peak at 109.84 and below 106.75 would head to 106.23, however, loss of momentum should keep price above 105.99 today.

On the upside, only above 107.46 would indicate trough made and risk stronger retracement to 107.82/87 but 108.24 should remain intact.

Data to be released on Thursday :
RICS housing price balance, France non-farm payrolls, Italy industrial output, and U.S. initial jobless claims, continued jobless claims, PPI, core PPI.
 

AceTRaderForex

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

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DAILY MARKET OUTLOOK on Major

Update Time: 12 June 2020 03:30GMT

EUR/USD - 1.1283
As euro's intra-day wild swings on Thursday has ended with price tumbling from 1.1403 to 1.1289 in New York session due to active safe-haven usd buying on plunge in U.S. stocks, suggesting medium-term upmove has made a temporary top at Wed's 3-month peak at 1.1422 and consolidation with downside bias remains for stronger retracement towards chart obj. at 1.1296.

Only a daily close above 1.1323 signals 1st leg of correction is over and risks further recovery to 1.1350/60 but 1.1403 should remain intact.

Data to be released on Friday :
New Zealand manufacturing PMI, food price index, Japan industrial output, capacity utilization.
UK GDP, industrial output, manufacturing output, construction output, trade balance, NIESR GDP estimate, France CPI, EU industrial production.
U.S. import prices, export prices, University of Michigan sentiment, and Canada capacity utilization.
 

AceTRaderForex

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Mar 19, 2013
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AceTraderFx Jun 12: Daily Recommendations on Major – USD/JPY

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DAILY MARKET OUTLOOK on Major

Update Time: 12 Jun 2020 09:30GMT

USD/JPY - 107.19
Dollar's intra-day rebound from 106.59 in Asia after failure to penetrate yesterday's low at 106.58 to as high as 107.32 suggests decline from June's 2-month peak at 109.84 has made a temporary low there and consolidation with upside bias remains for stronger retracement to 107.46 but 107.60/63 remain intact and yield retreat.

Only the downside, only below 106.58 would revive bearishness for further weakness to 106.46, then 106.00/10 before prospect of correction.

T.G.I.F., U.S. will release a slew of economic data, please refer to our EI page for details, however, traders are expected to take cue from intra-day movement in U.S. stock futures in Asian Europe, then performance of the Dow n S&P 500 in NY session. We have Richard Fed's Barkin speaking at 14:00GMT n then 17:00GMT.
 

AceTRaderForex

Master Trader
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AceTraderFx Jun 15: Daily Recommendations on Major -EUR/USD

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DAILY MARKET OUTLOOK on Major

Update Time: 15 June 2020 03:30GMT

EUR/USD - 1.1246
Euro's decline from last Thursday's 3-month peak at 1.1422 to as low as 1.1213 (New York) on Friday confirms medium-term upmove has made a temporary top and downside bias remains for a long-overdue correction towards 1.1147.

Only a daily close above 1.1277 signals 1st leg of correction is over, however, reckon 1.1340 (Friday high) should remain intact and yield another fall later this week.

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

AceTRaderForex

Master Trader
Mar 19, 2013
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AceTraderFx Jun 15: Daily Recommendations on Major – USD/JPY

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DAILY MARKET OUTLOOK on Major

Update Time: 15 Jun 2020 09:30GMT

USD/JPY - 107.34
Despite dollar's bounce from last Thursday's 1-month low at 106.58 to 107.55 Friday in New York, then to 107.57 in Asia today, subsequent retreat to 107.01 suggests recovery has possibly ended and choppy sideways swings would be seen before prospect of another fall but 105.99 (May low) should remain intact.

On the upside, only above 107.57 signals temporary bottom has been made and risks retracement to 107.87, then 108.24.

Data to be released later :
UK house price Rightmove, China industrial output, house price, retail sales, Japan tertiary industry activity, Swiss import price, Italy consumer prices, CPI (EU norm), EU trade balance.
U.S. NY Fed manufacturing and Canada manufacturing sales on Monday.
 

