AceTraderFx: Daily Market Outllook on Major -EUR/USD

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

DAILY MARKET OUTLOOK on Major
Update Time: 19 Aug 2022 03:00GMT

EUR/USD - 1.0081
Euro's recent decline from August's 5-week high at 1.0368 to 1.0081 (New York) yesterday due to broad-based usd's rally following hawkish comments by Fed officials suggests correction from July's 20-year bottom at 0.9953 has ended and downside bias remains for further weakness, oversold condition would keep euro above 1.0007.

On the upside, only a daily close above 1.0123 (Tuesday low, now res) signals temporary low is made and may risk stronger retracement to 1.0178/88 on Monday.

Data to be released on Friday :
New Zealand imports, trade balance, exports, Japan nationwide CPI.
U.K. Gfk consumer confidence, Germany producer prices, U.K. PSNB GBP, PSNCR GBP, retail sales, Swiss industrial production, EU current account.
Canada retail sales.

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

DAILY MARKET OUTLOOK on Major
Update Time: 22 Aug 2022 03:00GMT

EUR/USD - 1.0032
Euro's recent decline from August's 1.0368 peak to a 1-month low of 1.0033 in New York last Friday due to broad-based usd's strength in tandem with rally in U.S. yields suggests re-test of July's 20-year bottom at 0.9953 would be seen later today or tomorrow before prospect of minor recovery.

On the upside, only a daily close abovw 1.0095 would risk retracement towards 1.0123.

Data to be released today :
U.S. national activity index and Canada new housing price index on Monday.

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

DAILY MARKET OUTLOOK on Major
Update Time: 23 Aug 2022 03:00GMT

EUR/USD - 0.9935
Yesterday's selloff below Jul's 0.9953 low to a fresh 20-year trough of 0.9927 and daily close below there due to usd's broad-based strength suggests recent down-trend has finally resumed and would head to projected objective at 0.9851 which may hold due to oversold condition.
On the upside, only a daily close above 0.9990 would indicate a temporary trough is made and risk stronger retracement towards 1.0033.

Data to be released on Tuesday:
Australia manufacturing PMI, services PMI, Japan Jibun bank manufacturing PMI, Jibun bank services PMI.
France S n P manufacturing PMI, S n P global services PMI, Germany S n P manufacturing PMI, S n P global services PMI, EU S n P manufacturing PMI, S n P global services PMI, consumer confidence, U.K. S n P manufacturing PMI, S n P global services PMI.
U.S. building permits, redbook, S n P manufacturing PMI, S n P global services PMI, new home sales, and Richmond Fed manufacturing.

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

DAILY MARKET OUTLOOK on Major
Update Time: 24 Aug 2022 03:00GMT

EUR/USD - 0.9962
Euro's break of July's 0.9953 low to a fresh 20-year trough of 0.9927 Monday confirms long term downtrend has resumed and despite staging a strong rebound from 0.9001 (Europe) to 1.0018 in New York yesterday, subsequent retreat has retained daily bearishness and below 0.9901 would yield 0.9868.

On the upside, only a daily close above 1.0018 would risk stronger retracement of recent decline towards 1.0046, break, 1.0070/80.

Data to be released on Wednesday:
U.S. MBA mortgage application, durable goods, durables ex-transport, durables ex-defense and pending home sales.

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

DAILY MARKET OUTLOOK on Major
Update Time: 25 Aug 2022 03:00GMT

EUR/USD - 0.9972
Euro's break of July's 0.9953 low Mon to a fresh 20-year trough of 0.9901 Tue confirms long term downtrend has resumed, however, subsequent bounce to 1.0018, then fall to 0.9911 yesterday and intra-day rally to 1.0000 would yield further choppy swings before heading towards 0.9868.

On the upside, only a daily close above 1.0018 would indicate a temporary trough is made and risk stronger retracement towards 1.0046 but 1.0070/80 should cap upside.

 

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

DAILY MARKET OUTLOOK on Major
Update Time: 26 Aug 2022 02:30GMT

EUR/USD - 0.9968
Euro's break of July's 0.9953 low Monday to a fresh 20-year trough of 0.9901 Tuesday confirms long term downtrend has resumed, however, subsequent bounce to 1.0018, then erratic rise to 1.0033 yesterday signals a temporary low is made, intra-day fall to 0.9950 would yield 0.9901, break, 0.9883.

On the upside, only a daily close above 1.0000 would risk stronger retracement of said decline towards 1.0033, 1.0071.

