AceTraderFx Feb 10: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK on Major
Update Time: 10 Feb 2020 03:30GMT
EUR/USD - 1.0946
Friday’s anticipated resumption of recent decline to a 4-month low of 1.0943 after intra-day choppy trading in post-NFP New York session suggests downside bias remains for weakness towards 2019 28-month bottom at 1.0880 (September), however, break needed to retain bearishness for further subsequent decline towards next chart obj. at 1.0840.
On the upside, only a daily close above 1.0985 (Friday’s high) signals temporary low is made n may risk stronger retracement to 1.1013/15.
Data to be released later today:
Japan current account, trade balance, economy watchers current, economy watchers outlook, China PPI, CPI.
Swiss unemployment rate, CPI, Italy industrial output, EU Sentix index.
Canada leading index, housing starts, building permits on Monday.
AceTraderFx Feb 11: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK on Major
Update Time: 11 Feb 2020 03:30GMT
EUR/USD - 1.0909
Yesterday’s anticipated resumption of recent downtrend to a fresh 4-month low of 1.0909 (New York) due partly to broad-based selling in euro suggests re-test of 2019 bottom at 1.0880 (October) would be seen, however, loss of downward momentum is likely to keep price above next chart sup at 1.0840.
On the upside, only above 1.0957 signals temporary bottom is in place and may risk stronger retracement to 1.0975/85 before prospect of retreat.
Data to be released on Tuesday :
Japan market holiday, machine tool orders, Australia NAB business conditions, NAB business confidence.
UK BRC retail sales, GDP, industrial output, manufacturing output, construction output, trade balance, NIESR GDP estimate.
U.S. redbook, JOLTS job openings.
AceTraderFx Feb 12: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK on Major
Update Time: 12 Feb 2020 03:30GMT
EUR/USD - 1.0914
Despite yesterday’s anticipated resumption of recent downtrend to a fresh 4-month trough of 1.0892 in New York, failure to re-test 2019 bottom at 1.0880 (October) and subsequent corrective rise to 1.0924 on short covering suggests temporary low is made and stronger retracement is seen but 1.0957 should cap upside and yield one more fall.
Below 1.0892 would re-test 1.0880, however, loss of downward momentum should keep euro above minor daily sup at 1.0840.
On the data front, the only data due out is EU’s industrial production. There is an European Financial Forum today in Dublin which is participated by several ECB members n Fed official, please refer to our EI page for details.
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AceTraderFx Feb 13: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK on Major
Update Time: 13 Feb 2020 03:30GMT
EUR/USD - 1.0872
Yesterday’s anticipated break of 2019 low at 1.0880 to a 3-year trough of 1.0866 in New York due to renewed usd’s strength and broad-based selling in euro suggests the single currency is en route to 2017 trough at 1.0840, however, oversold condition is likely to keep price above 1.0800 this week.
On the upside, only a daily close above Wed’s 1.0925 high signals temporary low is made and risks stronger retarcement towards 1.0957 but 1.0985 should cap upside.
Data to be released on Thursday :
Japan corporate goods price, UK RICS housing price balance.
France ILO unemployment rate, Germany CPI, HICP.
U.S. core CPI, CPI, real weekly earnings, initial jobless claims.
AceTraderFx Feb 14: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK on Major
Update Time: 14 Feb 2020 03:30GMT
EUR/USD - 1.0838
Euro’s resumption of recent downtrend to a near 3-year trough of 1.0835 in New York Thur suggests price would head to projected target at 1.0795/00 after consolidation, oversold condition is expected to keep price above 1.0778 and risk has increased for a much-needed minor correction to occur later today or Monday.
On the upside. a daily close above 1.0888 would be the 1st signal temporary low is made and yield stronger retracement to 1.0915/25 next week.
The euro area countries will release a slew of eco. data, please refer to our EI page for details.
Pay attention to GDP data from Germany n the EU at 07:00GMT and 10:00GMT respectively.
AceTraderFx Feb 17: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK on Major
Update Time: 17 Feb 2020 03:30GMT
EUR/USD - 1.0836
Despite euro’s rebound from Friday’s near 3-year trough at 1.0828 to 1.0861 in New York, subsequent retreat suggests the recovery has ended and consolidation with downside bias remains for a re-test of said support, break would extend Medium Term decline to 1.0790/00, however, loss of momentum would keep price above 1.0778 and yield a much-needed correction later.
On the upside, only above 1.0888/92 would indicate a temporary low has been made and risk would increase for a stronger retracement to 1.0925 later this week.
Data to be released later today:
Japan GDP deflator, GDP, GDP annualized, industrial output, capital utilization, China house price.