AceTRaderForex

Master Trader
Mar 19, 2013
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AceTraderFx Jun 16: Daily Recommendations on Major -EUR/USD

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DAILY MARKET OUTLOOK on Major

Update Time: 16 June 2020 03:30GMT

EUR/USD - 1.1331
Euro's rally in New York afternoon due to usd's weakness following announcement of Fed's purchase of corporate bond suggests first leg of correction from last Wednesday's 3-month peak at 1.1422 has ended at 1.1212 (Friday) and upside bias remains for further gain after consolidation, near term overbought condition would cap price below 1.1403.

On the downside, below 1.1268 is needed to indicate rebound is over, then risk would shift to downside for weakness to 1.1241, then weakness towards 1.1213.

The euro area counties will release a slew of eco. data, pls refer to our EI page for details.
 

AceTRaderForex

Master Trader
Mar 19, 2013
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74
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AceTraderFx Jun 16: Daily Recommendations on Major – USD/JPY

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DAILY MARKET OUTLOOK on Major

Update Time: 16 Jun 2020 09:30GMT

USD/JPY - 107.32
Despite dollar's bounce from last Thursday's 4-week low at 106.58 to 107.63 in Asia today, subsequent retreat suggests correction has possibly ended and downside bias remains for stronger retracement to 107.01 after consolidation but below 106.58 needed to head to 106.20/25, however, reckon 105.99 should remain intact.

On the upside, above 107.63 would risk gain to 107.87, then 108.24.

Data to be released later :
Germany CPI, HICP, wholesale price index, ZEW economic sentiment, ZEW current conditions, UK claimant count, ILO unemployment rate, employment change, average weekly earnings, EU labour costs, ZEW survey expectations.
U.S. retail sales ex-autos, retail sales, redbook, industrial production, capital utilization, manufacturing output, business inventories, NAHB housing index.
 

AceTRaderForex

Master Trader
Mar 19, 2013
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AceTraderFx Jun 17: Daily Recommendations on Major -EUR/USD

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DAILY MARKET OUTLOOK on Major

Update Time: 17 June 2020 03:30GMT

EUR/USD - 1.1263
Although euro's strong rise from last week's 1.1213 low (Fri) suggests 1st leg of correction from June's 3-month peak at 1.1422 has ended there, Tuesday's selloff from 1.1352 to as low as 1.1229 in New York due to broad-based usd's strength after robust U.S. retail sales suggests recovery over and re-test of 1.1213 is envisaged, then towards next objective at 1.1147 later this week.

Only above 1.1300 'prolongs' choppy swings, however, reckon 1.1352 should cap upside and yield another decline.

Data to be released on Wednesday :
New Zealand current account, Japan exports, imports, trade balance, Australia Westpac leading index.
UK core CPI, CPI, RPI, core RPI, PPI input prices, PPI output prices, PPI core output, DCLG house price index, Italy indutrial orders, industrial sales, EU construction output, HICP, core HICP.
U.S. building permits, housing starts, and Canada CPI, core CPI.
 

AceTRaderForex

Master Trader
Mar 19, 2013
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74
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AceTraderFx Jun 17: Daily Recommendations on Major – USD/JPY

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DAILY MARKET OUTLOOK on Major

Update Time: 17 Jun 2020 09:30GMT

USD/JPY - 107.34
Dollar's retreat from yesterday's high at 107.63 to 107.22 in New York, then 107.18 Asia today suggests recovery from last Thursday's 4-week low at 106.58 has ended and subsequent rebound would bring choppy sideways swings before prospect of another fall to 107.01, then 106.80 but 106.58 may hold.

On the upside, only above 107.63 would risk stronger retracement to 107.87, then possibly 108.24.

U.S. will release a slew of second-tier economic data (see EI page for details). Fed's J. Powell will give his second testimony before the House Financial Committe on Capital Hill at 16:00GMT. We also have Atlanta Fed President Bostic speaking at the same time n then Cleveland Fed Present Mester will speak at 20:00GMT.
 

