AceTraderFx : Daily Recommendations on Major

[AceTRaderForex]

AceTraderFx Feb 07: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 07 Feb 2020 03:30GMT

EUR/USD - 1.0982
Euro's anticipated break of January's 1.0993 low yesterday to a near 4-month trough of 1.0965 due to continued broad-based usd's strength suggests early correction from 2019 bottom at 1.0880 (October) has ended at 1.1239 (Dec 31) and consolidaton with downside bias remains for further weakness, however, loss of downward momentum should keep price above 1.0900/10.

On the upside, only a daily close above Thursday's 1.1013 high (downbeat U.S. jobs data perhaps) signals temporary low is made, then risk would shift to the upside for stronger recovery to 1.1047, then 1.1064/66 before prospect of retreat.

Data to be released on Friday :
Australia AIG construction index, Japan all household spending, coincident index, leading indicator, China exports, imports, trade balance.
UK Halifax house prices, Germany industrial output, exports, imports, trade balance, current account, France current account, industrial output, non-farm payrolls, trade balance, imports, exports, Italy retail sales.
U.S. non-farm payrolls, private payrolls, unemployment rate, average earnings, wholesale inventories, wholesale sales, and Canada employment change, unemployment rate, Ivey PMI.

 

[AceTRaderForex]

AceTraderFx Feb 07: Daily Recommendations on Major -USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 07 Feb 2020 09:30GMT

USD/JPY - 109.92
Dollar's resumption of recent upmove from last Friday's 3-week bottom at 108.32 to 110.02 in Australia today suggests re-test of Jan's 7-1/2 month peak of 110.28 would be seen after consolidation, break would extend medium term rise from August's 33-month trough at 104.46 to 110.67 before prospect of retreat due to loss of momentum.

On the downside, only below 109.54 would indicate temporary top made and risk weakness to 109.26/31.

Data to be released later today:
UK Halifax house prices, Germany industrial output, exports, imports, trade balance, current account, France current account, industrial output, non-farm payrolls, trade balance, imports, exports, Italy retail sales.
U.S. non-farm payrolls, private payrolls, unemployment rate, average earnings, wholesale inventories, wholesale sales, and Canada employment change, unemployment rate, Ivey PMI.

 

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 10 Feb 2020 03:30GMT

EUR/USD - 1.0946
Friday's anticipated resumption of recent decline to a 4-month low of 1.0943 after intra-day choppy trading in post-NFP New York session suggests downside bias remains for weakness towards 2019 28-month bottom at 1.0880 (September), however, break needed to retain bearishness for further subsequent decline towards next chart obj. at 1.0840.

On the upside, only a daily close above 1.0985 (Friday's high) signals temporary low is made n may risk stronger retracement to 1.1013/15.

Data to be released later today:
Japan current account, trade balance, economy watchers current, economy watchers outlook, China PPI, CPI.
Swiss unemployment rate, CPI, Italy industrial output, EU Sentix index.
Canada leading index, housing starts, building permits on Monday.

 

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 11 Feb 2020 03:30GMT

EUR/USD - 1.0909
Yesterday's anticipated resumption of recent downtrend to a fresh 4-month low of 1.0909 (New York) due partly to broad-based selling in euro suggests re-test of 2019 bottom at 1.0880 (October) would be seen, however, loss of downward momentum is likely to keep price above next chart sup at 1.0840.

On the upside, only above 1.0957 signals temporary bottom is in place and may risk stronger retracement to 1.0975/85 before prospect of retreat.

Data to be released on Tuesday :
Japan market holiday, machine tool orders, Australia NAB business conditions, NAB business confidence.
UK BRC retail sales, GDP, industrial output, manufacturing output, construction output, trade balance, NIESR GDP estimate.
U.S. redbook, JOLTS job openings.

 

[AceTRaderForex]

AceTraderFx Feb 11: Daily Recommendations on Major -USD/JPY

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

USD/JPY - 109.91
Despite dollar's retreat from Friday's high at 110.02 (Australia) to 109.54 in New York, subsequent rebound to 109.93 today suggests correction has ended and consolidation with upside bias remains for re-test of 110.02, break would extend recent upmove from 108.32 towards Jan's 7-1/2 month peak at 110.28.

On the downside, only below 109.26/31 would risk stronger retracement to 108.98/00.

