AceTraderFx Mar 09: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK on Major
Update Time: 09 Mar 2020 03:30GMT
EUR/USD - 1.1368
The single currency’s rally to a fresh 8-month peak at 1.1354 last Friday and intra-day gap-up open and rise above this level to 1.1395 signals upmove from February’s near 3-year trough 1.0778 remains in progress and further gain to 1.1412/15 would be seen before prospect of a much-needed correction due to loss of momentum.
On the downside, only below 1.1286 would indicate a temporary top has been made and risk stronger weakness to 1.1260/65.
Data to be released today:
Japan current account, trade balance, GDP deflator, GDP, economic watchers current, economic watchers outlook.
Swiss unemployment rate, Germany industrial output, exports, imports, trade balance, current account, EU Sentix index.
Canada leading index, housing starts, building permits on Monday.
AceTraderFx Mar 10: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK on Major
Update Time: 10 Mar 2020 03:30GMT
EUR/USD - 1.1397
The single currency’s rally above last Friday’s high at 1.1354 to a 13-month peak at 1.1494 yesterday on dollar’s broad-based weakness signals upmove from February’s near 3-year trough 1.0778 remains in progress and further gain to 1.1520/30 would be seen before prospect of a much-needed correction due to loss of momentum.
On the downside, only below 1.1354 would indicate a temporary top has been made and risk stronger weakness to 1.1260/65.
Data to be released on Tuesday :
New Zealand manufacturing sales, UK BRC retail sales, Australia NAB business conditions, NAB business confidence, China PPI, CPI.
France non-farm payrolls, industrial output, Italy industrial output, EU employment change, GDP.
U.S. redbook.
AceTraderFx Mar 10: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK on Major
Update Time: 11 Mar 2020 03:30GMT
EUR/USD - 1.1310
Despite the single currency’s rise to a 13-month peak at 1.1494 on Monday, subsequent selloff to 1.1276 yesterday in late New York due to a rally in U.S. stocks suggests upmove from February’s near 3-year trough at 1.0778 has made a temporary top there and consolidation with downside bias remains for weakness to 1.1245, however, near term loss of momentum would keep price above 1.1213.
On the upside, only above 1.1401 would indicate aforesaid pullback has ended instead and risk stronger gain to 1.1450/60 later this week.
Data to be released on Wednesday :
New Zealand retail sales, Australia consumer sentiment, Italy producer prices, UK GDP, industrial output, manufacturing output, construction output, trade balance, NIESR GDP estimate, budget report.
U.S. MBA mortgage applications, core CPI, CPI, real weekly earnings, and Canada capacity utilization.
AceTraderFx Mar 12: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK on Major
Update Time: 12 Mar 2020 03:30GMT
EUR/USD - 1.1267
Despite the single currency’s rise to a 13-month peak at 1.1494 on Monday, subsequent selloff to 1.1276 Tuesday, then 1.1258 yesterday due to a rally in U.S. yields suggests upmove from February’s near 3-year trough at 1.0778 has made a temporary top there and consolidation with downside bias remains for weakness to 1.1212, however, near term loss of momentum would keep price above 1.1180/90.
On the upside, only above 1.1366 would indicate aforesaid pullback has ended instead and risk stronger gain to 1.1401 later
Data to be released on Thursday :
Japan corporate goods price index.
UK RICS housing price balance, EU industrial production, ECB interest rate decision, ECB deposit rate decision.
U.S. initial jobless claims, PPI, core PPI.
AceTraderFx Mar 13: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK on Major
Update Time: 13 Mar 2020 03:30GMT
EUR/USD - 1.1175
Despite the single currency’s selloff from 1.1301 to as low as 1.1056 in post-ECB trading, subsequent strong rebound to 1.1226 near New York closing suggests decline from Monday’s 14-month peak at 1.1494 has possibly made a temporary low there and choppy trading with upside bias would be seen for gain to 1.1333, however, resistance at 1.1366 should remain intact and yield retreat.
On the downside, only below 1.1056 would revive bearishness for further weakness to 1.1000/10 before prospect of a correction due to loss of momentum.
Data to be released on Friday :
New Zealand manufacturing PMI, food price index, Japan tertiary industry activity index.
Germany CPI, HICP, France CPI (EU norm), CPI.
U.S. import prices index, export prices index, University of Michigan sentiment.
