AceTraderFx : Daily Recommendations on Majors

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

DAILY MARKET OUTLOOK
Update Time: 04 Feb 2016 08:35 GMT

USD/JPY - 117.76
The greenback's sharp selloff to as low as 117.06 yesterday on dollar-negative comments from New York Fed President William Dudley confirms recent upmove has formed a temporary top at last Friday's 1-month peak at 121.70 and consolidation with downside bias would be seen for weakness towards 116.69/70.,
However, over sold condition would prevent steep fall below there and reckon price would hold well above support at 115.97.

On the upside, only above 119.01 would indicate aforesaid correction has ended and turn outlook bullish for stronger gain to 119.40/50.

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

DAILY MARKET OUTLOOK
Update Time: 05 Feb 2016 05:06 GMT

EUR/USD - 1.1194
Euro consolidates in subdued Asian morning after 2 days of sharp gains and sideways trading below yesterday's fresh 3-month peak of 1.1239 may well hold ahead of release of key U.S. jobs data. As long as 1.1145 (Wed's high, now sup), recent uptrend would head to next retracement objective at 1.1260, however, near term loss of momentum is likely to cap price below 1.1300/10.

On the downside, a firm break of 1.1145 would be the 1st signal temporary top is in place and risk is seen for a stronger correction towards 1.1160 (2015 Dec's peak) before prospect of another rebound next week.

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

DAILY MARKET OUTLOOK
Update Time: 05 Feb 2016 08:32 GMT

USD/JPY - 116.92
The greenback's sharp selloff to as low as 116.53 yesterday on dollar's broad-based selloff confirms recent upmove has formed a temporary top at last Friday's 1-month peak at 121.70 and consolidation with downside bias would be seen for weakness towards 116.10/20, however, over sold condition would prevent steep fall below there and reckon price would hold well above support at 115.97.

On the upside, only above 119.01 would indicate aforesaid correction has ended and turn outlook bullish for stronger gain to 119.40/50.

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

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DAILY MARKET OUTLOOK
Update Time: 11 Feb 2016 05:02 GMT

EUR/USD - 1.1287
Despite euro's intra-day sharp fall to session low of 1.1161 after release of Fed Yellen's prepared text, subsequent rally to 1.1299 near New York close following Yellen's Congressional testimony on Capital Hill, then intra-day brief rise to 1.1320 in Asia today suggests correction from Tuesday's fresh 3-1/2 month peak at 1.1338 has ended and outlook remains mildly bullish for re-test of 1.1338 after consolidation, 'loss of momentum' should cap price below previous daily res at 1.1386.

On the downside, only below 1.1220/30 would prolong choppy trading below 1.1338, risk weakness to 1.1190/00, however, reckon 1.1161/63 sup would contain weakness.

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

DAILY MARKET OUTLOOK
Update Time: 12 Feb 2016 09:01 GMT

USD/JPY - 112.47
Although dlr's intra-day sideways swings following yesterday's brief but sharp rise from a fresh 15-month bottom at 120.99 to 112.27 (inter-bank high) suggests recent downtrend has made a temporary low there and 1-2 days of choppy consolidation would continue, as long as said 'reaction high' holds, downside bias remains but a daily close below 111.57 needed to bring re-test of 120.99 and later to 110.35.

Only a daily close above 113.27 signals long-overdue correction has occured and bring stronger retracement towards 114.21/26.

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

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DAILY MARKET OUTLOOK
Update Time: 15 Feb 2016 09:07 GMT

USD/JPY - 113.82
Although intra-day broad-based rally in Asian stocks (except China) has pushed dollar above Fri's 113.53 high (New York) to 114.10, confirming recent downtrend has indeed formed a temporary low at last Thursday's 15-month trough at 110.99, near term overbought condition would prevent strong gain above 114.21/26 and yield subsequent retreat.

Below 113.17/27 (previous res area, now sup) signals 1st leg of correction is over and brings stronger retracement to 111.59/64 later today or tomorrow.

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

DAILY MARKET OUTLOOK
Update Time: 16 Feb 2016 05:08 GMT

EUR/USD - 1.1176
Although euro's selloff below last Friday's 1.1214 low (now res) and then break of 1.1161 sup to as low as 1.1128 in Monday's holiday-thinned North American session following dovish comments by ECB President Draghi before the European Parliament confirms medium-term uptrend has made a temporary top at last Thursday's 3-1/2 month peak at 1.1377, loss of momentum should prevent steep fall today and reckon sup at 1.1086 would contain weakness and bring strong rebound later today or tomorrow.

