AceTraderFx : Daily Recommendations on Majors

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

DAILY MARKET OUTLOOK
Update Time: 19 Apr 2016 09:37GMT USD/JPY - 109.13

Despite yesterday's initial selloff to 107.84 due to yen-buying on risk aversion following sharp fall in oil prices, subsequent rally to 108.99 in New York following strong rebound in oil prices together with gain in global stocks, then today's follow-through gain to 109.22 in Asia suggests further volatile trading above last Monday's fresh 17-month bottom at 107.63 would continue with near term upside bias, above 109.74 is needed to bring stronger retracement of medium-term downtrend to 109.90/00 later.

On the downside, below 108.46/50 would be 1st signal said Monday's rise from 107.84 has ended and yield weakness to 108.12/15.

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

DAILY MARKET OUTLOOK
Update Time: 20 Apr 2016 09:07 GMT

USD/JPY - 109.06
Despite yesterday's resumption of near term upmove from Monday's trough of 107.84 to 109.49 ahead of New York open, subsequent retreat following weak U.S. housing data and intra-day decline due to decline in oil prices and weakness in Asian stocks suggests choppy consolidation with downside bias is in store, reckon 108.12 sup would hold and bring another rebound later this week.

Expect 109.32 (Australia high) to cap intra-day recovery and yield further fall to 108.46/50 first and only above 109.49 risks re-test of last week's high at 109.74.

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

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DAILY MARKET OUTLOOK
Update Time: 21 Apr 2016 04:08GMT

EUR/USD - 1.1298
Yesterday's intra-day selloff after a brief rise above Tuesday's 1.1385 high to 1.1388 at New York open suggests correction from last Thursday's 2-week trough at 1.1234 has ended there and consolidation with downside bias would be seen.
However, break of said support needed to confirm erratic decline from last Tuesday's 5-1/2 month peak at 1.1465 has resumed and extend weakness towards 1.1114.

On the upside, a move back above 1.1388 would encourage a subsequent re-test of 1.1465 and break would extend MT uptrend towards 1.1512 'later'.

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AceTraderFx Apr 21: Daily Recommendations on Major -USD/JPY

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DAILY MARKET OUTLOOK
Update Time: 21 Apr 2016 09:06 GMT

USD/JPY - 109.75
Yesterday's rally above last week's 109.74 high after mildly upbeat U.S. data and then intra-day gain to 109.90 in Asia suggests dollar's corrective rise from last Mon's fresh 17-month trough at 107.63 would yield marginal gain to 110.15/25 after consolidation, however, loss of momentum should prevent strong gain today and reckon 110.67 (Mar's low, now res) should remain intact and bring subsequent strong retreat.

On the downside, a daily close below 109.49 would be the 1st signal aforesaid upmove has made a temporary top and risk stronger retracement to 109.12/15, then twd 108.77.

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

DAILY MARKET OUTLOOK
Update Time: 22 Apr 2016 05:00 GMT

EUR/USD - 1.1298
Eruo's selloff after a brief rally to 1.1398 to as low as 1.1270 in New York session on dovish remarks from ECB's President Mario Draghi signals further choppy trading below last Tuesday's 5-1/2 month peak at 1.1465 would continue with downside bias but only below 1.1234 (reaction low on last Thursday) would indicate MT uptrend is still being retraced and yield further weakness to 1.12113 and then 1.1167 later.

On the upside, a move back above 1.1398 would encourage a subsequent re-test of 1.1465 and break would yield further headway towards 1.1512.

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

DAILY MARKET OUTLOOK
Update Time: 22 Apr 2016 09:02 GMT

USD/JPY - 110.57
Dollar's intra-day rally above yesterday's high of 109.90 on market chatter BoJ is mulling negative-rate loans signals rise from last Monday's fresh 17-month trough at 107.63 to retrace Medium Term downtrend has resumed and further gain towards 111.10/20 is seen after consolidation.
However, near term overbought condition should limit upside to 111.40/50 today and risk a minor correction later.

On the downside, only a daily close below 109.90 would indicate aforesaid upmove has made a temporary top and risk stronger retracement to 109.26, then towards 108.77.

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

DAILY MARKET OUTLOOK
Update Time: 25 Apr 2016 09:13 GMT

USD/JPY - 111.14
Although dollar has extended erratic upmove from April's 17-month trough at 107.63 to 111.91 ahead of Asian open, subsequent intra-day cross-inspired retreat to 111.03 in Asia suggests a temporary top has been made and choppy consolidation would be seen, however, reckon 110.74 (previous resistance, now support) would hold and yield rebound later.

