AceTraderFx : Daily Recommendations on Majors

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

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DAILY MARKET OUTLOOK
Update Time: 12 May 2016 04:08 GMT

EUR/USD - 1.1427
Despite the single currency's retreat to 1.1359 on Tuesday, subsequent strong rebound to 1.1447 yesterday suggests the decline from last Tuesday's 8-month peak at 1.1617 has possibly made a temporary low there and consolidation with upside bias would be seen for gain towards 1.1481.
However, near term loss of momentum would prevent strong gain above there and reckon resistance at 1.1530 would hold and yield retreat.

On the downside, only below 1.1375 would revive bearishness for stronger retracement of recent uptrend towards 1.1341, then 1.1300/10.

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

DAILY MARKET OUTLOOK
Update Time: 12 May 2016 09:09 GMT

USD/JPY - 108.91
Despite last Tuesday's resumption of recent downtrend to a fresh 18-month trough at 105.55 in European session, subsequent strong rebound to 109.38 yesterday suggests a temporary bottom has been made and consolidation with upside bias would be seen for marginal gain towards 109.60.
However, resistance at 109.90 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 13: Daily Recommendations on Major -EUR/USD

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DAILY MARKET OUTLOOK
Update Time: 13 May 2016 05:08 GMT

EUR/USD - 1.1373
Despite the single currency's strong rebound from Tuesday's low at 1.1359 to 1.1447 on Wednesday, yesterday's retreat suggests aforesaid recovery is over and decline from last Tuesday's 8-month peak at 1.1617 would resume after consolidation and extend towards 1.1341, then 1.1310 ahead of today's U.S. retail sales data.
However, support at 1.1272 should hold and yield recovery later.

On the upside, only above 1.1415 would indicate pullback from 1.1447 has ended instead and turn outlook bullish for gain to said resistance.

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

DAILY MARKET OUTLOOK on Major EUR/USD
Update Time: 16 May 2016 04:08 GMT

EUR/USD - 1.1306
The single currency's selloff from last Wednesday's high at 1.1447 to 1.1283 on Friday after the release of upbeat U.S. economic data signals decline from May's 8-month peak at 1.1617 remains in progress and consolidation with downside bias would be seen for weakness towards 1.1272, then to 1.1234.
however, near term loss of momentum would keep price above April's bottom at 1.1216 and yield rebound.

On the upside, only above 1.1359 (previous support, now resistance) would indicate a temporary low has been made and risk stronger retracement towards 1.1415.

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AceTraderFx May 17: Daily Recommendations on Major - USD/JPY

DAILY MARKET OUTLOOK
Update Time: 16 May 2016 09:13 GMT

USD/JPY - 108.74
Despite last Friday's resumption of upmove from May's 18-month trough at 105.55 to 109.56 on the back of upbeat U.S. economic data, subsequent retreat to 108.47 today suggests a minor top has been made and consolidation with downside bias would be seen for weakness towards 108.23, then 108.03 (38.2% retracement).
However, support at 107.56 (50%) would remain intact and yield rebound later.

On the upside, only above 109.56 would revive bullishness for gain towards 109.90, then 110.03 (previous support, now resistance) before prospect of retreat.

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AceTraderFx May 17: Daily Recommendations on Major - USD/JPY

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DAILY MARKET OUTLOOK
Update Time: 17 May 2016 09:00 GMT

DAILY MARKET OUTLOOK
USD/JPY - 109.42
Despite last Friday's resumption of upmove from May's 18-month trough at 105.55 to 109.56 on the back of upbeat U.S. economic data, subsequent retreat to 108.47 yesterday suggests a minor top has been made and consolidation with downside bias would be seen for weakness towards 108.23, then 108.03 (38.2% retracement}.
However, support at 107.56 (50%) would remain intact and yield rebound later.

On the upside, only above 109.56 would revive bullishness for gain towards 109.90, then 110.03 (previous support, now resistance) before prospect of retreat.

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

DAILY MARKET OUTLOOK
Update Time: 18 May 2016 09:00 GMT

USD/JPY - 109.45
Dollar's intra-day strong rebound from 108.72 suggests pullback from yesterday's fresh 2-week high at 109.65 has ended and recent upmove from May's 18-month trough at 105.55 would head to 109.80/90 after consolidation, 'loss of upward momentum' should cap price at 110.10/20 and risk is seen for a much-needed correction to occur.

On the downside, below 108.72 confirms temporary top is in place and yields retracement to 108.47/52, however, reckon sup at 108.23 would remain intact and yield rebound later this week.

