AceTraderFx : Daily Recommendations on Major

AceTRaderForex

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AceTraderFx Aug10: Daily Recommendations on Major – USD/JPY

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DAILY MARKET OUTLOOK on Major

Update Time: 10 Aug 2020 09:30GMT

USD/JPY - 105.96
As dollar has rebounded after retreat from 106.05 in post-NFP New York Friday to 105.73 in Asia today, suggesting pullback from last Monday's 106.47 high has possibly ended at 105.31 Thursday, above 106.19 would confirm and bring re-test of 106.47, where break would extend upmove from July's 4-1/2 month bottom at 104.19 to 106.65, then 106.85/90.

On the downside, only below 105.49 would risk stronger retracement to 105.31/33.

Data out today :
New Zealand ANZ business outlook, ANZ own activity, China PPI, CPI.
Swiss unemployment rate, EU Sentix index.
Canada leading index and U.S. JOLTS job openings on Monday.
 
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AceTRaderForex

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

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DAILY MARKET OUTLOOK on Major

Update Time: 11 Aug 2020 03:30GMT

EUR/USD - 1.1731
Despite the single currency's rise to a fresh 2-year peak at 1.1915 last Thursday, subsequent selloff to 1.1756 on usd's broad-based strength in post-NFP trading on Friday and yesterday's break of this support suggests MT upmove has made a temporary top there and consolidation with downside bias remains for stronger retracement to 1.1695/97, however, support at 1.1683 should remain intact, yield rebound later this week.

On the upside, only above 1.1850 would indicate aforesaid pullback has ended instead and risk gain to 1.1890/00, then 1.1915 later.

Pay attention to the release of German ZEW economic sentiment and current conditions at 09:00GMT. Street forecasts are 58.0 and -68.8 vs previous readings of 59.3 and -80.9 respectively.
 

AceTRaderForex

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

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DAILY MARKET OUTLOOK on Major

Update Time: 11 Aug 2020 09:30GMT

USD/JPY - 106.11
Despite dollar's retreat from August's high at 106.47 to 105.31 last Thursday, subsequent erratic rise and intra-day break of 106.19 resistance suggests pullback has ended and above 106.47 would extend upmove from July's 4-1/2 month bottom at 104.19 to 106.65/70, however, loss of momentum may cap price below 106.90/00 today.

On the downside, only below 105.49/52 would risk weakness to 105.31/33.

Data to be released on Tuesday :
New Zealand retail sales, Japan current account, trade balance, Economy Watchers outlook, Economy Watchers current, machine tool orders, Australia NAB business condition, NAB business confidence.
UK BRC retail sales, claimant count, ILO unemployment rate, employment change, average weekly earnings, , Germany ZEW economic sentiment, ZEW current conditions, EU ZEW survey expectations.
Canada housing starts, and U.S. PPI, core PPI, redbook.
 

AceTRaderForex

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

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DAILY MARKET OUTLOOK on Major

Update Time: 12 Aug 2020 03:30GMT

EUR/USD - 1.1734
Despite the single currency's rise to a fresh 2-year peak at 1.1915 last Thursday, subsequent selloff to 1.1723 in Asia yesterday on usd's broad-based strength suggests Medium Term upmove has made a temporary top there and consolidation with downside bias remains for stronger retracement to 1.1695/97, however, support at 1.1683 should remain intact, yield rebound later this week.

On the upside, only above 1.1807 would indicate aforesaid pullback has ended instead and risk gain to 1.1840/50, then 1.1915 later.

Data to be released on Wednesday :
Australia consumer sentiment, wage price index, New Zealand RBNZ interest rate decision.
UK GDP, industrial output, manufacturing output, construction output, trade balance, NIESR GDP estimate, Italy consumer prices, CPI (EU norm), EU industrial production.
U.S. MBA mortgage applications, core CPI, CPI, real weekly earnings, Federal budget.
 

AceTRaderForex

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AceTraderFx Aug 12: Daily Recommendations on Major – USD/JPY

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DAILY MARKET OUTLOOK on Major

Update Time: 12 Aug 2020 09:30GMT

USD/JPY - 106.80
Dollar's rally from 105.94 in New York yesterday and then break of previous August's 106.47 high to 106.68 on renewed usd's strength, then 106.81 today confirms upmove from July's 4-1/2 month bottom at 104.19 has once again resumed and further headway to 107.28/36 would be seen after consolidation, but 107.53 should hold due to loss of momentum.

On the downside, only below 106.44/45 would risk stronger retracement to 106.00/05.

There is a slew of economic data to be released from the U.S. today but one should pay particular attention to CPI mm and yy at 12:30GMT. Street forecasts are 0.3% and 0.8% vs previous readings of 0.6% and 0.6% respectively.
 

