AceTraderFx : Daily Recommendations on Majors

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

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

EUR/USD - 1.1601
Euro's resumption of erratic fall from last Tue's near 3-week high at 1.1669 to 1.1586 (New York) suggests correction from October's 14-month bottom at 1.1525 has possibly ended, a daily close below 1.0572 would bring re-test of 1.1525 later this week.

Only above Tuesday's 1.1625 high 'prolongs' choppy swings and may risk gain to 1.1664/69.

Data to be released on Wednesday:
New Zealand imports, trade balance, exports, NBNZ business outlook, NBNZ own activity, Australia CPI.
U.K. BRC shop price index, Germany Gfk consumer sentiment, Frnace consumer confidence, producer prices, Italy trade balance non-EU, Swiss investor sentiment.
U.S. MBA mortgage application, durable goods, durable ex-transport, durables ex-defense, goods trade balance, wholesale inventories, and Canada BOC interest rate decision.

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

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DAILY MARKET OUTLOOK on Major
Update Time: 27 Oct2021 09:30GMT

USD/JPY - 113.76
Despite the greenback's rise to a fresh 3-year peak at 114.69 last Wednesday, subsequent selloff to 113.42 yesterday suggests MT upmove has made a temporary top there and consolidation with downside bias remains for stronger retracement to 113.20/22, however, near term loss of momentum would keep price above 113.00/05 and yield a much-needed rebound later this week.

On the upside, only above 114.69 would revive bullishness for one more rise towards 115.00/10 before correction occurs.

On the data front, U.S. will release MBA mortgage applications, durable goods order, goods trade balance and wholesale inventories

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

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

EUR/USD - 1.1593
Euro's marginal break of Tuesday's 1.1586 low to 1.1585 in Europe Wednesday suggests correction from October's 14-month trough at 1.1525 has possibly ended and as 1.1625 (New York high) has capped subsequent recovery, downside bias remains and below 1.1572 would head back towards 1.1525.

On the upside, only daily close above 1.1625 risks stronger gain to 1.1664/69, break, 1.1703.

Data to be released on Thursday:
Japan retail sales, BoJ interest rate decision, Australia export prices, import price.
Germany unemployment change, unemployment rate, Italy business confidence, consumer confidence, producer prices, EU business climate, economic sentiment, industrial sentiment, services sentiment, consumer confidence, ECB refinancing rate, ECB deposit rate.
Germany CPI, U.S. GDP, PCE prices, initial jobless claims, continuing jobless claims, pending home sales, KC Fed manufacturing and Canada average weekly earnings.

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

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

USD/JPY - 113.66
Despite the greenback's rise to a fresh 3-year peak at 114.69 last Wednesday, subsequent selloff to 113.42 yesterday suggests MT upmove has made a temporary top there and consolidation with downside bias remains for stronger retracement to 113.20/22, however, near term loss of momentum would keep price above 113.00/05 and yield a much-needed rebound later this week.

On the upside, only above 114.69 would revive bullishness for one more rise towards 115.00/10 before correction occurs.

U.S. will release a slew of eco. data, please refer to our EI page for details n pay attention to GDP n PCE price plus weekly jobless claims at 12:30GMT.
Also keep an eye on U.S. yields as the pair fell after benchmark 10-year hit a 1-week low of 1.520% (cirac 1.5571%), further lower yields would pressure price lower.

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

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

EUR/USD - 1.1681
Euro's impressive rally from 1.1583 (Europe) and intra-day break of last week's 1.1669 high to a 1-month peak at 1.1692 in New York on downbeat US GDP report suggests upmove from Oct's 14-month trough at 1.1525 has once again resumed and further gain is expected after consolidation but reckon 1.1755 res at should remain intact due to overbought condition.

On the downside, only a daily close below 1.1669 signals temporary top made, risks retracement to 1.1625, 1.1600.

We have data dump in the euro area countries in European morning, please refer to our EI page for details.
Pay attention to German and EU Q3 GDP, if actual readings come in better than forecast, then another bout of euro buying would be seen.

