AceTraderFx : Daily Recommendations on Majors

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

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

EUR/USD - 1.0159
Despite euro's selloff below 1.0145 (Thursday) to a fresh 20-year bottom at 1.0073 in Europe Friday, subsequent strong rise to 1.0189 following robust U.S. NFP in New York suggests recent erratic decline has made a temporary trough there and may head back towards 1.0221 before retreat.

On the downside, a daily close below 1.0100 would indicate said recovery has ended and yield weakness towards 1.0073, break, 1.0045/50.

Data to be released later:
New Zealand retail sales, Japan Machinery orders, machine tool orders.
Italy retail sales.
Canada leading index on Monday.

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

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DAILY MARKET OUTLOOK on Major
Update Time: 11 July 2022 09:30GMT

USD/JPY - 136.84
Dollar's intra-day rally above Jun's fresh 24-year high at 136.99 in Asia on dovish comments from BOJ's Kuroda suggests long term has once again resumed and further gain towards 137.50 would be seen after consolidation but 137.90/00 should cap upside.

On the downside, only a daily close below 136.56 would indicate a temporary top is in place and risk stronger retracement to 135.88/98.

Data to be released later:
Italy retail sales.
Canada leading index on Monday.

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

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

EUR/USD - 1.0053
Despite euro's short-covering rebound from 1.0073 in post-NFP Fri, yesterday's selloff below there to a fresh 24-year bottom at 1.0035 in New York on broad-based safe-haven buying in usd suggests price would head to 'parity' handle, break would yield further weakness towards 0.9949 later.

On the upside, only a daily close above 1.0092 would indicate a temporary low is in place and risk stronger retracement towards 1.0117, break may head to 1.0148/51.

Data to be released on Tuesday:
U.K. BRC retail sales, Japan producer prices, New Zealand NAB business conditions, NAB business confidence, Germany ZEW economic confidence, ZEW current conditions, EU ZEW survey expectation and US redbook.

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

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

USD/JPY - 137.22
Dollar's rally above previous 136.99 daily resistance to a fresh 24-year peak at 137.75 in New York Monday on broad-based safe-haven usd buying suggests long term uptrend has once again resumed and further gain to 138.15 would be seen but reckon 138.45/55 should remain intact and yield correction later.

On the downside, only a daily close below 136.99 would indicate a temporary top is in place and risk stronger retracement towards 136.56.

Data to be released on Tuesday:
U.K. BRC retail sales, Japan producer prices, New Zealand NAB business conditions, NAB business confidence, Germany ZEW economic confidence, ZEW current conditions, EU ZEW survey expectation and US redbook.

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

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

EUR/USD - 1.1879
Although euro's rebound after yesterday's selloff to a fresh 20-year bottom of 1.000 in Europe on continued usd's strength suggests recent erratic decline has made a temporary bottom, as 1.0073 has capped subsequent recovery, bearishness is retained for weakness to 0.9970/75 but loss of momentum should keep price above projected support at 0.9949.

On the upside, only a daily close above 1.0073 would risk stronger retracement to 1.0117/22.

Data to be released on Wednesday:
New Zealand food price, RBNZ interest rate decision, Australia consumer sentiment, China exports, imports, trade balance.
U.K. GDP, trade balance, industrial output, manufacturing output, construction output, Germany CPI, HICP, France CPI, EU industrial production.
U.S. MBA mortgage application, CPI, Federal budget and Canada BOC interest rate decision.

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

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

USD/JPY - 137.09
Dollar's selloff from 137.52 to as low as 136.49 in New York yesterday on broad-based retreat in usd suggests recent erratic upmove has made a temporary top at Mon's fresh 24-year peak at 137.75 and intra-day rebound would yield further range trading , above 137.52 needed for stronger gain towards 137.75.

On the downside, only a daily close below 136.70 would risk stronger retracement towards 136.49, break, 136.25.