AceTraderFx Mar 16: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK on Major
Update Time: 16 Mar 2020 03:30GMT
EUR/USD - 1.1100
Despite the single currency’s rally in New Zealand to 1.1199 on the Federal Reserve’s surprise decision to cut rates to 0-0.25%, subsequent retreat suggests recovery from Friday’s low at 1.1055 has ended there and below said support would extend decline from last Monday’s 13-month peak at 1.1494 to 1.0952 before prospect of correction later.
On the upside, only above 1.1199 would indicate aforesaid pullback has ended instead and risk stronger retracement to 1.1275 (50% r).
Data to be released today:
Japan Machinery orders.
UK Rightmove house price, China house prices, industrial output, retail sales, Swiss import price, Italy consumer prices, CPI (EU norm.
U.S. New York Fed manufacturing on Monday.
AceTraderFx Mar 17: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK on Major
Update Time: 17 Mar 2020 03:30GMT
EUR/USD - 1.1160
Despite the single currency’s rally to 1.1236 in Europe after yesterday’s gap-down and fall to 1.1047 in New Zealand, subsequent retreat to 1.1095 suggests the recovery has ended and consolidation with downside bias remains for a re-test of said support, break would extend decline from last Monday’s 13-month peak at 1.1494 towards 1.1000/10 later before prospect of a correction.
On the upside, only above 1.1236 would revive bullishness for a stronger retracement of abovementioned move to 1.1275 (50% r).
Data to be released on Tuesday :
New Zealand Westpac consumer survey, GDT price index, Australia RBA meeting minutes, home price index, Japan industrial output, capital utilization.
UK claimant count, ILO unemployment rate, employment change, average weekly earnings, Germany ZEW economic sentiment, ZEW current conditions, EU construction output, labour costs, ZEW economic sentiment.
Canada manufacturing sales, and U.S. retail sales ex-autos, retail sales, redbook, industrial production, capital utilization, manufacturing output, JOLTS job openings, NAH housing market index.
AceTraderFx Mar 18: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK on Major
Update Time: 18 Mar 2020 03:30GMT
EUR/USD - 1.1004
The single currency’s fall below Monday’s low at 1.1047 to 1.0956 yesterday on dollar’s broad-based strength suggests erratic decline from last Monday’s 13-month peak at 1.1494 has once again resumed and further weakness to 1.0915 would be seen after consolidation, however, loss of momentum would keep price above 1.0880 and yield a much-needed correction later.
On the upside, only above 1.1047 would indicate a temporary low has been made and risk stronger retracement of aforesaid downtrend to 1.1095/00.
Pay attention to the release of German Wholesale Price index at 07:00GMT.
Street forecast for mm and yy are 0.0% and 1.3% vs previous readings of 1.0% and 0.3% respectively.
AceTraderFx Mar 19: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK on Major
Update Time: 19 Mar 2020 03:30GMT
EUR/USD - 1.0933
Despite the single currency’s selloff to a 3-week trough at 1.0803 yesterday on dollar’s broad-based strength, subsequent rally to 1.0981 today on ECB’s stimulus announcement suggests decline from March’s 13-month peak at 1.1494 has made a temporary low there and further choppy trading above February’s near 3-year trough at 1.0778 would continue with upside bias, however, 1.1044 should hold.
On the downside, only below 1.0821 would revive bearishness for a re-test of aforesaid support, break would extend marginally but 1.0778 should hold on 1st testing.
Data to be released on Thursday :
New Zealand GDP, Japan nationwide core CPI, nationwide CPI, all industry activity index, Australia employment change, unemployment rate, RBA interest rate decision.
Swiss exports, imports, trade balance, SNB interest rate decision, EU construction output.
U.S. current account, initial jobless claims, Philadelphia Fed manufacturing index, leading index, and Canada new housing price index, ADP employment change.
AceTraderFx Mar 20: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK on Major
Update Time: 20 Mar 2020 03:30GMT
EUR/USD - 1.0697
The single currency’s fall to a fresh near 3-year trough at 1.0656 yesterday, then marginally lower to 1.0654 today suggests MT decline remains in progress and further weakness to 1.0610/20 would be seen, however, oversold condition would keep price above daily support at 1.0571 and yield a much-needed correction early next week.