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

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

EUR/USD - 1.1554
Euro's selloff from 1.1689 to a 2-week trough at 1.1535 in New York Friday on heavy month-end usd's demand suggests early corrective upmove from October's 14-month low of 1.1525 has ended at 1.1692 Thursday and re-test of said sup is seen after consolidation, break extends to 1.1500 later.

On the upside, only a daily close above 1.1600 signals temporary low made, risks stronger retracement to 1.1625, 1.1655.

Eur area eco. calendar is very light as France and Italy plus other European countries are closed for All Saints' Day holiday. Germany will release retail sales at 07:00GMT.

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

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

USD/JPY - 114.41
Despite the greenback's rise to a fresh 3-year peak at 114.69 last Wednesday, subsequent selloff to 113.42 last Friday, then 113.26 yesterday on downbeat US GDP data suggests MT upmove has made a temporary top there and consolidation with downside bias remains for stronger retracement to 112.70/80, however, near term loss of momentum would keep price above 112.40/50 and yield a much-needed rebound later this week.

On the upside, only above 114.31 would revive bullishness for one more rise towards 114.69, then 114.90/00 before correction occurs.

Data to be released today:
Australia AIG manufacturing index, manufacturing PMI, Japan Jibun bank manufacturing PMI, China Caixin manufacturing PMI.
Germany retail sales, Swiss manufacturing PMI, France Market Holiday, Italy Market Holiday, U.K. Markit manufacturing PMI.
Canada Markit manufacturing PMI, U.S. Markit manufacturing PMI, construction spending and ISM manufacturing PMI on Monday.

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

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

EUR/USD - 1.1598
Euro's stronger-than-expected rebound from Friday's 2-week low of 1.1535 to 1.1609 Mon on broad-based usd's retreat signals choppy trading above October's 14-month 1.1525 bottom may continue, as long a previous res at 1.1625 holds, consolidation with downside bias remains, below 1.1580/83 signals recovery over and heads back towards 1.1535.

On the upside, only a daily close above 1.1625 may risk further gain to 1.1664/69 before prospect of another fall.

Data to be released on Tuesday:
New Zealand building permits, GDT price index, Australia RBA interest rate decision.
Swiss CPI, retail sales, Italy Markit manufacturing PMI, France Markit manufacturing PMI, , Germany Markit manufacturing PMI, EU Markit manufacturing PMI.
Canada building permits and U.S. redbook.

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

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

USD/JPY - 113.62
Despite the greenback's rise to a fresh 3-year peak at 114.69 last Wednesday, subsequent selloff to 113.42 last Friday, then 113.26 yesterday on downbeat US GDP data suggests Medium Term upmove has made a temporary top there and consolidation with downside bias remains for stronger retracement to 112.70/80, however, near term loss of momentum would keep price above 112.40/50 and yield a much-needed rebound later this week.

On the upside, only above 114.31 would revive bullishness for one more rise towards 114.69, then 114.90/00 before correction occurs.

The Fed starts its 2-day FOMC meeting today n the only U.S. eco. data due out is redbook retail sales.

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

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

EUR/USD - 1.1576
Euro's retreat from 1.1613 to 1.1576 (New York) yesterday suggests early corrective rise from 1.1535 (Friday) has possibly ended, below 1.1564 would add credence to this view and bring re-test of said support, then 2021 bottom at 1.1525.

Only a daily close above 1.1625 prolongs choppy trading and may risk stronger gain towards 1.1669 (Fed's dovish hold perhaps).

Data to be released on Wednesday :
Australia AIG construction index, services PMI, building permits, New Zealand employment change, unemployment rate, labour cost index, China Caixin services PMI, Japan Market holiday.
U.K. nationwide house price, France budget balance, Italy unemployment rate, U.K. Markit services PMI, EU unemployment rate.
U.S. MBA mortgage application, ADP employment change, international trade balance, goods trade balance, Markit services PMI, durables ex-defense, durable goods, factory orders, durables ex-transport, ISM non-manufacturing PMI, Fed interest rate decision.

