AceTraderFx : Daily Recommendations on Majors

AceTraderFx Aug 26: Daily Recommendations on Major -EUR/USD

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DAILY MARKET OUTLOOK on Major
Update Time: 26 Aug 2021 03:00GMT

EUR/USD - 1.1769
Despite yesterday's resumption of upmove from Friday's 9-1/2 month trough of 1.1664 to 1.1774 (New York) after meeting renewed buying at 1.1726, near term loss of upward momentum should cap price below res at 1.1804 and yield strong retreat later today or tomorrow.

On the downside, below 1.1726 signals at least the 1st leg of correction from 1.1664 is over and heads back towards 1.1693.

On the data front, we have Germany's Gfk consumer sentiment, France's business climate n then Italy's industrial sales. ECB board member Schnabel will participate in Economist Roundtable on ECB's strategy review organized by the German Federal Ministry of Finance at 15:00GMT.

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

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DAILY MARKET OUTLOOK on Major
Update Time: 26 Aug 2021 09:30GMT

USD/JPY - 110.18
The greenback's rally from Tuesday's low at 109.42 to 110.12 yesterday and intra-day break above there in tandem with rising U.S. yields and cross-selling in jpy suggests further choppy trading above last Tuesday's low at 109.12 would continue with upside bias and above reaction high at 110.22 would bring stronger retracement of near term decline from 110.79 (Aug) towards 110.54.

On the downside, only below 109.88 would indicate aforesaid recovery has ended instead and risk weakness to 109.63/66, then 109.42.

Data to be released on Thursday :
Australia capital expenditure, building capex.
Germany Gfk consumer sentiment, Swiss non-farm payrolls, France business climate, Italy industrial sale.
U.S. GDP, Core PCE prices, initial jobless claims, continuing jobless claims, KC Fed manufacturing and Canada average weekly earnings.

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

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DAILY MARKET OUTLOOK on Major
Update Time: 27 Aug 2021 03:00GMT

EUR/USD - 1.1744
Yesterday's retreat from 1.1779 to 1.1747 (New York), then intra-day break there in Asia signals 1st leg of correction from last Friday's 9-1/2 month bottom at 1.1664 has ended and downside bias remains for a strong retracement of said move ahead of Fed J. Powell's Jackson Hole speech but reckon 1.1664 would hold.

Only above 1.1779 risks one more rise towards res at 1.1804 before prospect of decline next week.

On the data front, Germany will kick off with import prices, then France's consumer confidence and Italy's business and consumer confidence but market's key focus is Jackson Hole.

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AceTraderFx Aug 27: Daily Recommendations on Major –USD/JPY

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DAILY MARKET OUTLOOK on Major
Update Time: 27 Aug 2021 09:30GMT

USD/JPY - 110.13
The greenback's rally from Tuesday's low at 109.42 to 110.12 yesterday and yesterday's break above there in tandem with rising U.S. yields and cross-selling in jpy suggests further choppy trading above last Tuesday's low at 109.12 would continue with upside bias and above reaction high at 110.22 would bring stronger retracement of near term decline from 110.79 (Aug) towards 110.54.

On the downside, only below 109.88 would indicate aforesaid recovery has ended instead and risk weakness to 109.63/66, then 109.42.

Data to be released on Friday:
Japan Tokyo CPI, Australia retail sales.
France consumer confidence, Italy business confidence, consumer confidence.
U.S. personal income, personal spending, Core PCE price index, PC price index, goods trade balance, wholesale inventories, University of Michigan sentiment, Canada producer prices and budget balance.

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AceTraderFx Aug 30: Daily Recommendations on Major -EUR/USD

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DAILY MARKET OUTLOOK on Major
Update Time: 30 Aug 2021 03:00GMT

EUR/USD - 1.1801
Friday's rally from 1.1735 in New York to a near 2-week high of 1.1802 after dovish Fed J. Powell's Jackson Hole speech suggests upmove from August's 1.1664 bottom remains in force, however, overbought condition should cap price below 1.1857 and yield retracement of said move.

A daily close below 1.1779 would be the 1st signal temporary top is made and yield retracement towards 1.1735 later today or tomorrow.

The euro area countries will release a slew of eco. data, please refer to our EI page for details.
ECB Board member Schnabel will chair at ECB Annual Research Conference at 15:00GMT.

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AceTraderFx Aug 30: Daily Recommendations on Major –USD/JPY

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

USD/JPY - 109.82
The greenback's rally from Tuesday's low at 109.42 to 110.12 yesterday and yesterday's break above there in tandem with rising U.S. yields and cross-selling in jpy suggests further choppy trading above last Tuesday's low at 109.12 would continue with upside bias and above reaction high at 110.22 would bring stronger retracement of near term decline from 110.79 (Aug) towards 110.54.

