AceTraderFx : Daily Recommendations on Majors

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

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DAILY MARKET OUTLOOK on Major
Update Time: 24 Sept 2021 03:00GMT

EUR/USD - 1.1744
Euro's rebound from Thursday's 4-week trough at 1.1684 in Asia to as high as 1.1750 signals recent decline from September's 1.1908 peak has made a temporary low and consolidation with upside bias is seen, above Wednesday's post-FOMC high at 1.1755 would bring stronger retracement but reckon 1.1800 would cap upside.

On the downside, a daily close below 1.1701 suggests recovery is over, then price would be en route towards 2021 bottom at 1.1664 early next week.

On the data front, Italy will kick off with business n consumer confidence, then pay atttention to German Ofo business climate, current conditions n expectations.
We also have a no. of ECB members scheduled to speak, pls rrefer to our EI page for details.

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

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

USD/JPY - 110.40
Dollar's intra-day cross-inspired break of previous September's 110.44 high suggests re-test of August's 110.79 top would be seen after consolidation, above there would encourage for further headway towards 111.11 early next week before retreat due to overbought condition.

Only below 110.07 (prev. res, now sup) signals temporary top is made, then risk would shift to downside for stronger retracement to 109.70.

Data to be released on Friday:
New Zealand imports, exports, trade balance, Japan CPI, manufacturing PMI.
UK consumer confidence, Italy business confidence, consumer confidence, Germany Ifo business climate, Ifo current conditions.
Canada budget balance and U.S. building permits, new home sales.

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

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

EUR/USD - 1.1722
Friday's retreat to 1.1701 (New York) suggests recovery from Thursday's fresh 4-week low at 1.1684 has ended at 1.1750 and subsequent sideways swings would bring consolidation before re-test of 2021 bottom at 1.1664.

Only above 1.1750/55 res dampens bearish outlook and risks stronger retracement towards 1.1788 but reckon 1.1800 would cap upside and yield decline.

On the eco. front, we have France's producer prices, Italy's trade balance and Germany's Bundesbank monthly report. ECB President Lagarde will speak before European Parliament at 11:45GMT.
ECB's Panetta n de Cos will also speak later in the day (please refer to EI page for details).

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

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

USD/JPY - 110.80
Dollar's intra-day cross-inspired break of previous September's 110.44 high suggests re-test of August's 110.79 top would be seen after consolidation, above there would encourage for further headway towards 111.11 early next week before retreat due to overbought condition.

Only below 110.07 (prev. res, now sup) signals temporary top is made, then risk would shift to downside for stronger retracement to 109.70.

Data to be released today:
France producer prices, Italy trade balance non-EU.
U.S. durable goods, durables ex-transport, durables ex-defense and Dallas Fed manufacturing index on Monday.

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

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DAILY MARKET OUTLOOK on Major
Update Time: 28 Sept 2021 03:00GMT

EUR/USD - 1.1694
Yesterday's weakness to 1.1685 (Europe) due to cross-selling in euro suggests correction from Thursday's 4-week low at 1.1684 has ended at 1.1750 and re-test of 2021 bottom at 1.1684 (Aug) is envisaged after consolidation, however, loss of downward momentum should keep euro above 1.1620/25.

On the upside, only above Mon's 1.1727 top prolongs volatile sideways swings from 1.1684 and may risk another bounce to 1.1750/55.

Data to be released on Tuesday:
Australia retail sales.
Germany Gfk consumer sentiment, France consumer confidence.
Canada average weekly earnings, U.S. good trade balance, wholesale inventories, redbook, monthly home price, consumer confidence and Richmond Fed manufacturing.

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

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DAILY MARKET OUTLOOK on Major
Update Time: 28 Sept 2021 09:30GMT

USD/JPY - 111.30
Dollar's intra-day cross-inspired break of previous Sep's 110.44 high suggests re-test of Aug's 110.79 top would be seen after consolidation, above there would encourage for further headway towards 111.11 early next week before retreat due to overbought condition.