Data to be released on Wednesday:
U.K. GDP, trade balance, industrial output, manufacturing output, construction output, Germany CPI, HICP, France CPI, EU industrial production.
U.S. MBA mortgage application, CPI, Federal budget and Canada BOC interest rate decision.

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

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

EUR/USD - 1.0029
Despite euro's rally on short covering from Wed's fresh 20-year trough of 0.9999 after release of red hot US CPI and jump in US yields to 1.0122 in New York, subsequent retreat suggests correction possibly over and below 1.0020/24 would pressure price towards 0.9949.

On the upside, only a daily close above 1.0100 may risk re-test of 1.0122, break would yield stronger retracement to 1.0151/56 before retreat.

Data to be released on Thursday:
U.K. RICS housing price balance, Australia employment change, unemployment rate, Japan industrial output, capacity utilization, Swiss producer/import prices, France Market Holiday.
U.S. initial jobless claims, continuing jobless claims, PPI and Canada manufacturing sales.

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

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DAILY MARKET OUTLOOK on Major
Update Time: 14 July 2022 09:30GMT

USD/JPY - 139.25
Dollar's rally above 137.75 resistance to a fresh 24-year high at 137.86 Wed on release of red hot US CPI and then intra-day firm break there on active selling in yen suggests upside bias remains for further gain to 138.90/00, however, overbought condition should cap price below 139.19 and yield a much-needed correction later.

On the downside, only a daily close below 137.75 would indicate a temporary top is in place and risk stronger retracement towards 137.44.

Data to be released on Thursday:
U.K. RICS housing price balance, Australia employment change, unemployment rate, Japan industrial output, capacity utilization, Swiss producer/import prices, France Market Holiday.
U.S. initial jobless claims, continuing jobless claims, PPI and Canada manufacturing sales.

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AceTraderFx July 15: Daily Recommendations on Major -EUR/USD

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DAILY MARKET OUTLOOK on Major
Update Time: 15 July 2022 03:00GMT

EUR/USD - 1.0019
Despite euro's firm break of parity handle at New York open Thursday and then weakness to a fresh 20-year bottom of 0.9953, subsequent rally to 1.0048 on less hawkish comments by Fed's Waller would yield choppy swings before one more fall but 0.9900/10 should hold from here.

On the upside, only a daily close above 1.0073 may signal temporary low is made and risk stronger retracement towards 1.0122.

Data to be released on Friday:
New Zealand business NZ PSI, China house prices, industrial output, retail sales, GDP, Japan tertiary industrial activities.
Germany wholesale price index, Italy CPI, EI trade balance.
US NY Fed manufacturing, import prices, export prices, retail sales, industrial production, capacity utilization, manufacturing output, business inventories, University of Michigan sentiment and Canada wholesale sales.

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AceTraderFx July 15: Daily Recommendations on Major –USD/JPY

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DAILY MARKET OUTLOOK on Major
Update Time: 15 July 2022 09:30GMT

USD/JPY - 138.79
Despite dollar's impressive rally above Wed's 137.86 high to a fresh 24-year peak of 139.39 in Europe Thur, subsequent retreat to 138.61 and intra-day brief break there would bring stronger retracement to 138.25/30 before rebound but above 139.39 needed to head towards 139.75.

On the downside, only a daily close below 138.00 would risk further weakness towards 137.75, break would head to 137.50/52

Data to be released on Friday:
Germany wholesale price index, Italy CPI, EI trade balance.
US NY Fed manufacturing, import prices, export prices, retail sales, industrial production, capacity utilization, manufacturing output, business inventories, University of Michigan sentiment and Canada wholesale sales.

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

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

EUR/USD - 1.0096
Euro's rally above 1.0048/52 resistance to 1.0097 in New York Friday on broad-based retreat in usd suggests recent erratic decline has made a temporary bottom there, however, reckon 1.0122 would cap present rise and yield another decline, below 1.0048/50 would head to 1.0007/10 but below needed to extend towards 0.9985 later.

On the upside, only a daily close above 1.0140 would risk stronger retracement towards 1.0190.

