AceTraderFx : Daily Recommendations on Majors

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

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DAILY MARKET OUTLOOK on Major EUR/USD
Update Time: 14 Jul 2016 05:04 GMT

EUR/USD - 1.1098
Yesterday's anticipated rebound from 1.1042 to 1.1120 (New York high) confirms further choppy trading above last week's low at 1.1002 (Friday) would continue and consolidation with upside bias remains for re-test of Tuesday's 1.1126 high, above would encourage for subsequent headway to 1.1150/60.
However, price is expected to remain confined inside established broad range of 1.1186-1.0971 in next few sessions.

On the downside, only below 1.1042 would dampen near term bullishness on euro.
However, 1.1002 should remain intact and bring another rebound later.

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

DAILY MARKET OUTLOOK on Major USD/JPY
Update Time: 14 Jul 2016 09:16 GMT

USD/JPY - 105.51
Although intra-day break of Tuesday's 104.99 high to 105.75 in Europe confirms recent upmove from June's 29-month trough at 99.00 has once again resumed, near term loss of momentum is likely to limit gain to 106.15/25 and reckon dollar's pre-Brexit peak at 106.84 should remain intact and bring a much-needed retracement of aforesaid rise.

A daily close below 104.99 would be the 1st signal temporary top is in place and bring weakness to 113.91/99 tomorrow or early next week.

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

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DAILY MARKET OUTLOOK on Major EUR/USD
Update Time: 15 Jul 2016 04:17 GMT

EUR/USD - 1.1111
Despite yesterday's resumption of near term erratic upmove from last Friday's 1.1002 bottom to a 1-week high of 1.1165 due partly to intra-day cross-buying of euro, subsequent retreat in New York session suggests price would continue to 'gyrate' inside established broad range of 1.1186-1.0971. Below 1.1087/89 sup would confirm aforesaid rise has made a top, then subsequent weakness towards 1.1042 would follow.

On the upside, only above 1.1165 would dampen daily bearish outlook on euro and risk would shift to the upside for gain towards strong res at 1.1186/90.

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

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DAILY MARKET OUTLOOK on Major USD/JPY
Update Time: 15 Jul 2016 09:09 GMT

USD/JPY - 105.92
Although intra-day break of yesterday's high of 105.94 to 106.32 in Asia confirms recent upmove from Jun's 29-month trough at 99.00 has once again resumed, near term loss of momentum may cap price below dollar's pre-Brexit peak at 106.84 today and bring a much-needed retracement of aforesaid rise later.

A daily close below 104.99/05 would be the 1st signal a temporary top is in place and yield weakness to 113.91/99 tomorrow or early next week.

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

DAILY MARKET OUTLOOK on Major EUR/USD
Update Time: 18 Jul 2016 01:12GMT

EUR/USD - 1.1060
Euro's intra-day selloff from 1.1149 (Europe) to 1.1053 after release of upbeat U.S. economic data and then brief drop to 1.1025 near New York close on news of a military coup in Turkey confirms near term erratic rise from 1.1002 has ended at 1.1165 (Thursday) and downside bias remains.
However, as daily outlook remains broadly consolidative, reckon pivotal sup at 1.0971 would remain intact.

Expect 1.1098 (previous sup, now res) to cap recovery in Asia and yield marginal decline decline below said Friday's low and only above 1.1100/10 may risk stronger gain to 1.1130/40 before prospect of another fall.

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

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DAILY MARKET OUTLOOK on Major USD/JPY
Update Time: 18 Jul 2016 09:00 GMT

USD/JPY - 105.57
Last week's rally above res at 103.40 (now sup) signals erratic rise from Jun's 29-month trough at 99.00 to retrace Medium term downtrend has resumed and despite Friday's intra-day selloff from 1106.32 to 104.64, subsequent strong rebound to 106.02 ahead of Asian open today suggests a few days choppy sideways trading is in store.

Above 106.02 would confirm pullback over and bring re-test of 106.32, break would extend to 107.00/10 but 107.84 (pre-Brexit high) would cap upside.
Below 104.64 would indicate a temporary top has been made and bring retracement towards 103.91 before rebound occurs.

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

DAILY MARKET OUTLOOK on Major EUR/USD
Update Time: 19 Jul 2016 01:28 GMT

EUR/USD - 1.1067
Although yesterday's rebound from 1.1038 (Europe) to 1.1084 in New York suggests decline from last week's high at 1.1165 (Thursday) had made a temporary low at 1.1025 on Friday and choppy consolidation is in store, reckon 1.1026/29 would cap upside and bring another fall later today or tomorrow, loss of momentum should prevent steep drop ahead of Thursday's ECB monetary policy meeting and sup at 1.1002 would contain weakness.

