AceTraderFx : Daily Recommendations on Majors

AceTraderFx Oct 18: Daily Recommendations on Major USD/JPY

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DAILY MARKET OUTLOOK
Update Time: 18 Oct 2016 09:35 GMT

USD/JPY - 104.03
Despite the greenback's rally to a fresh 2-month high at 104.64 at Asian open last Thursday, subsequent selloff to as low as 103.34 suggests recent erratic uptrend has formed a temporary top there and choppy trading with downside bias would be for minor retracement towards 103.28/29, then 103.18.
However, as broad-outlook remains consolidative, reckon support at 102.81 would remain intact and yield rebound.

On the upside, only above 104.48 would indicate said pullback is over and yield resumption of upmove from August's low at 99.54 for a re-test of 104.64, break, 104.84 later.

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AceTraderFx Oct 18: Daily Recommendations on Major EUR/USD

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DAILY MARKET OUTLOOK
Update Time: 19 Oct 2016 05:01 GMT

EUR/USD - 1.0991
Euro's strong retreat from 1.1026 (Asia) to 1.0970 in New York yesterday suggests early correction from Monday's fresh 10-week trough at 1.0964 has ended there and expect minor consolidation before recent decline from 1.1366 (August) resumes.
However, 'loss of downward momentum' should prevent steep fall and reckon key daily sup at 1.0912 would contain weakness and yield a much-needed correction.

On the upside, only above said Tuesday's 1.1026 high would prolong choppy trading and risk stronger retracement to 1.1050/60 before said downtrend resumes later this week.

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AceTraderFx Oct 20: Daily Recommendations on Major EUR/USD

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DAILY MARKET OUTLOOK
Update Time: 20 Oct 2016 05:02 GMT

EUR/USD - 1.0971
Despite euro's recovery after yesterday's resumption of recent decline to a fresh 2-1/2 month trough of 1.0955 in New York, as long as 1.1000/05 holds, outlook remains mildly bearish for recent downtrend to head towards 1.0930/40 after initial consolidation, loss of downward momentum is expected to prevent steep fall ahead of ECB's monetary policy announcement later today and reckon key daily sup at 1.0912 (June's low) would hold on 1st testing.

A daily close above 1.1005 would be the signal temporary bottom is in place, then price would head back to 1.1026, then later 1.1050/60.

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AceTraderFx Oct 20: Daily Recommendations on Major USD/JPY

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DAILY MARKET OUTLOOK
Update Time: 20 Oct 2016 09:15 GMT

USD/JPY - 103.73
Despite the greenback's fall below last Thursday's low at 113.34 to 113.17 yesterday, subsequent rebound suggests the corrective decline from last week's 2-month peak at 114.64 has made a temporary low there and choppy trading with upside bias would be seen for gain towards 113.95, then 114.20.
However, near term loss of momentum would prevent strong gain beyond there and yield retreat later.

On the downside, only below 113.17 would revive bearishness for a stronger retracement of aforesaid upmove towards 112.81 before prospect of a much-needed correction later.

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AceTraderFx Oct 24: Daily Recommendations on Major EUR/USD

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DAILY MARKET OUTLOOK
Update Time: 24 Oct 2016 05:08 GMT

EUR/USD - 1.0865
Friday's break of key sup at 1.0912 (June's low) and subsequent daily close below there confirms medium-term downtrend from 2016 peak at 1.1617 (May) has finally resumed and weakness to next downside chart objective at 1.0821 is now envisaged, however, reckon minor sup at 1.0776 would hold on 1st testing.

On the upside, only a daily close above 1.0912 signals temporary low is in place and may risk stronger retracement towards 1.0952.
However, reckon 1.1000/05 would remain intact and yield another decline later this week.

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AceTraderFx Oct 24: Daily Recommendations on Major USD/JPY

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DAILY MARKET OUTLOOK
Update Time: 24 Oct 2016 09:18 GMT

USD/JPY - 103.91
The greenback's sideways trading after rebound from last Wednesday's low at 103.17 to 104.20 last Friday suggests the pullback from October's 2-month peak at 104.64 has ended there and consolidation with upside bias would be seen for gain towards 104.48, above would confirm this view and yield re-test of said resistance. Above would extend recent erratic upmove towards 105.10/20 before prospect of a much-needed correction.

On the downside, only below 103.17 would revive bearishness for a stronger retracement towards 102.81.
However, price would remain above 101.84 (previous resistance, now support).

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AceTraderFx Oct 25: Daily Recommendations on Major EUR/USD

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DAILY MARKET OUTLOOK
Update Time: 25 Oct 2016 05:13 GMT

EUR/USD - 1.0873
Although euro gained respite in Monday's trading after resumption of recent downtrend to a 7-month trough of 1.0859 last Friday and initial consolidation is in store, as long as 1.0912/16 (previous sup, now res), outlook remains bearish for marginal weakness.
However, near term loss of momentum is expected to limit weakness to 1.0821 today and risk has increased for a correction to take place later this week.