UK Rightmove house price index, EU construction output.
U.S. market holiday and Canada market holiday on Monday.
AceTraderFx Feb 18: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK on Major
Update Time: 18 Feb 2020 03:30GMT
EUR/USD - 1.0831
Despite euro’s rebound from Friday’s near 3-year trough at 1.0828 to 1.0861 in New York, subsequent retreat to 1.0830 yesterday suggests the recovery has ended and consolidation with downside bias remains for a re-test of said support, break would extend Medium Term decline to 1.0790/00, however, loss of momentum would keep price above 1.0778 and yield a much-needed correction later.
On the upside, only above 1.0888/92 would indicate a temporary low has been made and risk would increase for a stronger retracement to 1.0925 later this week.
There isn’t much to report on the data front from the U.S. today. President of the Minneapolis Fed Neel Kashkari is scheduled to speak in Saint Paul at 19:00GMT.
AceTraderFx Feb 19: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK on Major
Update Time: 19 Feb 2020 03:30GMT
EUR/USD - 1.0794
The single currency’s selloff to a fresh near 3-year trough at 1.0786 yesterday on weak German data suggests medium-term decline has once again resumed and marginal weakness to 1.0760/70 is likely to be seen, however, loss of momentum would keep price above 1.0750 today and yield a much-needed correction later.
On the upside, only above 1.0837 would indicate a temporary bottom has been made and risk would increase for a stronger retracement to 1.0861 before prospect of retreat.
Data to be released on Wednesday :
New Zealand retail sales volumes, Australia Westpac leading index, wage price index, Japan machinery orders, exports, imports, trade balance.
EU current account, construction output, UK DCLG house price index, core CPI, CPI, RPI, core RPI, PPi input prices, PPI output prices, PPI core output prices.
U.S. MBA mortgage applications, building permits, housing starts, PPI, core PPI, redbook, and Canada CPI, CPI BoC core
AceTraderFx Feb 20: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK on Major
Update Time: 20 Feb 2020 03:30GMT
EUR/USD - 1.0810
Despite the single currency’s selloff to 1.0786 on Tuesday, then lower to a fresh near 3-year trough at 1.0783 yesterday on usd’s broad-based strength, subsequent rebound suggests medium-term decline has possibly made a temporary low there and consolidation with upside bias remains for a stronger retracement to 1.0837, then 1.0850, however, resistance at 1.0861 should remain intact.
On the downside, only below 1.0783 would revive bearishness for weakness to 1.0750/70 but loss of momentum would keep price above 1.0730/40 and yield a correction later.
Data to be released on Thursday :
New Zealand PPI inputs, PPI outputs, Australia employment change, unemployment rate.
Germany GfK consumer sentiment, producer prices, Swiss exports, imports, trade balance, industrial production, France CPI, UK retail sales, retail sales ex-fuel, CBI trends orders.
U.S. initial jobless claims, Philadelphia Fed business index, leading index, Canada new housing price index, ADP employment change, and EU consumer confidence.
AceTraderFx Feb 21: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK on Major
Update Time: 21 Feb 2020 03:30GMT
EUR/USD - 1.0788
Despite the single currency’s rebound from yesterday’s fresh near 3-year trough at 1.0778 to 1.0820, subsequent retreat suggests the recovery has ended and medium-term decline would resume after consolidation and extend marginally to 1.0765, however, loss of downward momentum would keep price above 1.0740/50 and yield a much-needed correction later.
On the upside, only above 1.0820 would indicate a temporary bottom has been made and risk would increase for a stronger retracement to 1.0837, then 1.0850 before down.
Data to be released on Friday :
Australia manufacturing PMI, services PMI, Japan national core CPI, national CPI, Jibun Bank manufacturing PMI, total industry activity index.
France Markit manufacturing PMI, Markit services PMI, Germany Markit manufacturing PMI, Markit services PMI, Italy industrial orders, industrial sales, consumer prices index, CPI (EU norm), Swiss investor sentiment, EU Markit manufacturing PMI, Markit services PMI, HICP, UK Markit manufacturing PMI, Markit services PMI, PSNB, PSNCR.
Canada retail sales, retail sales ex-autos, and U.S. Markit manufacturing PMI, Markit services PMI, existing home sales.
AceTraderFx Feb 24:: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK on Major
Update Time: 24 Feb 2020 03:30GMT
EUR/USD - 1.0832
Despite euro’s intra-day gap-down open to 1.0811 in New Zealand on continued coronavirus fears, subsequent rebound suggests further choppy trading above last Thursday’s near 3-year trough at 1.0778 would continue with upside bias and above Friday’s high at 1.0863 would bring stronger retracement of medium-term decline to 1.0888, then 1.0925 before prospect of retreat later.