Only below 110.07 (prev. res, now sup) signals temporary top is made, then risk would shift to downside for stronger retracement to 109.70.

U.S. will later release consumer confidence n Richmond Fed mfg index. Pay attention to testimony of Fed chief J.Powell when he starts his 2-day appearance before the Senate.
As reported earlier, in remarks to be delivered Tuesday, cautioned Washington legislators that the causes of the recent rise in inflation may last longer than anticipated. We also have other Fed officials scheduled to speak in New York session (please refer to EI page for details).

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

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DAILY MARKET OUTLOOK on Major
Update Time: 29 Sept 2021 03:00GMT

EUR/USD - 1.1685
Yesterday's weakness to a 5-week 1.1668 low suggests re-test of 2021 bottom at 1.1664 (August) would be forthcoming next and yield medium-term downtrend, however, loss of downward momentum should keep euro above 1.1603 today and bring a minor correction.

On the upside, only a daily close above 1.1710 signals temporary low is made and yields stronger recovery, however, reckon res at 1.1750/55 should cap upside.

Data to be released on Wednesday:
U.K. BRC shop price index, nationwide house price, Italy producer prices, Swiss investor sentiment, EU business climate, economic sentiment, industrial sentiment, services sentiment, consumer confidence.
U.S. MBA mortgage application, pending home sales, and Canada producer prices.

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

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DAILY MARKET OUTLOOK on Major
Update Time: 29 Sept 2021 09:30GMT

USD/JPY - 111.23
Although dollar's retreat from intra-day 1-1/2 year peak at 111.68 suggests recent uptrend has made a temporary top and consolidation is in store, as long as 111.06 holds, gain to 111.90/00 is likely but loss of momentum would cap price below 112.22.

Only a daily close below 111.06 risks stronger retracement towards 110.79 before prospect of rebound tomorrow.

U.S. will release second-tier eco. data MBA mortgage applications n pending home sales. Fed Chair will appear before the U.S. Senate on his second day of 2-day testimony on Capital Hill, we also have a number of Fed officials scheduled to speak in New York session, please refer to our EI page for details

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

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

EUR/USD - 1.1602
Yesterday's break of previous 2021 low at 1.1664 (now res) to a 14-month trough of 1.1590 in New York due to broad-based usd's demand suggests medium-term downtrend has once again resumed and price would head towards next projected target at 1.1536 later today or Friday, oversold condition should keep euro above 'psychological' 1.1500 handle.

On the upside, only above 1.1664 confirms temporary bottom is in place, then risk would shift to upside for a stronger retracement to 1.1690/00.

The euro are countries will release a slew of eco. data as well as inflation data n also we have a number of ECB officials scheduled to speak in European session, please refer to our EI page for details.

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

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

USD/JPY - 111.86
Although dollar's retreat from intra-day 1-1/2 year peak at 112.05 suggests recent uptrend has made a temporary top and consolidation is in store, as long as 111.22 holds, daily bullishness remains for Medium Term upmove to resume and head towards 112.50/55, loss of momentum would cap price below 112.70/80 and yield a much-needed correction early next week.

Only a daily close below 111.06 risks stronger retracement towards 110.79 before prospect of rebound tomorrow.

Data to be released on Thursday:
New Zealand building permits, NBNZ business outlook, NBNZ own activity, Japan industrial output, retail sales, construction orders, housing starts, China NBS manufacturing PMI, Caixin manufacturing PMI, Australia building permits.
Germany import prices, France consumer spending, CPI, producer prices, Swiss KOF indicator, Germany unemployment change, unemployment rate, CPI, Italy unemployment rate, CPI, U.K. GDP, current account, EU unemployment rate.
U.S. GDP, PCE prices, initial jobless claims, continuing jobless claims and Chicago PMI.

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

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DAILY MARKET OUTLOOK on Major
Update Time: 04 Oct 2021 03:00GMT

EUR/USD - 1.1607
Although intra-day firm break of 1.1607/10 suggests recent downtrend has made a temporary 14-month trough at 1.1563 and marginal gain can't be ruled out, near term overbought condition should cap price below 1.164 (previous sup, now res) should hold and yield decline later today or tomorrow.

