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AceTraderFx Jun 8: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK
Update Time: 08 Jun 2015 01:33 GMT
EUR/USD - 1.1100
Euro tumbled from 1.1280 to as low as 1.1149 on Friday following the release of robust U.S. non-farm payroll data suggests correction from last Monday's low at 1.0819 has ended Thursday at 1.1380 and consolidation with downside bias remains, below said support would add credence to this view and yield weakness towards 1.1006 (previous resistance, now support) later.
On the upside, only a move back above 1.1280 would dampen this bearish scenario and shift risk to upside for subsequent gain towards 1.1380.
AceTraderFx Jun 8: Intra-Day News and Views (USD/JPY) & data to be released today
Intra-day Market Moving News and Views
08 Jun 2015 02:09GMT
USD/JPY- ..... Despite dlr's rally to a fresh near 13-year peak at 125.86 in NY morning on Fri following the release of robust U.S. non-farm payroll data, price then moved sideways for rest of the NY session as some investors decided to take profit ahead of the G7 meeting on 7-8 Jun in Germany. Dlr came under renewed selling pressure after NZ open on Mon in part due to cross-buying in yen vs other major ccys n retreated from 125.68 to 125.34 in Tokyo morning after data showed that Japanese GDP rose more-than-expected in the previous quarter .
Earlier this morning, Japan's Cabinet Office said that Japan's GDP rose to a seasonally adjusted 1.0%, from 0.6% in the preceding quarter, beating expectation of an increase of 0.7%. Meanwhile, a report from MoF said that Japan's current account rose to a seasonally adjusted 1.27 trln in Apr, from 2.07 trln in the preceding month.
Expects fund follow to dominate the market today due to lack of important U.S. eco. events. Having said that, investors should pay close attention to the release of Eco Watchers Survey for May released by the Japan Cabinet Office at 05:00GMT for a closer look of region-by-region economic trends in Japan.
At present, bids are reported at 125.30-20 and more at 125.05/00 with mixture of bids and stops at 124.80-70, whilst offers are noted at 125.60-70 and then 125.95/00 with stops building up above 126.00.
This week will see the release of Japan's revised GDP, trade balance and current, China's exports, imports and trade balance, Japan's economic watchers, Germany's exprots, imports, trade balance and industrial output, Canada's housing starts and building permits on Monday.
New Zealand's manufacturing sales, U.K. BRC retail sales, China's CPI and PPI, Australia's NAB business confidence, Japan's consumer confidence index, Swiss unemployment rate and CPI, U.K.goods trade balance, eurozone revised GDP, U.K. inflation report hearings, U.S. Redbook, wholesales sales and wholesales inventories on Tuesday.
Japan's machinery orders, Australia's Westpac consumer confidence, U.K. industrial and manufacturing output, NIESR GDP estimate, U.S. Federal budget on Wednesday.
New Zealand's RBNZ interest rate decision and press conference, U.K. RICS housing survey, Japan's business survey index, Australia's employment change and unemployment rate, China's industrial output and retail sales, U.S. retail sales, initial jobless claims, export prices, import prices and business inventories, Canada's new housing price index and capacity utilization on Thursday.
New Zealand's manufacturing PMI and food price index, Japan's capacity utilization and industrial production, Germany's WPI, eurozone industrial production, U.S. PPI index and University of Michigan consumer sentiment index on Friday.
AceTraderFx Jun 8: Intra-day Market Moving News and Views (EUR/USD)
Intra-day Market Moving News and Views
08 Jun 2015 06:33GMT
EUR/USD - ..... Although euro edged higher after opening lower to 1.1083 in NZ and then staged a brief bounce to 1.1125 at European open due to release of upbeat Germany's trade surplus and industrial data, renewed selling interest quickly emerged and knocked price down below 1.1100 level again to 1.1087.
On Mon, Destatis said that Germany's trade balance rose to 22.3 bln euros, from 19.4 bln euros in the preceding month whose figure was revised up from 19.3 bln euros.
In a separate report, Destatis said that German industrial production rose to a seasonally adjusted annual rate of 0.9% in April, from -0.4% in the preceding month whose figure was revised up from -0.5%.
On Friday Euro tumbled from 1.1280 to 1.1049 in NY morning as upbeat U.S. jobs reports triggered broad-based buying in the greenback. Despite staging a recovery to 1.1136, price edged lower after NZ open on Monday and fell to 1.1084.
Euro is expected to remain under pressure ahead of European open and selling the eur/usd pair on recovery is recommended.
AceTraderFx Jun 8: Daily Recommendations on Major -USD/JPY
DAILY MARKET OUTLOOK
Update Time:08 Jun 2015 08:21 GMT
USD/JPY - 125.45
Despite dollar's retreat from last Friday's fresh near 13-year peak at 125.86 and then intra-day break of 125.07 (previous resistance and subsequent support) to 125.01 in European morning, only a daily close below 124.68 would confirm long-term uptrend has made a temporary top there and bring retracement to 124.23 and then 123.75 before prospect of a rebound.
Above 125.86 would signal long-term uptrend from 2011 record low at 75.32 has once again resumed and extend gain to 126.40/50 and then 127.00 before correction occurs due to loss of momentum.
