AceTraderFx : Daily Recommendations on Majors

AceTraderFx Aug 01: Daily Recommendations on Major -EUR/USD

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DAILY MARKET OUTLOOK on Major EUR/USD
Update Time: 1 Aug 2016 04:03 GMT

EUR/USD - 1.1167
Last Friday's anticipated rally above 1.1120 (now sup) and then res at 1.1190 (June's post-Brexit high) to 1.1197 after downbeat U.S. GDP confirms medium-term downtrend from 1.1617 (May high) has indeed formed a low earlier at 1.0912 in June and outlook remains supportive for further headway to 1.1230/40 after consolidation, near term loss of momentum should prevent strong gain above indicated target today.

On the downside, only below 1.1120 signals temporary high is in place, then risk would shift to the downside for retracement to 1.1095/00, however, reckon 1.1060/68 should remain intact and bring another rebound.

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AceTraderFx Aug 02: Daily Recommendations on Major -EUR/USD

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DAILY MARKET OUTLOOK on Major EUR/USD
Update Time: 02 Aug 2016 03:52 GMT

EUR/USD - 1.1167
Despite yesterday's narrow movement following last Friday's spectacular rally above previous res at 1.0120 (now sup) to a near 4-week peak of 1.1197, as 1.1154/57 has contained pullback, outlook remains bullish for recent upmove to resume after initial consolidation.
However, near term loss of upward momentum would prevent strong gain and reckon 1.3237 would cap upside.

On the downside, only a daily close below 1.1154 signal temporary top is in place, then risk would shift to downside for a retracement to 1.1120, break may extend towards 1.1068/73 later this week.

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AceTraderFx Aug 02: Daily Recommendations on Major -USD/JPY

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DAILY MARKET OUTLOOK on Major USD/JPY
Update Time: 02 Aug 2016 10:02 GMT

USD/JPY - 1.1198
Dollar's intra-day break of last Friday's 101.97 low to a 3-week trough of 101.46 in Europe despite Japan's Cabinet approved the US$ 130 billion stimulus fiscal package to boost growth, suggesting recent decline from July's 107.49 peak has once again resumed and outlook remains mildly bearish for weakness towards 101.28/33 after consolidation, loss of momentum should keep price above 101.00 today and risk has increased for a correction to take place.

On the upside, a daily close above 101.97 signals temporary bottom is in place, then stronger retracement of aforesaid fall would be seen and bring gain towards 102.78/83.

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AceTraderFx Aug 03: Daily Recommendations on Major -EUR/USD

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DAILY MARKET OUTLOOK on Major EUR/USD
Update Time: 03 Aug 2016 04:23 GMT

EUR/USD - 1.1214
Yesterday's anticipated rally above last Friday's 1.1197 high (now sup) to a 6-week peak of 1.1237 in New York due to broad-based usd's weakness suggests recent upmove from 1.0912 (June's low) would resume after initial consolidation, near term weakening of upward momentum should prevent strong gain and reckon upside would falter below 1.1300 and bring a much-needed minor correction later today or tomorrow.

Below 1.1187 (New York low) signals a temporary top is in place, then risk is seen for a stronger retracement to 1.1154/57 sup before prospect of another rise later this week.

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AceTraderFx Aug 03: Daily Recommendations on Major -USD/JPY

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DAILY MARKET OUTLOOK on Major USD/JPY
Update Time: 03 Aug 2016 10:51 GMT

USD/JPY - 101.05
Dollar's selloff below last Friday's 101.97 low to a fresh 3-week trough of 100.68 in New York yesterday signals correction from June's 29-month trough at 99.00 has ended earlier at 107.49 (July) and choppy trading with downside bias remains.
However, only a daily close below pivotal support at 100.00 would retain bearishness for a re-test of 99.00 later.

Today's intra-day rebound after holding above aforesaid Tuesday's low at 100.68 suggests a minor bottom has been made and a few days of consolidation is seen, however, reckon 102.83 res would cap upside and bring another selloff.

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AceTraderFx Aug 04: Daily Recommendations on Major -EUR/USD

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DAILY MARKET OUTLOOK on Major EUR/USD
Update Time: 04 Aug 2016 04:27 GMT

EUR/USD - 1.1145
Although yesterday's break of indicated sup at 1.1154/57 confirms euro's recent rise from June's 3-month trough at 1.0912 has indeed formed a temporary top on Tuesday at 1.1234 and consolidation with near term downside bias remains ahead of Friday's key U.S. jobs data, near term oversold condition is likely to prevent steep fall below 1.1110/20 and another rebound is envisaged later today.

On the upside, above 1.1187/90 would be the first signal aforesaid pullback is over but above 1.1205/09 res is needed to bring re-test of 1.1234.

Only below 1.1104 would risk stronger correction towards 1.1068/73 before prospect of a rebound.

