AceTraderFx : Daily Recommendations on Major

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 11 Nov 2020 09:30GMT

USD/JPY - 105.38
Although dollar's retreat after Monday's rally from 103.20 to 105.64 on jump in U.S. yields suggests upmove from last Friday's 7-1/2 month trough at 103.18 has made a temporary top, as 104.83 has contained weakness, consolidation with upside bias remains for gain to 105.95/00, however, reckon October's 106.10 high should hold.

On the downside, only below 104.74 would risk stronger retracement to 104.40/45 before prospect of another bounce.

Although U.S. markets will be closed for Veterans Day, traders should keep an eye out for U.S. elections headlines as President Donald Trump's lawyers push to challenge results.

 

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 12 Nov 2020 03:00GMT

EUR/USD - 1.1777
Despite euro's resumption of upmove from last Wednesday's 3-month trough at 1.1603 to a 7-week high at 1.1919 on Monday, subsequent fall to 1.1781 on Tuesday, then 1.1746 yesterday suggests temporary top is made and stronger retracement to 1.1700/05 would be seen after consolidation but 1.1681 should hold today.

On the upside, only above 1.1833/43 would risk gain to 1.1880/90, above may bring re-test of 1.1919.

Data to be released on Thursday :
Japan corporate goods price index, machinery orders, tertiary industry activity, Australia consumer inflation expectation.
UK RICS housing price balance, GDP, industrial output, manufacturing output, construction output, trade balance, GDP, Germany CPI, HICP, EU industrial production.
U.S. core CPI, CPI, real weekly earnings, initial jobless claims, continued jobless claims, Federal budget and Canada new housing price index.

 

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 12 Nov 2020 09:30GMT

USD/JPY - 105.21
Despite dollar's brief break above Monday's 105.64 high to a 3-week peak at 105.67 yesterday, subsequent retreat suggests temporary top is made and mild downside bias would be seen for weakness to 105.01 before prospect of another rise but October's 106.10 high should hold today.

On the downside, only below 104.74 would risk stronger retracement to 104.42/47.

On the calendar front, U.S. will release CPI MM/YY at 13:30 GMT, with street forecasts at 0.1%/1.3% versus prior readings of 0.2%/1.4%. At the same time, weekly jobless claims and continued jobless claims will be due out and consensus are at 735k and 6.900M respectively versus previous readings of 751k and 7.285M. Traders should also remain cautious on U.S. election related headlines.

 

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 13 Nov 2020 03:00GMT

EUR/USD - 1.1810
Despite euro's resumption of upmove from last Wednesday's 3-month trough at 1.1603 to a 7-week high at 1.1919 on Monday, subsequent fall to 1.1746 on Wednesday suggests first leg of correction has ended and yesterday's rebound to 1.1823 may head to 1.1835/45 before prospect of another decline but 1.1724 (61.8% r) should hold.

On the upside, only above 1.1859 would risk gain to 1.1885/90, break, 1.1919 again.

On the data front, euro zone will release a slew of data with focus on EU GDP QQ/YY at 10:00 GMT, street forecasts are for 12.7%/-4.3%, which are unchanged from previous readings. We also have a few ECB officials scheduled to speak, please refer to our EI page for more details.

 

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 13 Nov 2020 09:30GMT

USD/JPY - 105.00
Although dollar's retreat after Wednesday's brief break above Monday's 105.64 high to a 3-week top at 105.67 suggests upmove from last Friday's 7-1/2 month 103.18 bottom has made a temporary top, as long as 104.70/74 holds, consolidation with upside bias remains for gain to 105.75/85 but 106.10 (October) should hold on first testing.

On the downside, only below 104.70/74 risks stronger retracement to 104.42/47 before another bounce.

Economic data to be released on Friday :
New Zealand manufacturing PMI, food price index.
Swiss producer and import price index, France CPI (EU norm), CPI, EU employment change, trade balance, GDP.
U.S. PPI, core PPI, University of Michigan sentiment on Friday.

