AceTraderFx : Daily Recommendations on Major

[AceTRaderForex]

AceTraderFx May 26: Daily Recommendations on Major – USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 26 May 2020 09:30GMT

USD/JPY - 107.83
Dollar's bounce from last Friday's low at 107.33 to 107.92 in Asia today suggests correction from last Tuesday's 108.08 high has ended and consolidation with upside bias remains, above said resistance would extend recent upmove from May's 7-week trough at 105.99 to 108.52/59.

On the downside, below 107.63 would risk stronger retracement to 107.33/35 before rebound.

U.S. markets will re-open after Mon's Memorial Day holiday n the U.S. will release a slew economic data (see our EI page for details). We also have Minneapolis Fed President Kashkari speaking later today at 17:00GMT.

 

[AceTRaderForex]

AceTraderFx May 27: Daily Recommendations on Major - EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 27 May 2020 03:30GMT

EUR/USD - 1.0971
Euro's impressive rise from Monday's 1.0871 low to 1.0995 yesterday due to broad-based usd's weakness suggests re-test of May's peak at 1.1018 would be seen after consolidation, above would extend early upmove from Apr's bottom at 1.0728 towards 1.1067 'later' this week.

On the downside, below 1.0914 (previous res, now sup) would abort present bullish view and risk another fall towards 1.0871.

On the data front, the only eco. data due out is from France where business climate and consumer confidence are due out at 05:30GMT and 06:45GMT respectively. ECB Preisent Lagarde will speak at a non-financial event at 07:30GMT while other ECB members are also scheduled to speak later (see EI page for details).

 

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 28 May 2020 03:30GMT

EUR/USD - 1.1022
As euro has risen after intra-day strong retreat from Wed's 7-week peak of 1.1030 to 1.0956 (New York), suggesting recent erratic rise from 1.0728 (April low) may extend marginal gain, however, 'loss of upward momentum' would cap price at 1.1060/70 and yield a much-needed correction of aforesaid rise.

Below 1.0935 (Wednesday low) anytime signals temporary top is made and yields stronger retracement towards 1.0871.

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

 

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 28 May 2020 09:30GMT

USD/JPY - 107.84
Despite dollar's retreat from 107.94 to 107.66 in New York on Wednesday, subsequent bounce to 107.89 in Asia today suggests correction from last Tuesday's 1-month high at 108.08 has ended at 107.33 Friday and consolidation with upside bias remains, above 108.08 would extend recent upmove from May's 105.99 towards 107.52.

On the downside, only below 107.66 would risk stronger retracement to 107.33 but 107.04 should remain intact.

Data to be released on Thursday :
Italy production price, MFG business confidence, consumer confidence, trade balance, EU business climate, economic sentiment, industrial sentiment, services sentiment, consumer confidence, Germany CPI, HICP, U.S. Durable goods, Durables ex-transport, Durables ex-defense, GDP, core PCE prices, initial jobless claims, continued jobless claims, pending home index, KC Fed manufacturing.
Canada current account, average weekly earnings.

 

[AceTRaderForex]

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

DAILY MARKET OUTLOOK on Major
Update Time: 29 May 2020 03:30GMT

EUR/USD - 1.1080
Although euro's resumption of recent erratic upmove to a near 2-month high of 1.1093 due to usd's weakness suggests further gain is likely after consolidation, a breach above 1.1147 res needed to signal an 'upside break' of recent 1.0637-1.1147 broad range has occurred and would then head to 1.1200/10 next week.

On the downside, a daily close below 1.1030 would be the 1st signal temporary top is made, then risk is seen for a much-needed retracement to 1.0992, then later towards 1.0935.

Data to be released on Friday :
Japan Tokyo core CPI, CPI, unemployment rate, industrial output, retail sales, construction orders, housing starts, consumer confidence.
UK GfK consumer confidence, nationwide hose prices index, Germany import prices, retail sales, France consumer spending, GDP, CPI (EU norm), CPI, producer prices index, Swiss KOF indicator, Italy GDP, consumer price index, CPI (EU norm), EU HICP, core HICP, U.S. personal income, personal spending, core PCE price index, PCE price index, goods trade balance, wholesale inventories.
Chicago PMI, University of Michigan sentiment, and Canada GDP, producer prices, budget balance.

