AceTraderFx : Daily Recommendations on Majors

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

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DAILY MARKET OUTLOOK
Update Time: 05 Jan 2016 03:18 GMT

EUR/USD - 1.0832
Yesterday's break of daily sup at 1.0802 to a 4-week low of 1.0781 in New York session confirms early decline from December's 1.1060 peak has once again resumed and as long as 1.0860/65 holds, intra-day bearishness remains for aforesaid fall to pressure price to 1.0750/60.
However, near term loss of momentum is expected to keep euro above 1.0728 today and bring subsequent correction.

On the upside, a daily close above 1.0865 would be the 1st signal temporary low is in place, then further gain towards 1.0946 would follow later.

AceTraderFx Jan 5: Daily Recommendations on Major -USD/JPY

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DAILY MARKET OUTLOOK
Update Time: 05 Jan 2016 09:09 GMT

USD/JPY - 119.21
Despite yesterday's intra-day sharp selloff below 120.01 sup (now res) to an 11-week trough of 118.70 due to active buying of yen on risk aversion following intra-day global stock market rout, subsequent short-covering rebound in New York to 119.50, then 119.70 in Asia suggests choppy sideways trading is in store, as long as said Asian high holds, outlook remains mildly bearish for weakness to 118.60/70, however, near term loss of momentum should keep dollar well above daily chart sup at 118.06 (Oct low).

On the upside, only a daily close above 120.01 confirms temporary low is finally made and risks stronger correction to 120.47.

AceTraderFx Jan 6: Daily Recommendations on Major -EUR/USD

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DAILY MARKET OUTLOOK
Update Time: 06 Jan 2016 03:17 GMT

EUR/USD - 1.0763
Yesterday's selloff in Europe after data showed euro zone inflation slowed and then intra-day breach of Mon's 1.0781 low to 1.0711 in New York morning suggests recent decline from December's peak at 1.1060 to correct early strong upmove from December's 7-1/2 month bottom would pressure price to 1.0690/00 after consolidation, however, 'loss of momentum' should prevent steep fall today and risk has increased for a correction to occur later.

On the upside, a daily close above 1.0781 would signal temporary low has been made, then stronger retracement towards 1.0837/39 would be seen.

AceTraderFx Jan 6: Daily Recommendations on Major -USD/JPY

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DAILY MARKET OUTLOOK
Update Time: 06 Jan 2016 09:07 GMT

USD/JPY - 118.53
Despite dollar's initial decline in Asian morning as renewed weakness in the Chinese CNY to a 5-year low and geopolitical tension caused by North Korean nuclear test triggered 'broad-based' yen buying, as price has recovered after hitting a fresh 11-week bottom of 118.36, a day of consolidation is likely to be seen, above 118.90/00 would bring stronger retracement to 119.23/28 but res at 119.70 should cap upside.

Only below 118.36 risks marginal weakness, however, loss of momentum should keep price well above 2015 October's bottom at 118.06 today.

AceTraderFx Jan 7: Daily Recommendations on Major -EUR/USD

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DAILY MARKET OUTLOOK
Update Time: 07 Jan 2016 02:49 GMT

EUR/USD - 1.0815
Despite yesterday's weakness to 1.0716, subsequent rebound to 1.0799 in post-FOMC minutes New York afternoon, then intra-day rally above this res level confirms euro's recent decline from December's 1.1060 peak has made a low on Tuesday at 1.0711 and consolidation with upside bias is seen, above res at 1.0839 would encourage for further headway towards 1.0886, reckon 1.0900/10 should hold.

On the downside, only below 1.0773/74 would dampen current bullish view on euro and may risk stronger retreat towards 1.0747 but 1.0711/16 should 'remain intact'.

AceTraderFx Jan 7: Daily Recommendations on Major -USD/JPY

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DAILY MARKET OUTLOOK
Update Time: 07 Jan 2016 08:27 GMT

USD/JPY - 118.02
Dollar's intra-day sharp drop below 2015 Oct's low at 118.06 to 117.66/67 in Asia due to selloff in Chinese stocks and the yuan suggests price would head towards daily key sup at 116.15 (Aug bottom) later this month.
Today, loss of momentum should prevent steep fall and reckon 117.20/30 would contain weakness.

On the upside, only above 118.70/80 would signal a temporary low in in place and yield a much-needed corrective rebound towards 119.15/20. However, upside should falter well below res at 119.70.

