AceTraderForex Apr 22: Daily Market Outllook on Major -EUR/USD

#730

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

DAILY MARKET OUTLOOK on Major
Update Time: 23 Oct 2019 03:30GMT

EUR/USD - 1.1129
Although price has retreated after Monday’s brief break of Friday’s high at 1.1173 to a 2-month peak at 1.1179 and minor consolidation would be seen, as 1.1140 has contained downside, upside bias remains and above said resistance would extend upmove from October’s 28-month trough at 1.0880 to 1.1209/10 later before prospect of correction due to loss of momentum.

On the downside, only below 1.1102 would indicate a temporary top has been made and risk stronger retracement to 1.1085/90 before rebound occurs.

Pay attention to the release of EU consumer confidence at 14:00GMT. Street forecast is -6.7, down from previous reading of -6.5. Elsewhere, ECB’s Andrea Enria is scheduled to speak at an event in Madrid at 08:45GMT.

#731

AceTraderFx Oct 24: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 24 Oct 2019 03:30GMT

EUR/USD - 1.1137
Although price has retreated after Monday’s brief break of Friday’s high at 1.1173 to a 2-month peak at 1.1179 and minor consolidation would be seen, as 1.1107 has contained downside yesterday, upside bias remains and above said resistance would extend upmove from October’s 28-month trough at 1.0880 to 1.1209/10 later before prospect of correction due to loss of momentum.

On the downside, only below 1.1102 would indicate a temporary top has been made and risk stronger retracement to 1.1085/90 before rebound occurs.

Market focus is on the European Central Bank’s rate decision at 11:45GMT. No changes in policy are expected at President Mario Draghi’s last meeting before passing the reigns to Christine Lagarde. Draghi will deliver his final press conference at 12:30GMT.

#732

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

DAILY MARKET OUTLOOK on Major
Update Time: 25 Oct 2019 03:30GMT

EUR/USD - 1.1103
The single currency’s cable-led selloff from 1.1162 to as low as 1.1094 yesterday suggests recent upmove from October’s 28-month trough at 1.0880 has made a temporary top at Monday’s 2-month peak at 1.1179 on Monday and consolidation with downside bias remains for retracement to 1.1070/75, however, near term loss of momentum would keep price above 1.1062/66 and yield correction later.

On the upside, only above 1.1162 would confirm pullback is over and bring re-test of said high, break would extend to 1.1209/10 before prospect of retreat.

Pay attention to the release of German Ifo data at 08:00GMT. Street forecasts for business climate, current conditions and expectations are 94.5, 98.0 and 91.0 vs previous readings of 94.6, 98.5 and 90.8 respectively.

#733

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

DAILY MARKET OUTLOOK on Major
Update Time: 01 Nov 2019 03:30GMT

EUR/USD - 1.1150
Although euro’s rally in post-FOMC on Wednesday to 1.1175 yesterday suggests correction from October’s 2-month peak at 1.1179 has ended last week at 1.1074, subsequent retreat due to broad-based selling in EUR especially vs yen would bring sideways trading ahead of release of key U.S. jobs report.

As long as previous res area (now sup) at 1.1122-26 holds, upmove from October’s 28-month bottom at 1.0880 is likely to head towards 1.1249 next week. A daily close below 1.1100 would risk weakness towards 1.1074, break may extend towards 1.1023.

There is no eco. data due out from the euro area countries, so are eyes are on U.S. NFP and average earnings. So be nimble and be quick when the data come out at 12:30GMT.

#734

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

DAILY MARKET OUTLOOK on Major
Update Time: 05 Nov 2019 03:30GMT

EUR/USD - 1.1130
The single currency’s selloff from yesterday’s high at 1.1175 and subsequent break of previous support at 1.1129 to 1.1122 today suggests further choppy trading below October’s 2-month peak at 1.1179 would continue with downside bias and weakness to 1.1103, then 1.1081/85 would be seen, however, oversold condition would keep price above reaction low at 1.1074 and yield rebound later.

On the upside, only above 1.1175/79 would revive bullishness for stronger gain to 1.1223 before prospect of a correction later this week.

Pay attention to the release of EU PPI mm and yy at 10:00GMT. Street forecasts are 0.1% and -1.2% vs previous readings of -0.5% and -0.8% respectively.

