AceTraderFx : Daily Recommendations on Major

AceTRaderForex

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

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DAILY MARKET OUTLOOK on Major

Update Time: 22 Sept 2020 03:30GMT

EUR/USD - 1.1768
Although the single currency has recovered after yesterday's selloff from 1.1871 to a 1-month bottom at 1.1731 on usd's broad-based strength and minor consolidation would be seen, as said move signals early decline from September's 2-year peak at 1.2011 has resumed, downside bias remains and below 1.1731 would extend to 1.1697 before prospect of a much-needed correction later this week due to loss of momentum.

On the upside, only above 1.1827 would indicate a temporary low has been made and risk stronger retracement to 1.1870/71 before down.

Data to be released on Tuesday :
UK CBI trends orders and EU consumer confidence.
U.S. redbook, existing home sales, Richmond Fed manufacturing index.

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

AceTRaderForex

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

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DAILY MARKET OUTLOOK on Major

Update Time: 23 Sept 2020 03:30GMT

EUR/USD - 1.1687
The single currency's fall below Monday's low at 1.1731 to a near 2-month bottom at 1.1693 yesterday on usd's continued strength suggests decline from September's fresh 2-year peak at 1.2011 has resumed and intra-day break below this level would pressure price to 1.1640/50, however, 1.1601 would contain downside due to loss of momentum and yield a much-needed correction later this week.

On the upside, only above 1.1774 would indicate a temporary trough is made and risk stronger retracement to 1.1797, then 1.12827 before down.

There is a slew of manufacturing and services PMIs due today from the euro area but one should also keep an eye out for Germany's Ifo consumer sentiment at 06:00GMT. Street forecast is -1.0 vs previous reading of -1.8. Elsewhere, Germany's Financie Minister Olaf Scholx will present the 2021 draft budget at 11:00GMT.
 

AceTRaderForex

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AceTraderFx Sept 23: Daily Recommendations on Major – USD/JPY

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DAILY MARKET OUTLOOK on Major

Update Time: 23 Sept 2020 09:30GMT

USD/JPY - 105.02
Despite dollar's erratic rise from Monday's a 6-month low at 104.01 to 105.19 in Asia today, intra-day retreat suggests first leg of correction has possibly ended and stronger retracement to 104.41/46 would be seen after consolidation, break would yield 104.28 before prospect of rebound later.

On the upside, only above 105.26/30 would risk gain to 105.51/56, then 105.85/90.

Data to be released on Wednesday :
Germany GfK consumer sentiment, Markit manufacturing PMI, Markit services PMI, France Markit manufacturing PMI, Markit services PMI, EU Markit manufacturing PMI, Markit services PMI, UK Markit manufacturing PMI, Markit services PMI.
U.S. MBA mortgage applications, monthly home price, Markit manufacturing PMI, Markit services PMI.
 

AceTRaderForex

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

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DAILY MARKET OUTLOOK on Major

Update Time: 24 Sept 2020 03:30GMT

EUR/USD - 1.1676
The single currency's fall to a near 2-month bottom at 1.1652 on usd's continued strength yesterday suggests decline from September's 2-year peak at 1.2011 remains in progress and intra-day rebound on short-covering would yield consolidation before prospect of another fall later, below 1.1652 would extend to 1.1630/40, however, loss of momentum would keep price above 1.1601 and yield correction.

On the upside, only above 1.1718 would indicate a temporary bottom has been made and risk stronger retracement to 1.1767 before prospect of another retreat.

Data to be released on Thursday :
New Zealand imports, trade balance, exports.
France business climate, Swiss SNB interest rate decision, Germany Ifo business climate, Ifo current conditions, Ifo expectations, UK CBI distributive trades.
U.S. building permit, initial jobless claims, continued jobless claims, new home sales, KC Fed manufacturing index, and Canada average weekly earnings.
 

AceTRaderForex

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AceTraderFx Sept 24: Daily Recommendations on Major – USD/JPY

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DAILY MARKET OUTLOOK on Major

Update Time: 24 Sept 2020 09:30GMT

USD/JPY - 105.36
Dollar's rise from Monday's 6-month low at 104.01 to 105.48 on Wednesday suggests medium term decline from March's top at 111.71 has made a temporary bottom there and intra-day retreat would bring choppy sideways swings before prospect of another upmove to 105.81, then 106.00/10.

On the downside, only below 104.89/93 would risk stronger retracement to 104.63 but 104.41 should remain intact.

As there is no major economic data due from U.S. today, one should keep an eye out on the newswires as there are several Federal Reserve speakers who will be delivering speeches today.
 