 

[AceTRaderForex]

AceTraderFx May 29: Daily Recommendations on Major – USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 29 May 2020 09:30GMT

USD/JPY - 107.18
Intra-day selloff on safe-haven yen buying due to renewed US-China tensions and break of 107.33 to 107.09 in Asia signals recent upmove from May's 105.99 low has made a temporary top at 108.08 last Tuesday and mild downside bias would be seen, however, reckon 106.51 would remain intact, yield rebound.

On the upside, above 107.71 would risk gain to 107.94, break would bring re-test of 108.08.

T.G.I.F., however, on top of Trump's press conference (no time is announced yet) , U.S. will release a slew of important data (please refer to our EI page for details). Last but not the least, Fed chief J. Powell will take part in a moderated virtual discussion at an institute at 15:00GMT.

 

[AceTRaderForex]

AceTraderFx Jun 01: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 01 June 2020 03:30GMT

EUR/USD - 1.1116
Euro's resumption of recent upmove to a 2-month peak of 1.1144 on Friday due to continued broad-based usd's weakness and month-end euro's demand suggests test of daily res at 1.1147 res would be seen after consolidation, break would extend medium-term rise towards 1.1200.

Intra-day retreat would bring initial sideways swings before up and only below 1.1030/35 (previous res, now sup) confirms temporary top is in place and risks stronger retracement towards 1.0992 later this week.

The euro area countries will release a slew of PMI data despite holidays in key centres in Germany and France, please refer to our E

 

[AceTRaderForex]

AceTraderFx Jun 01: Daily Recommendations on Major – USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 01 Jun 2020 2020 09:30GMT

USD/JPY - 107.56
Despite Friday's selloff to 107.09 in Asia, subsequent strong rebound to 107.89 (New York) suggests correction from May's 108.08 peak has ended and intra-day retreat would bring choppy sideways swings before prospect of another rise to 108.35, but 108.85 should remain intact.

Only below 107.33 signals recovery is over and risks stronger retracement to 107.09 but 106.86 would hold.

Data to be released today :
Germany market holiday, Germany market holiday, Markit manufacturing PMI, France market holiday, Markit manufacturing PMI, Swiss market holiday, Italy Markit manufacturing PMI, EU Markit manufacturing PMI, UK Markit manufacturing PMI.
Canada Markit manufacturing PMI and U.S. Markit manufacturing PMI, construction spending, ISM manufacturing PMI on Monday.

 

[AceTRaderForex]

AceTraderFx Jun 02: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 02 June 2020 03:30GMT

EUR/USD - 1.1130
Yesterday's brief break of daily res at 1.1147 to a 2-month high of 1.1153 confirms euro's medium-term rise from 2020 bottom at 1.0637 has finally resumed and further gain is envisaged after consolidation, however, near term loss if upward momentum should cap price below 1.1213.

On the downside, only a daily close below 1.1082 signals temporary top is made and risk stronger retracement to 1.1030/35 before prospect of rebound.

Data to be released on Tuesday :
New Zealand building permits, terms of trade, import prices, export prices, GDT price index, Australia business inventories, current account, RBA interest rate decision.
Italy market holiday, UK nationwide house price index, Swiss retail sales, manufacturing PMI, France budget balance.
U.S. redbook, ISM New York index.

 

[AceTRaderForex]

AceTraderFx Jun 02: Daily Recommendations on Major – USD/JPY

DAILY MARKET OUTLOOK on Major

Update Time: 02 Jun 2020 2020 09:30GMT

USD/JPY - 107.83
Dollar's rebound on Friday from 107.09 to 107.89 suggests correction from May's 1-month high at 108.08 has ended, as 107.39 has contained subsequent weakness yesterday, consolidation with upside bias remains for gain towards 108.34 but 108.85 should remain intact.

On the downside, only below 107.33 would risk retracement towards 107.09 but 106.75 would hold.