On the upside, a daily close above 1.1214 would signal at least the 1st leg of correction from 1.1377 has ended, then stronger gain towards 1.1265/75 would follow later this week.

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

DAILY MARKET OUTLOOK
Update Time: 17 Feb 2016 05:03 GMT

EUR/USD - 1.1142
Despite intra-day anticipated brief break of yesterday's 1.1124 low to 1.1119 at Asian open, as recent decline from last Thursday's 3-1/2 month peak at 1.1377 is losing 'downward momentum', steep fall is not envisaged today and reckon euro's downside would hold well above last week's 1.1086 low and bring subsequent rebound.

On the upside, above 1.1147/52 would be the 1st signal said decline has possibly made a temporary low and bring gain to re-test Tuesday's 1.1193 high, break there would yield stronger retracement to 1.1245/50 later.

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

DAILY MARKET OUTLOOK
Update Time: 18 Feb 2016 05:28 GMT

EUR/USD - 1.1136
Despite yesterday's resumption of decline from last Thursday's 3-1/2 month peak of 1.1377 to 1.1106 in New York morning, subsequent rebound following mildly dovish FOMC minutes suggests temporary low is possibly made and consolidation with upside bias is in store, above 1.1193 would confirm this view and bring stronger retracement to 1.1240/50.

Below 1.1106 would extend marginal weakness, however, loss of downward momentum should prevent steep fall today and reckon daily chart sup at 1.1086 would hold on 1st testing and bring rebound.

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

DAILY MARKET OUTLOOK
Update Time: 18 Feb 2016 09:03 GMT

USD/JPY - 113.68
Dollar's intra-day retreat from 114.32 suggests further choppy trading below Tuesday's high at 114.88 would continue with downside bias, however, below yesterday's low at 113.38 is needed to signal the correction from last week's trough at 110.99 has ended there and yield stronger retracement towards 113.10/20, however, support at 112.93 should remain intact and yield rebound later.

On the upside, only above 114.51 would indicate aforesaid pullback is over instead and turn outlook bullish for a re-test of said top, break, 115.10/20.

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

DAILY MARKET OUTLOOK
Update Time: 19 Feb 2016 05:16 GMT

EUR/USD - 1.1123
Although euro's break of indicated daily sup at 1.1086 to 1.1071 in New York morning on Thur suggests the medium- term rise from 2015 Dec's 7-1/2 month bottom at 1.0523 has made a top last week at 1.1377, intra-day rebound in Asia today suggests consolidation with near term upside bias is in store, above 1.1150/57 res would bring stronger retracement to 1.1179, however, reckon res at 1.1193 would hold and yield retreat later today or Monday.

Below 1.1071 would extend to 1.1060 (December's high, now sup), however, weakening of downward momentum should keep euro above projected sup at 1.0035/40.

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

DAILY MARKET OUTLOOK
Update Time: 19 Feb 2016 09:02 GMT

USD/JPY - 112.94
Dollar's intra-day retreat from 114.32 suggests further choppy trading below Tuesday's high at 114.88 would continue with downside bias, however, below hourly support at 112.59 is needed to signal the correction from last week's trough at 110.99 has ended there and yield stronger retracement towards 112.10/13.
However, support at 111.89 should remain intact and yield rebound later.

On the upside, only above 114.51 would indicate aforesaid pullback is over instead and turn outlook bullish for a re-test of said top, break, 115.10/20.

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

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DAILY MARKET OUTLOOK
Update Time: 22 Feb 2016 03:44 GMT

EUR/USD - 1.1112
Despite euro's resumption of decline from February's 3-1/2 month peak of 1.1377 to a 2-week trough of 1.1067 in New York last Friday, subsequent rebound to 1.1138 suggests temporary low is possibly in place and a day of choppy consolidation with upside bias is envisaged.
Above 1.1138/39 res would add credence to this view and yield a much-needed retracement towards 1.1179, however, reckon res at 1.1193 would cap upside.

On the downside, only below 1.1060 (previous res, now sup) would risk marginal weakness, near term loss of momentum momentum should prevent steep fall and 1.1030/40 is expected to contain weakness, bring correction.

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

DAILY MARKET OUTLOOK
Update Time: 22 Feb 2016 08:31 GMT

USD/JPY - 112.94
Dollar's intra-day selloff from 113.21 to 112.31 on Friday strongly suggests the first leg of correction from February's 15-month trough at 110.99 has ended at 114.88 last Tuesday and consolidation with downside bias would be seen for weakness towards 112.10/13.
However, near term loss of momentum would keep price above support at 111.66/70.