On the downside, only below 109.88 would indicate aforesaid recovery has ended instead and risk weakness to 109.63/66, then 109.42.

Data to be released later:
Japan retail sales, Australia business inventories.
Swiss KOF indicator, EU business climate, economic sentiment, industrial sentiment, services sentiment, consumer confidence, Germany CPI.
Canada current account, U.S. pending home sales and Dallas Fed business index on Monday.

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AceTraderFx Aug 31: Daily Recommendations on Major -EUR/USD

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DAILY MARKET OUTLOOK on Major
Update Time: 31 Aug 2021 03:00GMT

EUR/USD - 1.1797
Despite euro's retreat from Monday's 2-week high of 1.1810 (Asia) to 1.1784 in New York morning, subsequent rebound suggests upmove from Aug's 9-1/2 month bottom at 1.1664 would extend marginal gain after consolidation, loss of upward momentum should cap price below 1.1857 and yield strong retracement of said rise later today or tomorrow.

A daily close below 1.1779 would indicate temporary top is made and head back towards 1.1735 (Friday's low).

Data to be released on Tuesday:
Japan building permits, unemployment rate, industrial output, China NBS non-manufacturing PMI, NBS manufacturing PMI, New Zealand NBNZ business outlook, NBNZ own activity, Australia building permits, current account, net exports contribution, Japan consumer confidence, construction orders, housing starts.
France consumer spending, GDP, CPI, producer prices, Germany unemployment change, unemployment rate, Italy GDP, CPI, producer prices, EU HICP.
Canada GDP, U.S. redbook, monthly home price, Chicago PMI and consumer confidence.

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AceTraderFx Aug 31: Daily Recommendations on Major –USD/JPY

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DAILY MARKET OUTLOOK on Major
Update Time: 31 Aug 2021 09:30GMT

USD/JPY - 109.86
The greenback's rally from Tuesday's low at 109.42 to 110.12 yesterday and yesterday's break above there in tandem with rising U.S. yields and cross-selling in jpy suggests further choppy trading above last Tuesday's low at 109.12 would continue with upside bias and above reaction high at 110.22 would bring stronger retracement of near term decline from 110.79 (August) towards 110.54.

On the downside, only below 109.88 would indicate aforesaid recovery has ended instead and risk weakness to 109.63/66, then 109.42.

U.S. will release a slew of eco. data later today, please refer to our EI page for details and pay attention to Chicago PMI at 13:45GMT and then Conference Board consumer confidence at 14:00GMT, market forecast for both data is a lower reading, so if actual data come in as per street estimate or weaker, then one can expect more usd's weakness.

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

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DAILY MARKET OUTLOOK on Major
Update Time: 01 Sept 2021 03:00GMT

EUR/USD - 1.1805
Euro's retreat from Tuesday's 3-week high of 1.1847 suggests recent upmove from August's bottom at 1.1664 has possibly made a top and consolidation with downside bias is seen, below 1.1784 would add credence to this view and head back towards 1.1735 later.

On the upside, only above 1.1847 risks marginal gain but loss of upward momentum would cap price at 1.1885/90 and yield decline.

Data to be released on Wednesday:
Australia AIG manufacturing index, manufacturing PMI, GDP, Japan Jibun bank manufacturing PMI, China caixin manufacturing PMI.
Germany retail sales, Markit manufacturing PMI, U.K. nationwide house price, Swiss manufacturing PMI, Italy Markit manufacturing PMI, France Markit manufacturing PMI, Italy unemployment rate, EU Markit manufacturing PMI, unemployment rate, U.K. Markit manufacturing PMI.
U.S. MBA mortgage application, ADP employment change, Markit manufacturing PMI, construction spending, ISM manufacturing PMI and Canada Markit manufacturing PMI.

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

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DAILY MARKET OUTLOOK on Major
Update Time: 01 Sept 2021 09:30GMT

USD/JPY - 110.35
The greenback's rally from Tuesday's low at 109.42 to 110.12 yesterday and yesterday's break above there in tandem with rising U.S. yields and cross-selling in jpy suggests further choppy trading above last Tuesday's low at 109.12 would continue with upside bias and above reaction high at 110.22 would bring stronger retracement of near term decline from 110.79 (Aug) towards 110.54.

On the downside, only below 109.88 would indicate aforesaid recovery has ended instead and risk weakness to 109.63/66, then 109.42.

U.S. will release a slew of eco. data, pls refer to our EI page for details n pay attention to ADP private payrolls, then Markit mfg PMI n later ISM mfg PMI. Atlanta Fed President Bostic (voter) will speak at a virtual event at 16:00GMT.