Data to be released today:
New Zealand business NZ PSI, CPI, Japan Market Holiday.
Italy trade balance, Canada housing starts.
U.S. NAHB housing market index on Monday.

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

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

USD/JPY - 137.97
Although dollar's erratic fall from Thursday's fresh 24-year peak at 139.39 to 139.40 in New York Friday on profit taking suggests long term upmove has made a temporary top there, reckon 137.86 (Wednesday) should hold and yield another rebound due to near term oversold condition but 139.12 (Friday top) may cap upside today.

On the downside, only a daily close below 137.60/70 would dampen bullishness and risk stronger retracement to 137.25/30.

Data to be released today:
Italy trade balance, Canada housing starts.
U.S. NAHB housing market index on Monday.

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

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

EUR/USD - 1.0139
Although euro's erratic rise from 1.0082 (Europe) Mon and then break of 1.0122 resistance to 1.0101 in New York on broad-based usd's weakness signals recent downtrend has made a temporary low at Thursday's 20-year trough at 0.9953, loss of momentum would limit gain to 1.0221, below 1.0097/00 signals correction over and heads back towards 1.0052.

On the upside, only a daily close above 1.0201 would revive bullishness for one more rise to 1.0220/25 later.

Data to be released on Tuesday:
U.K. Rightmove house price, claimant count, ILO unemployment rate, average weekly earnings, Swiss exports, imports, trade balance, EU construction output, HICP.
U.S. building permits, housing starts, redbook and New Zealand GDT price.

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

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

USD/JPY - 137.73
Dollar's decline from Thursday's fresh 24-year peak at 139.39 to as low as 137.90 in New York yesterday on broad-based usd's weakness due to return on risk sentiment and intra-day break there suggests long-overdue correction has taken place and further weakness to 137.50/55 cannot be ruled out before prospect of a strong rebound later.

On the upside, a daily close above 138.44 needed to revive bullishness for stronger gain to 138.80/90, break, 139.12, 139.39.

Data to be released on Tuesday:
U.K. Rightmove house price, claimant count, ILO unemployment rate, average weekly earnings, Swiss exports, imports, trade balance, EU construction output, HICP.
U.S. building permits, housing starts, redbook and New Zealand GDT price.

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

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

EUR/USD - 1.0239
Despite resumption of long term downtrend to a fresh 24-year bottom at 0.9853 last Thur, subsequent rise to 1.0201 Monday, then rally to 1.0268 Tuesday on Reuters report of a possible 0.5% ECB's rate hike signals long-overdue correction has taken place but loss of momentum should cap price at 1.0215 and yield another retreat later today or tomorrow.

On the downside, a daily close below 1.0201 would signal a temporary top is in place and yield weakness towards 1.0121.

Data to be released on Wednesday:
Australia Westpac leading index.
U.K. CPI, RPI, PPI input prices, PPI output prices, DCLG house price index, Germany producer prices, EU current account, consumer confidence.
U.S. MBA mortgage application, existing home sales, Canada CPI and producer prices.

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

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

USD/JPY - 138.18
Although dollar's strong retreat from last Thursday's fresh 24-year top of 139.39 in tandem with U.S. yields to as low as 137.39 yesterday suggests temporary top is made, subsequent bounce to 138.24 (New York) signals 1st leg of correction over and above 138.44 would yield stronger gain to 138.70/80 but 139.12 should hold.

On the downside, only a daily close below 137.70/75 would risk stronger retracement of recent upmove towards 137.39, 137.11.

Data to be released on Wednesday:
U.K. CPI, RPI, PPI input prices, PPI output prices, DCLG house price index, Germany producer prices, EU current account, consumer confidence.
U.S. MBA mortgage application, existing home sales, Canada CPI and producer prices.

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

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

EUR/USD - 1.0188
Although euro's erratic fall from Wednesday's 2-week high of 1.0273 to as low as 1.0156 (New York) due to political turmoil in Italy and broad-based rebound in usd in tandem with U.S. yields suggests 1st leg of correction from July's 20-year bottom at 0.9953 has possibly ended, intra-day recovery would bring sideways swings ahead of expected ECB's 0.5% rate hike decision later today.