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

DAILY MARKET OUTLOOK on Major EUR/USD
Update Time: 19 May 2016 01:50 GMT

EUR/USD - 1.1225
Yesterday's break of last week's 1.1283 low to 1.1256 in European morning and then subsequent selloff after hawkish FOMC minutes to a 6-*week trough of 1.1206 (Reuters) in Australia today confirms decline from May's 8-month peak at 1.1617 has once again resumed and expect 1.1256 to hold, yield further weakness towards next chart objective at 1.1144 which should hold on 1st testing today.

On the upside, only a daily close above 1.1283 signals a temporary low is in place, then risk is seen for a stronger retracement towards 1.1349 before of another fall next week.

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

DAILY MARKET OUTLOOK on Major EUR/USD
Update Time: 20 May 2016 01:50 GMT

EUR/USD - 1.1302
Despite staging a recovery in New York session on Thursday after intra-day resumption of recent decline from May's 8-month peak of 1.1617 to a 7-week trough of 1.1180 on minor short covering, outlook remains bearish for aforesaid fall to resume after consolidation.
However, near term loss of downward momentum should keep price above daily sup at 1.1144 today.
On the upside, only a daily close above 1.1256 (previous sup, now res) confirms temporary low is in place and risks stronger retracement towards 1.1288/93 before prospect of another fall next week.

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

DAILY MARKET OUTLOOK
Update Time: 20 May 2016 09:00 GMT

USD/JPY - 110.30
Dollar's intra-day cross-inspired rebound suggests pullback from yesterday's 110.39 high has ended earlier at 109.70 in New York and recent upmove from May's fresh 18-month bottom at 105.55 would head to 110.77/82 after consolidation, however, 'loss of upward' momentum would cap price at 111.20/25 and bring a much-needed correction.

On the downside, below 109.70 would confirm temporary top is in place and yields retracement of aforesaid rise to 109.30, then 109.00/05.

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

DAILY MARKET OUTLOOK on Major EUR/USD
Update Time: 23 May 2016 04:50 GMT

EUR/USD - 1.1231
Despite euro's retreat from 1.1238 to 1.1204 in New York on Friday, as intra-day broad-based gain in the yen has pressured usd broadly in Asia, suggesting further choppy trading above last Thursday's 7-week trough at 1.1180 would continue, only above 1.1238/40 would suggest recent decline has made a temporary low there and risk stronger retracement to 1.1256 (previous sup, now res), break there would bring further gain towards 1.1288/93 later today or tomorrow.

Below 1.1200/04 would signal said correction from 1.1180 has ended and yield resumption of recent decline towards daily chart objective at 1.1144.

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

DAILY MARKET OUTLOOK
Update Time: 23 May 2016 09:38 GMT

USD/JPY - 109.50
Dollar's intra-day decline in Asian and European morning due to broad-based buying of yen following warnings by U.S. Treasury Secretary against Japan's yen intervention to weaken the yen in the weekend's G7 meeting confirms recent upmove from May's fresh 18-month bottom at 105.55 has made a temporary last Friday at 110.59 and choppy consolidation with downside bias remains for weakness towards 108.72.
However, sup at 108.28 should hold from here.

Expect 110.08 (Friday's New York low, now res) to hold for this move and only a daily close above suggests correction is over but 110.59 should remain intact today.

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

DAILY MARKET OUTLOOK
Update Time: 24 May 2016 09:08GMT

USD/JPY - 109.56
Yesterday's anticipated decline to 109.11 in New York confirms dlr's recent upmove from May's fresh 18-month bottom at 105.55 has indeed formed a temporary top at 110.59 on Friday and although intra-day rebound following more verbal yen-intervention warning by Japanese official suggests sideways price swings are in store, as long as 109.85/95 holds, one more fall is to retrace aforesaid rise still envisaged, loss of momentum should keep price well above sup at 108.72.

A daily close above 110.08 would signal correction is over, then re-test of 110.59 would be seen later this week.

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AceTraderFx May 25 : Daily Recommendations on Major EUR/USD

DAILY MARKET OUTLOOK on Major EUR/USD
Update Time: 25 May 2016 04:09 GMT

EUR/USD - 1.1143
Tuesday's intra-day selloff which started at European open due to broad-based selling of euro especially vs sterling and then break of last week's low at 1.1180 to a 2-month bottom of 1.1133 in New York after robust U.S. new home sales suggests euro's decline from May's 8-month peak at 1.1617 would resume after minor consolidation and yield further weakness to 1.1100.
However, near term loss of momentum is likely to keep price above 1.1070 today and risk has increased for a minor correction to take place later this week.

