AceTraderFx : Daily Recommendations on Majors

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

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DAILY MARKET OUTLOOK on Major
Update Time: 07 Jan2022 09:30GMT

USD/JPY - 115.91
Dollar's retreat from Tuesday's 5-year peak at 116.34
and subsequent volatile swings on cross-buying in yen yesterday signals range trading would be in store before MT uptrend resumes and above 116.34 would head towards daily objective at 116.50, reckon loss of momentum would keep price below 116.80/90 and bring a much-needed correction later.

On the downside, only a daily close below 115.51 would indicate a temporary top has been made and risk stronger retracement to 115.20/25.

Data to be released on Friday:
Japan all household spending, Tokyo core CPI.
Swiss unemployment rate, retail sales, U.K. Halifax house prices, Markit construction PMI, Germany industrial output, exports, imports, trade balance, current account, France consumer spending, current account, industrial output, trade balance, imports, exports, EU HICP, retail sales, business climate, economic sentiment, industrial sentiment, services sentiment, consumer confidence.
U.S. non-farm payrolls private payrolls, unemployment rate, average earnings, Canada employment change, unemployment rate and Ivey PMI.

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

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DAILY MARKET OUTLOOK on Major
Update Time: 10 Jan2022 03:00GMT

EUR/USD - 1.1352
Euro's rally to 1.1364 in post-NFP New York Friday and break of previous 1.1346 resistance on broad-based usd's weakness suggests pullback from Dec's 6-week peak at 1.1386 has ended but above 1.1386 is needed to extend corrective rise from Nov's 16-month trough at 1.1187 towards 1.1434.

On the downside, a daily close below 1.1322 would prolong choppy sideways swings and weakness towards 1.1285, then 1.1273 would be seen later.

Data to be released today:
Australia building permits, Japan Market Holiday.
Italy industrial sales, unemployment rate, EU Sentix index, unemployment rate.
U.S. wholesale inventories, wholesale sales on Monday.

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AceTraderFx Jan 10: Daily Recommendations on Major –USD/JPY

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DAILY MARKET OUTLOOK on Major
Update Time: 10 Jan 2022 09:30GMT

USD/JPY - 115.72
Despite dollar's daily sideways swings after retreat from Tue's near 5-year peak of 116.34 to 115.63 (Wed), Friday's break of 115.63 to 115.52 in post-NFP trading in New York on broad-based usd's weakness suggests a temporary top is in place and below 115.51 would bring stronger retracement to 115.20/25.

On the upside, only a daily close above 116.04 would yield stronger gain to 116.30/34, break, 116.50 later.

U.S. eco. calendar is pretty thin with 2nd-tier wholesale inventories n wholesale sales being the only data due out.

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AceTraderFx Jan 11: Daily Recommendations on Major -EUR/USD

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DAILY MARKET OUTLOOK on Major
Update Time: 11 Jan 2022 03:00GMT

EUR/USD - 1.1332
Although euro's selloff from 1.1364 (Friday) to as low as 1.1286 in New York yesterday on cross-selling in euro suggests further choppy trading below Dec's 6-week peak at 1.1386 would continue, subsequent strong rebound signals price may continue to gyrate inside 1.1386-1.1273 broad range before prospect of a downside break, below 1.1273 yields weakness towards 1.1235.

On the upside, only a daily close above 1.1386 resistance s risk stronger correction to 1.1420/30 later this week.

Data to be released on Tuesday:
Australia retail sales, trade balance, imports, exports, Japan coincident index, leading indicator.
U.K. BRC retail sales, NIESR GDP estimate, Italy retail sales.
U.S. mortgage application and redbook.

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AceTraderFx Jan 11: Daily Recommendations on Major –USD/JPY

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DAILY MARKET OUTLOOK on Major
Update Time: 11 Jan2022 09:30GMT

USD/JPY - 115.30
Although dollar's break of 115.52 (Friday) to as low as 115.05 in New York yesterday on cross-buying in yen signals recent erratic upmove has made a temporary top at last Tue's near 5-year peak at 116.34, however, reckon 114.75/80 would contain downside and yield rebound due to oversold condition, above 115.52 yields further gain to 115.80/84.

On the downside, only a daily close below 114.96 risks stronger retracement towards 114.68, then to 114.44/48 later.

U.S. will later release MBA mortgage applications n redbook sales.
We also have Kansas City Fed President George (voter) speaking on the economic and monetary policy outlook at an in-person event at 14:30GMT.