AceTRaderForex

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

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DAILY MARKET OUTLOOK on Major

Update Time: 13 Aug 2020 03:30GMT

EUR/USD - 1.1807
Despite the single currency's selloff from last Thursday's fresh 2-year peak at 1.1915 to 1.1712 yesterday, subsequent rally to 1.1816 the same day suggests the first leg of correction has ended and consolidation with upside bias remains for gain to 1.1840/50, however, resistance at 1.1880/90 should remain intact and yield retreat later.

On the downside, only below 1.1755/60 would indicate aforesaid recovery has ended instead and risk weakness to 1.1723 later.

Data to be released on Thursday :

New Zealand food price index, UK RICS housing survey, Japan corporate goods price, machine tool orders, Australia employment change, unemployment rate, France ILO unemployment rate, Germany CPI, HICP, wholesale price index, and U.S. import prices, export prices, initial jobless claims, continued jobless claims.
 

AceTRaderForex

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AceTraderFx Aug 13: Daily Recommendations on Major – USD/JPY

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DAILY MARKET OUTLOOK on Major

Update Time: 13 Aug 2020 09:30GMT

USD/JPY - 106.63
Despite dollar's resumption of upmove from July's 4-1/2 month low at 104.19 to a near 3-week high at 107.01 in New York yesterday, intra-day retreat suggests temporary top is in place and stronger retracement to 106.45/47 would be seen before prospect of another rise, above 107.01
would extend to 107.28 but 107.53 should hold.

On the downside, only below 106.19/23 would risk weakness to 105.94, break, 105.69/73.

There is a slew of U.S. data to be released but one should pay particular attention to jobless claims at 12:30GMT. Street forecast is 1,120k, down from previous reading of 1,186k.
 

AceTRaderForex

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

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DAILY MARKET OUTLOOK on Major

Update Time: 14 Aug 2020 03:30GMT

EUR/USD - 1.1812
Although price has retreated after the single currency's rally from Wednesday's low at 1.1712 to 1.1864 yesterday and minor consolidation would be seen, as said move signals the first leg of correction from last Thursday's fresh 2-year peak at 1.1915 has ended there, upside bias remains and above 1.1864 would extend to 1.1890/93 before prospect of down.

On the downside, only below 1.1794 would indicate said recovery has ended instead and risk stronger weakness to 1.1781.

Data out on Friday :
New Zealand manufacturing PMI, PPI output, China house prices, industrial output, retail sales, Japan tertiary industry activity.
Swiss producer and import prices, France CPI (EU norm), CPI, EU employment change, trade balance, GDP, Canada manufacturing sales.
U.S. labour costs, productivity, retail sales ex-autos, retail sales, industrial production, capacity utilization, manufacturing output, business inventories, University of Michigan sentiment.
 

AceTRaderForex

Master Trader
Mar 19, 2013
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AceTraderFx Aug 14: Daily Recommendations on Major – USD/JPY

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DAILY MARKET OUTLOOK on Major

Update Time: 14 Aug 2020 09:30GMT

USD/JPY - 106.78
Despite dollar's resumption of upmove from July's 4-1/2 month trough at 104.19 to a near 3-week high at 107.04 in New York yesterday, subsequent retreat suggests temporary top possibly made and choppy sideways swings would be seen before heading to 107.48/53, however, loss of momentum should cap price below 107.78 today.

On the downside, only below 106.47/57 would risk stronger retracement to 106.19/23.

There is a slew of data to be released from the U.S. today but one should pay particular attention to U.S. retail sales and retail sales ex-autos at 12:30GMT.
Street forecasts are 1.9% and 1.3% vs previous readings of 7.5% and 7.3% respectively.
 

AceTRaderForex

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AceTraderFx Aug 17: Daily Recommendations on Major -EUR/USD

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DAILY MARKET OUTLOOK on Major

Update Time: 17 Aug 2020 03:30GMT

EUR/USD - 1.1844
Despite the single currency's fall to 1.1712 last Wednesday, subsequent rebound to 1.1864 Thursday suggests correction from August's 2-year peak at 1.1915 has ended there and as price has recovered after Friday's retreat to 1.1783, upside bias remains and above 1.1864 would extend to 1.1893/95 after consolidation, however, aforesaid top should hold on first testing, yield retreat.

On the downside, only below 1.1783 would revive bearishness for weakness to 1.1756, below would bring re-test of 1.1712 later this week.

Data to be released today :
UK Rightmove house price, Japan GDP, industrial output, capacity utilization and U.S. NY Fed manufacturing, NAHB housing index on Monday.
 
