AceTraderFx Feb 4: Daily Technical Market Outlook on Majors

[acetraderfx]

DAILY USD/JPY TECHNICAL OUTLOOK
04 Feb 2014 00:14GMT

Trend Daily Chart
Falling

Daily Indicators
Falling

21 HR EMA
101.47

55 HR EMA
101.91

Trend Hourly Chart
Falling

Hourly Indicators
Rising fm o/s

13 HR RSI
36

14 HR DMI
-ve

Daily Analysis
Resumption of recent decline

Resistance
102.41 - Last Fri's NY high
102.14 - Y'day's NY high
101.77 - Last Mon's low, now res

Support
100.77 - Y'day's NY low
100.62 - Sep 11 2013 high
100.30 - Equality proj. of 104.92-101.77 fm 103.45


. USD/JPY - 101.18... Despite dlr's recovery fm 101.98 (NZ) to 102.41 in
Asia on Mon, broad-based buying of yen on risk aversion pressured price below
last Mon's 7-week low at 101.77 to 101.67 in Europe. Later, dlr tumbled to 100.
77 in NY after release of disappointing U.S. ISM manuf. report b4 recovering.

. Looking at the daily chart, y'day's sharp selloff below 101.77 to 100.77
confirms decline fm Jan's 5-year peak at 105.45 to retrace intermediate MT rise
fm 95.81 (Aug low in 2013) has resumed n despite subsequent recovery, as price
is still trading below both 21-hr n 55-hr emas, suggesting bias for dlr remains
to the downside, a breach of said sup shud send dlr lower to next downside obj.
at 100.30, being equality projection of intermediate fall fm 104.92-101.77 mea-
sured fm 103.45, however, a daily close below there is needed to retain bearish
prospect of further losses twd 99.60 (50% r fm 93.75) later this week.

. In view of abv analysis, selling dlr on intra-day recovery in anticipation
of aforesaid fall is favoured n only abv 102.14 (y'day's NY morning high) wud
indicate a temporary low is made n may risk stronger retracement to 102.41,
being y'day's n as well as last Fri's NY high, b4 down.

 

[acetraderfx]

AceTraderFx Feb 6: Daily Technical Outlook on Major - EUR/USD

DAILY TECHNICAL OUTLOOK ON EUR/USD
06 Feb 2014 00:41GMT

Trend Daily Chart
Sideways

Daily Indicators
Falling

21 HR EMA
1.3527

55 HR EMA
1.3523

Trend Hourly Chart
Sideways

Hourly Indicators
Rising

13 HR RSI
58

14 HR DMI
+ve

Daily Analysis
Consolidation b4 decline resumes

Resistance
1.3603 - Last Wed's low
1.3574 - Last Fri's high
1.3555 - Y'day's high

Support
1.3477 - Mon's 2-month low
1.3455 - 38.2% r of 1.2745-1.3894
1.3399 - Nov 21 low

. EUR/USD - 1.3507 ... The single currency fluctuated wildly in Wed NY session. Despite a brief bounce fm European 1.3499 low to 1.3555 in NY morning after release of less-than-expected U.S. ADP employment, euro dropped swiftly to 1.3504 on upbeat U.S. ISM non-manuf. report b4 recovering to 1.3546.

. Looking at the hourly chart, the erratic rise fm Mon's 2-month low at 1.3477 to 1.3555 (Wed) is viewed as a minor retracement of recent decline fm Jan's 2-year peak at 1.3894 n as long as indicated res at 1.3574 res (last Fri's high) holds, outlook remains bearish for aforesaid fall to correct the intermediate MT rise fm 2013 trough at 1.2745 to resume after consolidation, below said sup wud extend weakness to next downside objective at 1.3455, this is the 'minimum' 38.2% r of 1.2745-1.3894, however, previous daily sup at 1.3399 wud contain downside n yield a much needed strg rebound later this week as 'bullish convergences' wud appear on the hourly oscillators on next decline.

. Today, we're holding a short position in anticipation of a re-test of 1.3477. On the upside, only abv 1.3603/09 (last Wed's low, now res n 50% r of 1.3740-1.3477 resp.) wud confirm a temp. low is made n risk retrace. twd 1.3677.

 

[acetraderfx]

AceTraderFx Feb 10: Daily Outlook on Major - USD/JPY

DAILY USD/JPY OUTLOOK - 102.59
09 Feb 2014 23:09GMT

Fri's resumption of erratic up move from Tuesday's 10-
week low at 100.76 after a knee-kerk reaction to
101.40 suggests aforesaid rise to retrace dlr's dec
line from 105.45 (Jan) would extend twd 102.94, loss of
momentum would cap price below 103.10 (50% r) today.

Raise long entry for this move n only below 101.
40 signals correction is over, 101.15/25 later.