There is no euro area eco. data due out today, however, the European Commission will publish its eco. growth forecasts at 10:00GMT. A number of ECB officials are schedued to speak, pay attention to ECB President's speech at 14:00GMT n then ECB Chief Economist

 

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 12 Feb 2020 03:30GMT

EUR/USD - 1.0914
Despite yesterday's anticipated resumption of recent downtrend to a fresh 4-month trough of 1.0892 in New York, failure to re-test 2019 bottom at 1.0880 (October) and subsequent corrective rise to 1.0924 on short covering suggests temporary low is made and stronger retracement is seen but 1.0957 should cap upside and yield one more fall.

Below 1.0892 would re-test 1.0880, however, loss of downward momentum should keep euro above minor daily sup at 1.0840.

On the data front, the only data due out is EU's industrial production. There is an European Financial Forum today in Dublin which is participated by several ECB members n Fed official, please refer to our EI page for details.

 

[AceTRaderForex]

AceTraderFx Feb 12: Daily Recommendations on Major -USD/JPY

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

USD/JPY - 109.88
Dollar's sideways swings following retreat from last Friday's 2-week high at 110.02 to 109.54 suggests temporary top is in place and consolidation with near term downside bias would be seen, however, reckon said support would remain intact and yield another rise, above 110.02 would bring re-test of Jan's 7-1/2 month peak at 110.28.

On the downside, only below 109.50/54 would risk stronger retracement to 109.26/31, then 108.98/00.

Data to be released later:
EU industrial production, and U.S. MBA mortgage applications, Federal budget.

 

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 13 Feb 2020 03:30GMT

EUR/USD - 1.0872
Yesterday's anticipated break of 2019 low at 1.0880 to a 3-year trough of 1.0866 in New York due to renewed usd's strength and broad-based selling in euro suggests the single currency is en route to 2017 trough at 1.0840, however, oversold condition is likely to keep price above 1.0800 this week.

On the upside, only a daily close above Wed's 1.0925 high signals temporary low is made and risks stronger retarcement towards 1.0957 but 1.0985 should cap upside.

Data to be released on Thursday :
Japan corporate goods price, UK RICS housing price balance.
France ILO unemployment rate, Germany CPI, HICP.
U.S. core CPI, CPI, real weekly earnings, initial jobless claims.

 

[AceTRaderForex]

AceTraderFx Feb 13: Daily Recommendations on Major -USD/JPY

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

USD/JPY - 109.78
Despite yesterday's brief break above last Friday's 110.02 high to a 3-week peak at 110.13 (Europe), intra-day retreat from 110.09 in Australia on risk aversion suggests choppy trading below January's 7-1/2 month top at 110.28 would continue, however, reckon 109.54/57 would remain intact and yield rebound.

On the downside, only below 109.26/31 would indicate a temporary top has been made and risk stronger retracement to 109.00/05.

U.S. will later release key inflation data which include Jan CPI, core CPI, real weekly earnings n weekly jobless claims. We also have a number of Fed officials scheduled to speak (please refer to our EI section for details).

 

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 14 Feb 2020 03:30GMT

EUR/USD - 1.0838
Euro's resumption of recent downtrend to a near 3-year trough of 1.0835 in New York Thur suggests price would head to projected target at 1.0795/00 after consolidation, oversold condition is expected to keep price above 1.0778 and risk has increased for a much-needed minor correction to occur later today or Monday.

On the upside. a daily close above 1.0888 would be the 1st signal temporary low is made and yield stronger retracement to 1.0915/25 next week.

The euro area countries will release a slew of eco. data, please refer to our EI page for details.
Pay attention to GDP data from Germany n the EU at 07:00GMT and 10:00GMT respectively.

 

[AceTRaderForex]

AceTraderFx Feb 14: Daily Recommendations on Major -USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 14 Feb 2020 09:30GMT

USD/JPY - 109.77
Dollar's retreat from Wednesday's 3-week high at 110.13 to 109.63 yesterday suggests choppy trading below January's 7-1/2 month top at 110.28 would continue, however, subsequent rebound signals pullback has possibly ended, above 110.13 would confirm and yield 110.28 again, break would extend gain to 110.60/67 before prospect of correction.

On the downside, only below 109.57/47 would risk stronger retracement to 109.26/31.