On the eco. calendar, the U.S. will later release Redbook sales and ISD-New York business conditions index. Focus today will be on the latest civil unrest in the U.S. and market reaction following Turmp's announcement ahead of Asian open to deploy U.S. troops to quell riots in many parts of the U.S. by force.

 

[AceTRaderForex]

AceTraderFx Jun 03: Daily Recommendations on Major -EUR/USD

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

EUR/USD - 1.1194
Despite euro's intra-day marginal gain above Tuesday's 2-1/2 month high of 1.1195, loss of upward momentum would prevent strong gain today and reckon 1.1239 would cap upside and yield a much-needed minor correction before prospect of another rise later this week.

Below 1.1053 anytime signals temporary top is in place and yield weakness to 1.1100/10 but 1.1082 should remain intact.

Today is PMI day in the euro area countries, please refer to our EI page for details.

 

[AceTRaderForex]

AceTraderFx Jun 03: Daily Recommendations on Major – USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 03 Jun 2020 2020 09:30GMT

USD/JPY - 108.74
Despite dollar's intra-day retreat from a fresh near 2-month high at 108.84 in Asia to 108.43, subsequent rebound suggests correction has possibly ended and above said resistance would extend upmove from May's 7-week trough of 105.99 to 109.06/09, however, reckon 109.37 (April's top) should hold.

On the downside, only below 108.43 signals temporary top has been made and risks stronger retracement to 108.29 but 108.08 would remain intact.

Data to be released on Wednesday :
UK BRC shop price index, Markit services PMI, Swiss GDP, Italy Markit services PMI, unemployment rate, France Markit services PMI, Germany Markit services PMI, unemployment change, unemployment rate, EU Markit services PMI, producer prices, unemployment rate.
U.S. MBA mortgage applications, ADP national employment, Markit services PMI, durables ex-defense, durable goods, factory orders, durables ex-transportation, ISM non-manufacturing PMI, and Canada labour productivity rate, Bank of Canada interest rate decision.

 

[AceTRaderForex]

AceTraderFx Jun 04: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 04 June 2020 03:30GMT

EUR/USD - 1.2220
Euro's intra-day retreat in Asia after climbing to a near 3-month peak of 1.1257 (New York) yesterday suggests range trading is in store ahead of ECB policy meeting, as long as 1.1185 holds, outlook remains mildly bullish for marginal gain, loss of upward momentum should cap price below 1.1300.

A daily close below 1.1185 would risk stronger retracement towards 1.1153 but reckon 1.1100/10 should remain intact.

On the data front, the only economic data due out is EU's retail sales.

 

[AceTRaderForex]

AceTraderFx Jun 04: Daily Recommendations on Major – USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 04 Jun 2020 09:30GMT

USD/JPY - 109.06
Intra-day break above yesterday's high at 108.98 confirms recent upmove from May's bottom at 105.99 remains in progress and further headway to 108.37 (April's peak) would be seen after consolidation, however, loss of momentum may cap price below 108.52.

On the downside, only below 108.43 signals temporary top has been made and risk stronger retracement to 108.08 before rebound.

Ahead of Friday's U.S. key jobs report, market waits release of weekly jobless claims as well as continued jobless claims to get the latest pule of the employment situation. Street forecast is look for 1.8 million filing for unemployment vs previous week's reading of 2.12 million.

 

[AceTRaderForex]

AceTraderFx Jun 05: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 05 June 2020 03:30GMT

EUR/USD - 1.1338
Yesterday's impressive rally from 1.1196 (Europe) to as high as 1.1361 in post-ECB New York suggests upmove from 2020 near 3-year bottom at 1.0637 remains in force and price is expected to head towards 2020 peak at 1.1494 (march) later next week.

Today, outlook remains bullish for further gain after consolidation, overbought condition is likely to limit upside to 1.1400/10. Only a daily close below 1.1300 signals temporary top is made and may risk stronger retracement to 1.1257, however, 1.1196 should remain intact.

On the data front, Germany will kick off with industrial irders at 06:00GMT n then Italy will release retail dales at 08:00GMT.