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

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

USD/JPY - 113.87
Despite the greenback's retreat from 114.44 (Monday) to 113.47 in Europe yesterday, subsequent rebound on renewed usd's strength to 114.00 (AUS) today suggests further choppy trading above last Thursday's 2-week bottom at 113.26 would continue, above 114.13 would yield re-test of 114.44, break extends towards October's 3-year 114.69 peak.

On the downside, only below 113.47 risks weakness to 113.26 but 113.01/05 should hold.

On the data front, U.S. will releae a slew of data, please refer to our EI page for details, pay attention to US ADP payrolls, then Markit services PMI n duarbale goods order.

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

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

EUR/USD - 1.1615
Despite euro's intra-day brief dip to 1.1563 on Fed's bond tapering announcement Wednesday, subsequent rally to 1.1616 after Fed Powell's dovish comments suggests choppy trading above last Friday's 2-week low at 1.1535 would continue until release of Friday's key U.S. jobs report.

As long as 1.1669 holds, consolidation with downside bias remains but below 1.1563 needed for weakness towards 1.1535.
Only a daily close above 1.1669 would risk re-test of last week's 1.1692 peak (Thursday).

Data to be released on Thursday:
Japan services PMI, Australia trade balance, imports, exports.
Germany industrial orders, Markit services PMI, Swiss consumer confidence, Italy Markit services PMI, France Markit services PMI, EU Markit services PMI, producer prices, U.K. Markit construction PMI, BOE interest rate decision, asset purchase program, BOE QE total, BOE QE corporate bond purchase, BOE MPC vote hike, BOE MPC vote unchanged, BOE MPC vote cut.
U.S. initial jobless claims, continuing jobless claims, labor costs, productivity, Canada trade balance, exports and imports.

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

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DAILY MARKET OUTLOOK on Major
Update Time: 04 Nov 2021 09:30GMT

USD/JPY - 114.03
Despite dollar's retreat from 114.44 (Monday) to 113.47 Tuesday, subsequent rebound and then intra-day marginal gain above Wed's post-FOMC high at 114.21 on renewed usd's strength further choppy trading above last Thursday's 2-week 113.26 bottom would continue with upside bias, above 114.44 would bring re-test of 114.69, break, 115.00 later.

On the downside, only a daily close below 113.73 risks weakness to 113.40/47 but 113.26 should hold.

Ahead of Friday's key U.S. jobs report, we have a slew of eco. data later today, please refer to our EI page for details.
Pay attention to weekly jobless claims and labor costs at 12:30GMT, a better-than-expected reading will push US yields higher n in turn, usd/yen also.

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

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

EUR/USD - 1.1551
Despite euro's bounce to 1.1616 Wednesday, subsequent selloff n break of last week's 1.1535 low (Friday) to a 3-week bottom at 1.1529 Thursday on broad-based usd's strength suggests correction from 1.1525 (October) has ended and re-test of said support is seen after consolidation, below yields further weakness to 1.1490.

On the upside, only a daily close above 1.1598 would signal low is made and bring stronger retracement to 1.1616, 1.1664/69.

On the data front, we have data dump from the euro area countries, please refer to our EI page for details, pay attention to German industrial output n EU's retail sales. We also have a number of ECB officials scheduled to speak in European session.

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

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

USD/JPY - 113.78
Despite the greenback's retreat to 113.52 in New York yesterday, intra-day rebound to 113.86 suggests further choppy trading inside recent 114.69-113.26 range would continue ahead of today's U.S. jobs report release and above 114.00/05 may head to 114.27/31, however, said upper level would remain intact and yield pullback later.

On the downside, only a daily close below said 113.26 support would revive daily bearishness for weakness towards 113.01, then 112.70/80

Economic data to be released on Friday :
Australia AIG services index, Japan all household spending.
U.K. Halifax house prices, Germany industrial output, France industrial output, Italy retail sales, EU retail sales.
U.S. Non-Farm payrolls, private payrolls, unemployment rate, average earnings, Canada employment change, unemployment rate and Ivey PMI.