Data to be released later:
Germany GDP, wholesale price index, Swiss producer/import price, Italy trade balance, EU employment change, trade balance, GDP.
U.S. import prices, retail sales ex-autos, retail sales, industrial production, capacity utilization, manufacturing output, business inventories, University of Michigan sentiment.

 

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 17 Feb 2020 03:30GMT

EUR/USD - 1.0836
Despite euro's rebound from Friday's near 3-year trough at 1.0828 to 1.0861 in New York, subsequent retreat suggests the recovery has ended and consolidation with downside bias remains for a re-test of said support, break would extend Medium Term decline to 1.0790/00, however, loss of momentum would keep price above 1.0778 and yield a much-needed correction later.

On the upside, only above 1.0888/92 would indicate a temporary low has been made and risk would increase for a stronger retracement to 1.0925 later this week.

Data to be released later today:
Japan GDP deflator, GDP, GDP annualized, industrial output, capital utilization, China house price.
UK Rightmove house price index, EU construction output.
U.S. market holiday and Canada market holiday on Monday.

 

[AceTRaderForex]

AceTraderFx Feb 17: Daily Recommendations on Major -USD/JPY

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

USD/JPY - 109.87
Despite dollar's retreat from last Wednesday's 3-week high at 110.13 to 109.63 on Thursday, subsequent rebound to 109.90 (Friday) suggests pullback has ended and consolidation with upside bias remains, above 110.13 would bring re-test of Jan's 7-1/2 month 110.28 peak, where break would extend medium term upmove to 110.60/67 before prospect of correction.

On the downside, only below 109.54 would risk stronger retracement to 109.26/31, then 108.98.

EU will release its construction output at 10:00GMT. Elsewhere, ECB President Christine Lagarde and board member Fabio Panetta will participate in a Eurogroup meeting in Brussels.

 

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 18 Feb 2020 03:30GMT

EUR/USD - 1.0831
Despite euro's rebound from Friday's near 3-year trough at 1.0828 to 1.0861 in New York, subsequent retreat to 1.0830 yesterday suggests the recovery has ended and consolidation with downside bias remains for a re-test of said support, break would extend Medium Term decline to 1.0790/00, however, loss of momentum would keep price above 1.0778 and yield a much-needed correction later.

On the upside, only above 1.0888/92 would indicate a temporary low has been made and risk would increase for a stronger retracement to 1.0925 later this week.

There isn't much to report on the data front from the U.S. today. President of the Minneapolis Fed Neel Kashkari is scheduled to speak in Saint Paul at 19:00GMT.

 

[AceTRaderForex]

AceTraderFx Feb 18: Daily Recommendations on Major -USD/JPY

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

USD/JPY - 109.69
Dollar's retreat from yesterday's high at 109.96 to 109.66 (Asia) suggests choppy trading below Jan's 7-1/2 month top at 110.28 would continue with mild downside bias and marginal weakness is likely to be seen, however, support at 109.54 should contain current fall and yield another rise later. Above last Wednesday's high at 110.13 would bring re-test of 110.28, break, 110.50/55 later.

On the downside, only below 109.54 would indicate a temporary top has been made and risk would increase for stronger weakness to 109.26/30.

Data to be released later today:
UK claimant count, ILO unemployment rate, employment change, average weekly earnings, Germany ZEW economic sentiment, ZEW current conditions, EU ZEW survey expectations.
U.S. New York Fed manufacturing index, NAHB housing market index, Canada manufacturing sales, and New Zealand GDT price index.

 

[AceTRaderForex]

AceTraderFx Feb 19: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 19 Feb 2020 03:30GMT

EUR/USD - 1.0794
The single currency's selloff to a fresh near 3-year trough at 1.0786 yesterday on weak German data suggests medium-term decline has once again resumed and marginal weakness to 1.0760/70 is likely to be seen, however, loss of momentum would keep price above 1.0750 today and yield a much-needed correction later.

On the upside, only above 1.0837 would indicate a temporary bottom has been made and risk would increase for a stronger retracement to 1.0861 before prospect of retreat.

