AceTraderFx : Daily Recommendations on Majors

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

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

EUR/USD - 1.0523
Although euro's retreat from last Thursday's 8-day high of 1.0641 suggests recovery from April's fresh 5-year bottom at 1.0472 has possibly ended and despite yesterday's wild swings in post-US CPI, subsequent retreat from 1.0576 on broad-based rebound in usd signals consolidation with mild downside bias remains for weakness towards 1.0483 but 1.0472 should remain intact initially.

On the upside, only a daily close above 1.0600 would risk re-test of 1.0641, break, 1.0698/00 later.

Data to be released on Thursday:
New Zealand food price index, inflation forecast, Japan current account, trade balance, Eco watchers outlook, Eco watchers current, Australia consumer inflation, Swiss producer/import price.
U.K. RICS housing price balance, GDP, trade balance, construction output, manufacturing output, industrial output, NIESR GDP estimate.
U.S. initial jobless claims, continuing jobless claims and PPI.

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

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

USD/JPY - 128.57
Dollar's intra-day firm break of Wed's bottom at 129.46 in Europe due to safe haven buying on global weakness suggests erratic fall from Mon's fresh 20-year peak at 131.34 remains in force and further weakness to 128.10/20 would be seen, reckon 127.50 should contain downside and yield rebound due to over-sold condition.

On the upside, only a daily close above 129.46 would indicate aforesaid pullback over and yield stronger gain to 130.05/06.

Data to be released on Thursday:
New Zealand food price index, inflation forecast, Japan current account, trade balance, Eco watchers outlook, Eco watchers current, Australia consumer inflation, Swiss producer/import price.
U.K. RICS housing price balance, GDP, trade balance, construction output, manufacturing output, industrial output, NIESR GDP estimate.
U.S. initial jobless claims, continuing jobless claims and PPI.

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

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

EUR/USD - 1.0379
Euro's selloff below Apr's 1.0472 low to a fresh 5-year bottom at 1.0355 in New York yesterday on broad-based usd's strength due to risk-off trading suggests re-test of 2017 trough at 1.0341 would be seen, break would extend further weakness towards 1.0210 later next week.

On the upside, only a daily close above 1.0472 would indicate a temporary low is in place and risk stronger retracement to 1.0500/05.

Data to be released on Friday:
New Zealand manufacturing PMI.
France CPI, EU industrial production.
U.S. import prices, export prices and University of Michigan sentiment.

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

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DAILY MARKET OUTLOOK on Major
Update Time: 13 May 2022 09:30GMT

USD/JPY - 128.83
Dollar's intra-day cross-inspired rally to 129.36 in Asia suggests 1st leg of correction from Mon's fresh 20-year peak at 131.34 has possibly ended and as 128.50 has contained retreat in European morning, bullishness remains for 129.36 after consolidation, break would yield further gain towards 139.88.

On the downside, only a daily close below 128.03 would indicate aforesaid recovery over and risk weakness towards 127.53.

Data to be released on Friday:
France CPI, EU industrial production.
U.S. import prices, export prices and University of Michigan sentiment.

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

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DAILY MARKET OUTLOOK on Major
Update Time: 16 May 2022 03:00GMT

EUR/USD - 1.0402
Although euro's selloff below 1.0472 (Apr) to 1.0355 last Thursday and then break there to a fresh 5-year bottom at 1.0350 in New York Friday on continued usd's strength signals recent decline would extend marginally, subsequent rebound suggests consolidation is in store and below said support would yield re-test of 2017 trough at 1.0341, break, 1.0309 later.

On the upside, only a daily close above 1.0443 would indicate a temporary low is in place and risk stronger retracement towards 1.0472 before down.

Data to be released later:
New Zealand business NZ PSI, China industrial order, retail sales, Japan machine tool orders.
Germany wholesales price index, EU trade balance.
Canada housing starts, manufacturing sales, wholesale trade, U.S. manufacturing on Monday.