Data to be released on Friday:
Japan Tokyo CPI.
Germany Gfk consumer confidence, France consumer confidence, Italy business confidence, consumer confidence.
U.S. personal spending, personal income, PCE prices index, goods trade balance wholesale inventories, University of Michigan sentiment and Canada budget balance.

On the upside, only a daily close above 1.0018 would indicate a temporary trough is made and risk stronger retracement towards 1.0046 but 1.0070/80 should cap upside.

 

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AceTraderFx Aug 29: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 29 Aug 2022 03:00GMT

EUR/USD - 0.9935
As euro's intra-day wild swings during Fed Powell's Jackson Hole speech ended with price tumbling from 1.0089 to as low as 0.9957 due to broad-based safe-haven buying in the greenback, intra-day break of Friday's 0.9947 low (Europe) would head towards August's fresh 20-year bottom at 0.9901, a break there would extend recent downtrend to 0.9850/55 later.

On the upside, only above 1.0000 handle 'prolongs' choppy sideways swings above 0.9901 but reckon 1.0033 should cap upside.

Data to be released today:
Australia retail sales, Japan coincident index, leading index, U.K. market holiday and U.S. Dallas Fed manufacturing business index on Monday.

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AceTraderFx Aug 30: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 30 Aug 2022 03:00GMT

EUR/USD - 1.0012
Despite euro's follow-through selling initially on Monday after selloff from Friday's 1.0089 high to 0.9914 ahead of European open, subsequent rally to 1.0028 in New York in reaction to hawkish comments by ECB officials suggests choppy swings above August's 20-year 0.9901 trough may continue in next 1-2 days before down and below 0.9947 would head towards 0.9914.

On the upside, only a daily close above 1.0089 would yield stronger retracement of recent fall towards 1.0123.

Data to be released on Tuesday:
Japan unemployment rate, Australia building permits.
Germany import prices, CPI, Swiss KOF indicators, Italy industrial sales, EU business climate, economic sentiment, industrial sentiment, services sentiment, consumer confidence.
Canada current account, U.S. redbook, monthly home price, consumer confidence and JOLTUS jobs openings.

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

DAILY MARKET OUTLOOK on Major
Update Time: 31 Aug 2022 03:00GMT

EUR/USD - 1.0033
Despite euro's follow-through selling initially on Monday after selloff from Friday's 1.0089 high to 0.9914, subsequent rally to 1.0028, then to 1.0054 yesterday on renewed usd's strength due to upbeat U.S. data suggests choppy swings above August's 20-year 0.9901 trough may continue in next 1-2 days before prospect of another fall and below 0.9983 would head towards 0.9947, 0.9911.

On the upside, only a daily close above 1.0054 would risk one more rise to 1.0075/85.

Data to be released on Wednesday:
New Zealand building permits, U.K. BRC shop price index, nationwide house price, Japan industrial output, retail sales, consumer confidence, construction orders, China NBS manufacturing PMI, NBS non-manufacturing PMI, Australia construction work done.
France consumer spending, GDP, CPI, producer prices, Germany unemployment change, unemployment rate, Swiss investor sentiment, EU HICP, Italy CPI, producer prices.
U.S. MBA mortgage application, ADP employment change, Chicago PMI and Canada GDP.

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

DAILY MARKET OUTLOOK on Major
Update Time: 01 Sept 2022 03:00GMT

EUR/USD - 1.0027
Despite euro's decline from last Friday's 1.0089 high to 0.9914 Monday, subsequent erratic rise to 1.0078 in New York yesterday due to active buying in euro on market's hawkish EBC outlook suggests
choppy swings above Aug's 20-year 0.9901 trough may continue and above 1.0089 may head to 1.0123, 1.0146/47.

On the downside, only a daily close below 1.0000 would yield re-test of Wednesday's 0.9972 low, break would extend further weakness towards 0.9947.

Data to be released on Thursday:
Australia AIG manufacturing index, manufacturing PMI, building capex, capital expenditure, Japan Jibun bank manufacturing PMI, China Caixin manufacturing PMI.
Germany retail sales, S n P manufacturing PMI, Swiss CPI, retail sales, manufacturing PMI, Italy S n P manufacturing PMI, unemployment rate, GDP, France S n P manufacturing PMI, EU S n P manufacturing PMI, employment change, U.K. S n P manufacturing PMI.
U.S. initial jobless claims, continuing jobless claims, labor costs, productivity, S n P manufacturing PMI, construction spending, USM manufacturing PMI, Canada building permits and S n P manufacturing PMI.

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