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

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DAILY MARKET OUTLOOK on Major
Update Time: 12 Jan 2022 03:00GMT

EUR/USD - 1.1369
Although euro's break of last Fri's top at 1.1364 to 1.1374 in New York Tuesday on broad-based usd's weakness after Fed Powell's less hawkish comments suggests re-test of Nov's 1.1386 peak is seen, above needed to extend rise from Nov's 16-month 1.1187 bottom towards 1.1434 later.

On the downside, a daily close below 1.1314 would prolong choppy sideways swings and yield weakness to 1.1273/78.

Data to be released on Wednesday:
Japan current account, trade balance, Eco watchers current, Eco watchers outlook, China PPI, CPI.
Germany wholesale trades, EU industrial production, U.S. MBA mortgage application, CPI and Federal budget.

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AceTraderFx Jan 12: Daily Recommendations on Major –USD/JPY

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DAILY MARKET OUTLOOK on Major
Update Time: 12 Jan 2022 09:30GMT

USD/JPY - 115.39
Despite dollar's strong rebound form 115.05 to as high as 115.67 in New York Tue on active cross-selling in yen, subsequent retreat on broad-based usd's weakness after less hawkish comments from Fed's Powell suggests consolidation with downside bias remains, below 115.05 would extend recent decline from last Tue's near 5-year 116.34 peak to 114.68/73.

On the upside, a daily close above 115.67 would signal said pullback has ended and stronger gain to 116.00/04 is seen.

U.S. will release a slew of eco. data n market focus is Dec CPI, a higher-than-expected reading would give usd a boost. Minneapolis Fed President Kashkari (non voter) will speaks on the economic outlook for 2022 before a virtual event at 18:00GMT.

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AceTraderFx Jan 13: Daily Recommendations on Major -EUR/USD

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DAILY MARKET OUTLOOK on Major
Update Time: 13 Jan 2022 03:00GMT

EUR/USD - 1.1442
Despite euro's daily wild swings from Dec's 6-week high at 1.1386, yesterday's rally above there to as high as 1.1452 in New York Wednesday on broad-based usd's weakness despite strong but in-line U.S. inflation data confirms upmove from Nov's 16-month bottom at 1.1187 has finally resumed and above 1.1463 would yield stronger gain to 1.1515/25 after consolidation.

On the downside, only a daily close below 1.1386 signals a temporary top is in place and weakness towards 1.1355 is seen later.

Data to be released on Thursday:
New Zealand building permits, Australia consumer inflation.
U.K. RICS housing price balance, Italy industrial output, trade balance.
U.S. initial jobless claims, continuing jobless claims and PPI.

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AceTraderFx Jan 13: Daily Recommendations on Major –USD/JPY

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DAILY MARKET OUTLOOK on Major
Update Time: 13 Jan2022 09:30GMT

USD/JPY - 114.40
Dollar's selloff to a 2-week bottom at 114.39 in New York Wednesday on broad-based usd's weakness despite strong but in-line U.S. inflation data suggests decline from Jan's near 5-year 116.34 peak would head towards 113.95 before prospect of rebound due to loss of momentum.

On the upside, only a daily close above 115.05 signals 1st leg of correction over but 115.46 should cap upside.

U.S. will release a slew of eco. data, pls refer to our EI page for details n pay attention to weekly jobless claims, continued claims, PPI.
We also have a number of Fed officials scheduled to speak n Fed Governor Brainard will testify before a Senate Banking Committee hearing to consider the nomination to be vice chair of the Federal Reserve at 15:00GMT.

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AceTraderFx Jan 14: Daily Recommendations on Major -EUR/USD

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DAILY MARKET OUTLOOK on Major
Update Time: 14 Jan 2022 03:00GMT

EUR/USD - 1.1456
Euro's rally above 1.1452 (Wed) to a fresh 7-week peak at 1.1481 in New York Thursday on continued usd's weakness suggests recent upmove from Nov's 16-month trough at 1.1187 would extend towards 1.1525 but near term 'loss of momentum' should cap price at 1.1542/47 and yield decline later.

On the downside, only below 1.1415/20 may signal a temporary top is in place and risk stronger retracement towards 1.1386.

On the data front, the euro area will release a slew of data, pls refer to our EI page for details.
We also have ECB President Lagarde n ECB board member de Cos will also speak during NY morning.