 

[AceTRaderForex]

AceTraderFx Jun 05: Daily Recommendations on Major – USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 05 Jun 2020 2020 09:30GMT

USD/JPY - 109.34
Dollar's intra-day break of yesterday's 8-week high at 109.19 confirms recent upmove from May's 7-week trough at 105.99 remains in progress and further gain to 109.60/70 would be seen after consolidation, however, loss of upward momentum should cap price below 109.90/00 and yield retreat.

On the downside, only below 108.62 would indicate temporary top is made and risks weakness to 108.43/48.

Data to be released on Friday :
UK GfK consumer confidence, Halifax house price index, Japan all household spending, coincident index, leading indicator, Germany industrial orders, Italy retail sales.
U.S. non-farm payrolls, private payrolls, unemployment rate, average earnings, and Canada employment change, unemployment rate, Ivey PMI.

 

[AceTRaderForex]

AceTraderFx Jun 08: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 08 June 2020 03:30GMT

EUR/USD - 1.1314
Despite hitting a fresh 2-1/2 month high of 1.1383 in European morning Friday, euro's subsequent retreat to 1.1279 in New York after surprise sharp jump in U.S. payrolls suggests temporary top is possibly in place and would bring consolidation with downside bias, below 1.1279 would bring a much-needed retracement to 1.1248, then 1.1200/05.

Only above 1.1361 risks re-test of 1.1383, however, loss of upward momentum would cap price at 1.1410/15 and yield correction.

Data to be released today :
Australia market holiday, Japan current account, trade balance, GDP, economic watchers current, economic watchers outlook.
Germany industrial output, EU Sentix index.
Canada housing.

 

[AceTRaderForex]

AceTraderFx Jun 08: Daily Recommendations on Major – USD/JPY

DAILY MARKET OUTLOOK on Major
Update Time: 08 Jun 2020 2020 09:30GMT

USD/JPY - 109.54
Despite dollar's rise to a 2-month high at 109.84 in post-NFP last Friday, subsequent retreat to 109.39 in Asia today suggests recent upmove has made a temporary top and stronger retracement to 109.10/20 would be seen after consolidation before prospect of another upmove, above 109.84 would extend gain from 105.99 (May) to 110.00/10.

On the downside, only daily close below 109.05 would risk weakness to 108.62/67 before rebound.

After Friday's blockbuster U.S. jobs data, no eco. release is due out today and market is focusing on Fed's 2-day FOMC star

 

[AceTRaderForex]

AceTraderFx Jun 09: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 09 June 2020 03:30GMT

EUR/USD - 1.1296
Although euro's decline from last Fri's fresh 2-1/2 month peak of 1.1383 to 1.1269 yesterday's suggests recent upmove has made a temporary top there, subsequent rebound to 1.1318 due to renewed usd's weakness in New York would bring sideways swings, a daily close above 1.1319 would signal pullback has ended and yield gain to 1.1343, break, 1.1370/80 later.

Below 1.1269 would bring stronger retracement, however, loss of downward momentum is expected to keep price above 1.1200/10.

Data to be released later :
ANZ job advertisements, Australia NAB business conditions, NAB business confidence,
Swiss unemployment rate, Japan machine tool orders, UK BRC retail sales, Germany exports, imports, trade balance, current account, France current account, trade balance, imports, exports, EU employment, GDP.
U.S. redbook, JOLTS job openings, wholesale inventories, wholesale sales.

 

[AceTRaderForex]

AceTraderFx Jun 09: Daily Recommendations on Major – USD/JPY

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

USD/JPY - 107.97
Although dollar's selloff on Monday from 109.69 in New Zealand to 108.24 (New York), then lower today confirms recent upmove from May's trough at 105.99 has made a temporary top at Friday's 2-month peak of 109.84 and mild downside bias would be seen, however, oversold condition should keep price above 107.39 and yield rebound.

On the upside, above 108.24 would head to 108.55/60 before prospect of retreat.

On the U.S. economic calendar, we have 2nd-tier data due out later today starting with Redbook sales, JOLTS jobs opening n wholesale inventtories n sales. The 2-day FOMC meeting starts today