AceTraderFx : Daily Recommendations on Majors

AceTraderFx Oct 22: Daily Recommendations on Major -USD/JPY

DAILY MARKET OUTLOOK
Update Time: 22 Oct 2015 08:24 GMT
USD/JPY - 119.63
Despite the greenback's sharp selloff below September's trough at 118.60 to 118.06 last Thursday, subsequent strong rebound on the release of upbeat U.S. jobless claims and inflation data signals the erratic decline from 121.75 has formed a temporary low there and consolidation with upside bias would be seen for a stronger retracement towards 120.35/40, then to 120.57.
However, loss of momentum would keep price below 120.80/90 and bring another fall early next week.

On the downside, only below 118.60 would indicate aforesaid recovery has ended and turn outlook bearish for a re-test of 118.06.

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

DAILY MARKET OUTLOOK

Update Time: 23 Oct 2015 01:08 GMT

EUR/USD - 1.1105
The single currency's selloff yesterday to 1.1114 on dovish comments from ECB President Mario Draghi, then lower to 1.1071 ahead of Asian open today signals the erratic decline from August's high at 1.1715 has once again resumed and consolidation with downside bias would be seen for further weakness towards 1.1040/50.
However, over sold condition would keep price above daily support at 1.1018 and yield a much-needed recovery early next week.

On the upside, only above 1.1296 would be the 1st signal that a temporary low has been made and yield stronger retracement towards 1.1319/20.

AceTraderFx Oct 23: Daily Recommendations on Major -USD/JPY

DAILY MARKET OUTLOOK
Update Time: 23 Oct 2015 08:14 GMT

USD/JPY - 120.35
Despite the greenback's sharp selloff below September's trough at 118.60 to 118.06 last Thursday, subsequent rally to 120.99 today on the release of upbeat U.S. housing and jobless claims data confirms the erratic decline from 121.75 has formed a temporary low there and consolidation with upside bias would be seen for a stronger retracement towards 121.20/24, then to 121.57.
However, loss of momentum would keep price below indicated high and yield retreat early next week.

On the downside, only below 119.62 would suggest aforesaid recovery is over and turn outlook bearish for further weakness towards 119.14

AceTraderFx Oct 26: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK
Update Time: 26 Oct 2015 01:12 GMT

EUR/USD - 1.1021
The single currency's selloff last week on dovish comments from ECB President Mario Draghi to 1.0997 on Friday, then lower to 1.0991 ahead of Australian open today.
This signals the erratic decline from August's high at 1.1715 has once again resumed and consolidation with downside bias would be seen for further weakness towards 1.0960/70.
However, over sold condition would keep price above support at 1.0938 and yield a much-needed recovery later this week.

On the upside, only above 1.1296 would be the 1st signal that a temporary low has been made and yield stronger retracement towards 1.1319/20.

AceTraderFx Oct 26: Daily Recommendations on Major -USD/JPY


DAILY MARKET OUTLOOK
Update Time: 26 Oct 2015 08:34 GMT

USD/JPY - 120.89
Despite the greenback's rally from October's low at 118.06 to 121.51 today, subsequent strong retreat suggests a temporary top has been made there and consolidation with downside bias would be seen for weakness towards 120.77, below would add credence to this view and yield stronger retracement towards 120.20/23.
However, steep fall below there is unlikely to be seen and reckon support at 119.61 would remain intact and yield rebound later.

On the upside, only above 121.51 would revive bullishness for gain towards daily resistance at 121.74, break would extend towards 122.10/15.

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

DAILY MARKET OUTLOOK
Update Time: 27 Oct 2015 01:09 GMT

EUR/USD - 1.1045
The single currency's selloff last week on dovish comments from ECB President Mario Draghi to 1.0997 on Friday, then lower to 1.0989 yesterday signals the erratic decline from August's high at 1.1715 has once again resumed and consolidation with downside bias would be seen for further weakness towards 1.0960/70.
However, over sold condition would keep price above support at 1.0938 and yield a much-needed recovery later this week.

On the upside, only above 1.1296 would be the 1st signal that a temporary low has been made and yield stronger retracement towards 1.1319/20.

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

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DAILY MARKET OUTLOOK
Update Time: 27 Oct 2015 08:26 GMT

USD/JPY - 120.42
Despite the greenback's rally from October's low at 118.06 to 121.51 today, subsequent strong retreat suggests a temporary top has been made there and consolidation with downside bias would be seen for weakness towards 120.20/23, below would add credence to this view and yield stronger retracement towards 119.80/90.
However, steep fall below there is unlikely to be seen and reckon support at 119.61 would remain intact and yield rebound later.