Only above 1.1149 (Friday's high) may risk re-test of 1.1165 but as price is expected to remain confined inside the 3-week long established range of 1.1190-1.0971, upside would falter below strong res at 1.186/90.

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

DAILY MARKET OUTLOOK on Major USD/JPY
Update Time: 19 Jul 2016 09:12 GMT

USD/JPY - 105.96
Last week's rally above res at 103.40 (now sup) signals erratic rise from June's 29-month trough at 99.00 to retrace Medium term downtrend has resumed and despite Friday's intra-day selloff from 1106.32 to 104.64, yesterday breach of said res suggests choppy trading with upside bias remains.
Above 106.33 would extend gain to 107.00/10 but price should falter below 107.84 (pre-Brexit high) today.

On the downside, below 104.64 would indicate a temporary top has been made and bring retracement towards 103.91 before rebound occurs.

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

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

EUR/USD - 1.1006
Yesterday's brief break of July's 1.1002 low to 1.1000 in New York after upbeat U.S. housing data should pressure euro towards indicated daily pivotal sup at 1.0971, a daily close below this level would confirm early correction from June's 3-month bottom at 1.0912 has ended, then weakness towards this key sup would be seen later this week.

Expect 1.1050/60 to cap intra-day recovery and yield further weakness, above there would abort present bearish scenario on euro and risk stronger retracement towards 1.1084.

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

DAILY MARKET OUTLOOK on Major USD/JPY
Update Time: 20 Jul 2016 08:12 GMT
USD/JPY - 106.39
Last week's rally above res at 103.40 (now sup) signals erratic rise from June's 29-month trough at 99.00 to retrace Medium term downtrend has resumed and yesterday's breach of last Friday's 106.32 high to 106.53 suggests choppy trading with upside bias remains.

Above 106.53 would extend gain to 107.00/10 but price should falter below 107.84 (pre-Brexit high) today.
On the downside, below 104.64 would indicate a temporary top has been made and bring retracement towards 103.91 before rebound occurs.
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AceTraderFx Jul 21: Daily Recommendations on Major -EUR/USD

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DAILY MARKET OUTLOOK on Major EUR/USD
Update Time: 21 Jul 2016 05:01 GMT

EUR/USD - 1.1022
Despite euro's recovery in Wed's New York session after intra-day resumption of recent erratic decline to a 3-week trough of 1.0982 in early European trading and consolidation is seen ahead of ECB's monetary policy meeting decision and then ECB President Draghi's post-meeting press conference, as long as 1.1084 res holds, weakness to daily pivotal sup at 1.0971 is expected where a daily close below this level would bring re-test of Jun's 3-month bottom at 1.0912.

On the upside, above 1.1084 would suggest euro's daily swings in last 3 weeks inside early broad range of 1.1186-1.0971 would continue, then risk is seen for another rise to 1.1126/29 but 1.1165 (last week's high) should remain intact.

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

DAILY MARKET OUTLOOK on Major EUR/USD]
Update Time: 22 Jul 2016 05:35 GMT

EUR/USD - 1.1026
Despite euro's brief bounce to 1.1060 during post-ECB meeting press conference, intra-day selloff to 1.0980 in New York morning to a fresh 3-week trough of 1.0980 and then subsequent bounce to 1.1036 (Australia) strongly suggests temporary low has been formed and consolidation with upside bias is in store, above 1.1060 confirms this move and brings stronger retracement to 1.1084, a daily close above there would extend gain towards 1.1449 next week.

Only below indicated daily pivotal sup at 1.0971 would risk re-test of June's 3-month trough at 1.0912.

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

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DAILY MARKET OUTLOOK on Major EUR/USD
Update Time: 25 Jul 2016 03:02 GMT

EUR/USD - 1.0970
Friday's brief break of indicated daily pivotal sup at 1.0971 to 1.0955 in New York session following upbeat U.S. data and later news of shooting in Munich suggests a 'downside break' of recent 1-month long broad consolidation has occured and re-test of June's 3-month trough at 1.0912 is in the cards after consolidation.

Expect 1.1000/10 to hold for this move n only above there would 'prolong' recent daily wild swings and may risk another rise towards 1.1030/40 later.

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

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DAILY MARKET OUTLOOK on Major EUR/USD
Update Time: 26 Jul 2016 04:06 GMT

EUR/USD - 1.0992
Although euro's intra-day erratic rise from Monday's 1-month low at 1.0952 (Asia) to 1.0999 in New York suggests recent decline has made a temporary low there n consolidation is in store, as long as 1.1000/140 holds.
Outlook remains mildly bearish for weakness towards June's 3-month bottom at 1.0912 which should hold on 1st testing due to loss of momentum.