On the upside, only a daily close above 1.1180 would indicate temporary bottom is in place and may yield stronger retracement to 1.1227/31.

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AceTraderFx May 25 : Daily Recommendations on Major USD/JPY

DAILY MARKET OUTLOOK on Major USD/JPY
Update Time: 25 May 2016 09:59 GMT

USD/JPY - 110.17
Yesterday's intra-day rally signals pullback from last Friday's high of 110.59 has ended at 109.11 on Monday and upside bias is seen for dollar's recent upmove from May's fresh 18-month bottom at 105.55 to resume and extend gain to 111.00 and later 111.50/60 before correction occurs due to 'loss of momentum.'

On the downside, only below 109.11 would indicate a temp. top has been made and yield retracement of aforesaid rise to next chart support at 108.72.

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AceTraderFx May 26 : Daily Recommendations on Major EUR/USD

DAILY MARKET OUTLOOK on Major EUR/USD
Update Time: 26 May 2016 03:45 GMT

EUR/USD - 1.1181
Despite yesterday's marginal weakness below Tuesday's 1.1133 low to a fresh 2-month trough of 1.1119, subsequent bounce to 1.1167 in New York and then intra-day break of 1.1180 (last week's low, now res) due to usd's broad-based weakness caused by selloff in dlr/yen suggests recent decline has made a temporary low there and 1-2 days of choppy consolidation with upside bias is seen for a much-needed retracement to 1.1227/31 later, however, reckon res at 1.1243 would remain intact.

On the downside, only below 1.1146 would suggest correction is over and risk decline to 1.1100/10, however, loss of downward momentum should keep euro above 1.1070 this week.

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AceTraderFx May 26 : Daily Recommendations on Major USD/JPY

DAILY MARKET OUTLOOK on Major USD/JPY
Update Time: 26 May 2016 10:12 GMT

USD/JPY - 109.98
Although dollar's rally from Monday's low at 109.11 to as high as 110.45 yesterday signals pullback from last Friday's high of 110.59 has ended there, intra-day selloff to 109.42 at Tokyo open suggests further choppy sideways trading would be seen before recent upmove from May's fresh 18-month bottom at 105.55 resumes to re-test said temporary top and then 111.50/60 later.

On the downside, only below 109.11 would indicate a temp. top has been made and yield retracement of aforesaid rise
to next chart support at 108.72.

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AceTraderFx May 27 : Daily Recommendations on Major EUR/USD

DAILY MARKET OUTLOOK on Major EUR/USD
Update Time: 27 May 2016 05:03 GMT

EUR/USD - 1.1188
Yesterday's break of 1.1180 level to 1.1217 in New York morning confirms euro's recent decline from May's 8-month peak at 1.1617 has indeed formed a temporary low earlier at 1.1129 on Wed and several days of volatile consolidation with near term upside bias is seen, a daily close above res at 1.1243 needed to bring stronger retracement towards 1.1293 next week.

On the downside, below 1.1146/50 would suggests said correction is over and risk one more fall to 1.1200/10, however, 'loss of momentum' would keep price above 1.1070.

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AceTraderFx May 27 : Daily Recommendations on Major USD/JPY

DAILY MARKET OUTLOOK on Major USD/JPY
Update Time: 27 May 2016 08:12 GMT

USD/JPY - 109.75
Despite dlr's erratic rise from 109.11 (Monday) to 110.45 (Wednesday), yesterday's selloff to 109.42 in Asia signals 'choppy' trading below last Fri's 3-wk peak at 110.59 would continue and below 109.11 would bring retrace. of early rise from 105.55 (May) towards 108.72.
Still favour trading from short side and only above 110.59 extends upmove from 105.55 to 111.10/20 later.

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AceTraderFx May 30 : Daily Recommendations on Major EUR/USD

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DAILY MARKET OUTLOOK on Major EUR/USD
Update Time: 30 May 2016 06:03 GMT

EUR/USD - 1.1106
Friday's selloff to a fresh 2-month low of 1.1110 near New York close after hawkish comments by Fed Chair Janey Yellen and then intra-day weakness to 1.1098 caused by usd's broad-based gain on rally in dlr/yen suggests recent decline from May's 1.1617 peak would pressure price towards 1.1070 before prospect of a rebound later.

On the upside, only above 1.1159/69 (previous sup area, now res) indicates a temporary bottom is in place and risks stronger retracement towards 1.1200.

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