On the upside, only above 121.51 would revive bullishness for gain towards daily resistance at 121.74, break would extend towards 122.10/15.

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

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DAILY MARKET OUTLOOK
Update Time: 28 Oct 2015 02:35 GMT

EUR/USD - 1.1037
The single currency's selloff last week on dovish comments from ECB President Mario Draghi to 1.0997 on Friday, then lower to 1.0989 on Monday signals the erratic decline from August's high at 1.1715 has once again resumed and consolidation with downside bias would be seen for further weakness towards 1.0960/70.
However, over sold condition would keep price above support at 1.0938 and yield a much-needed recovery later this week.

On the upside, only above 1.1296 would be the 1st signal that a temporary low has been made and yield stronger retracement towards 1.1319/20.

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

DAILY MARKET OUTLOOK
Update Time: 28 Oct 2015 08:13 GMT

USD/JPY - 120.41
Despite the greenback's rally from October's low at 118.06 to 121.51 today, subsequent strong retreat suggests a temporary top has been made there and consolidation with downside bias would be seen for weakness towards 120.20/23, below would add credence to this view and yield stronger retracement towards 119.80/90.
However, steep fall below there is unlikely to be seen and reckon support at 119.61 would remain intact and yield rebound later.

On the upside, only above 121.51 would revive bullishness for gain towards daily resistance at 121.74, break would extend towards 122.10/15.

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

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DAILY MARKET OUTLOOK
Update Time: 29 Oct 2015 02:00 GMT

EUR/USD - 1.0915
The single currency's selloff last week on dovish comments from ECB President Mario Draghi to 1.0997 on Friday, then yesterday's sharp fall to 1.0896 on a hawkish FOMC statement signals the erratic decline from August's high at 1.1715 has once again resumed and consolidation with downside bias would be seen for further weakness towards 1.0847/50.
However, over sold condition would keep price above support at 1.0808/10 and yield a much-needed recovery later this week.

On the upside, only above 1.1025/30 would be the 1st signal that a temporary low has been made and yield stronger retracement towards 1.1080/90.

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

DAILY MARKET OUTLOOK
Update Time: 29 Oct 2015 08:26 GMT

USD/JPY - 120.73
Despite the greenback's rally from 120.02 to 121.26 yesterday on the release of a unexpected hawkish FOMC statement, subsequent retreat suggests further choppy trading below Monday's high at 121.51 would continue with mild downside bias and weakness towards 120.20/23 would be seen, however, aforesaid 120.02 low should remain intact and yield rebound early next week.

On the upside, only above 121.51 would revive bullishness for gain towards daily resistance at 121.74, break would extend towards 122.10/15.

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

DAILY MARKET OUTLOOK
Update Time: 30 Oct 2015 01:31 GMT

EUR/USD - 1.0982
Euro finally gained respite yesterday in Asia after trading above Wed's fresh 2-1/2 month bottom of 1.0896, subsequent short-covering rebound to 1.0986 in New York morning and then intra-day brief rise to 1.0998 ahead of Asian open today confirms recent downtrend has made a temporary low and 1-2 days of consolidation with upside bias is seen for a long-overdue correction to 1.1045/55.
However, reckon res at 1.1096 should remain intact.

Whilst buying euro on dips is favoured today, position traders should sell on further upmove. On the downside, a firm break of yesterday's New York low at 1.0925 would signal correction is over and bring re-test of 1.0896 next week.

AceTraderFx Oct 30: Daily Recommendations on Major -USD/JPY

DAILY MARKET OUTLOOK
Update Time: 30 Oct 2015 09:31 GMT
USD/JPY - 120.53
Despite dollar's intra-day rally from 120.30 to 121.48 in Asia following the release of Bank of Japan unchanged rate decision, subsequent retreat after being capped below Monday's 7-week peak at 121.51 suggests further choppy trading inside near term established range of 121.51-120.02 would continue.

Above 121.48/51 would bring resumption of upmove from October's bottom at 118.06 to 121.74 and then 122.10/20, whilst below 120.02 would confirm a top has been made instead and yield correction towards 119.62 next.

AceTraderFx Nov 2: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK
Update Time: 02 Nov 2015 01:25 GMT

EUR/USD - 1.1027
Euro finally gained respite on Thursday after trading above Wednesday's fresh 2-1/2 month bottom of 1.0896, subsequent short-covering rally to 1.1073 in New York morning on Friday confirms recent downtrend has made a temporary low and 1-2 days of consolidation with upside bias is seen for a long-overdue correction to 1.1096/00, however, reckon res at 1.1140 should remain intact.