#735

AceTraderFx Nov 06: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 06 Nov 2019 03:30GMT

EUR/USD - 1.1071
The single currency’s selloff from yesterday’s high at 1.1140 and subsequent break of previous support at 1.1074 to 1.1064 suggests decline from October’s 2-month peak at 1.1179 has once again resumed and consolidation with downside bias remains for weakness to 1.1020/23, however, oversold condition would keep price above 1.0990/00 and yield correction later.

On the upside, only above 1.1175/79 would revive bullishness for stronger gain to 1.1223 before prospect of a correction later this week.

There is a slew of data from the eurozone today. Pay particular attention to the release of services PMIs from Germany, France and EU and EU retail sales.

#736

AceTraderFx Nov 07: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 07 Nov 2019 03:30GMT

EUR/USD - 1.1068
The single currency’s selloff from Tuesday’s high at 1.1140 and subsequent break of previous support at 1.1074 to 1.1064 the same day suggests decline from October’s 2-month peak at 1.1179 has once again resumed and consolidation with downside bias remains for weakness to 1.1020/23, however, oversold condition would keep price above 1.0990/00 and yield correction later.

On the upside, only above 1.1175/79 would revive bullishness for stronger gain to 1.1

Pay attention to the release of German industrial production mm and yy at 07:00GMT. Street forecasts are -0.4% and 2.9% vs previous readings of 0.3% and -3.7% respectively.

#737

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

DAILY MARKET OUTLOOK on Major
Update Time: 11 Nov 2019 03:30GMT

EUR/USD - 1.1022
The single currency’s fall to a 3-week trough at 1.1037 last Thursday, then to 1.1017 last Friday suggests decline from October’s 2-month peak at 1.1179 has once again resumed and stronger retracement of upmove from 1.0880 to 1.0980/90 would be seen. However, loss of momentum would keep price above support at 1.0942 and yield a correction later this week.

On the upside, only above 1.1074 would indicate a temporary low has been made and risk stronger gain to 1.1091 before prospect of retreat.

As there is no major economic data being released from the eurozone today, pay attention to Chair of ECB supervisory board Andrea Enria’s speech at the 20th Handelsblatt annual conference at 09:30GMT.

#738

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

DAILY MARKET OUTLOOK on Major
Update Time: 12 Nov 2019 03:30GMT

EUR/USD - 1.1034
The single currency’s fall to a 3-week trough at 1.1017 last Friday suggests decline from October’s 2-month peak at 1.1179 has once again resumed and yesterday’s rebound would yield consolidation before stronger retracement of upmove from 1.0880 to 1.0980/90 would be seen. However, loss of momentum would keep price above support at 1.0942 and yield a correction later this week.

On the upside, only above 1.1074 would indicate a temporary low has been made and risk stronger gain to 1.1091 before prospect of retreat.

Pay attention to the release of German ZEW economic sentiment and current conditions at 10:00GMT. Street forecasts are -13.0 and -22.0 vs previous readings of -22.8 and -25.3 respectively.

#739

AceTraderFx Nov 13: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 13 Nov 2019 03:30GMT

EUR/USD - 1.1015
The single currency’s fall to a 4-week trough at 1.1003 yesterday on cross-selling in euro suggests decline from October’s 2-month peak at 1.1179 has once again resumed and stronger retracement of upmove from 1.0880 to 1.0980/90 would be seen. However, loss of momentum would keep price above support at 1.0942 and yield a correction later this week.

On the upside, only above 1.1074 would indicate a temporary low has been made and risk stronger gain to 1.1091 before prospect of retreat.

Pay attention to the release of EU industrial production at 10:00GMT.
Street forecasts for mm and yy are -0.3% and -2.3% vs previous readings of 0.4% and -2.8% respectively.

#740

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

DAILY MARKET OUTLOOK on Major
Update Time: 14 Nov 2019 03:30GMT

EUR/USD - 1.1007
The single currency’s fall to a 4-week trough at 1.0996 yesterday on risk aversion suggests decline from October’s 2-month peak at 1.1179 has once again resumed and stronger retracement of upmove from 1.0880 to 1.0965/68 would be seen.
However, loss of momentum would keep price above support at 1.0942 and yield a correction later this week.