Data to be released on Wednesday :
New Zealand retail sales volumes, Australia Westpac leading index, wage price index, Japan machinery orders, exports, imports, trade balance.
EU current account, construction output, UK DCLG house price index, core CPI, CPI, RPI, core RPI, PPi input prices, PPI output prices, PPI core output prices.
U.S. MBA mortgage applications, building permits, housing starts, PPI, core PPI, redbook, and Canada CPI, CPI BoC core

 

[AceTRaderForex]

AceTraderFx Feb 19: Daily Recommendations on Major -USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 19 Feb 2020 09:30GMT

USD/JPY - 110.09
Dollar's re-test of last Wednesday's 3-week high at 110.13 in Europe today suggests price would head towards January's 7-1/2 month top at 110.28 after consolidation, where break would extend medium term upmove from August's 33-month trough at 104.46 to 110.67/70, however, reckon 111.00/05 should remain intact and bring correction.

On the downside, only below 109.63/66 would risk weakness to 109.54, then 109.26/31.

There is a slew of U.S. data to be released today including PPI at 13:30GMT along with several speeches from Federal Reserve officials but market focus will remain on the release of FOMC minutes at 19:00GMT.
The central bank had kept its rates on hold despite continuous pressure from President Trump for Powell to cut rates. Hence, investors would be looking for any hints on the path the bank will take in its rate setting policy.

 

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 20 Feb 2020 03:30GMT

EUR/USD - 1.0810
Despite the single currency's selloff to 1.0786 on Tuesday, then lower to a fresh near 3-year trough at 1.0783 yesterday on usd's broad-based strength, subsequent rebound suggests medium-term decline has possibly made a temporary low there and consolidation with upside bias remains for a stronger retracement to 1.0837, then 1.0850, however, resistance at 1.0861 should remain intact.

On the downside, only below 1.0783 would revive bearishness for weakness to 1.0750/70 but loss of momentum would keep price above 1.0730/40 and yield a correction later.

Data to be released on Thursday :
New Zealand PPI inputs, PPI outputs, Australia employment change, unemployment rate.
Germany GfK consumer sentiment, producer prices, Swiss exports, imports, trade balance, industrial production, France CPI, UK retail sales, retail sales ex-fuel, CBI trends orders.
U.S. initial jobless claims, Philadelphia Fed business index, leading index, Canada new housing price index, ADP employment change, and EU consumer confidence.

 

[AceTRaderForex]

AceTraderFx Feb 20: Daily Recommendations on Major -USD/JPY

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

USD/JPY - 111.67
Dollar's spectacular rally to a 9-1/2 month high at 111.58 in New York yesterday due to active cross-selling in yen and intra-day rise above this level suggests medium trend upmove from 2019 August's 33-month trough at 104.46 would head to 111.95/00 after consolidation, where break would extend to 112.39 (April) before prospect of correction due to loss of momentum.

On the downside, only below 111.12 would indicate a temporary top has been made and risk stronger retracement to 110.80/84 before rebound.

Pay attention to the release of US jobless claims at 13:30GMT. Street forecast is 210k vs previous reading of 205k. Elsewhere, Richmond Fed President Thomas Barkin will participate in a talk hosted by Harvard University at 18:20GMT.

 

[AceTRaderForex]

AceTraderFx Feb 21: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 21 Feb 2020 03:30GMT

EUR/USD - 1.0788
Despite the single currency's rebound from yesterday's fresh near 3-year trough at 1.0778 to 1.0820, subsequent retreat suggests the recovery has ended and medium-term decline would resume after consolidation and extend marginally to 1.0765, however, loss of downward momentum would keep price above 1.0740/50 and yield a much-needed correction later.

On the upside, only above 1.0820 would indicate a temporary bottom has been made and risk would increase for a stronger retracement to 1.0837, then 1.0850 before down.

Data to be released on Friday :
Australia manufacturing PMI, services PMI, Japan national core CPI, national CPI, Jibun Bank manufacturing PMI, total industry activity index.
France Markit manufacturing PMI, Markit services PMI, Germany Markit manufacturing PMI, Markit services PMI, Italy industrial orders, industrial sales, consumer prices index, CPI (EU norm), Swiss investor sentiment, EU Markit manufacturing PMI, Markit services PMI, HICP, UK Markit manufacturing PMI, Markit services PMI, PSNB, PSNCR.
Canada retail sales, retail sales ex-autos, and U.S. Markit manufacturing PMI, Markit services PMI, existing home sales.