AceTraderFx : Daily Recommendations on Majors

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

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DAILY MARKET OUTLOOK on Major
Update Time: 12 Aug 2021 03:00GMT

EUR/USD - 1.1741
Despite resumption of recent downtrend to a fresh 4-month low of 1.1707 (Europe), subsequent rebound to 1.1753 due to broad-based long liquidation in usd after in-line U.S. CPI data suggests temporary bottom is made and consolidation is seen before re-test of 2021 trough at 1.1705, loss of momentum would limit weakness to 1.1675/85.

Only a daily close above 1.1768 res will risks stronger correction to 1.1819/29 later.

Data to be released on Thursday:
New Zealand food price index, inflation forecast, Japan corporate goods price, Australia consumer inflation
U.K. RICS housing price balance, U.K. GDP, industrial output, manufacturing output, construction output, trade balance, Italy trade balance, EU industrial production, U.S. jobless claims, continuing jobless claims and PPI.

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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 2021 09:30GMT

USD/JPY - 110.40
Despite the greenback's selloff to a 2-month trough at 108.73 last Wednesday, subsequent rally to 110.35 last Friday on upbeat U.S. jobs report and intra-day break above there suggests a temporary low has been made and consolidation with upside bias remains for stronger retracement to 110.60/65 before prospect of retreat later.

On the downside, only below 109.41 would indicate aforesaid recovery has ended instead and risk weakness to 109.07, then bring re-test of said support, break would extend to 108.50/60.

Data to be released on Thursday:
U.K. RICS housing price balance, GDP, industrial output, manufacturing output, construction output, trade balance, Italy trade balance, EU industrial production.
U.S. jobless claims, continuing jobless claims and PPI.

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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 2021 03:00GMT

EUR/USD - 1.1736
Despite euro's narrow move in subdued Thursday's session following rebound from Wednesday's fresh 4-month trough at 1.1707 to 1.1753, outlook remains bearish for re-test of 2021 bottom at 1.1705, loss of momentum should keep price above projected sup at 1.1653.

Only a daily close above 1.1768 (Monday's high) dampens bearish outlook and risks stronger correction to 1.1819/29 early next week.

On the data front, euro are countries will release a slew of second-tier eco. data, please refer to our EI page for details.

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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 2021 09:30GMT

USD/JPY - 110.27
Despite the greenback's selloff to a 2-month trough at 108.73 last Wednesday, subsequent rally to 110.35 last Friday on upbeat U.S. jobs report and intra-day break above there suggests a temporary low has been made and consolidation with upside bias remains for stronger retracement to 110.60/65 before prospect of retreat later.

On the downside, only below 109.41 would indicate aforesaid recovery has ended instead and risk weakness to 109.07, then bring re-test of said support, break would extend to 108.50/60.

Data to be released on Friday:
New Zealand manufacturing PMI, Japan tertiary industry activity.
France ILO unemployment rate, CPI, Germany wholesale price index, Swiss producer/import price, EU trade balance.
U.S. import prices, export prices and University of Michigan sentiment.

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

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DAILY MARKET OUTLOOK on Major
Update Time: 16 Aug 2021 03:00GMT

EUR/USD - 1.1795
Fri's rally above previous res at 1.1768 to 1.1804 in New York due to broad-based usd's weakness after downbeat U.S. consumer confidence suggests medium-term downtrend has made a low at Wed's fresh 4-month bottom at 1.1707 and further gain is envisaged after consolidation, overbought condition would cap price at 1.1857.

Only a daily close below 1.1768 signals 1st leg of correction is over and may risk decline towards 1.1724.

Data to be released next week :
Japan GDP, industrial output, capacity utilization, industrial output, China house prices, industrial output, retail sales.
U.K. Rightmove house price.
U.S. New York Fed manufacturing index, Canada manufacturing sales and wholesale trade on Monday.

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

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DAILY MARKET OUTLOOK on Major
Update Time: 16 Aug 2021 09:30GMT

USD/JPY - 109.36
Despite the greenback's selloff to a 2-month trough at 108.73 in August, subsequent rally to 110.79 last Wednesday on usd's continued strength suggests a temporary low has been made and consolidation with upside bias remains for stronger retracement to 110.60/65 before prospect of retreat later.

On the downside, only below 109.19 would indicate aforesaid recovery has ended instead and risk weakness to 109.07, then bring re-test of said support, break would extend to 108.50/60.

Economic calendar in the U.S. is very light with New York Fed mfg index being the only data due out at 12:30GMT.