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

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

EUR/USD - 1.1566
Euro's rebound from Friday's 15-month trough at 1.1514 to 1.1573 on renewed usd's weakness due to selloff in US yields despite upbeat US jobs report suggests Mid Term erratic decline has made a temporary low there and consolidation with mild upside bias remains, however, reckon 1.1600/10 would hold and yield retreat but below 1.1514 is needed for further weakness toward 1.1500, 1.1475/80.

On the upside, only a daily close above 1.1620/25 would yield stronger retracement to 1.1664/69 later.

On the data front, the only eco. indicator due out is EU's Sentix investor confidence at 09:30GMT.
We have Eurogroup meeting today n a no. of ECB officials scheduled to speak in European seesion, pls refer to our EI page for details. ECB President Lagarde will participate at Eurogroup meeting at 11:01GMT.

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

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

USD/JPY - 113.51
Despite the greenback's retreat to 113.52 in New York yesterday, intra-day rebound to 113.86 suggests further choppy trading inside recent 114.69-113.26 range would continue ahead of today's U.S. jobs report release and above 114.00/05 may head to 114.27/31, however, said upper level would remain intact and yield pullback later.

On the downside, only a daily close below said 113.26 support would revive daily bearishness for weakness towards 113.01, then 112.70/80.

Data to be released today:
Japan coincident index, leading indicators, machine tool orders.
Swiss unemployment rate and EU Sentix index on Monday.

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

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DAILY MARKET OUTLOOK on Major
Update Time: 09 Nov 2021 03:00GMT

EUR/USD - 1.1585
Although euro's intra-day rise on Monday from 1.1551 (Europe) and then break of Friday's 1.1573 high to 1.1594 (New York) confirms recent downtrend has made a temporary low at Friday's 15-month bottom at 1.1514 and mild upside bias remains for stronger retracement, overbought condition would prevent strong gain above res area at 1.1616/25 and yield decline later today or Wednesday.

On the downside, below 1.1551 anytime signals recovery is over and yield re-test of 1.1514.

Data to be released on Tuesday:
New Zealand retail sales, Japan current account, trade balance.
U.K. BRC retail sales, Australia NAB business conditions, NAB business confidence, Japan Eco watchers outlook, Eco watchers current, Germany exports, imports, trade balance, current account, France current account, trade balance, imports, exports, Germany ZEW economic sentiment, ZEW current conditions, EU ZEW survey expectations.
U.S. PPI and redbook.

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

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

USD/JPY - 112.86
The greenback's fall below previous support at 113.26 to 113.09 yesterday on dollar's broad-based weakness and intra-day break below there suggests decline from October's 3-year peak at 114.69 remains in progress and further weakness towards 112.30/40 would be seen. However, oversold condition would keep price above 112.00/10 and yield a much-needed correction.

On the upside, only above 113.31 would indicate a temporary bottom has been made and risk stronger retracement to 113.66/70 later this week.

On the data front, U.S. will release core PPI n PPI at 13:30GMT plus redbook retail sales. We have a number of Fed officials scheduled to speak, please refer to our EI page for details. Fed chair J. Powell will give pre-recorded opening remarks before virtual Conference on Diversity and Inclusing in Economics, Finance and Central Banking co-hosted by the Federal Reserve Board, Bank of Canada, Bank of England, and European Central Bank at 14:00GMT.

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

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DAILY MARKET OUTLOOK on Major
Update Time: 10 Nov 2021 03:00GMT

EUR/USD - 1.1592
Although euro's gain to 1.1608 (New York) yesterday suggests corrective rise from Friday's 15-month bottom at 1.1514 may extend marginal gain after consolidation, loss of upward momentum is likely to limit upside to 1.1625/35 and yield strong retracement of said upmove.

On the downside, a daily close below Tue's 1.1571 low signals correction has possibly ended and heads back to 1.1525/35 later.

Data to be released on Tuesday:
Australia consumer sentiment, China PPI, CPI.
Germany CPI, HICP, Italy industrial output.
Canada leading index, U.S. MBA mortgage application, CPI, initial jobless claims, continuing jobless claims, wholesale inventories, wholesale sales and Federal budget.

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