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AceTRaderForex

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AceTraderFx Aug 17: Daily Recommendations on Major – USD/JPY

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DAILY MARKET OUTLOOK on Major

Update Time: 17 Aug 2020 09:30GMT

USD/JPY - 106.47
Despite dollar's resumption of upmove from July's 4-1/2 month trough at 104.19 to a near 3-week peak at 107.04 last Thursday, Friday's selloff to 106.44 in New York, then 106.41 today suggests temporary top is in place and stronger retracement to 106.19/24 would be seen before prospect of another rise, however, reckon 107.28 should hold and yield retreat.

On the downside, below 105.94 would risk weakness to 105.71, then 105.31/33.

Data to be released later:
Japan GDP, industrial output, capacity utilization.
UK Rightmove house .
U.S. NY Fed manufacturing, NAHB housing index on Monday.
 

AceTRaderForex

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

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DAILY MARKET OUTLOOK on Major

Update Time: 18 Aug 2020 02:30GMT

EUR/USD - 1.1878
Despite the single currency's fall to 1.1712 last Wednesday, subsequent rebound to 1.1880 yesterday and intra-day break above this level suggests correction from August's 2-year peak at 1.1915 has ended there and consolidation with upside bias remains for a re-test of said top, break would extend Medium Term upmove to 1.1935, however, loss of momentum would keep price below 1.1950/60 and yield retreat later this week.

On the downside, only below 1.1783 would revive bearishness for weakness to 1.1756, below would bring re-test of 1.1712 later this week.

Data to be released on Tuesday :
New Zealand GDT price index, and U.S. building permits, housing starts, redbook.
 

AceTRaderForex

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

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DAILY MARKET OUTLOOK on Major

Update Time: 19 Aug 2020 03:30GMT

EUR/USD - 1.1942
Although price has eased after the single currency's rise above August's previous high at 1.1915 to a fresh 2-year peak at 1.1965 and minor consolidation would be seen, as said move signals Medium Term upmove has once again resumed, upside bias remains and above said resistance would extend to psychological 1.2000 handle after consolidation.

On the downside, only below 1.1880 would indicate a temporary top has been made and risk stronger retracement to 1.1830/40 later this week.

Data to be released on Wednesday :
New Zealand PPI inputs, PPI outputs, Japan machinery orders, exports, imports, trade balance, Australia Westpac leading index.
UK core CPI, CPI, RPI, core RPI, PPI input prices, PPI output prices, PPI core output prices, DCLG house price index, EU current account, HICP, core HICP, Canada CPI, core CPI.
U.S. MBA mortgage applications, FOMC meeting minutes.
 

AceTRaderForex

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AceTraderFx Aug 19: Daily Recommendations on Major – USD/JPY

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DAILY MARKET OUTLOOK on Major

Update Time: 19 Aug 2020 09:30GMT

USD/JPY - 105.41
Dollar's resumption of decline from last Thursday's 107.04 peak to a 2-week low at 105.11 at Asian open today suggests early correction from July's 4-1/2 month trough at 104.19 has possibly ended and subsequent rebound would bring choppy sideways swings before heading to 104.73/78.

On the upside, only above 105.95 would risk gain to 106.06, then 106.30/40.

Data to be released later :
UK core CPI, CPI, RPI, core RPI, PPI input prices, PPI output prices, PPI core output prices, DCLG house price index, EU current account, HICP, core HICP, Canada CPI, core CPI.
U.S. MBA mortgage applications, FOMC meeting minutes.
 

AceTRaderForex

Master Trader
Mar 19, 2013
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AceTraderFx Aug 20: Daily Recommendations on Major -EUR/USD

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DAILY MARKET OUTLOOK on Major

Update Time: 20 Aug 2020 03:30GMT

EUR/USD - 1.1848
The single currency's selloff from yesterday's Asian high at 1.1952 to as low as 1.1831 in New York afternoon after the release of FOMC minutes suggests Medium Term upmove has made a temporary top at Tuesday's fresh 2-year peak at 1.1965 and consolidation with downside bias remains for weakness to 1.1783, however, oversold condition would keep price above 1.1755/56 and yield rebound later.

On the upside, only above 1.1915 would indicate aforesaid correction has ended instead and turn outlook bullish for a re-test of 1.1965 early next week.

In the absence of major economic data from EU today, one should pay attention to the release of minutes from ECB's last meeting at 11:30GMT.
 