On the upside, above 111.91 would bring resumption of aforesaid rise to retrace Medium Term downtrend to 112.10/20 and then 112.50/60 later.
Only a daily close below 110.74 aborts and risks correction towards 110.28.

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

DAILY MARKET OUTLOOK
Update Time: 26 Apr 2016 04:08 GMT

EUR/USD - 1.1267
Friday's breach of previous week's low at 1.1234 to 1.1218 in New York and then marginal weakness to a fresh 3-week trough at 1.1216 ahead of Asian open yesterday signals erratic decline from April's 5-1/2 month peak at 1.1465 to retrace Medium Term uptrend has resumed and further weakness to next daily chart objective at 1.1144 is seen after consolidation.

On the upside, only a daily close above 1.1309/10 would indicate a temporary bottom has bee made and yield retracement towards 1.1345/55 but resistance at 1.1399 (last Thursday's high) should cap upside.

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

DAILY MARKET OUTLOOK
Update Time: 27 Apr 2016 04:08 GMT

EUR/USD - 1.1306
Friday's breach of previous week's low at 1.1234 to 1.1218 in New York and then marginal weakness to a fresh 3-week trough at 1.1216 ahead of Asian open yesterday signals erratic decline from April's 5-1/2 month peak at 1.1465 to retrace Medium Term uptrend has resumed and despite subsequent rebound to as high as 1.1340 yesterday, reckon daily resistance at 1.1399 would cap upside and downside bias remains for further weakness to next daily chart objective at 1.1144 after consolidation.

On the upside, only a daily close above 1.1399 would turn outlook bullish for subsequent gain to 1.1438 and then a possible re-test of 1.1465.

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

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DAILY MARKET OUTLOOK
Update Time: 28 Apr 2016 09:03 GMT

USD/JPY - 108.33
Dollar's intra-day more than 3 percent decline from Asian high of 111.88 to as low as 108.06 in European after unchanged BoJ's rate decision confirms correction from April's 17-month trough at 107.63 has ended on Monday at 111.91 and consolidation with downside bias would be seen.
However, break of said sup is needed to confirm Medium Term downtrend has resumed and extend weakness towards 106.90/00 later.

On the upside, only a daily close above 109.40/50 would indicate further choppy sideways would continue and yield gain towards 109.90/00 before retreat occurs.

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

DAILY MARKET OUTLOOK
Update Time: 29 Apr 2016 05:08 GMT

EUR/USD - 1.1364
As euro has rebounded after yesterday's intra-day pullback from 1.1368 (Europe) to 1.1310 in New York, suggesting upside bias remains for erratic rise from Monday's 3-week trough at 1.1216 to extend gain towards next chart objective at 1.1399 after consolidation.
However, a daily close above there is needed to confirm early correction from April's 5-1/2 month peak at 1.1465 has ended there and yield re-test of this res next week, then resumption of Medium Term uptrend to 1.1500 later.

On the upside, only a daily close below 1.1272 would indicate aforesaid recovery from 1.1216 over instead and bring re-test of 1.1216, break would extend weakness to 1.1160/70.

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

DAILY MARKET OUTLOOK
Update Time: 3 May 2016 09:03 GMT

USD/JPY - 105.56
As the greenback has continued to ratchet lower after intra-day breach of yesterday's fresh 18-month trough at 106.14, suggesting recent decline remains in progress and downside bias would be seen for weakness towards 105.10/20.
However, loss of momentum would prevent steep fall below there and reckon support at 104.88 would remain intact and yield a much-needed correction later.

On the upside, only above resistance at 106.82 would indicate a temporary low has been made and turn outlook bullish for a stronger retracement towards 107.88/92.

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

DAILY MARKET OUTLOOK
Update Time: 4 May 2016 05:08 GMT

EUR/USD - 1.1480
Despite yesterday's resumption of recent upmove and intra-day rally to an 8-month peak of 1.1617 in Europe, subsequent selloff in new York session due to broad-based short-covering in the greenback confirms temporary top has been made and consolidation with initial downside bias is seen, below 1.1447/48 support needed to bring stronger correction to 1.1410/14.

On the upside, above 1.1539/42 suggests 1st leg of correction is over and may bring stronger gain to 1.1580/85 but 1.1617 should remain intact ahead of release Fri's key U.S. jobs data.