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

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DAILY MARKET OUTLOOK on Major
Update Time: 02 Sept 2021 03:00GMT

EUR/USD - 1.1841
Yesterday's rally from 1.1794 (Europe) and then break of Tuesday's 1.1847 top to 1.1856 on downbeat U.S. private payrolls and falling U.S. yields suggests recent upmove from Aug's bottom at 1.1664 remains in force, however, loss of upward momentum should cap price below Jul's peak at 1.1909 ahead of Friday's key U.S. jobs report.

On the downside, a daily close below 1.1810 signals temporary top is in place and would head back to 1.1784, then later, 1.1735/45.

Data to be released on Thursday:
Australia trade balance, imports, exports.
Swiss CPI, retail sales, GDP, EU producer prices.
U.S. producer prices, international trade balance, goods trade balance, initial jobless claims, continuing jobless claims, labor costs, productivity, durables ex-defense, durable goods, factory orders, durables ex-transport, Canada building permits, trade balance, exports and imports.

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

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DAILY MARKET OUTLOOK on Major
Update Time: 02 Sept 2021 09:30GMT

USD/JPY - 110.00
Despite the greenback's gain to 110.41 in Europe yesterday, subsequent selloff to 109.89 in New York following the release of poor U.S. private payrolls suggests recent upmove from 109.12 has made a temporary top there and consolidation with downside bias remains for weakness to 109.60, then 109.42. However, said bottom should hold on 1st testing and yield a much-needed recovery later.

On the upside, only above 110.41 would revive bullishness for a re-test of August's peak at 110.79, break needed to extend uptrend from 108.73 (August) towards 110.90/00 later.

Ahead of Friday's blockbuster U.S. NFP, U.S. will release a slew of eco. data, please refer to our EI page for details, pay attention to weekly jobless claims, continued jobless claims, then durable goods and factory orders.
We also have Atlanta Fed President Bostic n S. Francisco Fed's Daly (both 2021 FOMC voters) speaking at 17:00GMT n 19:00GMT respectively.

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

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

UR/USD - 1.1882
Euro's intra-day break of Thur's near 1-month high of 1.1875 at Asian open on continued usd's weakness suggests recent upmove from Aug's bottom at 1.1664 remains in force and may head towards 1.1909 (Jul's peak), above needed to retain bullishness for further headway to next chart objective at 1.1975 later next week.

On the downside, a daily close below 1.1856 would be the first signal temporary top is in place, then risk would shift to the downside for a much-needed retracement to 1.1835, then to 1.1784/94.

Today is PMI day in the euro area countries, please refer to our EI page for details n pay attention to German n EU's Markit services PMIs, a better-than-expected number would boslter this week's bullish sentiment on the euro.

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

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DAILY MARKET OUTLOOK on Major
Update Time: 03 Sept 2021 09:30GMT

USD/JPY - 109.95
Despite the greenback's gain to 110.41 in Europe on Wednesday, subsequent selloff to 109.89 in New York following the release of poor U.S. private payrolls and then to 109.80 today on news of Japan PM stepping down suggests recent upmove from 109.12 has made a temporary top there and consolidation with downside bias remains for weakness to 109.60, then 109.42. However, said bottom should hold on 1st testing and yield a much-needed recovery later.

On the upside, only above 110.41 would revive bullishness for a re-test of August's peak at 110.79, break needed to extend uptrend from 108.73 (August) towards 110.90/00 later.

Data to be released on Friday:
Australia AIG construction index, services, PMI, Kapan services PMI, China caixin services PMI.
France budget balance, Markit services PMI, Italy Markit services PMI, Germany Markit services PMI, EU Markit services PMI, retail sales, U.K. Markit services PMI.
U.S. Non-Farm Payrolls, private payrolls, unemployment rate, average earnings, Markit services PMI, ISM non-manufacturing PMI and Canada labor productivity.

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AceTraderFx Sept 06: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 06 Sept 2021 03:00GMT

EUR/USD - 1.1879
Euro's intra-day sideways swings are hitting a 1-month high of 1.1908 on Friday after a huge miss in U.S. payrolls suggests consolidation would continue in Asia before recent upmove resume, however, loss of upward momentum should cap price below daily res at 1.1975.

On the downside, only a daily close below 1.1856 signals temporary top is in place, then risk is seen for a stronger retracement to 1.1835, then later towards 1.1794.

Although market is expected to be quiet in Euroepan afternoon as markets in U.S. n Canada are closed for Labor Day holiday, pay attention to release German industrial orders and then EU's Sentix index at 06:00GMT n 08:30GMT respectively, if actual readings are better than forecast, the euro would extend further gain.