Whilst buying euro on dips is favoured today, position traders should sell on further upmove. On the downside, a firm break of yesterday's New York low at 1.0925 would signal correction is over and bring re-test of 1.0896 next week.

AceTraderFx Nov 2: Daily Recommendations on Major -USD/JPY

DAILY MARKET OUTLOOK
Update Time: 02 Nov 2015 08:30 GMT

USD/JPY - 120.52
Despite dollar's intra-day rally from 120.30 to 121.48 in Asia on Friday following the release of Bank of Japan unchanged rate decision, subsequent retreat after being capped below Monday's 7-week peak at 121.51 suggests further choppy trading inside near term established range of 121.51-120.02 would continue.

Above 121.48/51 would bring resumption of upmove from October's bottom at 118.06 to 121.74 and then 122.10/20, whilst below 120.02 would confirm a top has been made instead and yield correction towards 119.62 next.

AceTraderFx Nov 3: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK
Update Time: 03 Nov 2015 02:28 GMT

EUR/USD - 1.1014
Euro finally gained respite on Thursday after trading above Wednesday's fresh 2-1/2 month bottom of 1.0896, subsequent short-covering rally to 1.1073 in New York morning on Friday confirms recent downtrend has made a temporary low and 1-2 days of consolidation with upside bias is seen for a long-overdue correction to 1.1096/00. However, reckon res at 1.1140 should remain intact.

Whilst buying euro on dips is favoured today, position traders should sell on further upmove.
On the downside, a firm break of yesterday's New York low at 1.0925 would signal correction is over and bring re-test of 1.0896.

AceTraderFx Nov 3: Daily Recommendations on Major -USD/JPY

DAILY MARKET OUTLOOK
Update Time: 03 Nov 2015 08:22 GMT

USD/JPY - 120.71
Despite dollar's intra-day rally from 120.30 to 121.48 in Asia on Friday following the release of Bank of Japan unchanged rate decision, subsequent retreat after being capped below Monday's 7-week peak at 121.51 suggests further choppy trading inside near term established range of 121.51-120.02 would continue.

Above 121.48/51 would bring resumption of upmove from October's bottom at 118.06 to 121.74 and then 122.10/20, whilst below 120.02 would confirm a top has been made instead and yield correction towards 119.62 next.

AceTraderFx Nov 4: Daily Recommendations on Major -EUR/USD

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DAILY MARKET OUTLOOK
Update Time: 04 Nov 2015 01:28 GMT

EUR/USD - 1.0947
Despite the single currency's strong rebound from last Wednesday's low at 1.0896 to as high as 1.1073 last Friday, subsequent sharp retreat to 1.0936 yesterday strongly suggests the correction is over and consolidation with downside bias would be seen, below 1.0925 would confirm this view and yield resumption of recent erratic downtrend for a re-test of said support, break would extend towards 1.0867/70 before prospect of a recovery later this week.

On the upside, only above resistance at 1.1030 would indicate the pullback from 1.1073 has ended and turn outlook bullish for a re-test of 1.1073, break, 1.1096.

AceTraderFx Nov 4: Daily Recommendations on Major -USD/JPY

DAILY MARKET OUTLOOK
Update Time: 04 Nov 2015 08:22 GMT

USD/JPY - 121.15
Despite dollar's intra-day rally from 120.30 to 121.48 in Asia on Friday following the release of Bank of Japan unchanged rate decision, subsequent retreat after being capped below Monday's 7-week peak at 121.51 suggests further choppy trading inside near term established range of 121.51-120.02 would continue.

Above 121.48/51 would bring resumption of upmove from October's bottom at 118.06 to 121.74 and then 122.10/20, whilst below 120.02 would confirm a top has been made instead and yield correction towards 119.62 next.

AceTraderFx Nov 5: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK
Update Time: 05 Nov 2015 01:28 GMT

EUR/USD - 1.0870
Despite the single currency's strong rebound from last Wednesday's low at 1.0896 to as high as 1.1073 last Friday, subsequent sharp selloff and breach of said lower level to 1.0844 yesterday on hawkish comments from Fed's Yellen signals recent erratic decline from 1.1715 has once again resumed and consolidation with downside bias would be seen for weakness towards 1.0808/10, however, loss of momentum would keep price above 1.0774, yield correction.

On the upside, only above resistance at 1.1030 would indicate the pullback from 1.1073 has ended and turn outlook bullish for a re-test of 1.1073, break, 1.1096.