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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 2021 03:00GMT

EUR/USD - 1.1776
Although euro's rebound from last Wed's 4-month trough at 1.1707 to 1.0804 (Friday) suggests recent decline has made a temporary low, Monday's sideways swings would bring further consolidation before one more rise, loss of upward momentum should cap price at 1.1857.

A daily close below 1.1753 signals correction is over and risks weakness to 1.1724, break, 1.1707 again.

The euro zone will release a slew of eco. data at 09:00GMT including Q2 GDP, please refer to our EI page for details.

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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 2021 09:30GMT

USD/JPY - 109.34
Dollar cross-inspired selloff from last Wednesday's 1-month peak at 110.79 to as low as 109.12 yesterday suggests early upmove from 108.73 (August low) has ended there and downside bias remains for further weakness, break of 108.73 needed to extend weakness towards 108.35 later this week.

On the upside, only above 109.75 signals temporary low is made and may risk stronger gain to 110.03.

Data to be released on Tuesday:
Japan tertiary industry activity.
U.K. claimant count, ILO unemployment rate, employment change, average weekly earnings, EU construction output, employment, GDP.
Canada housing starts, U.S. retail sales, redbook, industrial production, capacity utilization, manufacturing output, industrial production, business inventories, NAHB housing market index and New Zealand GDT price index.

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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 2021 03:00GMT

EUR/USD - 1.1709
Euro's intra-day brief break of previous 2021 low at 1.1705 to 1.1703 in Australia suggests medium-term downtrend would resume after minor consolidation and a daily close below 1.1700 handle would pave the way for price to head towards next chart objective at 1.1603 (2020 November low).

Only above 1.1761 indicates temporary low is in place and may risk stronger correction to 1.1790/00 later this week.

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

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

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DAILY MARKET OUTLOOK on Major
Update Time: 18 Aug2021 09:30GMT

USD/JPY - 109.65
Dollar cross-inspired selloff from last Wednesday's 1-month peak at 110.79 to as low as 109.12 on Monday suggests early upmove from 108.73 (Aug low) has ended there and downside bias remains for further weakness, break of 108.73 needed to extend weakness towards 108.35 later this week.

On the upside, only above 109.75 signals temporary low is made and may risk stronger gain to 110.03.

U.S. will release a slew of eco. data, please refer to our EI page for details. Pay attention to U.S. CPI, a higher-than-expected reading would push the greenback higher.
Last but not least, the Fed will later release previous FOMC minutes at 18:00GMT, a hawkish sounding minutes will obviously trigger usd buying.

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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 2021 03:00GMT

EUR/USD - 1.1688
Despite euro's short-covering jump to 1.1742 in New York Wednesday after release of less hawkish Fed minutes, intra-day break of Wednesday's 10-month trough at 1.1695 confirms medium-term downtrend has once again resumed, however, reckon daily sup at 1.1603 would remain intact this week and bring minor correction next week.

On the upside, only above 1.1742 signals temporary bottom is in place and may risk stronger retracement towards 1.1784.

Data to be released on Thursday:
Australia employment change, unemployment rate.
Swiss trade balance, exports, imports, industrial production, EU current account.
U.S. initial jobless claims, continuing jobless claims, Philly Fed manufacturing index, leading index change and Canada ADP employment change.

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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 2021 09:30GMT

USD/JPY - 109.68
Despite the greenback's strong rebound from Monday's low at 109.12 to 110.22 in Asia today, subsequent sharp retreat in tandem with U.S. yields suggests further choppy trading below August's peak at 110.79 would continue with downside bias and below 109.49 would bring weakness to 109.12, however, August's bottom at 108.73 should hold on first testing.

On the upside, only above 110.22 would revive bullishness for gain towards 110.54, then 110.79 early next week.

ON the data front, U.S. will release initial jobless claims, continued jobless claims, Philly Fed mfg index n leading index change.

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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 2021 03:00GMT

EUR/USD - 1.1683
Although euro's short-covering rebound from Thursday's 9-month bottom at 1.1667 to 1.1704 (New York) suggests initial consolidation is in store, outlook remains for medium-term downtrend to head towards next daily chart objective at 1.1603 early next week.

Only a daily close above 1.1715 signals temporary low is made and may risk stronger retracement towards 1.1742 but 1.1761 should cap upside and yield another fall.

Euro area eco. calendar is pretty light today with German producer price for Jul being the only data due out at 06:00GMT.

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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 2021 09:30GMT

USD/JPY - 109.62
Despite the greenback's strong rebound from Monday's low at 109.12 to 110.22 in Asia today, subsequent sharp retreat in tandem with U.S. yields suggests further choppy trading below August's peak at 110.79 would continue with downside bias and below 109.49 would bring weakness to 109.12, however, August's bottom at 108.73 should hold on first testing.