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

DAILY MARKET OUTLOOK
Update Time: 12 Jan 2016 03:12 GMT

EUR/USD - 1.0848
Although euro's erratic fall to 1.0848 in New York session after yesterday's initial brief rise to a fresh 1-week peak at 1.0970 in Australia suggests upmove from December's bottom at 1.0711 has made a temporary top there, as long as support at 1.0803 holds, outlook remains mildly bullish for a rebound but only above 1.0934 would indicate pullback over and yield re-test of 1.0970, break would extend gain to 1.0993 and then 1.1013 later.

On the downside, below 1.0803 would dampen present bullishness on euro and yield weakness towards 1.0771 but aforesaid low at 1.0711 should remain intact.

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

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DAILY MARKET OUTLOOK
Update Time: 12 Jan 2016 08:18 GMT

USD/JPY - 117.36
Dollar's rally after an initial selloff to a fresh 4-1/2 month trough at 116.69 ahead of Asian open yesterday signals recent decline has made a temporary low there and despite intra-day retreat after testing New York resistance at 118.03, reckon support at 117.19 would hold and upside bias remains for another leg of correction to take place towards 118.50/60 later.

On the downside, only below 116.69 would confirm recent decline has once again resumed and extend weakness towards daily chart objective at 116.18 (2015 August low).

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

DAILY MARKET OUTLOOK
Update Time: 13 Jan 2016 02:09 GMT

EUR/USD - 1.0834
Euro's erratic rise from last Tuesday's low of 1.0711 to 1.0970 on Monday signals fall from December's peak at 1.1060 has ended and despite subsequent retreat to 1.0820 in yesterday's New York session.
As long as support at 1.0803 holds, choppy trading with upside bias remains but a daily close above 1.0970 needed to encourage for a re-test of 1.1060 later.

On the downside, below 1.0803 would prolong choppy sideways trading but support at 1.0711 should remain intact.

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

DAILY MARKET OUTLOOK
Update Time: 13 Jan 2016 08:18 GMT

USD/JPY - 118.33
Although dollar's intra-day breach of yesterday's high of 118.08 (New York) confirms recent decline has indeed made a temporary low at Monday's fresh 4-1/2 month trough at 116.69, near term loss of momentum should cap price below chart resistance at 118.85 (last Friday's high) and broad outlook remains bearish for another selloff later.

On the downside, below 117.62 would be the first signal a top is made and yield subsequent weakness towards 117.19/23 support area.

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

DAILY MARKET OUTLOOK
Update Time: 14 Jan 2016 01:19 GMT

EUR/USD - 1.0886
Although euro came under renewed broad-based selling pressure in Asia and European session on Wednesday as broad-based rebound in global stocks boosted risk sentiment, price hit session lows of 1.0805 at New York open before rebounding on short-covering.
Subsequent strong bounce to 1.0888 at New York close following selloff in U.S. stocks suggests early correction from Monday's 1.0970 high has ended, above 1.0900/10 would add credence to this view and bring further gain to 1.0930/40.

On the downside, expect 1.0844 sup to hold for further intra-day gain and only below indicated good sup at 1.0803/05 would dampen bullish bias on euro and may risk weakness towards 1.0771 before prospect of another rebound.

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

DAILY MARKET OUTLOOK
Update Time: 14 Jan 2016 09:46 GMT

USD/JPY - 117.87
Although dollar's cross-inspired decline from yesterday's 118.38 high to as low as 117.30 in Asian morning suggests early correction from Monday's fresh 4-1/2 month trough at 116.69 has ended, intra-day strong bounce to 118.18 in Europe due to recovery in Asian equities signals choppy sideways trading would continue.

As long as 118.38 holds, downside bias remains for subsequent weakness to 1170..0/10 but 116.69 should remain intact and only above 118.38 would risk stronger correction of recent decline to 118.55/60, however, loss of upward momentum would cap price below daily res at 118.85.

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

DAILY MARKET OUTLOOK
Update Time: 15 Jan 2016 03:9 GMT

EUR/USD - 1.0873
Despite euro's intra-day anticipated rally to 1.0944 in European morning due to renewed weakness in Asian stocks, release of a dovish ECB's minutes ahead of New York open led to broad-based selling in the single currency and subsequent weakness to 1.0835 at New York morning suggests further 'choppy' sideways trading below Mon's 1-week peak at 1.0970 would continue.

Having said that, as euro has found good buying interest at 1.0803/05 sup, intra-day downside should attract renewed buying above there and bring subsequent rebound but above 1.0900/10 is needed to revive bullish prospect of another rise twd 1.0940/44.