 

[AceTRaderForex]

AceTraderFx Nov 16: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 16 Nov 2020 03:00GMT

EUR/USD - 1.1840
Euro's intra-day break above Friday's 1.1837 high on risk sentiment due to rise in U.S. futures suggests first leg of correction from last Monday's 7-week 1.1919 peak has ended at 1.1746 on Wednesday and mild upside bias to 1.1861 would be seen, however, reckon 1.1880/90 should hold and yield retreat.

On the downside, below 1.1800 would indicate correction has possibly ended and head to 1.1749, break, 1.1746 again.

On the data front, Italy will release CPI and CPI (EU norm) at 09:00 GMT and we have a few ECB officials scheduled to speak later, please refer to our EI page for more details.

 

[AceTRaderForex]

AceTraderFx Nov 16: Daily Recommendations on Major – USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 16 Nov 2020 09:30GMT

USD/JPY - 104.48
Despite dollar's rally from November's 7-1/2 month trough at 103.18 to a 3-week high at 105.67 last Wednesday, subsequent erratic fall to 104.57 on Friday, then intra-day break there suggests first leg of correction has ended and retracement to 104.43 (50% r) would be seen after consolidation before prospect of another bounce.

On the upside, above 104.87 would head to 105.14/15, above would extend gain to 105.62/67.

Data to be released today :
Japan GDP, GDP deflator, industrial output, capacity utilization, China house prices, industrial output, retail sales.
UK Rightmove house price index, Italy CPI, CPI (EU norm).
U.S. New York Fed manufacturing index, and Canada manufacturing sales on Monday.

 

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 17 Nov 2020 03:00GMT

EUR/USD - 1.1865
As euro has rebounded after retreat from yesterday's 1.1868 (Europe) high to 1.1815 in New York, suggesting pullback has ended and further headway to 1.1890 would be seen after consolidation but break needed to bring re-test of last Monday's 7-week high at 1.1919, above, 1.1960/65.

On the downside, only below 1.1815 would dampen bullish view and risk weakness to 1.1800, then 1.1788/89.

Data to be released on Tuesday:
New Zealand GDT price index.
Italy trade balance, EU construction output.
Canada wholesale trade, housing starts, and U.S. import prices, export prices, retail sales ex-autos, retail sales, redbook, industrial production, capacity utilization, manufacturing output, business inventories, NAHB housing market index.

 

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 17 Nov 2020 09:30GMT

USD/JPY - 104.54
Despite yesterday's rally from 104.37 to 105.13 (Europe), subsequent retreat to 104.43 at Asian open today suggests first leg of correction from November's 7-1/2 month trough at 103.18 has ended at 105.67 last Wednesday and decline to 104.13 (61.8% r) would be seen after consolidation before prospect of rebound.

On the upside, only above 105.13/15 would revive bullishness for gain to 105.64/67 later.

ON the calendar front, U.S. will release a slew of data and we have a few Fed official scheduled to speak later in New York session, please refer to our EI page for more details.

 

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 18 Nov 2020 03:00GMT

EUR/USD - 1.1854
Despite euro's resumption of upmove from last Wednesday's 1.1746 low to 1.1893 in New York yesterday, subsequent retreat suggests choppy trading below November's 7-week peak at 1.1919 would continue and below 1.1815 would head to 1.1788/90 but 1.1746 should hold, yield rebound.

On the upside, only above 1.1893 would revive bullishness for re-test of 1.1919, break would extend uptrend from November's 3-month trough at 1.1603 to 1.1940/45.

Data to be released on Wednesday:
New Zealand PPI inputs, PPI outputs, Japan exports, imports, trade balance, Australia Westpac leading index, wage price index.
UK core CPI, CPI, RPI core RPI, PPI input prices, PPI output prices, PPI core output prices, DCLG house price index, EU HICP, core HICP.
U.S. MBA mortgage applications, building permits, housing starts, and Canada CPI, core CPI.

 

[AceTRaderForex]

AceTraderFx Nov 18: Daily Recommendations on Major – USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 18 Nov 2020 09:30GMT

USD/JPY - 103.87
Despite dollar's rally from November's 7-1/2 month trough at 103.18 to a 3-week high at 105.67 last Wednesday, subsequent erratic fall to 103.86 (Europe) today suggests temporary top is made and weakness to 103.30/35 would be seen after consolidation, however, reckon 103.18 should remain intact, yield another bounce.