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AceTraderFx Aug 04: Daily Recommendations on Major -USD/JPY

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DAILY MARKET OUTLOOK on Major USD/JPY
Update Time: 04 Aug 2016 10:00 GMT

USD/JPY - 101.39
Although dollar's selloff below last Friday's 101.97 low to a fresh 3-week trough of 100.68 on Wednesday signals correction from June's 29-month trough at 99.00 has ended earlier at 107.49 (July), subsequent rebound to 101.57 yesterday and then intra-day breach of this resistance suggests a few days of choppy trading with mild upside bias remains.
However, price should falter below 102.83 (Tuesday's high) and yield another fall later.

On the downside, below 100.68 would yield weakness towards pivotal support at 100.00 but only a daily close below there would retain bearishness for a re-test of 99.00.

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AceTraderFx Aug 05: Daily Recommendations on Major -EUR/USD

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DAILY MARKET OUTLOOK on Major EUR/USD
Update Time: 05 Aug 2016 04:20 GMT

EUR/USD - 1.1131
Despite yesterday's resumption of decline from Tuesday's 6-week high of 1.1234 to 1.1114 ahead of New York open, near term loss of downward momentum is expected to prevent steep fall ahead of release of key U.S. jobs data at 12:30GMT later today and reckon 1.1095/00 would hold and bring rebound, above 1.1190/97 needed to signal pullback from 1.1234 over and bring subsequent gain towards this res level.

A daily close below 1.1100 would shift risk to the downside for a stronger retracement of early upmove from Jun's 3-month bottom at 1.0912 and yield weakness to 1.1068/73, then 1.1030 next week.

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AceTraderFx Aug 05: Daily Recommendations on Major -USD/JPY

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DAILY MARKET OUTLOOK on Major USD/JPY
Update Time: 05 Aug 2016 09:21 GMT

USD/JPY - 101.10
Although dollar's selloff below last Fri's 101.97 low to a fresh 3-week trough of 100.68 on Wednesday signals correction from June's 29-month trough at 99.00 has ended earlier at 107.49 (July), subsequent rebound to 101.67 yesterday suggests choppy trading would continue ahead of today's key U.S. non-farm payrolls, however, price should falter below 102.83 (Tuesday's high) and bring another fall later.

On the downside, below 100.68 would yield weakness towards pivotal support at 100.00 but only a daily close below there would retain bearishness for a re-test of 99.00.

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AceTraderFx Aug 08: Daily Recommendations on Major -EUR/USD

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DAILY MARKET OUTLOOK on Major EUR/USD
Update Time: 08 Aug 2016 4:03 GMT

EUR/USD - 1.1088
Friday's intra-day selloff from 1.1161 to 1.1046 in New York morning session following robust U.S. jobs report confirms recent 3-legged rise from 1.0912 (June's low) has made a top earlier last week at 1.1234 and consolidation with downside bias remains for weakness to 1.1030 (previous res, now sup), near term loss of momentum should keep euro well above 11000 today and bring rebound.

On the upside, only a daily close above 1.1114 (Thursday's low, now res) signals 1st leg of correction from 1.1234 over and may risk stronger gain towards 1.1161 before prospect of another decline.

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AceTraderFx Aug 09: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major EUR/USD
Update Time: 09 Aug 2016 04:13 GMT

EUR/USD - 1.1084
Although yesterday's intra-day sideways swings following early decline from last Tue's 6-week peak of 1.1234 to 1.3046 on Fri suggests initial consolidation is in store, outlook remains bearish for aforesaid fall to head to 1.1030, near term 'loss of downward momentum' should keep euro abvoe 1.1000/05 and risk has increased for a stronger retracement later this week.

On the upside, only a daily close abv 1.1114 (previous sup, now res) would bring further gain to 1.1135/40 but res at 1.1161 should remain intact.

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

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DAILY MARKET OUTLOOK on Major EUR/USD
Update Time: 10 Aug 2016 04:21 GMT

EUR/USD - 1.1143
Euro's rally above 1.1105 res to 1.1123 in New York morning on soft U.S. data, then intra-day gain to 1.1146 in Asia confirms decline from last Tuesday's 6-week peak at 1.1234 has made a low at 1.1046 (Friday) and consolidation with upside bias remains for further gain, near term overbought condition should cap price below res at 1.1190/97 and yield retreat later today or tomorrow.

On the downside, below 1.1095/05 (previous res, now sup) would indicate aforesaid strong rebound from 1.1046 has ended and yield weakness to 1.1070/72 but 1.1046 is expected to remain intact ahead of release of Friday's key U.S. retail sales data.

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

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DAILY MARKET OUTLOOK on Major USD/JPY
Update Time: 10 Aug 2016 09:36 GMT

USD/JPY - 101.42
The greenback's rally on Friday's post release of robust U.S. jobs report signals recent erratic decline from July's peak at 107.49 has made a temporary low at last week's 3-week low at 100.68 and consolidation with upside bias would be seen for gain towards 102.80/83, however, near term loss of momentum would prevent sharp move beyond there and reckon 103.30 would hold and yield retreat.