On the downside, only below 1.0811 would indicate aforesaid recovery has ended instead and risk would increase for a re-test of 1.0778 later this week.
Data to be released today:
New Zealand retail sales ex-autos, retail sales, Australia capital expenditure, China industrial production, retail sales.
Germany Ifo business climate, Ifo current assessment, Ifo expectations.
UK BBA mortgage approvals, U.S. national activity index, Dallas Fed manufacturing index and Canada wholesale trade on Monday.
AceTraderFx Feb 25: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK on Major
Update Time: 25 Feb 2020 03:30GMT
EUR/USD - 1.0852
Despite euro’s intra-day gap-down open to 1.0811 in New Zealand, subsequent rally to 1.0871 in New York on usd’s weakness suggests further choppy trading above last Thursday’s near 3-year trough at 1.0778 would continue with upside bias and stronger retracement of medium-term decline to 1.0888, then 1.0925 would be seen before prospect of retreat later.
On the downside, only below 1.0811 would indicate aforesaid recovery has ended instead and risk would increase for a re-test of 1.0778 later this week.
Data to be released on Tuesday :
Japan coincident index, leading index.
Germany GDP, Swiss non-farm payrolls, France business climate, UK CBI distributive trades.
U.S. redbook, monthly home price, CS home price, Richmond Fed manufacturing index.
AceTraderFx Feb 26: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK on Major
Update Time: 26 Feb 2020 03:30GMT
EUR/USD - 1.0875
The single currency’s rise to 1.0871 on Monday and then higher to 1.0890 yesterday suggests Medium Term decline has made a temporary low at last Thursday’s near 3-year trough at 1.0778 and consolidation with upside bias remains for stronger retracement to 1.0925, then 1.0940 would be seen, however, loss of momentum would keep price below 1.0957 today and yield a much-needed correction later.
On the downside, only below 1.0831 would indicate aforesaid recovery has ended instead and risk would increase for weakness to 1.0806, then 1.0778 later this week.
Data to be released on Wednesday :
UK BRC shop price index, Australia construction work done, France consumer confidence, Italy trade balance, Swiss investor sentiment.
U.S. MBA mortgage applications, building permits, new home sales.
AceTraderFx Feb 27: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK on Major
Update Time: 27 Feb 2020 03:30GMT
EUR/USD - 1.0888
Despite the single currency’s rise to 1.0890 on Tuesday and then higher to 1.0908 yesterday, subsequent retreat to 1.0856 suggests upmove from last Thursday’s near 3-year trough at 1.0778 has possibly made a temporary top there and consolidation with downside bias remains for a stronger retracement to 1.0831, however, support at 1.0806 would remain intact and yield rebound.
On the upside, only above 1.0908 would revive bullishness for marginal gain to 1.0915/20 but resistance at 1.0925 should cap current rise and yield correction.
Data to be released on Thursday :
New Zealand imports, trade balance, exports, NBNZ business outlook, NBNZ own activity.
Italy manufacturing business confidence, consumer confidence, EU business climate, economic sentiment, industrial sentiment, services sentiment, consumer confidence.
U.S. durable goods, durables ex-transportation, durables ex-defense, GDP, GDP deflator, core PCE prices, PCE prices, initial jobless claims, pending home sales, KC Fed manufacturing index, and Canada current account, average weekly earnings.
AceTraderFx Feb 28: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK on Major
Update Time: 28 Feb 2020 03:30GMT
EUR/USD - 1.0998
The single currency’s rally to 1.1005 in New York yesterday on dollar’s broad-based weakness suggests the upmove from February’s near 3-year trough at 1.0778 remains in progress and further gain to 1.1030/40 would be seen, however, overbought condition would keep price below 1.1063 and yield a much-needed correction early next week.
On the downside, only below 1.0947 would indicate a temporary top has been made and risk stronger retracement to 1.0925 but support at 1.0856 would remain intact and yield rebound.
Pay attention to the release of U.S. Chicago PMI at 14:45GMT. Street forecast is for an increase to 45.9 from previous reading of 42.9. Elsewhere, St. Louis Fed President James Bullard will give a presentation on the US economy and monetary policy before the Fort Smith Chamber of Commerce at 14:15GMT.
It would be wise to be on the lookout for hints on how he thinks the Federal Reserve will tackle the current global growth concerns.