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

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DAILY MARKET OUTLOOK on Major
Update Time: 16 May 2022 09:30GMT

USD/JPY - 129.31
Despite dollar's erratic fall from last Monday's fresh 20-year peak at 131.34 in tandem with U.S. yields to as low as 127.53 Thursday, subsequent strong rise to 129.45 Friday, then intra-day break there to 129.63 at Tokyo open today suggests pullback over but above 129.63 needed to yield stronger gain towards 129.88 after consolidation but 130.05/10 should hold.

On the downside, only a daily close below 128.71 would signal aforesaid recovery over and yield weakness towards 128.36.

Data to be released later:
Germany wholesales price index, EU trade balance.
Canada housing starts, manufacturing sales, wholesale trade, U.S. manufacturing on Monday.

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

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

EUR/USD - 1.0444
Euro's strong rebound from last Friday's fresh 5-year bottom at 1.0350 to as high as 1.0442 in New York Monday on broad-based retreat in usd in tandem with U.S. yields suggests recent erratic decline has made a temp. low there and as long as 1.0390/91 holds, stronger retracement towards 1.0472 may be seen but reckon 1.0503 should cap upside and yield decline.

On the downside, only a daily close below 1.0390 would indicate aforesaid recovery over and heads towards 2017 1.0341 trough later this week.

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

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

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DAILY MARKET OUTLOOK on Major
Update Time: 17 May 2022 09:30GMT

USD/JPY - 129.41
Despite dollar's erratic fall from last Monday's fresh 20-year peak at 131.34 in tandem with U.S. yields to as low as 127.53 Thursday, subsequent strong rise to 129.45 Friday, then Mon's break there to 129.63 suggests 1st leg of correction over but above needed to yield stronger gain towards 129.88 after consolidation, reckon 130.05/10 should hold and yield retreat.

On the downside, only a daily close below 128.71 would signal aforesaid recovery over and yield weakness towards 128.36.

Data to be released on Tuesday:
France ILO unemployment rate, U,K. Claimant count, ILO unemployment rate, employment change, average weekly earnings, Italy trade balance, CPI, EU employment, GDP.
U.S. retail sales, redbook, industrial production, capacity utilization, manufacturing output, business inventories, NAHB housing market index and New Zealand GDT price index.

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

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

EUR/USD - 1.0557
Euro's rally above 1.0472 (Apr) to as high as 1.0555 in New York Tue on ECB Knot's hawkish comments and intra-day break there on continued broad-based retreat in usd suggests corrective upmove from last Fri's fresh 5-year bottom at 1.0350 would head towards 1.0585, however, loss of momentum would cap price at 1.0600/10 and yield retreat later this week.

On the downside, only a daily close below 1.0472 would signal a temporary top made and risk weakness towards 1.0442, break, 1.0419/20.

Data to be released on Wednesday:
New Zealand PPI, Japan GDP, industrial production, capacity utilization, Australia Westpac leading index, wage price index, China house price.
U.K. CPI, RPI, PPI input prices, PPI output prices, PPI core output prices, DCLG house price, EU HICP.
U.S. MBA mortgage application, building permits, housing starts and Canada CPI.

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

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DAILY MARKET OUTLOOK on Major
Update Time: 18 May 2022 09:30GMT

USD/JPY - 129.17
Despite dollar's erratic fall from last Monday's fresh 20-year peak at 131.34 in tandem with U.S. yields to as low as 127.53 Thursday, subsequent strong rise to 129.45 Friday, then Monday's break there to 129.63 suggests 1st leg of correction over but above needed to yield stronger gain towards 129.88 after consolidation, reckon 130.05/10 should hold and yield retreat.

On the downside, only a daily close below 128.71 would signal aforesaid recovery over and yield weakness towards 128.36.

Data to be released on Wednesday:
U.K. CPI, RPI, PPI input prices, PPI output prices, PPI core output prices, DCLG house price, EU HICP.
U.S. MBA mortgage application, building permits, housing starts and Canada CPI.

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

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

EUR/USD - 1.0479
Euro's selloff from 1.0563 to 1.0461 in New York yesterday on renewed safe-haven usd's buying due to fall in U.S. yields and U.S. stocks suggests recent corrective upmove from last Friday's fresh 5-year bottom at 1.0350 has ended there and below 1.0438/42 would yield further weakness to 1.0390/00 later.

