Intraday trading signal - page 161
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AceTraderFx May 19: Intra-day Market Moving News and Views (EUR/USD)
Intra-day Market Moving News and Views
19 May 2015 07:49GMT
EUR/USD - 1.1170... Despite a brief recovery from 1.1277 to 1.1307 in European morning, price tumbled sharply lower to 1.1160 following comments from ECB's Executive Board member Benoit Coeure said that the central bank intends to increase its purchases of euro-area assets in May and June ahead of an expected low-liquidity period in the summer.(see our previous MMN).
At present, offers are building up from 1.1180 up to 1.1200 with mixture of offers and stops at 1.1220-30.
On the upside, bids are placed at 1.1150-1.1140 and around 1.1120 with buying interest from sovereign accounts around 1.1100.
AceTraderFx May 19: Daily Technical Outlook & Trading GBP/USD
DAILY GBP/USD TECHNICAL OUTLOOK
Last Update At 19/05/2015 00:46 GMT
Trend Daily Chart
Up
Daily Indicators
Rising
21 HR EMA
1.5675
55 HR EMA
1.5700
Trend Hourly Chart
Near term down
Hourly Indicators
Falling
13 HR RSI
37
14 HR DMI
-ve
Daily Analysis
Consolidation b4 one more fall
Resistance
1.5815 - Last Thur's 5-month high
1.5745 - Y'day's high
1.5707 - Y'day's houryly res
Support
1.5633 - Last Wed's low
1.5614 - May 11 high, now sup
1.5557 - May 12 low
. GBP/USD - 1.5655... Despite last Fri's brief rebound fm 1.5702 to 1.5809 , the British pound ratcheted lower y'day n penetrated said sup at European morning. Cable then weakened to 1.5651 b4 rebounding briefly to 1.5707 but only to fall again to session low of 1.5638 near New York close.
. Looking at the bigger, cable's early rally abv Apr's 1.5498 high (now sup) n then breach of 2015 top at 1.5554 (Feb) to as high as 1.5815 last Thur confirms erratic upmove fm Apr's near 5-year trough at 1.4566 to retrace entire MT downtrend fm 1.7192 (2014 Jul) wud resume after consolidation. As the daily technical indicators are still rising, suggesting buying cable on dips is the way to go for gain to next upside target at 1.5879 (being 50% r of 1.7192-1.4566). Having said that, prominent 'bearish divergences' on the hourly indicators wud prevent strg gain this week n reckon 1.6020, this is 100% projection of 1.4566-1.5498 measured fm 1.5088, shud cap upside. On the downside, a daily close below 1.5633 wud signal temporary top is made n risk retrace. twd 1.5557.
. Today, as cable has remained under pressure at Asian open, selling on recovery is favoured for weakness to 1.5600/05 but 1.5557 shud hold fm here.
AceTraderFx May 20: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK
Update Time: 20 May 2015 01:02 GMT
EUR/USD - 1.1132
Euro's sell off to 1.1118 in New York yesterday after dovish comments from ECB's Benoit Coeure and upbeat U.S. housing data signals erratic up move from March's 12-year trough at 1.0457 has indeed made a temporary top at 1.1467 last Friday and consolidation with downside bias remains for another leg of correction to 1.0662/66, then 1.1020/30 later.
On the upside, only above 1.1217 resistance would abort this bearish scenario and shift risk to upside for stronger gain towards 1.1250/60.
AceTraderFx May 20: Intra-Day News and Views (USD/JPY) & data to be released today
Intra-day Market Moving News and Views
20 May 2015 02:11GMT
USD/JPY - ....... Dlr shrugged off surprise upbeat Japan's GDP n rose above overnight NY high of 120.74 to an 8-week peak of 120.98 in early Asian trading as a gain in the Nikkei index boosted risk appetite and triggered broad-based selling in yen.
Today's focus for the greenback is the release of FOMC minutes at 18:00GMT and although price has continued to ratchet higher following the upbeat U.S. housing market data released on Tuesday and buying dlr on dips is recommended, sharp gain beyond 121.20 is ahead of the said minutes.
At the moment, bids are noted at 120.70-60 and around 120.50 with mixture of bids and stops at 120.30-20.
On the upside, offers from various accounts are placed at 121.20-30, 121.40-50 and more in 121.70-90 region.
Wednesday will see the release of Japan's GDP, Australia's Westpac consumer confidence, Germany's producer prices, ECB's meeting, U.K. MPC vote outcome, Swiss ZEW investor sentiment, Canada's wholesales trade and FOMC minutes.
AceTraderFx May 20: Intra-day Market Moving News and Views (GBP/USD)
Intra-day Market Moving News and Views
20 May 2015 07:58GMT
GBP/USD - ....... Although cable tracked euro's intra-day swing closely and fell from Asian high of 1.5524 to 1.5473 in European morning, price then chopped inside 1.5472-1.5499 as investors were reluctant to enter large positions ahead of the BoE minutes and MPC vote outcome at 08:30GMT.
At present, bids are reported at 1.5470-60 with mixture of bids and stops at 1.5450-40.
On the upside, offers from various accounts are placed at 1.5520-30 and then 1.5545/50 with stops building up just above 1.5550.