AceTraderFx Jun 9: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK
Update Time: 09 Jun 2015 01:14 GMT
EUR/USD - 1.1283
Despite euro's sharp sell off to 1.1049 last Friday following the release of upbeat U.S. non-farm payroll data, yesterday's rally to 1.1307 suggests correction from last week's top at 1.1380 has ended there and consolidation with upside bias would be seen.
However, only a break of said resistance would retain bullishness and extend early rise from 1.0819 towards May's 3-month peak at 1.1467 later.
On the downside, below 1.1178 (previous resistance, now support) would prolong choppy trading but support at 1.1049 should remain intact.
AceTraderFx Jun 9: Intra-Day News and Views (USD/JPY) & data to be released today
Intra-day Market Moving News and Views
09 Jun 2015 02:46GMT
USD/JPY - 124.47... Dlr tumbled after failure to test last Fri's fresh near 13-year peak at 125.86 and then tumbled to as low as 124.29 in NY on Monday on long-liquidation.
Later, although dlr staged a recovery in NY afternoon and then climbed back to 124.74 in Tokyo morning on Tuesday, renewed selling interest knocked the pair down again to 124.36.
Due to lack of important eco. events from U.S. today, fund flow should dominate the market and selling the recovery on intra-day recovery is recommended. Having said that, U.S. wholesale inventories and wholesale sales for April are to be released at 14:00GMT.
At present, offers are reported at 124.60-70 and more around 124.80 with stops building up above 125.00.
On the downside, bids are tipped at 124.20-10 and then 123.95/90 with demand from Japan importers noted in 123.70-50 region.
Tuesdaywill see the release of New Zealand's manufacturing sales, U.K. BRC retail sales, China's CPI and PPI, Australia's NAB business confidence, Japan's consumer confidence index, Swiss unemployment rate and CPI, U.K.goods trade balance, eurozone revised GDP, U.K. inflation report hearings, U.S. Redbook, wholesales sales and wholesales inventories.
AceTraderFx Jun 9: Intra-day Market Moving News and Views (EUR/USD)
Intra-day Market Moving News and Views
09 Jun 2015 07:48GMT
EUR/USD- ....... Although euro ratcheted higher after meeting renewed buying at 1.5273 at Asian open and rose to 1.1330 and then 1.1345 ahead of European open, broad-based short-covering in the greenback knocked price down sharply to 1.1256 in European morning before staging a recovery.
Looks like choppy sideways move is likely to be seen ahead of the release of the second estimate of first quarter euro zone GDP at 09:00GMT.
At the moment, bids from various accounts are reported at 1.1250-40 and more at 1.1220-10 with stops located just below 1.1200.
On the upside, offers are tipped at 1.1290-00 and around 1.1320 with stops building above 1.1340.
AceTraderFx Jun 9: Daily Recommendations on Major -USD/JPY
DAILY MARKET OUTLOOK
Update Time: 09 Jun 2015 08:00 GMT
USD/JPY - 124.55
Dollar's sell off from last Friday's fresh near 13-year peak at 125.86 to 124.29 near New York close on Monday and then 124.17 in Asia today signals long-term uptrend from 2011 record low at 75.32 has made a temporary top there, as long as 125.00 (previous support, now resistance) holds, downside bias remains for another leg of correction to take place towards chart support at 123.75 later.
On the upside, only a break of resistance at 125.55 would indicate correction over and bring re-test of 125.86, above would extend gain to 126.65 before prospect of correction due to 'loss of momentum'.
AceTraderFx Jun 10: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK
Update Time: 10 Jun 2015 00:58 GMT
EUR/USD - 1.1297
As euro has staged a strong rebound after yesterday's intra-day sell off from 1.1345 to 1.1214, suggesting further choppy trading inside recent established broad range of 1.1467-1.0819 would continue and marginal gain above last week's peak at 1.1380 would be seen.
However, price should falter well below aforesaid upper range level at 1.1467 and bring retreat later.
On the downside, only a daily close below 1.1214 turn outlook bearish and yield weakness to 1.1178/80 and then 1.1000/10.
AceTraderFx Jun 10: Intra-Day News and Views (GBP/USD) & data to be released today
Intra-day Market Moving News and Views
10 Jun 2015 02:32GMT
GBP/USD - ...... The British pound tracked euro's intra-day swing closely on Tuesday and despite falling from Asian high of 1.5375 to as low as 1.5257 in NY morning, price rebounded and then rallied to 1.5389, helped by active cross-buying in sterling vs euro and yen. Cable later edged higher to 1.5400 at Asian open on Wednesday before easing.
Expect the pound to move closely with euro until the release of UK industrial data in European morning at 08:30GMT.
Street forecast for both UK industrial output and manufacturing output in May to slow down to 0.1% from previous reading of 0.5% and 0.4% respectively.
Later in NY session, we will see release of UK GDP estimate over the last 3 months by the National Institute of Economic and Social Research which is highly reliable and would influence the UK monetary policy.
In addition, investors should pay attention to the speeches by UK FinMin George Orsborne n BoE's Mark Carney near NY close at 20:00GMT (see early udpate for details).
At the moment, bids are reported at 1.5370-60 n around 1.5350 with mixture of bids and stops at 1.5330-20, whilst offers are tipped at 1.5410/15 and then 1.5430-40 with stops just above last week's top at 1.5441.
Wednesday will see the release of Japan's machinery orders, Australia's Westpac consumer confidence, U.K. industrial and manufacturing output, NIESR GDP estimate and U.S. Federal budget.