On the upside, only a daily close above 1.0495/00 may risk stronger recovery to 1.0530/40.

Data to be released on Thursday:
Japan machinery orders, exports, imports, trade balance, Australia employment change, unemployment rate.
EU current account, construction orders.
U.S. initial jobless claims, continuing jobless claims, Philly Fed manufacturing index, existing home sales, leading index, Canada new housing price index and producer prices.

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

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DAILY MARKET OUTLOOK on Major
Update Time: 19 May 2022 09:30GMT

USD/JPY - 127.97
Dollar's selloff from 129.77 (Tuesday) to 128.02 in New York on Wednesday on safe-haven yen buying and fall in US yields due to US stock market rout suggests recovery from last Thursday's 2-week bottom at 127.53 has ended and despite intra-day strong rebound to 128.94 in Asia, present sharp retreat in European morning has retained bearishness and below 127.53 would extend decline from May's 20-year peak at 131.34 towards 126.96 later.

On the upside, only a daily close above 128.94 would prolong choppy swings and risk stronger retracement towards 129.34.

Data to be released on Thursday:
EU current account, construction orders.
U.S. initial jobless claims, continuing jobless claims, Philly Fed manufacturing index, existing home sales, leading index, Canada new housing price index and producer prices.

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

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

EUR/USD - 1.0578
Although euro's rally above 1.0563 (Wednesday) to 1.0608 in New York yesterday on broad-based weakness in usd due to fall in U.S. yields suggests recent corrective upmove from last Friday's 5-year bottom at 1.0350 would extend marginally and gain towards 1.0625 may be seen, reckon 1.0641 would remain intact and yield retreat due to loss of momentum.

On the downside, a daily close below 1.0541 would signal top is possibly made and further weakness to 1.0507/10 is seen Mon.

Data to be released on Friday:
New Zealand imports, trade balance, exports, Japan nationwide CPI.
U.K. Gfk consumer confidence, PSNB, retail sales, Germany producer prices and Swiss industrial production.

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

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

USD/JPY - 127.98
Although dollar's rebound after yesterday's selloff below 128.02 to a 3-week bottom at 127.04 in New York on broad-based usd's retreat in tandem with U.S. yields suggests decline from May's fresh 20-year 131.34 peak has made a temporary low there, intra-day retreat from 128.21 in Asia suggests consolidation with mild downside bias remains and below 127.53 would re-test 127.04, break would extend said fall to 126.80 later.

On the upside, only a daily close above 128.21 would bring stronger retracement to 128.68 but 128.94 may hold.

Data to be released on Friday:
U.K. Gfk consumer confidence, PSNB, retail sales, Germany producer prices and Swiss industrial production.

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

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DAILY MARKET OUTLOOK on Major
Update Time: 23 May 2022 03:00GMT

EUR/USD - 1.0579
Euro's retreat from 1.0598 to 1.0534 in New York on Fri suggests corrective upmove from May's fresh 5-year bottom at 1.0350 has made a temporary top at Thur's near 2-week peak at 1.0608 and minor consolidation is seen, a daily close below 1.0534 would yield weakness towards 1.0507, then 1.0461/66.

On the downside, only above 1.0598 would bring re-test of 1.0608 but loss of momentum should cap euro below 1.0641 and yield retreat later.

Data to be released later :
Germany Ifo business climate, Ifo current conditions, Ifo expectations.
U.S. national activity index and Canada Market Holiday on Monday.

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

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DAILY MARKET OUTLOOK on Major
Update Time: 23 May 2022 09:30GMT

USD/JPY - 127.56
Dollar's intra-day strong rebound from 127.16 in Asia on news of possible lifting of US tariff on China suggests further choppy trading above last Thur's 3-week bottom at 127.04 would continue with mild upside bias but above 128.29 needed to head back towards 128.68.

On the downside, only a daily close below 127.04 would extend fall from May's fresh near 20-year 131.34 peak to 126.75/85 before recovery later.