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AceTraderFx Sept 06: Daily Recommendations on Major –USD/JPY

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DAILY MARKET OUTLOOK on Major
Update Time: 06 Sept 2021 09:30GMT

USD/JPY - 109.89
Despite the greenback's gain to 110.41 last Wednesday, subsequent selloff to 109.60 in New York on Friday following the release of poor U.S. non-farm payrolls suggests recent upmove from 109.12 has made a temporary top there and consolidation with downside bias remains for weakness to 109.42. However, said bottom should hold on 1st testing and yield a much-needed recovery later.

On the upside, only above 110.41 would revive bullishness for a re-test of August's peak at 110.79, break needed to extend uptrend from 108.73 (August) towards 110.90/00 later.

Data to be released this week :
Germany industrial orders, U.K. Markit construction PMI, EU Sentix index on Monday.
Markets in U.S. and Canada are closed for holiday.

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

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DAILY MARKET OUTLOOK on Major
Update Time: 07 Sept 2021 03:00GMT

EUR/USD - 1.1877
Although euro's retreat to 1.1856 (Europe) yesterday after hitting a 1-month peak of 1.1908 in post-NFP New York on Friday suggests recent upmove has made a temporary top, intra-day rebound at Asian open on Tuesday has retained bullishness for marginal gain, however, 'loss of upward momentum' should cap price below daily res at 1.1975 ahead of Thursday's ECB monetary policy meeting and yield correction.

Only a daily close below 1.1856 risks stronger retracement to 1.1835, then later to 1.1784/94.

Data to be released on Tuesday:
Australia AIG services index, China exports, imports, trade balance, Australia RBA interest rate decision, Japan coincident index, leading indicator, New Zealand GDT price index.
U.K. BRC retail sales, Japan all household spending, Swiss unemployment rate, Germany industrial output, ZEW economic sentiment, ZEW current conditions, U.K. Halifax house prices, EU employment, GDP, ZEW survey expectations

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AceTraderFx Sept 07: Daily Recommendations on Major –USD/JPY

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DAILY MARKET OUTLOOK on Major
Update Time: 07 Sept 2021 09:30GMT

USD/JPY - 109.97
Despite the greenback's gain to 110.41 last Wednesday, subsequent selloff to 109.60 in New York on Friday following the release of poor U.S. non-farm payrolls suggests recent upmove from 109.12 has made a temporary top there and consolidation with downside bias remains for weakness to 109.42. However, said bottom should hold on 1st testing and yield a much-needed recovery later.

On the upside, only above 110.41 would revive bullishness for a re-test of August's peak at 110.79, break needed to extend uptrend from 108.73 (August) towards 110.90/00 later.

Although U.S. markets will re-open after Mon's Labor Day holiday, as no eco. data is due out, traders may take cue to movement in U.S. stocks and U.S. yields.

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

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DAILY MARKET OUTLOOK on Major
Update Time: 08 Sept 2021 03:00GMT

EUR/USD - 1.1847
Yesterday's break of 1.1856 low to 1.1838 due to broad-based usd's strength on the back of rally in U.S. yields suggests recent upmove from August's 1.1664 bottom has made a temporary top at Friday's 1-month peak at 1.1908 and stronger retracement is seen, however, near term, o/sold condition should keep price above 1.1757 (61.8% r from 1.1864).

On the upside, only above 1.1884/86 res signals pullback has ended and yields re-test of 1.1908 later today or tomorrow.

Data to be released on Wednesday:
Japan current account, trade balance, GDP, Eco watchers outlook, Eco watchers current.
France non-farm payrolls, current account, trade balance, imports, exports, Italy retail sales.
U.S. MBA mortgage application, redbook, JOLTS job openings, Canada BoC interest rate decision and Ivey PMI.

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

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DAILY MARKET OUTLOOK on Major
Update Time: 08 Sept 2021 09:30GMT

USD/JPY - 110.15
Despite the greenback's gain to 110.41 last Wednesday, subsequent selloff to 109.60 in New York on Friday following the release of poor U.S. non-farm payrolls suggests recent upmove from 109.12 has made a temporary top there and consolidation with downside bias remains for weakness to 109.42. However, said bottom should hold on 1st testing and yield a much-needed recovery later.

On the upside, only above 110.41 would revive bullishness for a re-test of August's peak at 110.79, break needed to extend uptrend from 108.73 (August) towards 110.90/00 later.

On the data front, U.S. will release second-tier data, please refer to our EI page for details. New York fed President Williams (voter) will speak at 17:10GMT.

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