On the downside, only below 101.37 (previous resistance) would indicate aforesaid recovery has ended and turn outlook bearish for a re-test of said support later this week.

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

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DAILY MARKET OUTLOOK on Major EUR/USD
Update Time: 11 Aug 2016 04:02 GMT

EUR/USD - 1.1182
Yesterday's rally at Asian open above 1.1123 res (now sup) to 1.1190 in New York due to broad-based usd's weakness, then 1.1192 today signals correction from last Tuesday's 6-week peak at 1.1234 had ended earlier at 1.1046 (Friday) and consolidation with upside bias remains for further gain.
However, above said 1.1234 res needed to extend recent erratic upmove from 1.0912 (June's Brexit bottom) towards 1.1260/64.

On the downside, only below 1.1123 'prolongs' recent broad sideways swings and may risk weakness to 1.1095/05 but 1.1070/72 sup should remain intact.

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

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DAILY MARKET OUTLOOK on Major USD/JPY
Update Time: 12 Aug 2016 09:00 GMT

USD/JPY - 102.03
Despite the greenback's rally on Friday's post release of robust U.S. jobs report to 102.66 on Monday, subsequent strong retreat to 100.97 yesterday suggests recent upmove from last week's low at 100.68 has made a temporary top there and consolidation with downside bias would be seen for weakness towards 100.75/86.
However, aforesaid trough should hold on first testing and yield rebound.

On the upside, only above 102.03 would indicate said pullback has ended and turn outlook bullish for a re-test of 102.66.

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

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DAILY MARKET OUTLOOK on Major EUR/USD
Update Time: 15 Aug 2016 05:07 GMT

EUR/USD - 1.1156
Despite the single currency's rally to 1.1222 last Friday, subsequent sharp retreat suggests further choppy trading below August's 6-week peak at 1.1234 would continue with downside bias and yield weakness towards 1.1105.
However, support at 1.1070 would remain intact today and yield rebound later.

On the upside, only above 1.1122 would revive bullishness for a re-test of aforesaid top, break would confirm recent erratic upmove from June's 3-month low at 1.0912 has resumed and extend towards 1.1260/64.

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

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DAILY MARKET OUTLOOK on Major USD/JPY
Update Time: 15 Aug 2016 09:04 GMT

USD/JPY - 101.11
Dollar's intra-day cross-inspired selloff on Friday from 112.27 (Europe) to as low as 110.84 following tepid U.S. retail sales strongly suggests correction from August's 100.68 low has ended earlier at 102.66 and downside bias remains for re-test of said sup, break would extend marginal weakness later today.
However, 'loss of downward momentum' would keep price well above daily pivotal sup at 100.00 (July's bottom) and risk has increased for a stronger retracement of recent decline to take place.

On the upside, above 101.77 would prolong recent volatile broad sideways swings and may risk another bounce to 102.10/20 before prospect of another fall later this week.

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

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DAILY MARKET OUTLOOK on Major EUR/USD
Update Time: 18 Aug 2016 04:04 GMT

EUR/USD - 1.1299
The single currency's rally above August's peak at 1.1234 to a fresh 7-week peak at 1.1323 Tuesday suggests recent erratic upmove from June's low at 1.0912 has once again resumed and consolidation with upside bias would be seen for gain towards 1.1348, then 1.1368. However, loss of momentum would prevent steep rise beyond there and risk a much-needed correction later.

On the downside, only below 1.1203 (previous resistance, now support) would indicate a temporary top has been made and turn outlook bearish for a stronger retracement to 1.1154.

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

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DAILY MARKET OUTLOOK on Major USD/JPY
Update Time: 18 Aug 2016 09:06 GMT

USD/JPY - 99.95
Although dollar's weakness from yesterday's 101.17 high to as low as 99.65 at Asian open today signals correction from Tuesday's 7-week low at 99.54 has ended, subsequent intra-day price swings signal consolidation would continue, as long as 100.66 (Wed's post-Fed minutes high in New York) holds, downside bias remains.
Below 99.54 would extend marginal weakness, however, loss of downward momentum should keep price above July's near 2-1/2 year bottom at 99.00.

On the upside, above 100.66 would abort near term bearish bias on dollar and risk is seen for another rise towards 101.17.

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

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DAILY MARKET OUTLOOK on Major EUR/USD
Update Time: 19 Aug 2016 04:07 GMT

EUR/USD - 1.1343
The single currency's rally above Tuesday's peak at 1.1323 to a fresh 7-week peak at 1.1366 yesterday suggests recent erratic upmove from June's low at 1.0912 has once again resumed and consolidation with upside bias would be seen for gain towards 1.1348, then 1.1368.
However, loss of momentum would prevent steep rise beyond there and risk a much-needed correction later.

On the downside, only below 1.1203 (previous resistance, now support) would indicate a temporary top has been made and turn outlook bearish for a stronger retracement to 1.1154.

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