AceTRaderForex

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

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DAILY MARKET OUTLOOK on Major

Update Time: 25 Sept 2020 03:30GMT

EUR/USD - 1.1667
The single currency's fall to a near 2-month bottom at 1.1627 on usd's continued strength yesterday suggests decline from September's 2-year peak at 1.2011 remains in progress and subsequent rebound on short-covering would yield consolidation before prospect of another fall later, below 1.1627 would extend to 1.1600/01, however, loss of momentum would keep price above 1.1570/80 and yield correction.

On the upside, only above 1.1718 would indicate a temporary bottom has been made and risk stronger retracement to 1.1767 before prospect of another retreat.

Data to be released on Friday :
UK GfK consumer confidence, PSNB, PSNCR, Italy manufacturing business confidence, consumer confidence.
U.S. durable goods, durables ex-transportation, durables ex-defense, and Canada budget balance.
 

AceTRaderForex

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AceTraderFx Sept 25: Daily Recommendations on Major – USD/JPY

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DAILY MARKET OUTLOOK on Major

Update Time: 25 Sept 2020 09:30GMT

USD/JPY - 105.43
Dollar's rally from Monday's 6-month low at 104.01 to as high as 105.54 in Asia today suggests medium decline from March's top at 111.71 has made a temporary bottom there and further headway to 106.05/09 would be seen after consolidation, then 106.29 later.

On the downside, only below 105.07 would risk stronger retracement to 104.89/93 but 104.41 should remain intact.

Pay attention to the release of of U.S. durable goods and durable goods ex-transport at 12:30GMT. Street forecasts are 1.5% and 1.2% vs previous readings of 11.4% and 2.6% respectively.
 

AceTRaderForex

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AceTraderFx Sept 28
: Daily Recommendations on Major -EUR/USD

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DAILY MARKET OUTLOOK on Major

Update Time: 28 Sept 2020 03:30GMT

EUR/USD - 1.1623
The single currency's fall to a near 2-month bottom at 1.1613 on usd's continued strength on Friday suggests decline from September's 2-year peak at 1.2011 remains in progress and subsequent rebound on short-covering would yield consolidation before prospect of another fall later, below 1.1613 would extend to 1.1580/90, however, loss of momentum would keep price above 1.1560/64 and yield correction.

On the upside, only above 1.1718 would indicate a temporary bottom has been made and risk stronger retracement to 1.1767 before prospect of another retreat.

Data to be released today :
Japan leading indicator, coincident index.
And U.S. Dallas Fed manufacturing index on Monday.
 

AceTRaderForex

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AceTraderFx Sept 28: Daily Recommendations on Major – USD/JPY

DAILY MARKET OUTLOOK on Major

Update Time: 28 Sept 2020 09:30GMT

USD/JPY - 105.37
Dollar's rally from last Monday's 6-month trough at 104.01 to as high as 105.69 on last Friday suggests erratic decline from March's high at 111.71 has made a temporary bottom there and intra-day retreat from 105.68 (New Zealand) would bring choppy sideways swings before prospect of another rise to 105.81, then 106.29.

On the downside, only below 105.21 would indicate aforesaid correction has ended instead and turn outlook bearish for weakness to 104.85 (50% r).

Pay attention to comments from Cleveland Fed President Loretta Mester's, who is scheduled to speak at 18:00GMT.
 

AceTRaderForex

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

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DAILY MARKET OUTLOOK on Major

Update Time: 29 Sept 2020 03:30GMT

EUR/USD - 1.1673
Despite the single currency's fall to a near 2-month bottom at 1.1613 on Friday due usd's continued strength, subsequent strong rebound to 1.1679 suggests decline from September's 2-year peak at 1.2011 has made a temporary low there and consolidation with upside bias for gain to 1.1684/87, above would extend to 1.1718/21 before prospect of retreat later this week.

On the downside, only below 1.1643 would indicate aforesaid recovery has ended instead and turn outlook bearish for weakness to 1.1613.

Pay attention to the release of EU business climate, economic sentiment and consumer sentiment at 09:00GMT. Street forecasts are -1.38, 89.5 and -13.9 vs previous readings of -1.33, 87.7 and -13.9 respectively.
 

AceTRaderForex

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Mar 19, 2013
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AceTraderFx Sept 29: Daily Recommendations on Major – USD/JPY

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DAILY MARKET OUTLOOK on Major

Update Time: 29 Sept 2020 09:30GMT

USD/JPY - 105.60
Intra-day brief break of last Friday's high at 105.69 suggests upmove from last Monday's 6-month trough at 104.01 has once again resumed and further gain to 106.05 would be seen after consolidation, however, loss of momentum should cap price below 106.29.