Data to be released later :
Germany Ifo business climate, Ifo current conditions, Ifo expectations.
U.S. national activity index and Canada Market Holiday on Monday.

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

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DAILY MARKET OUTLOOK on Major
Update Time: 24 May 2022 03:00GMT

EUR/USD - 1.0678
Euro's rally above last week's high at 1.3608 (Thursday) to as high as 1.3697 in New York Monday on hawkish comments from ECB's Lagarde suggests corrective upmove from May's 5-year bottom at 1.0350 would extend towards 1.0738 but reckon 1.0762/67 should cap upside and yield retreat today.

On the downside, only a daily close below 1.0641 would signal a temporary top is made and risk weakness towards 1.0608, break, 1.0563.

Data to be released on Tuesday:
New Zealand retail sales, Australia S&P Global manufacturing PMI, S&P Global services PMI.
U.K. Rightmove house price, PSNB, PSNCR, S&P Global manufacturing PMI, S&P Global services PMI, CBI distributive trade, France business climate, S&P Global manufacturing PMI, S&P Global services PMI, Germany S&P Global manufacturing PMI, S&P Global services PMI, EU S&P Global manufacturing PMI, S&P Global services PMI.
U.S. building permits, redbook, S&P Global manufacturing PMI, S&P Global services PMI , new home sales and Richmond Fed manufacturing.

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

DAILY MARKET OUTLOOK on Major
Update Time: 24 May 2022 09:30GMT

USD/JPY - 127.38
Dollar's selloff to last Thur's 3-week bottom at 127.04 suggests a long-awaited correction of recent uptrend has occured and despite intra-day recovery to 128.08 in Asia, subsequent retreat signals consolidation with downside bias remains for re-test of said support, break would extend said decline to 126.70/80.

On the upside, only a daily close above 128.29 would indicate aforesaid pullback over and risk stronger gain to 128.65/68.

Data to be released on Tuesday:
U.K. Rightmove house price, PSNB, PSNCR, S&P Global manufacturing PMI, S&P Global services PMI, CBI distributive trade, France business climate, S&P Global manufacturing PMI, S&P Global services PMI, Germany S&P Global manufacturing PMI, S&P Global services PMI, EU S&P Global manufacturing PMI, S&P Global services PMI.
U.S. building permits, redbook, S&P Global manufacturing PMI, S&P Global services PMI , new home sales and Richmond Fed manufacturing.

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

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DAILY MARKET OUTLOOK on Major
Update Time: 25 May 2022 03:00GMT

EUR/USD - 1.0728
Although euro's rally above 1.0697 (Mon) to a 1-month peak at 1.0748 in New York after hawkish comments from ECB's Lagarde suggests upmove from May's 5-year bottom at 1.0350 would extend marginally, reckon 1.0770/75 would remain intact and yield prospect of another fall due to loss of momentum.

On the downside, daily close below 1.0697 would indicate a temporary top is in place and yield weakness towards 1.0662, break, 1.0608/10 later.

Data to be released on Wednesday:
Australia construction work done, New Zealand RBNZ interest rate decision, Japan coincident index, leading indicator.
Germany GDP, Gfk consumer confidence, France consumer confidence, Swiss investor sentiment, U.S. mortgage application, durable goods, durables ex-transport and durables ex-defense.

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

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DAILY MARKET OUTLOOK on Major
Update Time: 25 May 2022 09:30GMT

USD/JPY - 127.04
Dollar's selloff to last Thur's 3-week bottom at 127.04 suggests a long-awaited correction of recent uptrend has occured and despite intra-day recovery to 128.08 in Asia, subsequent retreat signals consolidation with downside bias remains for re-test of said support, break would extend said decline to 126.70/80.

On the upside, only a daily close above 128.29 would indicate aforesaid pullback over and risk stronger gain to 128.65/68.

Data to be released on Wednesday:
Germany GDP, Gfk consumer confidence, France consumer confidence, Swiss investor sentiment, U.S. mortgage application, durable goods, durables ex-transport and durables ex-defense.

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