On the upside, only above 114.51 would indicate aforesaid pullback is over instead and turn outlook bullish for a re-test of said top, break, 115.10/20.

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

DAILY MARKET OUTLOOK
Update Time: 23 Feb 2016 04:15 GMT

EUR/USD - 1.1043
Euro's selloff below 1.1067/71 sup (now res) yesterday's to 1.1003 in New York suggests decline from Feb's 3-1/2 month peak at 1.1377 would resume after minor consolidation and further weakness to 1.0985 is envisaged.
However, near term loss of momentum should prevent steep fall and reckon 1.3950/60 would hold from here today and risk has increased for a much-needed correction to take place.

On the upside, a daily close above 1.1067 would confirm aforesaid decline has finally formed a temporary low, then stronger retracement to 1.1138/39 would follow, however, res at 1.1193 should remain intact.

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

DAILY MARKET OUTLOOK
Update Time: 23 Feb 2016 09:04 GMT

USD/JPY - 111.99
Dollar's selloff to 112.31 last Friday, then intra-day fall below this level strongly suggests the first leg of correction from February's 15-month trough at 110.99 has ended at 114.88 last Tuesday and consolidation with downside bias would be seen for weakness towards 111.70/80.
However, near term loss of momentum would keep price above support at 111.57/60.

On the upside, only above 113.05 would indicate aforesaid pullback is over instead and turn outlook bullish for stronger gain towards 113.39, then 113.62.

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

DAILY MARKET OUTLOOK
Update Time: 24 Feb 2016 04:48 GMT

EUR/USD - 1.1010
Although euro is expected to gain respite in Asia following yesterday's intra-day decline from 1.1052 to 1.0990 following release of downbeat German Ifo data and initial consolidation is in store, outlook remains mildly bearish for recent decline from February's 1.1377 peak to pressure price to 1.0950/60.
However, loss of near term downward momentum should prevent steep fall and risk has increased for a much-needed minor correction to take place later today or tomorrow.

On the upside, expect 1.1052 to hold and yield one more fall, only a daily close above 1.1067/71 would signal temporary bottom is finally in place and may bring stronger retracement towards 1.1093.

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AceTraderFx Feb 24: Daily Recommendations on Major -USD/JPY

DAILY MARKET OUTLOOK
Update Time: 24 Feb 2016 08:26 GMT

USD/JPY - 112.07
Dollar's selloff to 111.77 yesterday, then intra-day fall below this level strongly suggests the first leg of correction from February's 15-month trough at 110.99 has ended at 114.88 last Tuesday and consolidation with downside bias would be seen for weakness towards 111.30/40, however, near term loss of momentum would keep price above support at 111.10/15.

On the upside, only above 113.05 would indicate aforesaid pullback is over instead and turn outlook bullish for stronger gain towards 113.39, then 113.62.

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

DAILY MARKET OUTLOOK
Update Time: 25 Feb 2016 05:00 GMT

EUR/USD - 1.1027
Although yesterday's rally from a fresh 3-week bottom of 1.0957 to as high as 1.1046 in New York session confirms euro's recent decline from February's 1.1377 peak has finally made a temporary low and 1-2 days of choppy consolidation is in store, as long as 1.1067/71 (previous ups, now res) holds, downside bias remains.
Below 1.0957 needed to extend marginal weakness, loss of momentum should keep price well above minor chart at 1.0904.

A firm rise above 1.1071 would signal long-awaited correction of aforesaid decline has taken place and risk stronger retracement towards 1.1138/39 before prospect of retreat next week.

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AceTraderFx Feb 25: Daily Recommendations on Major -USD/JPY

DAILY MARKET OUTLOOK
Update Time: 25 Feb 2016 09:37 GMT

USD/JPY - 112.17
Despite the greenback's selloff to a fresh 2-week trough at 111.04, subsequent strong rebound suggests further choppy trading above February's low at 110.99 would continue with upside bias and gain towards 112.63 is likely to be seen. However, as broad outlook remains consolidative, reckon resistance at 113.05 should remain intact and bring another fall later today or early tomorrow.

On the downside, only below 111.04 would revive bearishness for a re-test of 110.99, break would confirm recent downtrend has resumed and yield further weakness towards 110.40/50.

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AceTrader has been in FX market since 1984, with proven analytical approach used by professionals and real-time updates