On the downside, only below 105.21 would risk stronger weakness to 104.89/93 but 104.41 should remain intact.

Economic data due on Tuesday :
EU/UK Brexit meeting, France consumer confidence, Italy producer prices, EU business climate, economic sentiment, industrial sentiment, services sentiment, consumer confidence, Germany CPI, HICP .
U.S. goods trade balance, wholesale inventories, redbook, CS home price, consumer confidence.
 

AceTRaderForex

Master Trader
Mar 19, 2013
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AceTraderFx Sept 30: Daily Recommendations on Major -EUR/USD

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DAILY MARKET OUTLOOK on Major

Update Time: 30 Sept 2020 03:30GMT

EUR/USD - 1.1746
Despite the single currency's fall to a near 2-month bottom at 1.1613 on Friday due usd's continued strength, subsequent strong rebound to 1.1745 yesterday suggests decline from September's 2-year peak at 1.2011 has made a temporary low there and consolidation with upside bias for gain to 1.1684/87, above would extend to 1.1774/75 before prospect of retreat later this week.

On the downside, only below 1.1679 would indicate aforesaid recovery has ended instead and turn outlook bearish for weakness to 1.1640/43.

Pay attention to the release of Germany retail sales mm and yy at 06:00GMT. Street forecasts are 0.5% and 4.2% vs previous readings of 4.2% and -20.4%. There are a number of ECB policymakers due to speak today, with President Lagarde scheduled to speak at the ECB and its Watchers Conference in Frankfurt at 07:20GMT.
 

AceTRaderForex

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Mar 19, 2013
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AceTraderFx Oct 05: Daily Recommendations on Major -EUR/USD

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DAILY MARKET OUTLOOK on Major

Update Time: 05 Oct 2020 03:30GMT

EUR/USD - 1.1725
Despite euro's resumption of upmove from September's 8-week low at 1.1613 to 1.1769 on Thursday, subsequent retreat to 1.1697 Friday suggests temporary top is made and consolidation would be seen before prospect of another fall to 1.1662/66, break needed to head towards 1.1643.

On the upside, only above 1.1769 risks another rise to 1.1790/95 but 1.1812 should remain intact.

On the data front, there will be a slew of manufacturing PMI data released from the euro zone later today, as well as EU's Sentix index and retail sales. Traders should pay attention to Germany and EU's PMIs with street forecasts at 49.1 and 47.6 respectively versus previous readings of 49.1 and 47.6.
 

AceTRaderForex

Master Trader
Mar 19, 2013
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AceTraderFx Oct 05: Daily Recommendations on Major – USD/JPY

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DAILY MARKET OUTLOOK on Major

Update Time: 05 Oct 2020 09:30GMT

USD/JPY - 105.66
Despite dollar's fall from last Wednesday's 2-week high at 105.80 to 104.95 on Friday, intra-day rise on risk-on trade after meeting renewed buying at 105.29 (New Zealand) suggests pullback has ended and re-test of 105.80 would be seen after consolidation, break would extend upmove from September's 6-month trough at 104.01 to 106.00/10 but 106.29 should hold.

On the downside, only below 104.93/95 would risk weakness to 104.69/74.

Data to be released later :
Italy Markit services PMI, France Markit services PMI, Germany Markit services PMI, EU Markit services PMI, Sentix index, retail sales, UK Markit services PMI.
U.S. Markit services PMI, ISM non-manufacturing PMI on Monday.
 

AceTRaderForex

Master Trader
Mar 19, 2013
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74
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AceTraderFx Oct 06: Daily Recommendations on Major -EUR/USD

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DAILY MARKET OUTLOOK on Major

Update Time: 06 Oct 2020 03:30GMT

EUR/USD - 1.1790
Euro's yesterday's rise above last Thursday's 1.1769 high to 1.1797 in New York suggests recent upmove from September's 8-week trough at 1.1613 to retrace decline from 2020 2-year peak at 1.2011 has resumed and further gain to 1.1830/40 would be seen after consolidation, however, overbought condition should cap price below 1.1870/71.

On the downside, only below 1.1742 indicates temporary top is made and risks 1.1721, then 1.1697/00.

Data to be released on Tuesday :
New Zealand NZIER confidence, GDT price index, Australia AIG construction index, ANZ job advertisements, trade balance, imports, exports, RBA interest rate decision.
UK BRC retail sales, Markit construction PMI, China market holiday, Germany industrial orders.
U.S. trade balance, redbook, JOLTS job openings, and Canada trade balance, exports, imports.
 