AceTRaderForex

Master Trader
Mar 19, 2013
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AceTraderFx Jun 18: Daily Recommendations on Major -EUR/USD

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DAILY MARKET OUTLOOK on Major

Update Time: 18 June 2020 03:30GMT

EUR/USD - 1.1242
Yesterday's brief break of last week's 1.1213 low to 1.1208 in New York confirms euro's decline from June's 3-month peak at 1.1422 has once again resumed and although subsequent rebound on short covering would bring initial consolidation, downside bias remains for further weakness, 'loss of downward momentum' is expected to keep price above 1.1147.

Only a daily close above 1.1294 (Wednesday's top) defers current bearish scenario and may risk stronger retracement to 1.1315/25 but 1.1352 should remain intact.

Data to be released on Thursday :
New Zealand GDP, Australia employment change, unemployment rate.
Swiss trade balance, exports, imports, SNB interest rate decision, Italy trade balance, UK BOE interest rate decision, asset purchase program, BOE QE total, BOE QE corporate bond purchases, BOE MPC vote hike, BOE MPC vote unchanged, BOE MPC vote cu.
U.S. initial jobless claims, continued jobless claims, Philadelphia Fed manufacturing index, leading index change, and Canada ADP employment change, new housing price index, wholesale trade.
 

AceTRaderForex

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

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DAILY MARKET OUTLOOK on Major

Update Time: 18 Jun 2020 09:30GMT

USD/JPY - 106.96
Despite dollar's rebound from last Thursday's 4-week low at 106.58 to 107.63 Tuesday, subsequent retreat to 106.71 in Asia today suggests recovery has ended and recent decline from June's 2-month peak at 109.84 would resume after consolidation and head to 106.20/25 but 105.99 (May bottom) should hold on first testing.

On the upside, only above 107.18 would prolong choppy sideways swings and risks 107.40/50.

Data to be released on Thursday :
trade balance, exports, imports, SNB interest rate decision, Italy trade balance, UK BOE interest rate decision, asset purchase program, BOE QE total, BOE QE corporate bond purchases, BOE MPC vote hike, BOE MPC vote unchanged, BOE MPC vote cut.
U.S. initial jobless claims, continued jobless claims, Philadelphia Fed manufacturing index, leading index change, and Canada ADP employment change, new housing price index, wholesale trade.
 

AceTRaderForex

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

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DAILY MARKET OUTLOOK on Major

Update Time: 19 June 2020 03:30GMT

EUR/USD - 1.1202
Despite Thursday's initial sideways swings, subsequent decline from 1.1262 (Europe) to a 12-day low at 1.1186 on renewed usd's strength suggests recent decline from June's 3-month peak at 1.1422 would resume after consolidation, near term loss of downward momentum is likely to limit weakness to 1.1147 and risk has increased for a correction.

On the upside, only above 1.1262 signals temporary bottom is made and yields stronger retracement towards 1.1294.

On the economic data front, Germany will kick off with producer prices and then followed by EU's current account. The European Council will hold a meeting later today so keep an eye out on comments by EU officials.
 

AceTRaderForex

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

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DAILY MARKET OUTLOOK on Major

Update Time: 19 Jun 2020 09:30GMT

USD/JPY - 106.97
Dollar's retreat from Tuesday's high at 107.63 to 106.68 in New York yesterday suggests recovery from last Thursday's 106.58 4-week low has ended and subsequent rebound would bring choppy sideways swings before recent decline from June's 109.84 top resumes and head towards 105.99.

On the upside, above 107.18/22 would risk stronger retracement to 107.63 but 107.87 should remain intact.

Data release on Friday :
Japan nationwide core CPI, Japan nationwide CPI.
UK GfK consumer confidence, PSNB, PSNCR, retail sales, retail sales ex-fuel, Germany producer prices, EU current account. U.S. current account, and Canada retail sales, retail sales ex-autos.
 