On the upside, only above 1.1074 would indicate a temporary low has been made and risk stronger gain to 1.1091 before prospect of retreat.

Pay attention to the release of EU GDP qq and yy for Q3 at 10:00GMT. Street forecasts are for unchanged readings at 0.2% and 1.1% respectively.

#741

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

DAILY MARKET OUTLOOK on Major
Update Time: 15 Nov 2019 03:30GMT

EUR/USD - 1.1026
Despite the single currency’s fall to a 1-month trough at 1.0990 yesterday, subsequent strong rebound to 1.0027 in New York on dollar’s broad-based weakness suggests recent decline from October’s 2-month peak at 1.1179 has made a temporary low there and consolidation with upside bias remains for stronger retracement to 1.1043, then 1.1074 before prospect of retreat early next week.

On the downside, only below 1.0990 would revive bearishness for weakness to 1.0968 but loss of momentum would keep price above support at 1.0942, yield rebound.

There is a slew of data to be released from the eurozone at 10:00GMT, including Italy inflation, EU trade balance and HICP. One should also pay attention to ECB board member Yves Mersch’s speech at 08:00GMT at an event organised by the European Society for Banking and Financial Law in Paris.

#742

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

DAILY MARKET OUTLOOK on Major
Update Time: 18 Nov 2019 03:30GMT

EUR/USD - 1.1052
Despite the single currency’s fall to a 1-month trough at 1.0990 last Thursday, subsequent strong rebound to 1.1057 on Friday on improved risk appetite suggests recent decline from October’s 2-month peak at 1.1179 has made a temporary low there and consolidation with upside bias remains for stronger retracement to 1.1074 before prospect of retreat later this week.

On the downside, only below 1.0990 would revive bearishness for weakness to 1.0968 but loss of momentum would keep price above support at 1.0942, yield rebound.

In the absence of data from EU today, pay attention to the Bundesbank’s monthly report at 10:00GMT. Also pay attention to remarks from ECB’s Chief Economist Philip Lane, who will give an on-stage interview at the Fortune Global Forum in Frankfurt at 13:00GMT.

#743

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

DAILY MARKET OUTLOOK on Major
Update Time: 19 Nov 2019 03:30GMT

EUR/USD - 1.1067
Despite the single currency’s fall to a 1-month trough at 1.0990 last Thursday, subsequent strong rebound to 1.1057 on Friday, then higher to 1.0990 yesterday on improved risk appetite suggests recent decline from October’s 2-month peak at 1.1179 has made a temporary low there and consolidation with upside bias remains for stronger retracement to 1.1131 before prospect of retreat later this week.

On the downside, only below 1.0990 would revive bearishness for weakness to 1.0968 but loss of momentum would keep price above support at 1.0942, yield rebound.

Economic data to be released later:
New Zealand GDT price index, PPI inputs, PPI outputs.
Germany wholesale sales, Swiss trade balance, exports, imports, Italy industrial orders, industrial sales, EU current account, construction output, UK CBI trends survey.
U.S. building permits, housing starts, redbook and Canada manufacturing sales

#744

AceTraderFx Nov 19: Intra-Day News and Views & data to be released today -GBP/USD

Intra-Day Market Moving News and Views
Update Time: 19 Nov 2019 04:20GMT

GBP/USD - 1.2953… The British pound proved quite tricky to trade yesterday as the pair opened higher in New Zealand on UK election optimism and rose to session highs at 1.2985 in European morning due partly to cross-buying in sterling especially vs euro. However, price then pared its gains and retreated to 1.2943 ahead of New York open before staging a rebound to 1.2972 in New York and then retreating again to 1.2946 in Asian morning today.

Although cable’s retreat after yesterday’s rally to near 4-week peak at 1.2985 would yield consolidation before re-test of October’s 5-month peak at 1.3012 is seen, break would extend erratic upmove from September’s low at 1.1959 to 1.3047 later.
Bids are now seen at 1.2940/50 and more below at 1.2920/30 with stops building up below there whilst initial offers are noted at 1.3020/30, suggesting buying on intra-day dips is the way to go.