AceTraderFx Jan 15: Daily Recommendations on Major -USD/JPY

DAILY MARKET OUTLOOK
Update Time: 15 Jan 2016 09:02 GMT

USD/JPY - 117.58
Although dlr's daily volatile swings seen in last 2 sessions following early corrective rise from Mon's 4-1/2 month bottom at 116.69 to 118.38 (Wednesday) is expected to continue, as the Japanese yen has recently traded inversely to movement in global stocks, intra-day renewed weakness in Asian equities should weigh on the greenback, a daily close below 117.19 would bring re-test of 116.69 next week.

On the upside, only above near term strong res area at 118.28/38 would dampen current bearishness on dlr and risk stronger retracement to 118.55/60, however, reckon res at 118.85 should remain intact and yield another fall.

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

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DAILY MARKET OUTLOOK
Update Time: 18 Jan 2016 04:13 GMT

EUR/USD - 1.0906
Despite euro's intra-day rally to as high as 1.0985 on last Friday, subsequent retreat suggests recent upmove from January's low at 1.0710 has formed a temporary top there and mild downside bias would be seen for weakness towards 1.0900, however, as broad outlook remains consolidative, reckon support at 1.0872 would remain intact and yield rebound.

On the upside, only above 1.0985 would revive bullishness for gain towards 1.1010/13 before prospect of a retreat later today. Below 1.0872 would abort and risk stronger retracement towards 1.0854.

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

DAILY MARKET OUTLOOK
Update Time: 18 Jan 2016 08:36 GMT

USD/JPY - 117.35
Despite dollar's selloff to a fresh 4-1/2 month trough at 116.51 last Friday, intra-day rebound suggests a temporary low has been made and consolidation with upside bias would be seen for gain towards 117.60 (previous support, now resistance), above would add credence to this view and retain bullishness for gain towards 117.93.
However, price should hold well below resistance at 118.28 and yield retreat.

On the downside, only below 116.51 would revive bearishness for one more decline towards 116.10/20 before prospect of correction.

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

DAILY MARKET OUTLOOK
Update Time: 19 Jan 2016 04:02 GMT

EUR/USD - 1.0883
Although euro's resumption of decline from last Friday's 2-week peak of 1.0985 to 1.0869 near European closing yesterday suggests early erratic rise from Jan's bottom at 1.0711 suggests aforesaid upmove has formed a temporary top there and choppy sideways consolidation is in store in next 1-2 days, as long as 1.0835 sup holds, upside bias remains for another bounce to 1.0940/44 later but 1.0985 res should hold today.

On the downside, only below 1.0835 would risk stronger retracement towards previous good sup at 1.0803/05 before prospect of another rebound later this week.

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

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DAILY MARKET OUTLOOK
Update Time: 19 Jan 2016 09:30 GMT

USD/JPY - 117.81
Dollar's intra-day rally above yesterday's 117.44 high to 118.00 at European open as a relief-rally in Asian stocks has boosted risk sentiment confirms recent downtrend has indeed formed a temporary low at last Fri's fresh 4-1/2 month bottom at 116.51 and 1-2 days of choppy consolidation is in store with near term upside bias.
However, reckon upside would falter well below res at 118.85 (last Fri's U.S. NFP-high) and yield subsequent stronger retreat.

On the downside, below 117.44 would be the first signal intra-day top is in place and yield weakness twd 117.01 where a daily close below there suggests correction from 115.51 has ended.

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

DAILY MARKET OUTLOOK
Update Time: 20 Jan 2016 03:09 GMT

EUR/USD - 1.0918
Although euro's resumption of decline from last Friday's 2-week peak of 1.0985 to 1.0859 at European open yesterday suggests early erratic rise from January's bottom at 1.0711 suggests aforesaid upmove has formed a temporary top there and choppy sideways consolidation is in store in next 1-2 days, as long as 1.0835 sup holds, upside bias remains for another bounce to 1.0940/44 later but 1.0985 res should hold today.

On the downside, only below 1.0835 would risk stronger retracement towards previous good sup at 1.0803/05 before prospect of another rebound later this week.

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

DAILY MARKET OUTLOOK
Update Time: 20 Jan 2016 08:10 GMT

USD/JPY - 116.78
Dollar's yesterday's rally above Tuesday's high at 117.44 to 118.11 in European morning, intra-day selloff and subsequent breach of last Friday's fresh 4-1/2 month trough at 116.51 signals recent erratic downtrend has resumed and consolidation with downside bias would be seen for weakness towards 116.15/20.
However, loss of momentum should keep price above support at 115.85 and yield rebound.

On the upside, only above 117.69 would indicate a temporary low has been made instead and turn outlook bullish for a stronger retracement towards 118.11.