AceTraderFx: Daily Market Outllook on Major -EUR/USD

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AceTraderFx Aug 13: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 13 Aug 2020 03:30GMT

EUR/USD - 1.1807
Despite the single currency's selloff from last Thursday's fresh 2-year peak at 1.1915 to 1.1712 yesterday, subsequent rally to 1.1816 the same day suggests the first leg of correction has ended and consolidation with upside bias remains for gain to 1.1840/50, however, resistance at 1.1880/90 should remain intact and yield retreat later.

On the downside, only below 1.1755/60 would indicate aforesaid recovery has ended instead and risk weakness to 1.1723 later.

Data to be released on Thursday :
New Zealand food price index, UK RICS housing survey, Japan corporate goods price, machine tool orders, Australia employment change, unemployment rate, France ILO unemployment rate, Germany CPI, HICP, wholesale price index, and U.S. import prices, export prices, initial jobless claims, continued jobless claims.

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AceTraderFx Aug 14: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 14 Aug 2020 03:30GMT

EUR/USD - 1.1812
Although price has retreated after the single currency's rally from Wednesday's low at 1.1712 to 1.1864 yesterday and minor consolidation would be seen, as said move signals the first leg of correction from last Thursday's fresh 2-year peak at 1.1915 has ended there, upside bias remains and above 1.1864 would extend to 1.1890/93 before prospect of down.

On the downside, only below 1.1794 would indicate said recovery has ended instead and risk stronger weakness to 1.1781.

Data out on Friday :
New Zealand manufacturing PMI, PPI output, China house prices, industrial output, retail sales, Japan tertiary industry activity.
Swiss producer and import prices, France CPI (EU norm), CPI, EU employment change, trade balance, GDP, Canada manufacturing sales.
U.S. labour costs, productivity, retail sales ex-autos, retail sales, industrial production, capacity utilization, manufacturing output, business inventories, University of Michigan sentiment.

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AceTraderFx Aug 17: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 17 Aug 2020 03:30GMT

EUR/USD - 1.1844
Despite the single currency's fall to 1.1712 last Wednesday, subsequent rebound to 1.1864 Thursday suggests correction from August's 2-year peak at 1.1915 has ended there and as price has recovered after Friday's retreat to 1.1783, upside bias remains and above 1.1864 would extend to 1.1893/95 after consolidation, however, aforesaid top should hold on first testing, yield retreat.

On the downside, only below 1.1783 would revive bearishness for weakness to 1.1756, below would bring re-test of 1.1712 later this week.

Data to be released today :
UK Rightmove house price, Japan GDP, industrial output, capacity utilization and U.S. NY Fed manufacturing, NAHB housing index on Monday.

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AceTraderFx Aug 18: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 18 Aug 2020 02:30GMT

EUR/USD - 1.1878
Despite the single currency's fall to 1.1712 last Wednesday, subsequent rebound to 1.1880 yesterday and intra-day break above this level suggests correction from August's 2-year peak at 1.1915 has ended there and consolidation with upside bias remains for a re-test of said top, break would extend Medium Term upmove to 1.1935, however, loss of momentum would keep price below 1.1950/60 and yield retreat later this week.

On the downside, only below 1.1783 would revive bearishness for weakness to 1.1756, below would bring re-test of 1.1712 later this week.

Data to be released on Tuesday :
New Zealand GDT price index, and U.S. building permits, housing starts, redbook.

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

DAILY MARKET OUTLOOK on Major
Update Time: 19 Aug 2020 03:30GMT

EUR/USD - 1.1942
Although price has eased after the single currency's rise above August's previous high at 1.1915 to a fresh 2-year peak at 1.1965 and minor consolidation would be seen, as said move signals Medium Term upmove has once again resumed, upside bias remains and above said resistance would extend to psychological 1.2000 handle after consolidation.

On the downside, only below 1.1880 would indicate a temporary top has been made and risk stronger retracement to 1.1830/40 later this week.

Data to be released on Wednesday :
New Zealand PPI inputs, PPI outputs, Japan machinery orders, exports, imports, trade balance, Australia Westpac leading index.
UK core CPI, CPI, RPI, core RPI, PPI input prices, PPI output prices, PPI core output prices, DCLG house price index, EU current account, HICP, core HICP, Canada CPI, core CPI.
U.S. MBA mortgage applications, FOMC meeting minutes.