Below 1.1583/93 anytime signals recovery over, then euro would extend medium-term downtrend towards projected target at 1.1536.

Eco. calenar is pretty light with EU's Sentix investor sentiment being the only data due out at 08:30GMT.
There is a Eurogroup as well as EcoFin meeting today.

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

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DAILY MARKET OUTLOOK on Major
Update Time: 05 Oct 2021 09:30GMT

USD/JPY - 111.19
Despite the greenback's fall from last Thursday's fresh 19-month peak at 112.07 to 110.88 in New Zealand today, subsequent strong rebound in tandem with U.S. yields and cross-selling in jpy suggests the first leg of correction has possibly ended and consolidation with upside bias is seen for gain towards 111.48, reckon 111.70/80 would remain intact and yield retreat later this week.

On the downside, only below 110.88 would revive bearishness for stronger retracement of Medium Term uptrend towards 110.79, then 110.54 before prospect of a rebound.

Data to be released today :
China Market Holiday.
Swiss CPI, retail sales, EU Sentix index.
Canada building permits, U.S. durables ex-defense, durable goods, factory orders and durables ex-transport on Monday.

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

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DAILY MARKET OUTLOOK on Major
Update Time: 05 Oct 2021 03:00GMT

EUR/USD - 1.1615
Although yesterday's rally above previous 1.1607/10 res (now sup) to 1.1640 in New York signals recent downtrend has made a temporary low at Thursday's 14-month bottom at 1.1563, a daily close above 1.1664 needed to bring stronger retarcement to 1.1690/00 before retreat.

A daily close below 1.1607 signals correction has ended, then risk would shift to downside for weakness to 1.1583/88, break yields re-test of 1.1563 later.

Data to be released on Tuesday :
Australia AIG construction index, services PPI, trade balance, imports, exports, RBA interest rate decision, Japan Tokyo CPI, China Market Holiday.
France industrial output, Markit services PMI, Italy Markit services PMI, GDP, Germany Markit services PMI, EU Markit services PMI, producer prices, U.K. Markit services PMI.
U.S. international trade balance, goods trade balance, redbook, Markit services PMI, ISM non-manufacturing PMI, Canada trace balance, exports, imports and New Zealand GDT price index.

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

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DAILY MARKET OUTLOOK on Major
Update Time: 05 Oct2021 09:30GMT

USD/JPY - 111.12
Despite the greenback's fall from last Thursday's fresh 19-month peak at 112.07 to 110.83 in New York yesterday, subsequent strong rebound in tandem with U.S. yields and cross-selling in jpy suggests the first leg of correction has possibly ended and consolidation with upside bias is seen for gain towards 111.48, reckon 111.70/80 would remain intact and yield retreat later this week.

On the downside, only below 110.88 would revive bearishness for stronger retracement of Medium Term uptrend towards 110.79, then 110.54 before prospect of a rebound.

U.S. will later release a slew of eco. data, please refer to our EI page for details and pay attention to Markit services PMI n ISM non-mfg index.
Richmond Fed President Barkin and Fed's Quarles will be speaking in New York session.

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

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

EUR/USD - 1.1593
Euro's decline from 1.1640 (Monday) to 1.1581 yesterday suggests correction from September's 14-month trough at 1.1563 has ended and medium-term downtrend would head towards projected target at 1.1536 after consolidation.

On the upside, only above 1.1613 prolongs choppy sideways swings and risks re-test of 1.1640, however, reckon 1.1664 (previous sup, now res) would cap upside.

Data to be released on Wednesday :
China market holiday, New Zealand RBNZ interest rate decision.
Germany industrial orders, U.K. Markit construction PMI, EU retail sales.
U.S. MBA mortgage application and ADP employment change.

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

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DAILY MARKET OUTLOOK on Major
Update Time: 06 Oct2021 09:30GMT

USD/JPY - 111.57
Despite the greenback's fall from last Thursday's fresh 19-month peak at 112.07 to 110.83 in New York on Monday, subsequent strong rebound in tandem with U.S. yields and cross-selling in jpy suggests the first leg of correction has possibly ended and consolidation with upside bias is seen for gain towards 111.81, reckon 111.95/00 would remain intact and yield retreat later this week.