On the upside, only a above 104.37 would risk stronger retracement to 104.57/61, break, 105.13/15.

The BOJ last week unveiled a scheme under which it will pay 0.1% interest on deposits held by regional lenders that cut costs, boost profits, or consolidate. The scheme was aimed at keeping Japan's banking system stable, and not tied to monetary policy, it said.

 

[AceTRaderForex]

AceTraderFx Nov 1 9: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 19 Nov 2020 03:00GMT

EUR/USD - 1.1839
Euro's intra-day fall and break of 1.1844 support suggests near term upmove from last Wednesday's 1.1746 low has made a temporary top at 1.1893 on Tuesday and consolidation would be seen before prospect of another decline, below 1.1815 would head to 1.1800 but 1.1788/90 should hold, yield another bounce.

On the upside, only above yesterday's New York 1.1877 high would head back to 1.1891/93, break would bring re-test of November's 1.1919 peak.

Data to be released on Thursday :
Australia employment change, unemployment rate.
Swiss trade balance, exports, imports, industrial production, EU current account, UK CBI trends orders.
Canada ADP employment change and U.S. initial jobless claims, continued jobless claims, Philadelphia Fed manufacturing index, existing home sales, leading index change, KC Fed manufacturing activity on Thursday.

 

[AceTRaderForex]

AceTraderFx Nov 1 9: Daily Recommendations on Major – USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 1 9 Nov 2020 09:30GMT

USD/JPY - 103.83
Dollar's resumption of decline from last Wednesday's 3-week high at 105.67 to an 8-day low at 103.66 yesterday suggests first leg of correction from November's 7-1/2 month trough at 103.18 has ended and intra-day bounce to 103.98 (Asia) on safe-haven usd buying may head to 104.21/24 after consolidation, however, reckon 104.37 should hold, yield retreat.

On the downside, only below 103.66 would risk another fall to 103.35/40 but 103.18 should remain intact.

On the calendar front, U.S. will release weekly jobless claims and continued jobless claims at 13:30 GMT, street forecasts are for 707k and 6.470M respectively versus prior readings of 709k and 6.786M. We also have a few Fed officials scheduled to speak, please refer to our EI page for more details.

 

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 20 Nov 2020 03:00GMT

EUR/USD - 1.1876
Despite euro's retreat from this week's high at 1.1893 (Tuesday) to 1.1817 in Europe yesterday, subsequent strong rebound to 1.1882 in New York on return of risk sentiment on news that U.S. will resume stimulus talks suggests pullback has ended and re-test of November's 7-week 1.1919 peak would be seen after consolidation, break would extend uptrend from November's 3-month trough at 1.1603 to 1.1935/40.

On the downside, only below 1.1815/17 would risk stronger retracement to 1.1788/90 but 1.1746 should remain intact.

Data to be released on Friday:
Japan nationwide core CPI, nationwide CPI, Jibun Bank manufacturing PMI.
UK GfK consumer confidence, PSNB, PSNCR, retail sales, retail sales ex-fuel, Australia retail sales, Germany producer price index, Italy industrial orders, industrial sales.
Canada new housing price index, retail sales, retail sales ex-autos and EU consumer confidence.

 

[AceTRaderForex]

AceTraderFx Nov 20: Daily Recommendations on Major – USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 20 Nov 2020 09:30GMT

USD/JPY - 103.86
Dollar's intra-day sideways swings following retreat from yesterday's 104.21 high to 103.73 in Australia suggests recovery from Wednesday's 103.66 low has ended and consolidation would be seen before decline from November's 105.67 peak resumes and heads to 103.45/50, however, reckon November's 7-1/2 month trough of 103.18 would hold today.

On the upside, only above 104.21/24 would dampen bearishness and risk stronger retracement to 104.61/66.

On the calendar front, although there will be no economic data from U.S. today, we have a few Fed officials scheduled to speak later in New York session, please refer to our EI page for more details.