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AceTraderFx Jan 14: Daily Recommendations on Major –USD/JPY

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DAILY MARKET OUTLOOK on Major
Update Time: 14 Jan2022 09:30GMT

USD/JPY - 113.81
Dollar's selloff below Mon's 115.05 bottom to a 3-week bottom at 114.01 in New York Thursday on continued usd's weakness due to fall in U.S. yields, then intra-day break there to 113.65 in Asia suggests decline from Jan's near 5-year 116.34 peak may head to 113.35/40 before prospect of a rebound due to loss of momentum.

On the upside, only a daily close above 114.39 signals a temporary trough is in place and stronger retracement to 114.65/70 is seen later.

Data to be released on Friday:
Japan corporate goods price, China exports, imports, trade balance.
U.K. GDP, industrial output, manufacturing output, construction output, trade balance, France budget balance, CPI, EU trade balance.
US import prices, export prices, retail sales, industrial production, capacity utilization, manufacturing output, business inventories and University of Michigan sentiment.

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AceTraderFx Jan 17: Daily Recommendations on Major -EUR/USD

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DAILY MARKET OUTLOOK on Major
Update Time: 17 Jan 2022 03:00GMT

EUR/USD - 1.1405
Despite euro's resumption of recent upmove from Nov's 16-month trough at 1.1187 to a fresh 7-week 1.1482 top (Asia) on Fri, subsequent fall to 1.1399 in New York on safe-haven usd's buying signals temporary high is possibly in place and daily close below 1.1386 would ass credence to this view, yield stronger retracement towards 1.1355, then 1.1314.

On the upside, above 1.1448/52 is needed to suggest pullback over and may bring re-test of 1.1482.

Eco. calendar is pretty light with Italy's CPI n trade balance. There is a Eurogroup meeting in Brussels n ECB President Lagarde n ECB member Panetta will participate in the meeting.

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AceTraderFx Jan 17: Daily Recommendations on Major –USD/JPY

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DAILY MARKET OUTLOOK on Major
Update Time: 17 Jan2022 09:30GMT

USD/JPY - 114.37
Although dollar's short covering rally after last Fri's selloff to a 3-1/2 week trough at 113.49 on active buying in yen signals recent decline from Jan's 5-year peak at 116.34 has made a temp. low there and range trading is in store, reckon 114.70/75 would hold and yield another fall, below 114.01 would yield re-test of said support later.

On the upside, only a daily close above 114.70 would risk stronger gain towards 115.05, break, 115.25/30.

Data to be released today:
Japan machinery orders, tertiary industry activities, China industrial output, retail sales, GDP.
U.K. Rightmove house price, Italy CPI.
Canada leading index, U.S. Market Holiday and Canada manufacturing sales on Monday.

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AceTraderFx Jan 18: Daily Recommendations on Major -EUR/USD

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DAILY MARKET OUTLOOK on Major
Update Time: 18 Jan 2022 03:00GMT

EUR/USD - 1.1409
Despite euro's resumption of recent upmove from Nov's 16-month trough at 1.1187 to a fresh 7-week 1.1482 top (Asia) on Fri, subsequent fall to 1.1399 and yesterday's break there to 1.1393 on continued usd's strength in thin North America trading signals temporary high is possibly in place and daily close below 1.1386 would add credence to this view, yield stronger retracement towards 1.1360, 1.1334.

On the upside, above 1.1448/52 is needed to suggest pullback over and may bring re-test of 1.1482.

The euro area countries will release a slew of eco. data, pls refer to our EI page for details. Pay attention to German ZEW economic sentiment n EU's ZEW survey expectation. EcoFin ministers will meet in Brussels n ECB's Vice President de Guindos will participate in the meeting.

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

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DAILY MARKET OUTLOOK on Major
Update Time: 18 Jan2022 09:30GMT

USD/JPY - 114.73
Despite the greenback's resumption of recent decline from Dec's near 5-year peak of 116.34 to a 3-1/2 week trough of 113.49 last Friday, subsequent strong rebound to 114.64 Mon and intra-day break there on BOJ unchanged rate decision suggests correction over and stronger retracement to 115.60/65 is seen.

On the downside, only below 114.26/36 signals said recovery is over and would risk weakness to 113.90/00 later.

Data to be released on Tuesday:
Japan BOJ interest rate decision, industrial output, capacity utilization, U.K. claimant count, ILO unemployment rate, employment change, average weekly earnings, Swiss producer/import price, Germany ZEW economic sentiment, ZEW current conditions, EU ZEW survey expectation, Canada housing starts, U.S. New York Fed manufacturing, NAHB housing market index and New Zealand GDT price index.