AceTRaderForex

Master Trader
Mar 19, 2013
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AceTraderFx Aug 20: Daily Recommendations on Major – USD/JPY

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DAILY MARKET OUTLOOK on Major

Update Time: 20 Aug 2020 09:30GMT

USD/JPY - 106.03
Despite dollar's selloff from last Thursday's near 3-week high at 107.04 to a 2-week bottom at 105.11, subsequent strong rebound on usd's broad-based rally after release of FOMC minutes to 106.21 in Asia today suggests a temporary low has been made and further gain to 106.44/47 would be seen after consolidation but 106.65 may hold.

On the downside, only below 105.60 would indicate aforesaid recovery has ended instead and risk stronger weakness to 105.29.

Data to be released on Thursday :
Germany producer prices, Swiss trade balance, industrial production, exports, imports, EU construction output.
U.S. initial jobless claims, continued jobless claims, Philadelphia Fed manufacturing survey, leading index change, and Canada ADP employment change.
 

AceTRaderForex

Master Trader
Mar 19, 2013
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AceTraderFx Aug 21: Daily Recommendations on Major -EUR/USD

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DAILY MARKET OUTLOOK on Major

Update Time: 21 Aug 2020 03:30GMT

EUR/USD - 1.1874
Despite the single currency's fall from 1.1868 to 1.1803 yesterday, subsequent rally on usd's broad-based weakness and intra-day break above said 1.1868 resistance suggests the 1st leg of correction from Tuesday's fresh 2-year peak at 1.1965 has ended there and consolidation with upside bias would be seen for gain to 1.1880/85, however, resistance at 1.1915 should remain intact and yield retreat later.

On the downside, only below 1.1830/31 would revive bearishness for weakness to 1.1803, break would yield stronger retracement of Medium Term upmove to 1.1783 early next week.

Data to be released on Friday :
Australia manufacturing PMI, services PMI, UK GfK consumer confidence, PSNB, PSNCR, retail sales, retail sales ex-fuel, Markit manufacturing PMI, Markit services PMI, CBI trends orders, Japan core nationwide CPI, nationwide CPI, 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, consumer confidence.
Canada retail sales, retail sales ex-autos, new housing price index, and U.S. Markit manufacturing PMI, Markit services PMI, existing home sales.
 

AceTRaderForex

Master Trader
Mar 19, 2013
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74
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AceTraderFx Aug 21: Daily Recommendations on Major – USD/JPY

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DAILY MARKET OUTLOOK on Major

Update Time: 21 Aug 2020 09:30GMT

USD/JPY - 105.45
Despite dollar's selloff from August's near 3-week high at 107.04 to 105.11 on Wednesday, subsequent rebound to 106.21 yesterday signals temporary bottom has been made and intra-day retreat would bring choppy sideways swings before prospect of another gain, above 106.04 would yield 106.21, then 106.60/65.

On the downside, only below 105.29 would risk re-test of 105.11 but oversold condition should keep price above 104.73/78.

Pay attention to the release of U.S. manufacturing and services PMIs at 13:45GMT. Street forecasts are 51.9 and 51.0 vs previous readings of 50.9 and 50.0 respectively.
 

AceTRaderForex

Master Trader
Mar 19, 2013
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AceTraderFx Aug 24: Daily Recommendations on Major -EUR/USD

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DAILY MARKET OUTLOOK on Major

Update Time: 24 Aug 2020 03:30GMT

EUR/USD - 1.1803
Euro's decline from last Tue's fresh 2-year peak of 1.1965 to as low as 1.1755 on Fri due to broad-based rebound in the greenback suggests recent uptrend has made a temporary top and despite intra-day recovery, outlook remains mildly bearish for marginal weakness after initial consolidation in Asia today, loss of downward momentum should keep price above daily sup at 1.1712.

Only a daily close above 1.1831 signals 1st leg of correction is over and may risk stronger gain to 1.1870/80 before prospect of another fall later this week.

Data to be released later :
New Zealand retail sales, retail sales ex-autos.
Germany import prices.
U.S. Chicago Fed national activity on Monday.

AceTrader has been in Forex market since 1984, with proven analytical approach used by professionals and real-time updates
 

AceTRaderForex

Master Trader
Mar 19, 2013
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74
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AceTraderFx Aug 24
: Daily Recommendations on Major – USD/JPY

DAILY MARKET OUTLOOK on Major

Update Time: 24 Aug 2020 09:30GMT

USD/JPY - 105.85
Despite dollar's retreat from last Thursday's high at 106.21 to 105.45 on Friday, subsequent rebound to 106.07 in New York suggests choppy trading above Wednesday's low at 105.11 would continue and intra-day sideways swings would bring consolidation before re-test of 106.21, break would head to 106.44 but 106.65/68 may hold.

On the downside, only below 105.45 would risk weakness to 105.29, then possibly 105.11/15 later.

On the data front, the only data due out from the U.S. is Chicago Fed National Activity for July.