 

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 23 Nov 2020 03:00GMT

EUR/USD - 1.1873
Euro's retreat from 1.1890 to 1.1851 on Friday suggests choppy trading below last Tuesday's 1-week high at 1.1893 would continue and intra-day rebound from 1.1852 (New Zealand) on rise in U.S. futures would bring consolidation before prospect of another fall, however, reckon 1.1788/90 would remain intact, yield another bounce.

Above 1.1893 may bring re-test of November's 7-week peak of 1.1919, break, 1.1936/41 while below 1.1788/90 risks weakness to 1.1746/51.

Today is PMI day in euro zone, street forecasts are 53.1 and 42.5 for Markit manufacturing PMI and Markit services PMI versus previous readings of 54.8 and 46.9. Traders should keep an eye out for Covid-19 vaccine related headlines.

 

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 23 Nov 2020 09:30GMT

USD/JPY - 103.81
Despite dollar's strong rebound from last Wednesday's 8-day low of 103.66 to 104.21 on Thursday, subsequent retreat to 103.71 in New York Friday suggests recovery has ended and consolidation would be seen before heading to 103.45/50, however, loss of momentum should keep price above November's 7-1/2 month trough of 103.18.

On the upside, only above 104.21 would risk stronger retracement to 104.37, then 104.56/61.

Data to be released later:
France manufacturing PMI, services PMI, Germany manufacturing PMI, services PMI, EU manufacturing PMI, services PMI, UK manufacturing PMI, services PMI.
U.S. manufacturing PMI, services PMI and national activity index on Monday.

 

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 24 Nov 2020 03:00GMT

EUR/USD - 1.1843
Despite yesterday's break above 1.1890/93 res area to a 13-day high of 1.1906 in Europe, subsequent selloff to 1.1800 in New York due to robust U.S. PMI data suggests choppy trading below November's 7-week peak at 1.1919 would continue and intra-day rebound would bring range trading before prospect of another fall to 1.1759/60.

On the upside, only above 1.1875/80 may risk gain back to 1.1906, break, 1.1919.

On the data front, Germany will release GDP at 07:00 GMT and focus will be on Ifo data due out at 09:00 GMT. Street forecasts for business climate, current conditions, and expectations are 90.1/87.0/93.5 versus prior readings of 92.7/90.3/95.0. If actual data will be lower, we may see euro weakness again. Also, ECB President Christine Lagarde is scheduled to speak at 14:00 GMT.

 

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 24 Nov 2020 09:30GMT

USD/JPY - 104.44
Despite dollar's resumption of decline from November's 105.67 peak to retrace upmove from November's 7-1/2 month trough at 103.18 to 103.66 last Wednesday, yesterday's rise from 103.69 to 104.63 due to broad-based usd's rally on upbeat U.S. PMI data, then 104.64 (Asia) today suggests temporary low is made and further headway to 105.13/15 would be seen after consolidation before prospect of retreat.

On the downside, only below 104.00 risks weakness to 103.70/80 later.

Data to be released on Tuesday:
Germany GDP, Ifo business climate, current conditions, expectations, UK distributive trades.
U.S. redbook retail sales, monthly home price, consumer confidence and Richmond manufacturing.

 

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 25 Nov 2020 03:00GMT

EUR/USD - 1.1901
Despite Monday's selloff from 1.1906 to 1.1800 on upbeat U.S. data, subsequent rebound to 1.1905 in Asia today suggests pullback has ended and re-test of November's 7-week 1.1919 peak would be seen after consolidation, break would extend recent upmove to 1.1935/40 but 1.1960/65 should hold, yield retreat.

On the downside, only below 1.1842 (New York low) would risk weakness back to 1.1800, break, 1.1781/88.

Data to be released on Wednesday:
Australia construction work done, Swiss investor sentiment.
U.S. mortgage applications, building permits, personal income, personal spending, core PCE index, durable goods, GDP, goods trade balance, wholesale inventories, initial jobless claims, continued jobless claims, University of Michigan consumer sentiment, new home sales and FOMC minutes.