Pay attention to the release of UK CBI trends survey at 11:00GMT. Street forecast is -30 vs previous reading of -37.

#745

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

DAILY MARKET OUTLOOK on Major
Update Time: 20 Nov 2019 03:30GMT

EUR/USD - 1.1077
Despite the single currency’s fall to a 1-month trough at 1.0990 last Thursday, subsequent strong rally to 1.1090 on Monday due partly to usd’s weakness suggests recent decline from October’s 2-month peak at 1.1179 has made a temporary low there and consolidation with upside bias remains for stronger retracement to 1.1131 before prospect of retreat later this week.

On the downside, only below 1.0990 would revive bearishness for weakness to 1.0968 but loss of momentum would keep price above support at 1.0942, yield rebound.

Pay attention to the release of German producer prices at 07:00GMT. Street forecasts for mm and yy are 0.0% and -0.4% vs previous readings of 0.1% and -0.1% respectively.

#746

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

DAILY MARKET OUTLOOK on Major
Update Time: 21 Nov 2019 03:30GMT

EUR/USD - 1.1077
Despite the single currency’s fall to 1.1054 yesterday, subsequent rebound to 1.1081 on usd’s broad-based weakness suggests the pullback from Monday’s high at 1.1090 has ended there and consolidation with upside bias would be seen for a re-test of said resistance, break would extend recent rise from last Thursday’s 1-month trough at 1.0990 to 1.1113/20.

On the downside, only below 1.0990 would revive bearishness for weakness to 1.0968 but loss of momentum would keep price above support at 1.0942, yield rebound.

Pay attention to the release of EU consumer confidence at 15:00GMT. Street forecast is -7.3 vs previous reading of -7.6.

#747

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

DAILY MARKET OUTLOOK on Major
Update Time: 22 Nov 2019 03:30GMT

EUR/USD - 1.1065
Despite the single currency’s brief break of Monday’s high at 1.1090 to 1.1096 yesterday, subsequent sharp retreat to 1.1053 suggests recent upmove from last Thursday’s trough at 1.0990 has made a temporary top there and consolidation with downside bias would be seen for stronger retracement to 1.1027/29, however, support at 1.1015 should remain intact and yield rebound later.

On the upside, only above 1.1096 would revive bullishness for gain to 1.1113, then 1.1140 before prospect of retreat early next week.
There is a slew of manufacturing and services PMIs due from the eurozone today.

Pay particular attention to Germany’s release at 08:30GMT. Street forecast for manufacturing and services PMI are 42.9 and 52.0, up from previous readings of 42.1 and 51.6 respectively.

#748

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

DAILY MARKET OUTLOOK on Major
Update Time: 25 Nov 2019 05:30GMT

EUR/USD - 1.1023
The single currency’s selloff to 1.1015 on Friday suggests correction from November’s low at 1.0990 has ended at 1.1096 last Thursday and consolidation with downside bias remains for a re-test of aforesaid support, break would extend decline from October’s 2-month peak at 1.1179 to 1.0970/75, however, loss of momentum would keep price above at 1.0942 and yield correction.

On the upside, only above 1.1053 would indicate a temporary low has been made and risk stronger retracement to 1.1081, then 1.1096 later.

Pay attention to the release of German Ifo business climate, current conditions and expectations at 09:00GMT. Street forecasts are 95.0, 98.0 and 92.5 vs previous readings of 94.6, 97.8 and 91.5 respectively.

#749

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

DAILY MARKET OUTLOOK on Major
Update Time: 26 Nov 2019 03:30GMT

EUR/USD - 1.1016
The single currency’s selloff to 1.1015 on Friday, then 1.1004 yesterday suggests correction from November’s low at 1.0990 has ended at 1.1096 last Thursday and consolidation with downside bias remains for a re-test of aforesaid support, break would extend decline from October’s 2-month peak at 1.1179 to 1.0970/75, however, loss of momentum would keep price above at 1.0942 and yield correction.

On the upside, only above 1.1053 would indicate a temporary low has been made and risk stronger retracement to 1.1081, then 1.1096 later.

Pay attention to release of German Gfk consumer sentiment at 07:00GMT. Street forecast is for an unchanged reading at 9.6.