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

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DAILY MARKET OUTLOOK
Update Time: 06 May 2016 06:08 GMT

EUR/USD - 1.1401
Yesterday's selloff below 1.1467 sup (now res) to as low as 1.1386 in New York morning due to renewed broad-based USD's strength ahead of release of key U.S. jobs report later today confirms euro's medium-term uptrend from 1.0523 (December 2015) has formed a top at Tuesday's 8-month peak at 1.1617 and consolidation with downside bias remains for further weakness 1.1310/20 later today or next Monday, oversold condition should keep price above 1.1272 sup.

On the upside, a daily close above 1.1467 (possibly due to downbeat U.S. payrolls data) would signal 1st leg of correction from 1.1617 over and risk stronger retracement towards 1.1530 but 1.1560/65 should cap upside.

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

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DAILY MARKET OUTLOOK
Update Time: 06 May 2016 09:29 GMT

USD/JPY - 106.95
Despite Tuesday's resumption of recent downtrend to a fresh 18-month trough at 105.55 in European session, subsequent strong rebound and brief spike up to 107.47 in Australia today suggests a temporary bottom has been made and consolidation with upside bias would be seen for gain towards 107.90/00.
However, resistance at 108.73 would remain intact and bring another fall later.

On the downside, only below 106.13 would confirm aforesaid recovery has ended and turn outlook bearish for a re-test of 105.55, break would extend Medium Term downtrend to 105.05/10.

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AceTraderFx May 9: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK
Update Time: 09 May 2016 05:08 GMT

EUR/USD - 1.1402
Euro's selloff from 1.1481 to 1.1387 last Friday and intra-day breach of this support signals decline from last Tuesday's 8-month peak at 1.1617 has once again resumed and consolidation with downside bias is seen for weakness towards 1.1360/70, then 1.1341.
However, near term loss of momentum would prevent steep fall below there and reckon support at 1.1310 would remain intact and yield rebound later.

On the upside, only above 1.1481 would indicate aforesaid pullback has ended instead and turn outlook bullish for gain towards 1.1530

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AceTraderFx May 9: Daily Recommendations on Major -USD/JPY

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DAILY MARKET OUTLOOK
Update Time: 09 May 2016 09:09 GMT

USD/JPY - 107.57
Despite last Tuesday's resumption of recent downtrend to a fresh 18-month trough at 105.55 in European session, subsequent strong rebound to 107.50 last Thursday and intra-day breach of this level suggests a temporary bottom has been made and consolidation with upside bias would be seen for gain towards 107.90/00.
However, resistance at 108.73 would remain intact and bring another fall later.

On the downside, only below 106.13 would confirm aforesaid recovery has ended and turn outlook bearish for a re-test of 105.55, break would extend Medium Term downtrend to 105.05/10.

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AceTraderFx May 10: Daily Recommendations on Major -EUR/USD

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DAILY MARKET OUTLOOK
Update Time: 10 May 2016 01:08 GMT

EUR/USD - 1.1390
Euro's selloff from 1.1481 to 1.1387 last Friday and intra-day breach of this support signals decline from last Tuesday's 8-month peak at 1.1617 has once again resumed and consolidation with downside bias is seen for weakness towards 1.1360/70, then 1.1341.
However, near term loss of momentum would prevent steep fall below there and reckon support at 1.1310 would remain intact and yield rebound later.

On the upside, only above 1.1481 would indicate aforesaid pullback has ended instead and turn outlook bullish for gain towards 1.1530.

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AceTraderFx May 10: Daily Recommendations on Major -USD/JPY

DAILY MARKET OUTLOOK
Update Time: 10 May 2016 09:09 GMT

USD/JPY - 108.89
Despite last Tuesday's resumption of recent downtrend to a fresh 18-month trough at 105.55 in European session, subsequent strong rebound to 108.60 yesterday and intra-day breach of this level suggests a temporary bottom has been made and consolidation with upside bias would be seen for gain towards 109.10/20.
However, resistance at 109.46 would remain intact and bring another fall later.

On the downside, only below 106.13 would confirm aforesaid recovery has ended and turn outlook bearish for a re-test of 105.55, break would extend Medium Term downtrend to 105.05/10.

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

DAILY MARKET OUTLOOK
Update Time: 11 May 2016 01:08 GMT

EUR/USD - 1.1374
Euro's retreat yesterday and subsequent breach of Monday's low at 1.1375 to 1.1359 signals decline from last Tuesday's 8-month peak at 1.1617 has once again resumed and consolidation with downside bias is seen for weakness towards 1.1341.
However, near term loss of momentum would prevent steep fall below there and reckon support at 1.1310 would remain intact and yield rebound later.

On the upside, only above 1.1481 would indicate aforesaid pullback has ended instead and turn outlook bullish for gain towards 1.1530.

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