A daily close above 1.0912 would be the 1st signal temporary low is in place and risk stronger retracement to 1.0946/52 before prospect of a retreat.

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AceTraderFx Oct 25: Daily Recommendations on Major USD/JPY

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DAILY MARKET OUTLOOK
Update Time: 25 Oct 2016 09:12 GMT

USD/JPY - 104.44
The greenback's sideways trading after rebound from last Wednesday's low at 103.17 to 104.20 last Friday suggests the pullback from October's 2-month peak at 104.64 has ended there and consolidation with upside bias would be seen for gain towards 104.48, above would confirm this view and yield re-test of said resistance.
Above would extend recent erratic upmove towards 105.10/20 before prospect of a much-needed correction.

On the downside, only below 103.17 would revive bearishness for a stronger retracement towards 102.81.
However, price would remain above 101.84 (previous resistance, now support).

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AceTraderFx Oct 26: Daily Recommendations on Major EUR/USD

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DAILY MARKET OUTLOOK
Update Time: 26 Oct 2016 05:20 GMT

EUR/USD - 1.0881
Despite yesterday's resumption of recent downtrend to a fresh 7-month trough of 1.0851 in New York, as release of weaker-than-expected U.S. consumer confidence has lifted price to 1.0904, suggests temporary low has been made and consolidation is in store.

A firm rise above 1.0912/16 (previous sup, now res) would bring stronger retracement twd 1.0952 whilst below 1.0860 would yield one more fall.
However, loss of downward momentum should keep price above daily sup at 1.0821.

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AceTraderFx Oct 26: Daily Recommendations on Major USD/JPY

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DAILY MARKET OUTLOOK
Update Time: 26 Oct 2016 09:12 GMT

USD/JPY - 104.18
Despite yesterday's rally to a fresh near 3-month peak at 104.87, subsequent selloff to 104.12 in New York, then 104.02 today suggests erratic decline from August's trough at 99.54 has made a temporary top there and consolidation with downside bias would be seen for a stronger retracement towards 103.72.
However, near term loss of momentum would keep price above 113.52 and yield rebound.

On the upside, only above 104.64 would indicate aforesaid pullback has ended and turn outlook bullish for a re-test of 104.87, break would extend towards 105.10/20.

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AceTraderFx Oct 27: Daily Recommendations on Major EUR/USD

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DAILY MARKET OUTLOOK
Update Time: 27 Oct 2016 05:07 GMT

EUR/USD - 1.0903
Despite euro's retreat from yesterday's 1.0946 (NY high), as early strong rebound from Tuesday's fresh 7-month trough at 1.0851 confirms recent downtrend has finally made a temporary low there, several days of choppy consolidation with upside bias remains and reckon 1.0873 sup would contain weakness, yield further subsequent headway towards 1.0986 but 1.1000/05 would cap upside today.

Only below 1.0873 would dampen near term bullish bias on euro and may risk re-test of 1.0851.
However, loss of downward momentum should limit weakness to 1.0821.

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AceTraderFx Oct 27: Daily Recommendations on Major USD/JPY

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DAILY MARKET OUTLOOK
Update Time: 27 Oct 2016 08:46 GMT

USD/JPY - 104.67
Despite dollar's rally to a fresh near 3-month peak at 104.87 Tuesday, subsequent selloff to 104.12 in New York, then 104.02 yesterday suggests erratic decline from August's trough at 99.54 has made a temporary top there and consolidation with downside bias would be seen for a stronger retracement towards 103.72, however, price would hold above 113.52 and yield rebound.

On the upside, only above 104.87 would revive bullishness for one more rise towards 105.00/10, however, loss of momentum would prevent strong gain above there and yield correction.

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AceTraderFx Oct 28: Daily Recommendations on Major EUR/USD

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DAILY MARKET OUTLOOK
Update Time: 28 Oct 2016 05:02 GMT

EUR/USD - 1.0905

Although yesterday's intra-day strong retreat from 1.0942 to 1.0883 in New York session confirms euro's 1st leg of correction from Tuesday's 7-month trough at 1.0851 has ended at 1.0946 (Wed) and choppy consolidation is in store ahead of release of key U.S. GDP data later today, as long as sup at 1.0873 holds, upside bias remains for another bounce to 1.0942/46, break would bring stronger retracement towards 1.0986.

A firm break of 1.0873 would suggest said correction is over and yield resumption of medium-tern downtrend to 1.0850/51, then later towards next chart objective at 1.0821.