AceTRaderForex

Master Trader
Mar 19, 2013
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74
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AceTraderFx Oct 07: Daily Recommendations on Major -EUR/USD

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DAILY MARKET OUTLOOK on Major

Update Time: 07 Oct 2020 03:30GMT

EUR/USD - 1.1733
Despite euro's resumption of upmove from September's 8-week low at 1.1613 to a 2-week high of 1.1807 at NY open yesterday, subsequent selloff to 1.1731 in Australia today on active safe-haven usd buying suggests temporary top is made and weakness to 1.1685 would be seen after consolidation but 1.1662/66 may hold.

On the upside, only above 1.1765/70 may risk re-test of 1.1807, break, 1.1827/32 later.

Data to be released on Wednesday :
Australia AIG services index, China market holiday, Japan coincident index, leading indicator.
Germany industrial output, France current account, trade balance, imports, exports, UK Halifax house price index, labour productivity, Italy retail sales.
U.S. MBA mortgage applications, and Canada Ivey PMI.
 

AceTRaderForex

Master Trader
Mar 19, 2013
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74
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www.acetraderfx.com
AceTraderFx Oct 07: Daily Recommendations on Major – USD/JPY

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DAILY MARKET OUTLOOK on Major

Update Time: 07 Oct 2020 09:30GMT

USD/JPY - 105.90
Dollar's intra-day break above last Wednesday's 105.80 high suggests recent upmove from September's 6-month trough at 104.01 has finally resumed and further headway to 106.24/29 would be seen before prospect of retreat due to loss of upward momentum.

On the downside, only below 105.48 would indicate temporary top made and risks 105.29 but 104.93/95 should remain intact.

On the calendar front, U.S. will only release MBA mortgage applications at 11:00 GMT. However, main focus today will on FOMC minutes scheduled to be released at 18:00 GMT and traders should pay attention to the several Fed officials' comments for further signs of how the central bank views the outlook. Please refer to our EI page for more details.
 

AceTRaderForex

Master Trader
Mar 19, 2013
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74
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AceTraderFx Oct 08: Daily Recommendations on Major -EUR/USD

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DAILY MARKET OUTLOOK on Major

Update Time: 08 Oct 2020 03:30GMT

EUR/USD - 1.1766
Despite euro's resumption of upmove from September's 8-week bottom at 1.1613 to 1.1807 on Tuesday, subsequent fall to 1.1726 in Asia yesterday suggests temporary top is made and Wednesday's strong rebound to 1.1782 in New York on usd's weakness would bring choppy sideways swings, above 1.1797 needed to head to 1.1807, break, 1.1827/30.

On the downside, only below 1.1720/26 would risk weakness to 1.1697/00 but 1.1685 may hold.

On the calendar front, Germany will release exports, imports, trade balance and current account at 06:00 GMT. We have also have a couple of ECB officials due to speak in European session and ECB monetary policy meeting account scheduled at 11:30. Please refer to our EI page for more details.
 

AceTRaderForex

Master Trader
Mar 19, 2013
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74
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AceTraderFx Oct 08: Daily Recommendations on Major – USD/JPY

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DAILY MARKET OUTLOOK on Major

Update Time: 08 Oct 2020 09:30GMT

USD/JPY - 105.98
Although dollar's retreat from yesterday's 3-week high at 106.10 suggests recent upmove from September's 6-month trough at 104.01 has made a temporary top, as long as 105.79/80 holds, consolidation with upside bias remains for gain to 106.26/29, then 106.50/55, however, loss of momentum should cap price below 106.70/75 today.

On the downside, only below 105.48/53 would risk stronger retracement to 105.26/29, then possibly 104.95/00.

Data to be released on Thursday:
UK RICS housing price balance, Swiss unemployment rate, Germany exports, imports, trade balance, current account.
Canada leading index, housing starts and U.S. jobless claims.
 

AceTRaderForex

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

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DAILY MARKET OUTLOOK on Major

Update Time: 09 Oct 2020 03:30GMT

EUR/USD - 1.1760
Despite euro's resumption of upmove from September's 8-week low at 1.1613 to 1.1807 on Tuesday, subsequent fall to 1.1726 Wednesday suggests temporary top made and yesterday's rebound to 1.1781, then retreat o 1.1734 would bring choppy sideways swings.

Only above 1.1797 would bring re-test of 1.1807, break, 1.1827/30 later while below 1.1721/26, 1.1697/00.

On the data front, France will release industrial output at 06:45 GMT, followed by Italy industrial output at 08:00 GMT.