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

DAILY MARKET OUTLOOK on Major
Update Time: 20 Aug 2020 03:30GMT

EUR/USD - 1.1848
The single currency's selloff from yesterday's Asian high at 1.1952 to as low as 1.1831 in New York afternoon after the release of FOMC minutes suggests Medium Term upmove has made a temporary top at Tuesday's fresh 2-year peak at 1.1965 and consolidation with downside bias remains for weakness to 1.1783, however, oversold condition would keep price above 1.1755/56 and yield rebound later.

On the upside, only above 1.1915 would indicate aforesaid correction has ended instead and turn outlook bullish for a re-test of 1.1965 early next week.

In the absence of major economic data from EU today, one should pay attention to the release of minutes from ECB's last meeting at 11:30GMT.

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

DAILY MARKET OUTLOOK on Major
Update Time: 21 Aug 2020 03:30GMT

EUR/USD - 1.1874
Despite the single currency's fall from 1.1868 to 1.1803 yesterday, subsequent rally on usd's broad-based weakness and intra-day break above said 1.1868 resistance suggests the 1st leg of correction from Tuesday's fresh 2-year peak at 1.1965 has ended there and consolidation with upside bias would be seen for gain to 1.1880/85, however, resistance at 1.1915 should remain intact and yield retreat later.

On the downside, only below 1.1830/31 would revive bearishness for weakness to 1.1803, break would yield stronger retracement of Medium Term upmove to 1.1783 early next week.

Data to be released on Friday :
Australia manufacturing PMI, services PMI, UK GfK consumer confidence, PSNB, PSNCR, retail sales, retail sales ex-fuel, Markit manufacturing PMI, Markit services PMI, CBI trends orders, Japan core nationwide CPI, nationwide CPI, Jibun Bank manufacturing PMI.
France Markit manufacturing PMI, Markit services PMI, Germany Markit manufacturing PMI, Markit services PMI, EU Markit manufacturing PMI, Markit services PMI, consumer confidence.
Canada retail sales, retail sales ex-autos, new housing price index, and U.S. Markit manufacturing PMI, Markit services PMI, existing home sales.

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

DAILY MARKET OUTLOOK on Major
Update Time: 24 Aug 2020 03:30GMT

EUR/USD - 1.1803
Euro's decline from last Tue's fresh 2-year peak of 1.1965 to as low as 1.1755 on Fri due to broad-based rebound in the greenback suggests recent uptrend has made a temporary top and despite intra-day recovery, outlook remains mildly bearish for marginal weakness after initial consolidation in Asia today, loss of downward momentum should keep price above daily sup at 1.1712.

Only a daily close above 1.1831 signals 1st leg of correction is over and may risk stronger gain to 1.1870/80 before prospect of another fall later this week.

Data to be released later :
New Zealand retail sales, retail sales ex-autos.
Germany import prices.
U.S. Chicago Fed national activity on Monday.

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

DAILY MARKET OUTLOOK on Major
Update Time: 25 Aug 2020 03:30GMT

EUR/USD - 1.1797
Euro's decline from last Tue's fresh 2-year peak of 1.1965 to as low as 1.1755 on Fri due to broad-based rebound in the greenback suggests recent uptrend has made a temporary top and as price has retreated after yesterday's rebound to 1.1849, downside bias remains and below 1.1755 would bring stronger retracement of medium-term decline to 1.1712 before prospect of rebound later.

Only a daily close above 1.1831 signals 1st leg of correction is over and may risk stronger gain to 1.1870/80 before prospect of another fall later this week.

Pay attention to the release of German Ifo business climate and current conditions at 08:00GMT. Street forecasts are 92.1 and 87.0 vs previous readings of 90.5 and 84.5 respectively.

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

DAILY MARKET OUTLOOK on Major
Update Time: 26 Aug 2020 03:30GMT

EUR/USD - 1.1829
Euro's rebound from 1.1784 to 1.1844 yesterday suggests choppy trading above last Friday's low at 1.1755 would continue and above Monday's high at 1.1849 would yield stronger retracement of decline from August's fresh 2-year peak at 1.1965 to 1.1868/70, however, resistance at 1.1882/85 should limit upside and yield retreat later.

On the downside, only below 1.1784 would indicate aforesaid recovery has ended instead and risk re-test of 1.1755, break would extend weakness to 1.1720/30.

In the absence of major economic data from the EU today, pay attention to comments from ECB board member Isabel Schnabel, who is scheduled to speak at 11:30GMT.

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