A firm break of 1.0156 would head back towards 1.0082 while above 1.0252 may bring re-test of 1.0273, however, loss of upward momentum should cap price at 1.0300.

Data to be released on Thursday :
New Zealand imports, exports, trade balance, Japan exports, imports, trade balance, BOJ interest rate decision, Australia NAB business confidence.
U.K. PSNB, PSNCR, France business climate, EU ECB refinancing rate, ECB deposit rate.
U.S. initial jobless claims, continuing jobless claims, Philly Fed manufacturing index, Canada new housing price index and U.S. leading index.

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AceTraderFx July 21: Daily Recommendations on Major –USD/JPY

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DAILY MARKET OUTLOOK on Major
Update Time: 21 July 2022 09:30GMT

USD/JPY - 138.60
Despite the greenback's resumption of decline from July's fresh 24-year peak at 139.39 to 137.39 on Tuesday, intra-day strong bounce from 138.00 in Asia as Bank of Japan maintained its easy policy signals a temporary low has possibly been made there and consolidation with upside bias remains for stronger retracement towards 138.80/90, reckon 139.12 may remain intact.

On the downside, only below 137.90/91 would indicate aforesaid recovery has ended instead and risk stronger weakness to 137.50/60.

Data to be released on Thursday :
U.K. PSNB, PSNCR, France business climate, EU ECB refinancing rate, ECB deposit rate.
U.S. initial jobless claims, continuing jobless claims, Philly Fed manufacturing index, Canada new housing price index and U.S. leading index.

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AceTraderFx July 22: Daily Recommendations on Major -EUR/USD

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DAILY MARKET OUTLOOK on Major
Update Time: 22 July 2022 03:00GMT

EUR/USD - 1.0212
Despite euro's jump n then a marginal break of Wednesday's 1.0173 top to a 2-week peak at 1.0278 on ECB's 0.5% rate hike, subsequent brief but sharp drop to 1.0155 and then rebound on usd's weakness due to selloff in U.S. yields in late New York would yield further choppy swings and above 1.0237/40 would re-test 1.0278, break, 1.0315/20.

On the downside, a daily close below 1.0155 needed to revive bearishness for weakness towards 1.0121, then 1.0082.

Data to be released on Friday:
Australia S n P manufacturing PMI, S n P global services PMI.
U.K. Gfk consumer confidence, retail sales, Japan nationwide CPI, Jibun bank manufacturing PMI, Jibun bank services PMI, France S n P manufacturing PMI, S n P global services PMI, Germany S n P manufacturing PMI, S n P global services PMI, EU S n P manufacturing PMI, S n P global services PMI, U.K. S n P manufacturing PMI, S n P global services PMI.
Canada retail sales, U.S. S n P manufacturing PMI and S n P global services PMI.

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AceTraderFx July 22: Daily Recommendations on Major –USD/JPY

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DAILY MARKET OUTLOOK on Major
Update Time: 22 July 2022 09:30GMT

USD/JPY - 137.62
Despite dollar's selloff from 138.87 and break of 137.39 support to as low as 137.31 in New York Thursday in tandem with US yields, then intra-day break there to 137.03 in Asia, intra-day rally suggests fall from July's fresh 24-year peak at 139.39 has made a low and above 138.00 would yield stronger gain to 138.35/39, 138.87.

On the downside, only a daily close below 137.03 would revive bearishness for one more fall to 136.70/75.

Data to be released on Friday:
U.K. Gfk consumer confidence, retail sales, Japan nationwide CPI, Jibun bank manufacturing PMI, Jibun bank services PMI, France S n P manufacturing PMI, S n P global services PMI, Germany S n P manufacturing PMI, S n P global services PMI, EU S n P manufacturing PMI, S n P global services PMI, U.K. S n P manufacturing PMI, S n P global services PMI.
Canada retail sales, U.S. S n P manufacturing PMI and S n P global services PMI.

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