AceTRaderForex

Master Trader
Mar 19, 2013
4,782
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74
Hong Kong
www.acetraderfx.com
AceTraderFx Jun 22: Daily Recommendations on Major -EUR/USD

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DAILY MARKET OUTLOOK on Major

Update Time: 22 June 2020 02:30GMT

EUR/USD - 1.1181
As Friday's intra-day 'wild' swings ended with euro falling from 1.1254 to a 2-1/2 week low of 1.1169 as usd regained traction on safe-haven buying, suggests decline from Jun's 3-month peak at 1.1222 remains in force, near term loss of downward momentum should keep price above 1.1100/10 and risk has increased for a correction to take place tomorrow.

On the upside, only a daily close above 1.1254 confirms temporary bottom is in place, then stronger retracement towards 1.1294 can't be ruled out before prospect of another fall later this week.

Data to be released today:
UK CBI trends orders, U.S. national activity index, existing home sales and EU consumer confidence on Monday.
 

AceTRaderForex

Master Trader
Mar 19, 2013
4,782
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74
Hong Kong
www.acetraderfx.com
AceTraderFx Jun 22: Daily Recommendations on Major – USD/JPY

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DAILY MARKET OUTLOOK on Major

Update Time: 22 Jun 2020 09:30GMT

USD/JPY - 106.92
Dollar's retreat from last Tuesday's high at 107.63 to 106.68 on Thursday suggests recovery from June's 4-week low at 106.58 has ended and subsequent rebound would bring choppy sideways swings before recent decline from June's 2-month peak at 109.84 resumes and heads to 105.99.

On the upside, above 107.12/18 would risks stronger retracement to 107.63 but 107.87 should hold.

U.S. will release May national activity index and May existing home sales later today.
 

AceTRaderForex

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

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DAILY MARKET OUTLOOK on Major

Update Time: 23 June 2020 03:30GMT

EUR/USD - 1.1269
Despite yesterday's initial re-test of last Fri's 2-1/2 week low of 1.1269 (AUS), subsequent rally to 1.1269 in New York due to broad-based usd's weakness suggests recent erratic fall from June's 3-month peak at 1.1422 has made a temporary low and 1-2 days of choppy swings are in store.

Reckon 1.1300/10 would cap present rise and yield retreat, below 1.1226 would signals rebound is over and head back to 1.1200/04 but 1.1169 should remain intact.

Data to be released on Tuesday :
Australia manufacturing PMI, services PMI, Japan Jibun Bank manufacturing PMI.
France Markit manufacturing PMI, Markit services PMI, Germany Markit manufacturing PMI, Markit services PMI, EU Markit manufacturing PMI, Markit services PMI, UK Markit manufacturing PMI, Markit services PMI.
U.S. building permits, redbook, Markit manufacturing PMI, Markit services PMI, new home sales, Richmond Fed manufacturing index.
 

AceTRaderForex

Master Trader
Mar 19, 2013
4,782
9
74
Hong Kong
www.acetraderfx.com
AceTraderFx Jun 24: Daily Recommendations on Major -EUR/USD

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DAILY MARKET OUTLOOK on Major

Update Time: 24 June 2020 03:30GMT

EUR/USD - 1.1315
Euro's stronger-than-expected rebound from last Friday's 2-1/2 week bottom at 1.1169 suggests early correction from Jun's 3-month peak at 1.1422 has ended, a daily close above 1.1352 would add credence to this view and bring re-test of 1.1422 later.

On the downside, only below 1.1281 aborts present bullish view and risk would shift to downside for weakness towards 1.1234 but reckon 1.1204 would hold today.

The euro area countries will release a slew of eco. data, please refer to our EI page for details.
Pay particular attention to release of Germany's Ifo data due out at 08:00GMT. ECB Chief Economist Lane is scheduled to speak at 07:00GMT, then Germany's FinMin Altmaier will give a news conference on Germany's economic position at 13:00GMT.