On the upside, above 1.0803 is needed to indicate a temporary low has been made and risk stronger retracement to 1.0839 before retreat.
Data to be released on Friday :
Japan market holiday.
Germany producer prices index, EU current account, UK PSNB, PSNCR, quarterly report.
Canada retail sales, retail sales ex-autos, and U.S. existing home sales.
AceTraderFx Mar 23: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK on Major
Update Time: 23 Mar 2020 03:30GMT
EUR/USD - 1.0691
The single currency’s fall to a fresh near 3-year trough at 1.0638 last Friday and intra-day break of this support suggests Medium Term decline remains in progress and further weakness to 1.0610/20 would be seen, however, oversold condition would keep price above daily support at 1.0571 and yield a much-needed correction early next week.
On the upside, above 1.0803 is needed to indicate a temporary low has been made and risk stronger retracement to 1.0839 before retreat.
Pay attention to the release of EU consumer confidence at 15:00GMT. Street forecast is -6.5 vs previous reading of -6.6.
AceTraderFx Mar 24: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK on Major
Update Time: 24 Mar 2020 03:30GMT
EUR/USD - 1.0775
Despite the single currency’s fall to a fresh near 3-year trough at 1.0637 yesterday, subsequent rebound to 1.0827 suggests a temporary low has possibly been made and choppy trading with mild upside bias would be seen, however, resistance at 1.0839 should remain intact and yield another decline towards said support, break would extend Medium Term downtrend to 1.0571 later this week.
On the upside, above 1.0839 is needed to risk stronger retracement to 1.0866/70, then 1.0913 before retreat.
There is a slew of data from the eurozone today but one should pay particular attention to Germany’s manufacturing and services PMIs at 08:30GMT.
Street forecasts are 39.6 and 42.3 vs previous readings of 48.0 and 52.5 respectively.
AceTraderFx Mar 25: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK on Major
Update Time: 25 Mar 2020 03:30GMT
EUR/USD - 1.0789
Despite the single currency’s rally from Monday’s fresh near 3-year trough at 1.0637 to 1.0887 yesterday, subsequent selloff to 1.0747 suggests the first leg of correction has ended and consolidation with downside bias remains for weakness to 1.0721, then 1.0690/00, however, support at 1.0667 should remain intact and yield rebound later.
On the upside, only above 1.0887 would revive bullishness for stronger retracement to 1.0940/50 but resistance at 1.0981 should cap upside and bring retreat.
Data to be released on Wednesday :
New Zealand imports, trade balance, exports.
UK core CPI, CPI, RPI, core CPI, PPi input prices, PPI output prices, PPI core output prices, CBI distributive trades, Germany Ifo business climate, Ifo current conditions, Ifo expectations,.
U.S. MBA mortgage applications, durable goods, durables ex-transportation, durables ex-defense, monthly home price index.
AceTraderFx Mar 26: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK on Major
Update Time: 26 Mar 2020 03:30GMT
EUR/USD - 1.0889
The single currency’s brief break of Tuesday’s high at 1.0887 to 1.0893 suggests upmove from Monday’s near 3-year trough at 1.0637 has once again resumed and further gain to 1.0956 would be seen after minor consolidation, however, near term loss of momentum would keep price below resistance at 1.0981 and yield a much-needed retreat early next week.
On the downside, only below 1.0786 would indicate a temporary top has been made and risk stronger retracement to 1.0747, then 1.0721 before prospect of rebound.
Pay attention to release of German Gfk consumer sentiment at 07:00GMT.
Street forecast is for a drop to 7.1 from previous reading of 9.8.
AceTraderFx Mar 27: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK on Major
Update Time: 27 Mar 2020 03:30GMT
EUR/USD - 1.1050
The single currency’s rally above Wednesday’s high at 1.0893 to as high as 1.1058 yesterday signals upmove from Monday’s near 3-year trough at 1.0637 has once again resumed and further gain to 1.1095 would be seen after consolidation, however, over bought condition would keep price below 1.1199 and yield a much-needed correction early next week.
On the downside, only below 1.0928 would indicate a temporary top has been made and risk stronger retracement to 1.0887 but 1.0850 shouold hold.
Data to be released on Friday :
Japan Tokyo core CPI, Tokyo CPI.
UK nationwide house price index, France consumer confidence, Italy manufacturing business confidence, consumer confidence.