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AceTraderFx Oct 28: Daily Recommendations on Major USD/JPY

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

USD/JPY - 105.23
The greenback's rise above Tuesday's high at 104.87 to a fresh 3-month high at 105.42 today suggests recent erratic upmove from August's trough at 99.54 has once again resumed and consolidation with upside bias would be seen for gain towards 105.70/80.
However, near term loss of momentum would keep price below 106.00 today and yield a much-needed correction later.

On the downside, only below 104.30 would indicate a temporary top has been made and risk would increase for a stronger retracement towards 104.02 later next week.

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AceTraderFx Oct 31: Daily Recommendations on Major EUR/USD

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DAILY MARKET OUTLOOK
Update Time: 31 Oct 2016 05:20 GMT

EUR/USD - 1.0970
Euro's impressive rally above previous res at 1.0946 (now sup) to 1.0992 in New York last Friday despite upbeat U.S. GDP data confirms medium-term downtrend has indeed formed a low earlier last week at 1.0851 and consolidation with upside bias remains for gain towards daily chart obj. at 1.1040.
However, a daily close above this res level is needed to retain bullish prospect for further subsequent gain.

On the downside, below 1.0946 would signal 1st leg of correction is over and may risk weakness towards 1.0902/05 but 1.0883 should remain intact.

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AceTraderFx Oct 31: Daily Recommendations on Major USD/JPY

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DAILY MARKET OUTLOOK
Update Time: 31 Oct 2016 09:43 GMT

USD/JPY - 104.95
The greenback's rise above Tuesday's high at 104.87 to a fresh 3-month high at 105.53 Friday suggests recent erratic upmove from August's trough at 99.54 has once again resumed and consolidation with upside bias would be seen for gain towards 105.70/80, however, near term loss of momentum would keep price below 106.00 today and yield a much-needed correction later.

On the downside, only below 104.30 would indicate a temporary top has been made and risk would increase for a stronger retracement towards 104.02 later next week.

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AceTraderFx Nov 1: Daily Recommendations on Major EUR/USD

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DAILY MARKET OUTLOOK
Update Time: 01 Nov 2016 05:00 GMT

EUR/USD - 1.0967
Despite yesterday's intra-day strong retreat from 1.0992 (New Zealand) to 1.0936 in New York morning, subsequent rebound to 1.0988 to Australia today suggests pullback from last Friday's 1.0992 high has ended there and near term upmove from last Tuesday's 7-month trough at 1.0851 would resume to 1.1025 after consolidation.
However, loss of upward momentum should cap price below previous res area at 1.1040/60 and yield decline.

On the downside, only below 1.0936 would risk stronger retracement of said upmove to 1.0899/02 before prospect of another rebound.

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AceTraderFx Nov 1: Daily Recommendations on Major USD/JPY

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DAILY MARKET OUTLOOK
Update Time: 01 Nov 2016 09:31 GMT

USD/JPY - 105.10
The greenback's rise above Tuesday's high at 104.87 to a fresh 3-month high at 105.53 Friday suggests recent erratic upmove from August's trough at 99.54 has once again resumed and consolidation with upside bias would be seen for gain towards 105.70/80.
However, near term loss of momentum would keep price below 106.00 today and yield a much-needed correction later.

On the downside, only below 104.30 would indicate a temporary top has been made and risk would increase for a stronger retracement towards 104.02 later next week.

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AceTraderFx Nov 2: Daily Recommendations on Major EUR/USD

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DAILY MARKET OUTLOOK
Update Time: 02 Nov 2016 05:05 GMT

EUR/USD - 1.1055
Yesterday's impressive rally above last week's 1.0992 high (now sup) to a 2-week peak of 1.1069 in New York due to broad-based usd's weakness confirms medium-term downtrend has made a low at last Tuesday's 7-month bottom at 1.0851 and consolidation with upside bias remains for further headway to 1.1100/04, overbought condition should cap euro below 1.1121 and bring subsequent retreat.

A daily close below 1.0992 would confirm 1st leg of correction has ended, then risk would shift to the downside for weakness to 1.1060, then towards 1.0936.

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AceTraderFx Nov 2: Daily Recommendations on Major USD/JPY

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DAILY MARKET OUTLOOK
Update Time: 02 Nov 2016 09:30 GMT

USD/JPY - 103.54
The greenback's selloff from last Friday's 3-month peak at 105.53 to 103.81 yesterday and intra-day break of this level signals recent erratic uptrend has formed a temporary top there and consolidation with downside bias would be seen for a stronger retracement towards 103.17/20.
However, over sold condition would prevent steep fall below there and risk would increase for a much-needed correction later.

On the upside, only above 104.87 would indicate aforesaid pullback has ended and turn outlook bullish for gain to 105.23 but abovementioned top would hold on first testing and yield retreat.

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