On the upside, a daily close above 1.1000 would prolong recent daily price swings and shift risk to upside for gain towards 1.1041, however, reckon res at 1.1060 would hold.

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

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DAILY MARKET OUTLOOK on Major USD/JPY
Update Time: 26 Jul 2016 09:12 GMT

USD/JPY - 104.10
Dollar's selloff from yesterday's high of 106.73 and then today's firm breach of sup at 105.42 (now res) signals erratic upmove form June's 29-month trough at 99.00 has formed a temporary top at last Thursday's 6-week peak of 107.49 and consolidation with downside bias is seen for weakness to 103.75 (50.0% r).

However, reckon 103.30/40 would limit downside today and bring rebound later.
On the upside, only above 106.73 would confirm correction over and bring re-test of 107.49, break would extend gain towards 107.90/00.

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

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DAILY MARKET OUTLOOK on Major USD/JPY
Update Time: 27 Jul 2016 09:09 GMT

USD/JPY - 105.45
Although dollar's spectacular rally to 106.54 in Asia on talk of more Japan's stimulus package suggests correction from last Thursday's 6-week peak at 107.49 has ended at 103.99 on Tuesday, subsequent intra-day retreat to 105.10 suggests choppy trading would be seen but as long as 104.60 holds, upside bias remains.
Above pivotal res at 106.73 anytime would confirm this view and bring re-test of 107.49 'later'

On the downside, only below 103.99 would bring stronger retracement of erratic upmove form June's 29-month trough at 99.00 to 103.25 (50% r) but sup at 102.45 should remain intact.

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

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DAILY MARKET OUTLOOK on Major EUR/USD
Update Time: 28 Jul 2016 05:27 GMT

EUR/USD - 1.1067
Euro's spectacular rally yesterday from post-FOMC low at 1.0961 in New York to as high as 1.1076 in Australia earlier today has reinforced our previous view recent erratic decline has indeed formed a temporary low at Monday's 1-month trough at 1.0952 and consolidation with upside bias remains for further gain to 1.1120/30.
However, near term overbought condition would cap price well below res at 1.1165.

Expect 1.1030 (previous res, now sup) to hold for this move and only a daily close below there may risk stronger pullback but reckon 1.0978 would remain intact and yield another rise.

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

DAILY MARKET OUTLOOK on Major USD/JPY
Update Time: 28 Jul 2016 09:12 GMT

USD/JPY - 104.74
Despite dollar's spectacular rally to 106.54 in Asia yesterday due to talk of more Japan's stimulus package, subsequent selloff following Fed's unchanged rate decision in New York session and then and fall below 105.10 (reaction low) to as low as 104.49 at European open today suggests choppy trading below last Thursday's 6-week peak at 107.49 would continue but only a break of 103.99 (Tuesday) would bring stronger retracement of early upmove from June's 29-month trough at 99.00 towards 103.25 later.

On the upside, above 105.30 would prolong choppy trading but res area at 106.05-14 should remain intact.

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

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DAILY MARKET OUTLOOK on Major EUR/USD
Update Time: 29 Jul 2016 04:37 GMT

EUR/USD - 1.1079
Yesterday's follow-through buying of euro in Asia and then in Europe to as high as 1.1120 after Fed left rate unchanged on Wednesday suggests upmove from this week's bottom at 1.0952 (Monday) would resume after consolidation and reckon 1.1030 (previous res, now sup) would contain pullback and yield further headway to 1.1140/50.
However, as broad outlook remains 'consolidative', res at 1.1186/90 should cap upside.

On the downside, only a daily close below 1.1030 may risk stronger retracement of aforesaid rise to 1.0998/1.1008 before prospect of another upmove next week.

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

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DAILY MARKET OUTLOOK on Major USD/JPY
Update Time: 29 Jul 2016 09:04 GMT

USD/JPY - 103.70
Although dollar's initial 'wild swings' in Australia and Asian morning ended with price tumbling from 105.75 to a 2-week trough of 102.71 after BoJ expanded its stimulus package smaller than market expectation, subsequent minor rebound suggests consolidation is in store.

Above 104.50 would signal recent decline from 107.49 (July's high) has made a low, then outlook would improve for stronger subsequent gain to 105.00.
Below 103.00 may risk re-test of 102.71, however, near term loss of momentum is likely to limit weakness to 102.20/25 today.

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