AceTraderFx: Daily Market Outllook on Major -EUR/USD

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

DAILY MARKET OUTLOOK on Major
Update Time: 19 Mar 2019 05:41 GMT

EUR/USD - 1.1345
The single currency's rise to 1.1359 yesterday suggests medium-term decline has made a temporary low at last March's 20-month trough at 1.1177 and consolidation with upside bias remains for stronger retracement towards 1.1374/75 would be seen, however, loss of momentum would keep price below 1.1390/00 and yield retreat later this week.

On the downside, only below 1.1249 would indicate aforesaid recovery has ended instead and risk would increase for stronger weakness towards 1.1222.

There is a slew of data to be released from the eurozone today but particular attention should be given to Germany's ZEW economic sentiment and current conditions at 10:00GMT.
Street forecasts are -11.0 and 11.7 vs previous readings of -13.4 and 15.0 respectively.

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AceTraderFx Mar 20: Intra-Day News and Views & data to be released today -USD/JPY

Intra-Day Market Moving News and Views
Update Time: 20 Mar 2019 03:00GMT

USD/JPY - 111.60... Despite yesterday's drop to 111.16, price erased its losses and gained to 111.48 in New York morning before retreating again to 111.25 at New York midday. However, dollar found renewed buying there and price jumped at Tokyo open today on broad-based cross-selling in jpy to session highs 111.68 in Asian morning and continues to trade with a firm bias.

Intra-day rise to 111.68 signals decline from last Friday's high at 111.90 has ended at 111.16 yesterday, suggesting consolidation with upside bias remains.
Bids are now seen at 111.30/40 and more below at 111.10/20 with stops building up below there.

Market focus is on today's FOMC decision at 18:00GMT and although it is widely expected the central bank will keep its rate unchanged, traders should pay particular attention to Chairman Powell's press conference at 18:30GMT and his tone in regards to the rate path the central bank will undertake this year.

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

DAILY MARKET OUTLOOK on Major
Update Time: 20 Mar 2019 06:30GMT

EUR/USD - 1.1354
The single currency's rise to 1.1362 yesterday suggests medium-term decline has made a temporary low at last March's 20-month trough at 1.1177 and consolidation with upside bias remains for stronger retracement towards 1.1374/75 would be seen, however, loss of momentum would keep price below 1.1390/00 and yield retreat later this week.

On the downside, only below 1.1249 would indicate aforesaid recovery has ended instead and risk would increase for stronger weakness towards 1.1222.

Data to be released on Wednesday :
New Zealand current account, Australia Westpac leading index, Japan coincident index, leading economic index, Germany producer prices, UK CPI, RPI, PPI input prices, PPI output prices, DCLG house price index, CBI trens survey, and U.S. MBA mortgage application, Fed interest rate decision.

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

DAILY MARKET OUTLOOK on Major
Update Time: 21 Mar 2019 05:30GMT

EUR/USD - 1.1431
The single currency's rally in New York afternoon yesterday to 1.1448 on dollar's broad-based weakness post the Federal Reserve's dovish hold signals upmove from March's 20-month trough at 1.1177 remains in progress and further gain towards 1.1489 would be seen after consolidation, however, overbought condition would keep price below 1.1515 and yield a much-needed correction early next week.

On the downside, only below 1.1362 would indicate a temporary top has been made and risk stronger retracement to 1.1336/40 before prospect of rebound.

Data to be released on Thursday :
New Zealand GDP, Japan market holiday, Australia employment change, unemployment rate.
Swiss interest rate decision, UK retail sales, BoE MPC vote hike, BoE MPC vote unchanged, BoE MPC vote cut, BoE interest ratre decision, BoE QE total, BoE QE corporate bond purchases.
Canada ADP employment change, U.S. initial jobless cliams, Philadelphia Fed survey, leading indicator, and EU consumer confidence.

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

DAILY MARKET OUTLOOK on Major
Update Time: 22 Mar 2019 05:30GMT

EUR/USD - 1.1363
Despite the single currency's rise to a fresh 6-week peak at 1.1448 on Wednesday on the Federal Reserve's dovish hold, subsequent selloff to 1.1343 yesterday suggests upmove from March's 20-month trough at 1.1177 has made a temporary top there and consolidation with downside bias remains for stronger retracement to 1.1294, however, loss of momentum would keep price above 1.1278 and yield correction early next week.

On the upside, only above 1.1448 would revive bullishness for further gain to 1.1489 but psychological resistance at 1.1500 would hold initially and bring retreat.