On the downside, only below 110.88 would revive bearishness for stronger retracement of Medium Term uptrend towards 110.79, then 110.54 before prospect of a rebound.

On the data front, U.S. will release MBA mortgage applications n then ADP private employment change, a stronger-than-expected read will push the greenback higher. We also have Atlanta Fed President Bostic (voter) speaking at 13:00GMT and then 15:30GMT.

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

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

EUR/USD - 1.1556
Euro's break of Sep's 1.1563 low (now res) Wednesday to a fresh 14-month 1.1530 low on safe-haven usd buying suggests Medium Term downtrend from 2021 peak at 1.2349 (January) would test 1.1500 handle, break would extend weakness to proj. obj. at 1.1473 before correction occurs.

Trade from short side for this move n only above 1.1581 signals temp. low made, risks 1.1613 later.

Data to be released on Thursday :
Australia AIG services index, China Market Holiday, Japan coincident index, leading indicator.
Swiss unemployment rate, U.K. Halifax house prices, Germany industrial output, France current account, trade balance, imports, exports, Italy retail sales.
U.S. initial jobless claims, continuing jobless claims and Canada Ivey PMI.

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

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DAILY MARKET OUTLOOK on Major
Update Time: 07 Oct2021 09:30GMT

USD/JPY - 111.34
Despite the greenback's fall from last Thursday's fresh 19-month peak at 112.07 to 110.83 in New York on Monday, subsequent strong rebound in tandem with U.S. yields and cross-selling in jpy suggests the first leg of correction has possibly ended and consolidation with upside bias is seen for gain towards 111.81, reckon 111.95/00 would remain intact and yield retreat later this week.

On the downside, only below 110.88 would revive bearishness for stronger retracement of Medium Term uptrend towards 110.79, then 110.54 before prospect of a rebound.

U.S. will later release weekly jobless claims and continued jobless claims.
We also have New York Fed President William and Cleveland Fed President Mester scheduled to speak at 12:40GMT and 15:45GMT respectively.

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

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

EUR/USD - 1.1557
Although euro gained respite on Thursday after hitting a fresh 14-month bottom at 1.1530 Wednesday, as 1.1571 has capped recovery, downside bias remains for medium-term downtrend to test psychological 1.1500 handle, however, 'loss of downward momentum' is likely to limit weakness to 1.1470/75.

Only a daily close above 1.1571 (soft U.S. jobs report perhaps) risks stronger correction to 1.1613, reckon this week's high at 1.1640 (Monday) should remain intact.

The euro area countries will release a slew of eco. data n we also have some ECB officials scheduled to speak in European session too, please refer to our EI page for details.
Pay attention to speech by ECB President Lagarde when she and U.S. Treasury Yellen will speak at a B20 International Business Summit event in Italy.

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

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DAILY MARKET OUTLOOK on Major
Update Time: 08 Oct2021 09:30GMT

USD/JPY - 111.95
Despite the greenback's fall from last Thursday's fresh 19-month peak at 112.07 to 110.83 in New York on Monday, subsequent strong rebound in tandem with U.S. yields and cross-selling in jpy to 111.99 today confirms the correction has ended and consolidation with upside bias is seen for a re-test of aforesaid resistance, break would extend Medium Term upmove towards 112.50/60 before prospect of retreat.

On the downside, only below 111.21 would revive bearishness for stronger retracement of Medium Term uptrend towards 110.79, then 110.54 before prospect of a rebound.

Data to be released on Friday:
Japan all household spending, current account, trade balance, Eco watchers outlook, Eco watchers current, China caixin services PMI.
Germany exports, imports, trade balance, current account.
U.S. Non-Farm payrolls, private payrolls, unemployment rate, average earnings, wholesale inventories, wholesale sales, Canada employment change, unemployment rate and housing starts.

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