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AceTraderFx Jan 19: Daily Recommendations on Major -EUR/USD

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DAILY MARKET OUTLOOK on Major
Update Time: 19 Jan 2022 03:00GMT

EUR/USD - 1.1325
Euro's intra-day selloff yesterday from 1.1421 (Asia) and then break of 1.1386 sup to as low as 1.1315 in New York due to broad-based usd's strength on surge in U.S. yields and global stock weakness suggests correction from 2021 Nov's 1.1187 trough has ended at 1.1482 (Fri) and weakness towards 1.1223 may be seen later this week.

Only a daily above 1.1386 dampens present bearish view and may risk stronger recovery to 1.1421 before prospect of another fall.

Data to be released on Wednesday:
New Zealand retail sales.
U.K. CPI, RPI, PPI input prices, PPI output prices, DCLG house price index, Germany CPI, EU current account, construction output.
U.S. MBA mortgage application, building permits, housing starts, redbook and Canada wholesale trade.

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AceTraderFx Jan 19: Daily Recommendations on Major –USD/JPY

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DAILY MARKET OUTLOOK on Major
Update Time: 19 Jan2022 09:30GMT

USD/JPY - 114.41
Despite the greenback's erratic rise from last Friday's 3-1/2 week bottom at 113.49 to as high as 115.05 in Asia Tue, subsequent strong retreat to 114.46 in New York on safe-haven yen buying due to global stock weakness and intra-day break there suggests price may head to 114.65/70 before rebound.

On the upside, a daily close above 114.78 (Asia) would yield re-test of 115.05, break, 115.26/30 later.

U.S. will later release of slew of second-tier eco. data, so market will take cue from movement in U.S. yields n equities.

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AceTraderFx Jan 20: Daily Recommendations on Major -EUR/USD

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DAILY MARKET OUTLOOK on Major
Update Time: 20 Jan 2022 03:00GMT

EUR/USD - 1.1347
Euro's early decline from Fri's 7-week peak at 1.1482 to as low as 1.1315 on Tue strongly suggests correction from 2021 16-month bottom at 1.1187 (Nov) has ended there and yesterday's recovery to 1.1356 (NY) would bring consolidation before down, loss of momentum would keep price above daily pivotal sup at 1.1273.

Only a daily close above 1.1386 dampens bearish outlook and may risk stronger gain to 1.1410/20 later.

Data to be released on Thursday:
New Zealand food price index, Australia consumer sentiment, consumer inflation expectation, employment change, unemployment rate, Japan exports, imports, trade balance.
U.K. RICS housing price balance, Germany producer prices, France business climate, EU HICP.
U.S. initial jobless claims, continuing jobless claims, Philly Fed manufacturing index and existing home sales.

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AceTraderFx Jan 20: Daily Recommendations on Major –USD/JPY

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DAILY MARKET OUTLOOK on Major
Update Time: 20 Jan 2022 09:30GMT

USD/JPY - 114.34
Despite the greenback's erratic rise from last Friday's 3-1/2 week bottom at 113.49 to as high as 115.05 in Asia Tuesday, subsequent strong retreat to 114.46 in New York on safe-haven yen buying due to global stock weakness and intra-day break there suggests price may head to 114.65/70 before rebound.

On the upside, a daily close above 114.78 (Asia) would yield re-test of 115.05, break, 115.26/30 later.

U.S. will release a slew of eco. data later today, please refer to our EI page for details.
Pay attention to weekly jobless claims, continued jobless claims n Philly mfg index at 13:30GMT.

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AceTraderFx Jan 21: Daily Recommendations on Major -EUR/USD

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DAILY MARKET OUTLOOK on Major
Update Time: 21 Jan 2022 03:00GMT

EUR/USD - 1.1303
Euro's intra-day fall on Thur from 1.1368 (Europe) and then break of 1.1315 (Tue) to 1.1304 in late New York on safe-haven usd buying due to renewed weakness in U.S. stocks suggests early upmove from Nov's 2021 16-month trough at 1.1187 has ended at last Fri's fresh 7-week 1.1482 top and below 1.1299 would head towards daily pivotal sup at 1.1273.

On the upside, only above 1.1368 may risk stronger retracement of aforesaid fall to 1.1381/86 next week.

On the data front, the only ecomomic data due out is EU's consumer confidence ar 15:00GMT. We also have ECB President Lagarde participates in virtual session at World Economic Forum in Davos at 12:30GMT.

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