Data to be released on Friday :
Australia manufacturing PMI, services PMI, Japan CPI, Nikkei manufacturing PMI.
France Markit manufacturing PMI, Markit services PMI, Germany Markit manufacturing PMI, Markit services PMI, EU current account, Markit manufacturing PMI, Markit services PMI, UK PSNB, PSNCR.
Canada CPI, retail sales, U.S. Markit manufacturing PMI, Markit services PMI, existing home sales, wholesale inventories, wholesale sales, Federal budget.

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

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

EUR/USD - 1.1292
Despite the single currency's rise to a fresh 6-week peak at 1.1448 last Wednesday on the Federal Reserve's dovish hold, subsequent selloff to 1.1274 on Friday suggests upmove from March's 20-month trough at 1.1177 has made a temporary top there and consolidation with downside bias remains for stronger retracement to 1.1249/50, however, loss of momentum would keep price above 1.1222 and yield correction later this week.

On the upside, only above 1.1448 would revive bullishness for further gain to 1.1489 but psychological resistance at 1.1500 would hold initially and bring retreat.

Pay attention to the release of German Ifo business climate and current conditions at 09:00GMT.
Street forecasts are 98.5 and 102.9 vs previous readings of 98.5 and 103.4.

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AceTraderFx Apr 08: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 08 Apr 2019 05:30 GMT

EUR/USD - 1.1220
Euro's intra-day retreat from 1.1247 to 1.1210 in post-NFP trading in New York Friday suggests further choppy trading below last week's high at 1.1255 (Wednesday) would continue with downside bias, below 1.1206/10 sup would signal early correction from Tuesday's 3-week low has ended and would yield re-test of March's 20-month trough at 1.1177.

Only a daily close above 1.1255 risks stronger retracement of early decline from 1.1448 (March high) and brings stronger retracement to 1.1286 but res at 1.1327/32 should hold.

On the data front, we have Germany's imports, exports, trade balance n current current, then followed by EU Sentix investor confidence index.
Also, we have ECB Governing Council member Nowotny speaking at a conference in Vienna at 07:30GMT, then later ECB's Villeroy will speak at a conference in Paris at 16:00GMT.

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

DAILY MARKET OUTLOOK on Major
Update Time: 09 Apr 2019 06:30 GMT

EUR/USD - 1.1275
Although yesterday's rally above last week's 1.1255 high to 1.1275 due to broad-based euro buying on short covering ahead of Wednesday's key ECB monetary policy meeting confirms recent decline from March's 1.1448 peak has made a temporary low at 1.1184 and as long as 1.1206/10 sup holds, stronger retracement of said fall is envisaged, near term overbought condition would cap price at 1.1332.

Below 1.1206 any time signals recovery is over and risk would shift to the downside for weakness towards 2019 bottom at 1.1177 (March).

Data to be released on Tuesday :
UK BRC retail sales, Swiss unemployment rate, Italy retail sales.
U.S. redbook, JOLTS job openings.

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AceTraderFx Apr 10: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 10 Apr 2019 05:30 GMT

EUR/USD - 1.1262
Euro's intra-day retreat from Tuesday's near 2-week high at 1.1285 would bring initial consolidation ahead of key ECB monetary policy meeting, as long as 1.1245/55 holds, upmove from 1.1184 would yield marginal gain, loss of upward momentum should cap price below 1.1332 and yield retreat.

On then downside, a break of 1.1206/10 sup (ECB's dovish hold perhaps) signals correction over and risk is seen for weakness to 1.1184, then re-test of 2019 20-month bottom at 1.1177 March).

On the eco. data front, we have France's industrial output, then the same from Italy.
The EU is having a special meeting of the European Council (Article 50) on Brexit starting at 17:00GMT and this will continue into a working meeting.

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

DAILY MARKET OUTLOOK on Major
Update Time: 11 Apr 2019 05:30 GMT

EUR/USD - 1.1277
Despite euro's brief but sharp retreat from yesterday's 2-week high of 1.1288 to 1.1230 after dovish comments by ECB's Draghi, subsequent strong bounce to 1.1280 following release of dovish FOMC minutes suggests upside bias remains for recent erratic rise from 1.1184 to extend marginal gain, 'loss of upward momentum' should cap price below res at 1.1332.

On the downside, below 1.1230 any way signals correction is over, then risk would shift to the downside for weakness to 1.1206/10, then later towards 1.1184.

Data to be released on Thursday :
UK RICS housing price balance, China PPI, CPI, Germany CPI, HICP, France CPI, U.S. initial jobless claims, PPI, and Canada new housing price index.

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