AceTraderFx Mar 02: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK on Major
Update Time: 02 Mar 2020 03:30GMT
EUR/USD - 1.1041
The single currency’s rise to a 3-1/2 week peak at 1.1052 on Friday and intra-day break above this level suggests upmove from February’s near 3-year trough at 1.0778 has resumed and further gain to 1.1096/00 would be seen after consolidation, however, loss of momentum would keep price below 1.1118 and yield a much-needed correction later this week.
On the downside, only below 1.0991 would indicate a temporary top has been made and risk would increase for a stronger retracement to 1.0952 later.
Data to be released today:
Australia AIG manufacturing index, business inventories, ANZ job advertisements, Japan Jibun Bank manufacturing PMI, China Caixin manufacturing PMI.
Germany exports, imports, trade balance, current account, Markit manufacturing PMI, Swiss manufacturing PMI, Italy Markit manufacturing PMI, France Markit manufacturing PMI, EU Markit manufacturing PMI, UK Markit manufacturing PMI.
Canada Markit manufacturing PMI and U.S. Markit manufacturing PMI, construction spending, ISM manufacturing PMI on Monday.
AceTraderFx Mar 03: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK on Major
Update Time: 03 Mar 2020 03:30GMT
EUR/USD - 1.1144
The single currency’s rise to a 3-1/2 week peak at 1.1053 on Friday and yesterday’s rally above this level to 1.1185 suggests upmove from February’s near 3-year trough at 1.0778 has resumed and subsequent retreat would yield consolidation before prospect of another rise and above 1.1185 would extend to 1.1210/20.
On the downside, only below 1.1039 would indicate a temporary top has been made and risk would increase for a stronger retracement to 1.0991 later.
Data to be released on Tuesday :
Australia building approvals, current account, RBA interest rate decision, New Zealand GDT price index, Japan consumer confidence.
Swiss GDP, France budget balance, Italy unemployment rate, UK Markit construction, EU HICP, production prices index, unemployment rate.
U.S. redbook, ISM New York index.
AceTraderFx Mar 04: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK on Major
Update Time: 04 Mar 2020 03:30GMT
EUR/USD - 1.1177
The single currency’s rally in New York yesterday on the Federal Reserve’s surprise 50 basis points rate cut and break of Monday’s high at 1.1185 to 1.1213 suggests upmove from February’s near 3-year trough at 1.0778 has once again resumed and further gain to 1.1240/50 would be seen after consolidation, however, loss of momentum would keep price below 1.1265 and yield a much-needed correction later.
On the downside, only below 1.1121 would indicate a temporary top has been made and risk stronger retracement to 1.1096/00.
Data to be released on Wednesday :
Australia AIG construction index, real GDP, New Zealand building permits, Japan Jibun Bank services PMI, China Caixin services PMI.
Germany retail sales, Markit services PMI, Swiss CPI, Italy Markit services PMI, GDP, France Markit services PMI, EU Markit services PMI, retail sales.
U.S. MBA mortgage applications, ADP national employment change, Markit services PMI, ISM non-manufacturing PMI, and Canada Bank of Canada interest rate decision.
AceTraderFx Mar 05: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK on Major
Update Time: 05 Mar 2020 03:30GMT
EUR/USD - 1.1137
Despite the single currency’s rally to a 2-month peak at 1.1213 on Tuesday after the Federal Reserve cut its interest rates by 50 basis points, subsequent sharp retreat to 1.1096 yesterday suggests upmove from February’s near 3-year trough at 1.0778 has possibly made a temporary top there and range trading is in store before prospect of another rise towards said resistance later, break, 1.1239.
On the downside, only below 1.1053 would dampen daily bullishness and risk stronger retracement to 1.1000/05, then 1.0970/80 before rebound.
Data to be released on Thursday :
Australia trade balance, imports, exports.
UK BBA mortgage approvals.
U.S. initial jobless claims, labour costs, productivity index, durables ex-defense, durable goods, factory orders, durables ex-transportation.
AceTraderFx Mar 06: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK on Major
Update Time: 06 Mar 2020 03:30GMT
EUR/USD - 1.1227
The single currency’s rise above Tuesday’s near 2-month peak at 1.1213 to 1.1244 yesterday on usd’s broad-based weakness suggests upmove from February’s near 3-year trough at 1.0778 has once again resumed and further gain to 1.1285/90 would be seen after consolidation, however, over bought condition would keep price below 1.1320.30 and yield a much-needed correction early next week.
On the downside, only below 1.1168 would indicate a temporary top has been made and risk would increase for a stronger retracement to 1.1120.
Pay attention to the release of German industrial orders at 07:00GMT. Street forecasts for mm and yy are 1.4% and -7.6% vs previous readings of -2.1% and -8.7% respectively.