U.S. personal income, personal spending, core PCE price index, PCE price index, University of Michigan sentiment, and Canada average weekly earnings, budget balance.
AceTraderFx Mar 30: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK on Major
Update Time : 30 Mar 2020 03:30GMT
EUR/USD - 1.1100
Euro’s resumption of upmove from last Monday’s near 3 -year trough of 1.0637 to 1.1147 (New York) Friday after intra-day retreat from 1.1086 (Asia) to 1.0954 in New York suggests said rise may head towards 1.1188, loss of momentum would cap price at 1.1236 and yield decline.
Remain as cautious buyer on dips for 1.1185 and only daily close below 1.1086 risks 1.1031, 1.0954.
Data to be released today:
UK nationwide house price, Swiss KOF indicator, EU business climate, economic sentiment, industrial sentiment, services sentiment, consumer confidence, Germany CPI, HICP.
U.S. pending home index, pending sales, Dallas Fed manufacturing business index on Monday
AceTraderFx Mar 30: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK on Major
Update Time : 31 Mar 2020 03:30GMT
EUR/USD - 1.1015
Euro’s decline from 1.1147 (Fri) to 1.1011 yesterday, then intra-day weakness to 1.0985 suggests early strong rise from last Mon’s near 3-year bottom at 1.0637 has made a temporary top and consolidation with downside bias remains for stronger retracement to 1.0954 but reckon 1.0887/92 would hold.
Only a move back above 1.1105 signals pullback is over and yields re-test of 1.1147 later this week.
Data to be released on Tuesday :
New Zealand building permits, NBNZ business outlook, NBNZ own activity, Japan unemployment rate, industrial output, construction orders, housing starts, China NBS non-manufacturing PMI, NBS manufacturing PMI.
UK GfK consumer confidence, GDP, current account, Germany import prices, unemployment change, unemployment rate, Swiss retail sales, France consumer spending, CPI (EU norm), CPI, producer prices, Italy consumer price index, CPI (EU norm), producer prices, EU HICP, core HICP.
Canada GDP,producer prices, and U.S. redbook, CS home price, Chicago PMI, consumer confidence.
AceTraderFx Apr 01: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK on Major
Update Time : 01 Apr 2020 03:30GMT
EUR/USD - 1.1017
Although euro’s decline from 1.1147 (Fri) to as low as 1.0927 yesterday confirms early upmove from March’s near 3-year bottom at 1.0637 has made a top there, subsequent rebound would bring choppy trading and as long as 1.1086 res hold, re-test of 1.0927 is envisaged but reckon 1.0887 would contain weakness.
A daily close above said res indicates pullback is over, then risk would shift to upside for re-test of 1.1147 later this week.
Data to be released on Wednesday :
Australia AIG manufacturing index, building approvals, , Japan Tankan big manufacturing index, Tankan big manufacturing outlook, Tankan big non-manufacturing index, Tankan big non-manufacturing outlook, Tankan small manufacturing index, Tankan small manufacturing outlook, Tankan small non-manufacturing index, Tankan small non-manufacturing outlook, China Caixin manufacturing PMI.
UK BRC shop price index, Markit manufacturing PMI, Germany retail sales, Markit manufacturing PMI, Swiss manufacturing PMI, Italy Markit manufacturing PMI, unemployment rate, France Markit manufacturing PMI, EU Markit manufacturing PMI, unemployment rate.
U.S. MBA mortgage applications, ADP national employment, Markit manufacturing PMI, construction spending, ISM manufacturing PMI, and Canada Markit manufacturing PMI.
thank you for detailed review
AceTraderFx Apr 02: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK on Major
Update Time : 02 Apr 2020 03:30GMT
EUR/USD - 1.0950
Yesterday’s anticipated resumption of decline from last week’s high at 1.1117 (Friday) to 1.0904 suggests recent upmove from March’s near 3-year bottom at 1.0637 has made a top and subsequent short-covering rebound would bring range trading before one more fall, loss of downward momentum should keep price above 1.0850.
Only a daily close above 1.1039 (Wednesday’s high) signals pullback has possibly ended, then risk would shift to upside for subsequent gain towards 1.1086.
Eco. calendar in the euro area countries is pretty light and market’s main attention is the release of the U.S. initial weekly jobless claims later today.
DAILY MARKET OUTLOOK on Major