AceTraderFx: Daily Market Outllook on Major -EUR/USD

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AceTraderFx Aug 27: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 27 Aug 2020 03:30GMT

EUR/USD - 1.1838
Despite euro's retreat to 1.1773 yesterday, subsequent strong rebound suggests further choppy trading above last Friday's low at 1.1755 would continue with upside bias and above Friday's reaction high at 1.1849 would extend marginally, however, near term loss of momentum would keep price below resistance at 1.1880/82 and yield another fall.

On the downside, below 1.1773 is needed to revive bearishness for a re-test of aforesaid low, break would extend decline from August's 2-year peak at 1.1965 to 1.1720/30.

Data to be released on Thursday :
Australia capital expenditure, building CapEx, Japan total industrial activity.
Swiss GDP, France business climate, Italy industrial orders, industrial sales.
U.S. GDP, GDP deflator, core PCE price index, PCE price index, initial jobless claims, continued jobless claims, pending home sales, KC Fed manufacturing index, and Canada current account, average weekly earnings.

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AceTraderFx Aug 28: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 28 Aug 2020 03:30GMT

EUR/USD - 1.1814
Despite the single currency's brief but sharp rise to 1.1901 in New York yesterday on Fed Chairman Jerome Powell's opening remarks, subsequent selloff to 1.1763 due to the rally in U.S. yields suggests recovery from last Friday's low at 1.1755 has ended there and consolidation with downside bias remains for a re-test of said support, break would extend decline from August's 2-year peak at 1.1965 to 1.1720/30 later.

On the upside, only above 1.1849 would dampen daily bearishness and risk gain to 1.1882 but 1.1901 should remain intact.

Data to be released on Friday :
Japan Tokyo core CPI,k Tokyo CPI.
Germany GfK consumer sentiment import prices, France consumer spending, GDP, CPI (EU norm), CPI, producer prices, Swiss KOF indicator, Italy manufacturing business confidence, consumer confidence, producer prices, EU business climate, economic sentiment, industrial sentiment, services sentiment, consumer confidence.
U.S. personal income, personal spending, core PCE price index, PCE price index, trade balance, wholesale inventories, Chicago PMI, University of Michigan sentiment, and Canada GDP, budget balance.

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AceTraderFx Aug 31: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 31 Aug 2020 03:30GMT

EUR/USD - 1.1914
The single currency's rally to 1.1919 on Friday and intra-day break above this level suggests correction from August's fresh 2-year peak at 1.1965 has ended earlier at 1.1755 and consolidation with upside bias remains for 1.1952, above would confirm this view and yield re-test of said resistance, break would extend Medium Term upmove to 1.1980/90 later this week, however, 1.2000 should remain intact.

On the downside, only below 1.1868 would indicate a temporary top has been made and risk stronger retracement to 1.1844/49 before prospect of rebound.

Data to be released today :
Japan industrial output, retail sales, consumer confidence, housing starts, construction orders, China NBS non-manufacturing PMI, NBS manufacturing PMI, New Zealand NBNZ business outlook, NBNZ own activity, Australia business inventories.
UK market holiday, Swiss retail sales, Italy GDP, consumer price, CPI (EU norm), Germany CPI, HICP.
Canada building permits, producer prices and U.S. Dallas Fed manufacturing index on Monday.

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

DAILY MARKET OUTLOOK on Major
Update Time: 01 Sept 2020 03:30GMT

EUR/USD - 1.1941
The single currency's rally from 1.1884 yesterday and re-test of August's fresh 2-year peak at 1.1965 suggests MT upmove would resume after consolidation and extend to 1.1985/90, however, loss of momentum would keep price below psychological 1.2000 handle and yield a much-needed correction later.

On the downside, only below 1.1884 would indicate a temporary top has been made and risk stronger retracement to 1.1868 before prospect of rebound.

Although there is a slew of manufacturing PMIs to be released from the eurozone today, pay particular attention to Germany's unemployment data at 07:55GMT. Street forecasts for unemployment change and unemployment rate are 0k and 6.4% vs previous readings of -18k and 6.4% respectively.

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

DAILY MARKET OUTLOOK on Major
Update Time: 02 Sept 2020 03:30GMT

EUR/USD - 1.1912
Despite the single currency's rally to a fresh 2-year peak at 1.2011 in New York morning yesterday, subsequent selloff to 1.1902 suggests Medium Term upmove has possibly made a temporary top there and choppy trading with mild downside bias would be seen, however, support at 1.1885 should remain intact and yield another rebound later, above 1.1963/65 would bring re-test of 1.2011 later.

On the downside, only below 1.1885 would risk stronger retracement to 1.1868, then to 1.1849 before prospect of a rebound later this week.

Pay attention to release of EU producer prices at 09:00GMT. Street forecasts for mm and yy are 0.5% and -3.4% vs previous readings of 0.7% and -3.7% respectively.