On the upside, only above 110.22 would revive bullishness for gain towards 110.54, then 110.79 early next week.

Data to be released on Friday:
U.K. Gfk consumer confidence, PSNB, PSNCR, retail sales, Japan nationwide CPI, Germany producer prices.
Canada retail sales and new housing price index.

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

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DAILY MARKET OUTLOOK on Major
Update Time: 23 Aug 2021 03:00GMT

EUR/USD - 1.1702
Euro's rebound from Fri's 9-1/2 month trough at 1.1664 to 1.1704 on short covering in New York suggests recent downtrend has made a temporary low and range trading is in store before prospect of one more fall, 'loss of momentum' should keep price above key daily sup at 1.1603.

A daily close above 1.1715 would risk stronger retracement towards 1.1742, break may extend to 1.1770/80 later this week.

The euro area countries will release a slew of eco. data, pls refer to our EI page for details.
Today is PMI day, pay attention to German n EU's Markit mfg n services PMIs at 07:30GMT n 08:00GMT respectively.

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

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DAILY MARKET OUTLOOK on Major
Update Time: 23 Aug 2021 09:30GMT

USD/JPY - 109.96
Despite the greenback's strong rebound from Monday's low at 109.12 to 110.22 in Asia today, subsequent sharp retreat in tandem with U.S. yields suggests further choppy trading below August's peak at 110.79 would continue with downside bias and below 109.49 would bring weakness to 109.12, however, August's bottom at 108.73 should hold on first testing.

On the upside, only above 110.22 would revive bullishness for gain towards 110.54, then 110.79 early next week.

Data to be released next week :
Australia manufacturing PMI, services PMI, Japan 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, U.K. Markit manufacturing PMI, Markit services PMI, CBI trends orders.
U.S. Markit manufacturing PMI, Markit services PMI and existing home sales on Monday.

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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 2021 03:00GMT

EUR/USD - 1.1744
Yesterday's rally above Fri's 1.1704 high (now sup) to 1.1750 confirms medium-term downtrend has made a temporary low at Friday's 9-1/2 month trough at 1.1664 and upside bias remains for stronger retracement towards 1.1804 res which may hold on 1st testing.

Only a daily close below 1.1704 signals said correction has ended, then risk would shift to downside for weakness to 1.1793 but 1.1664 should remain intact

Data to be released on Tuesday:
New Zealand retail sales.
Germany GDP.
U.S. building permits, redbook, new home sales and Richmond Fed manufacturing.

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

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DAILY MARKET OUTLOOK on Major
Update Time: 24 Aug 2021 09:30GMT

USD/JPY - 109.77
Despite the greenback's strong rebound from Monday's low at 109.12 to 110.22 in Asia today, subsequent sharp retreat in tandem with U.S. yields suggests further choppy trading below August's peak at 110.79 would continue with downside bias and below 109.49 would bring weakness to 109.12, however, August's bottom at 108.73 should hold on first testing.

On the upside, only above 110.22 would revive bullishness for gain towards 110.54, then 110.79 early next week.

U.S. will release a slew of second-tier eco. data, pls refer to our EI page for details.

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

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DAILY MARKET OUTLOOK on Major
Update Time: 25 Aug 2021 03:00GMT

EUR/USD - 1.1754
Yesterday's marginal gain to 1.1765 on broad-based usd's weakness suggests upmove from Friday's 9-1/2 month bottom at 1.1664 would extend marginally after consolidation, however, loss of upward momentum should cap price below res at 1.1804 today and yield decline later this week.

A daily close below Tue's 1.1728 low (Europe) signals said corrective rise has possibly ended and heads back to 1.1693, then 1.1673.

Data to be released on Wednesday:
New Zealand imports, trade balance, exports, Australia construction work done, Japan coincident index, Germany Ifo business climate, Ifo current conditions, Ifo expectations.
Swiss investor sentiment, U.K. CBI distributive trades, MBA mortgage application, durable goods, durables ex-transport and durables ex-defense.

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

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DAILY MARKET OUTLOOK on Major
Update Time: 25 Aug 2021 09:30GMT

Despite esterday's cross-inspired brief break of prev. 109.49 sup to 109.42 (New York), subsequent bounce in tandem with US yields to 109.75, then intra-day gain to 109.86 suggests pullback from last week's 110 .22 high over, above needed to head to 110.50/54.

Turn cautious buyer on dips for 110.20 as only below 109.42 may risk weakness towards 109.12.

U.S. will release durable goods at 12:30GMT n later we have S. Francisco Fed President Daly (voter) participating at an academic event at 17:00GMT.

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