This morning as cable has rebounded after an initial 'euro-led' brief retreat to 1.5495 in Asian morning, suggesting consolidation was seen ahead of European open, and selling cable was still the way to go.
However, investors would have pay attention to the release of BoE minutes and the MPC vote outcome at 08:30GMT.
AceTraderFx May 20: Daily Recommendations on Major -USD/JPY
DAILY MARKET OUTLOOK
Update Time: 20 May 2015 08:25 GMT
USD/JPY - 120.95
Dollar's erratic rise from last Thursday's low at 118.88 to 121.74 on Tuesday, then intra-day breach of pivotal resistance at 120.84 suggest an 'upside break' of the early 8-week long broad range of 122.03-118.33 has taken place.
Stronger gain to 121.20 and then 121.67 would be seen, however, price should falter well below 122.03 today and bring strong retreat later.
On the downside, only below 119.83/93 would dampen this mildly bullish scenario and bring weakness to 119.20/27 before prospect of a rebound.
AceTraderFx May 21: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK
Update Time: 21 May 2015 01:09 GMT
EUR/USD - 1.1112
Despite euro's choppy sideways move after extending decline from last Friday's 3-month peak at 1.1467 to 1.1062 yesterday, downside bias remains for said move to retrace the entire up move from March's 12-year trough at 1.0457 to resume after consolidation and yield further weakness to 1.0994 (50% r) but sharp fall below is not likely due to near term loss of momentum.
On the upside, only a daily close above 1.1217 resistance would indicate a low is made and shift risk to upside for stronger gain towards 1.1260/70 and possibly towards 1.1321/26.
AceTraderFx May 21: Intra-Day News and Views (USD/JPY) & data to be released today
Intra-day Market Moving News and Views
21 May 2015 02:12GMT
USD/JPY- ...... Dlr swung wildly in NY afternoon on Wednesday following the release of FOMC minutes as despite retreating sharply to 120.91 after a brief jump to a fresh 2-month peak at 121.49, price climbed back to 121.38 before dropping back to 121.03 in Tokyo morning on Thursday.
Expect fund flows to dominate the market's move ahead of the release of a slew of U.S. eco. data in NY morning session, these includes weekly U.S. jobless claims, Philadelphia Fed manufacturing survey, Chicago PMI, Leading indicator and existing home sales.
At present, bids are noted at 121.00-120.90 with mixture of bids and stops at 120.75/70 and 120.60-50.
Whilst offers are reported at 121.30-40 and around 121.60 with stops building up above 121.80.
Thursday will see the release of Australia's consumer inflation expectation, Japan's Nomural/JMMA Mfg PMI, New Zealand's budget cash balance, Japan's all industry activity, Germany's and eurozone Markit comp., service and manufacturing flash PMI respectively, U.K. retail sales, CBI trend trade, U.S. initial jobless claims, Chicago Fed actively index, Philly Fed business index and existing home sales. Investors are awaiting a speech on Friday by Fed Chair Janet Yellen to have any indication of the timing of interest rates hike.
AceTraderFx May 21: Intra-day Market Moving News and Views (EUR/USD)
Intra-day Market Moving News and Views
21 May 2015 07:36GMT
EUR/USD -....... Euro swung wildly after European open on Thursday. Despite retreating from Asian high of 1.1130 to 1.1079 at European open, buying interest above Wednesday's low at 1.1062 lifted price.
Euro jumped to 1.1143 after data showed an improvement of France's PMIs in May but only retreated to 1.1106 following the release of downbeat Germany's PMIs.
On Thursday, market research group Markit said that its preliminary French manufacturing PIM inched up to a seasonally adjusted 49.3 this month from a final reading of 48.0 in April, while the preliminary services PMI rose to a seasonally adjusted 51.6 this month from 51.4 in April.
Later, Markit said that its preliminary German manufacturing PMI declined to a seasonally adjusted 51.4 this month from a final reading of 52.1 in April, while the preliminary services PMI fell to a seasonally adjusted 52.9 this month from 54.0 in April.
AceTraderFx May 21: Intra-day Market Moving News and Views (GBP/USD)
Intra-day Market Moving News and Views
21 May 2015 09:01GMT
GBP/USD- .... Despite cable's brief retreat to 1.5525 shortly after European open, price rallied to as high as 1.5667 after data showed retail sales in the U.K. rose much more than expected in last month, fuelling optimism over the country's economic outlook.
The U.K. ONS said on Thur that retail sales in U.K. increased by a seasonally adjusted 1.2% in Apr, easily surpassing forecasts for a gain of 0.4%. Retail sales in March fell by 0.7%, whose figure was revised from a previously reported decline of 0.5%. Year-on-year, retail sales increased at an annualized rate of 4.7% in April, beating expectations for a 3.8% gain, after rising at a rate of 4.0% in March.
Earlier cable also moved in a choppy fashion in NY afternoon after Federal Reserve provided further indications in its latest minutes that it will wait past June before raising its benchmark interest rate for the first time in nearly a decade.
This morning price tanked briefly to 1.5493 and then rallied to 1.5567 before retreating to 1.5528 at Australian opening.