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

DAILY MARKET OUTLOOK on Major
Update Time: 03 Sept 2020 03:30GMT

EUR/USD - 1.1843
Despite the single currency's rise to a fresh 2-year peak at 1.2011 on Tuesday, subsequent selloff to 1.1823 yesterday on usd's broad-based strength suggests Medium Term upmove has made a temporary top there and consolidation with downside bias remains for weakness to 1.1763/70, however, near term loss of momentum would keep price above 1.1720/30 and yield a much-needed rebound later.

On the upside, only above 1.1902 would indicate aforesaid correction has ended instead and risk stronger gain to 1.1929 but 1.1965 should hold.

Data to be released on Thursday :
Australia AIG construction index, services PMI, trade balance, imports, exports, Japan Jibun Bank services PMI, China Caixin services PMI.
Swiss CPI, Italy Markit services PMI, France Markit services PMI, Germany Markit services PMI, EU Markit services PMI, retail sales, UK Markit services PMI.
U.S. trade balance, initial jobless claims, continued jobless claims, labour costs, productivity, Markit services PMI, ISM non-manufacturing PMI, and Canada trade balance, exports, imports.

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

DAILY MARKET OUTLOOK on Major
Update Time: 04 Sept 2020 03:30GMT

EUR/USD - 1.1853
Despite the single currency's rise to a fresh 2-year peak at 1.2011 on Tuesday, subsequent selloff to 1.1790 yesterday on suggests Medium Term upmove has made a temporary top there and consolidation with downside bias remains for weakness to 1.1763/70, however, near term loss of momentum would keep price above 1.1720/30 and yield a much-needed rebound later.

On the upside, only above 1.1902 would indicate aforesaid correction has ended instead and risk stronger gain to 1.1929 but 1.1965 should hold.

Data to be released on Friday :
Australia retail sales, Germany industrial orders.
France budget balance, current account, UK Markit construction PMI.
U.S. non-farm payrolls, private payrolls, unemployment rate, average earnings, and Canada employment change, unemployment rate, Ivey PMI.

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

DAILY MARKET OUTLOOK on Major
Update Time: 07 Sept 2020 03:30GMT

EUR/USD - 1.1839
Despite the single currency's brief break of last Thursday's low at 1.1790 to 1.1765 in post-NFP trading on Friday, subsequent strong rebound to 1.1854 suggests the decline from last Tuesday's fresh 2-year peak at 1.2011 has possibly ended there and consolidation with upside bias remains, above 1.1865 would add credence to this view and extend to 1.1929/30 before prospect of retreat.

On the downside, only below 1.1782 would revive bearishness for a stronger retracement of Medium Term upmove to 1.1755, then to 1.1700/10 before rebound occurs.

Pay attention to the release of German industrial output mm and yy at 06:00GMT.
Street forecasts 5.4% and 12.1% vs previous readings of 8.9% and -11.7% respectively.

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AceTraderFx Sept 08: Daily Recommendations on Major -EUR/US

DAILY MARKET OUTLOOK on Major
Update Time: 08 Sept 2020 03:30GMT

EUR/USD - 1.1806
Despite the single currency's brief break of last Thur's low at 1.1790 to 1.1765 in post-NFP trading on Friday, subsequent strong rebound to 1.1854 suggests the decline from last Tue's fresh 2-year peak at 1.2011 has possibly ended there and consolidation with upside bias remains, above 1.1865 would add credence to this view and extend to 1.1929/30 before prospect of retreat.

On the downside, only below 1.1782 would revive bearishness for a stronger retracement of MT upmove to 1.1755, then to 1.1700/10 before rebound occurs.

Data to be released on Tuesday :
UK BRC retail sales, Japan all household spending, current account, GDP delfator, GDP, trade balance, Economy Watchers current, Economy Watchers outlook, machine tool orders Australia NAB business conditions, NAB business confidence, France non-farm payrolls, current account, trade balance, imports, exports, Germany exports, imports, trade balance, current account, Italy retail sales, EU employment change, GDPm
Canada leading index.

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

DAILY MARKET OUTLOOK on Major
Update Time: 09 Sept 2020 03:30GMT

EUR/USD - 1.1773
Euro's intra-day resumption of decline from September's fresh 2-year peak at 1.2011 to 1.1758 in Australia today suggests price would head to 1.1710/12, then lower to 1.1697 after minor consolidation, however, oversold condition would keep price above 1.1650/60 and yield a much-needed correction later this week.

On the upside, only above 1.1827 would indicate a temporary bottom has been made and risk stronger retracement to 1.1854/65 before prospect of retreat.

Data to be released on Wednesday :
New Zealand manufacturing sales, ANZ business confidence, ANZ activity outlook, Australia consumer sentiment, China PPI, CPI.
Swiss unemployment rate, Japan machine tool orders.
U.S. MBA mortgage applications, redbook, JOLTS job openings, and Canada housing starts, Bank of Canada interest rate decision.

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