Intraday trading signal - page 164
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AceTraderFx May 29: Daily Technical Outlook & Trading GBP/USD
DAILY GBP/USD TECHNICAL OUTLOOK
Last Update At 29 May 2015 01:10GMT
Trend Daily Chart
Sideways
Daily Indicators
Turning down
21 HR EMA
1.5350
55 HR EMA
1.5319
Trend Hourly Chart
Down
Hourly Indicators
Bullish convergences
13 HR RSI
46
14 HR DMI
-ve
Daily Analysis
Consolidation b4 marginal fall
Resistance
1.5475 - Tue's high
1.5437 - Wed's high
1.5386 - Y'day's high
Support
1.5260 - Y'day's low
1.5240 - May 07 hourly sup
1.5191 - 50% r of 1.4566-1.5815
. GBP/USD- 1.5311... Despite staging a brief bounce to 1.5386 in European morning on Thur, the British pound tumbled after the release of weaker-than-expected UK GDP data (2nd reading) n weakened to as low as 1.5260 in NY morning b4 rebounding to 1.5327 in tandem with eur/usd near NY close on short-covering.
. On the daily chart, although cable's rally abv Apr's 1.5498 peak at 1.5498 to as high as 1.5815 in May confirms MT downtrend fm 2014 peak at 1.7192 has indeed formed a temporary low at 1.4566, last week's sharp retreat to 1.5445 signals aforesaid upmove has formed a top there. Y'day's selloff to 1.5260 adds credence to this view n looking ahead, the 3-legged decline fm 1.5815 indicates aforesaid correction fm 1.4566 has ended n cable is en route to 1.5191, then twd 1.5043 next week, being 50% r & 61.8% r respectively of the entire of said rise fm 1.4566. Therefore, selling the pound on recovery in anticipation of further weakness to abovementioned targets is favoured. Only abv 1.5437 (Wed's high wud signal a temporary bottom is made n risk gain twd 1.5508 (Mon's high).
. Today, although y'day's rebound fm 1.5260 suggests consolidation wud be seen initially, reckon 1.5386 res wud cap upside n may yield one more fall.
AceTraderFx Jun 1: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK
Update Time: 01 Jun 2015 00:54 GMT
EUR/USD - 1.0940
Euro's retreat after a brief rise to 1.1006 Friday suggests the correction from last Wednesday's fresh 1-month trough at 1.0819 has possibly ended there and consolidation with downside bias is seen.
However, only a break of 1.0867 support would confirm this view and bring resumption of decline from May's peak at 1.1467 to re-test said temporary low and then 1.0785 later.
On the upside, above 1.1006 would yield marginal gain but resistance at 1.1059/62 should remain intact.
AceTraderFx Jun 1: Intra-Day News and Views (USD/CHF) & data to be released today
Intra-day Market Moving News and Views
01 Jun 2015 02:00GMT
USD/CHF - ..... the Swiss National Bank's chairman has told on Sunday a Swiss newspaper on the Swiss franc being too strong and should be weaken , adding that the bank was ready to intervene in foreign exchange markets if necessary, to influence the currency.
"The franc is significantly overvalued and should therefore weaken over time," Thomas Jordan said in a discussion with readers of Schweiz am Sonntag."
"In addition, we have emphasized we will become active in foreign exchange markets if required," Jordan said.
The SNB abruptly abandoned a 1.20 francs per euro cap on Jan. 15, sending the currency soaring and raising concerns about Switzerland's export-reliant economy.
It has replaced the cap with negative interest rates and a charge on major cash deposits held with the central bank.
This week will see the release of Japan's capital spending, Australia's TD-MI inflation gauge, China's NBS manufacturing and non-manufacturing PMI, Australia's building approvals, Japan's manufacturing PMI, China's HSBC manufacturing final PMI, German, eurozone and U.K. Markit manufacturing PMI, Germany's CPI and HICP, U.S. PCE price index, Markit service PMI and ISM manufacturing PMI on Monday.
Australia's current account deficit, RBA rate decision and rate statement, Germany's unemployment rate, U.K. Markit/CIPS construction PM, mortgage approvals and mortgage lending, eurozone inflation, producer prices, U.S. Redbook, durable goods and factory orders on Tuesday.
Australia's GDP, China's HSBC services PMI, U.K. Nationwide house price, Germany's Markit services PMI, eurozone Markit services PMI final, U.K. Markit/CIPS services PMI, eurozone unemployment rate, retail sales and ECB rate decision and news conference, U.S. international trade, Canada's exports, imports and trade balance, U.S. ISM non-manufacturing PMI on Wednesday.
Australia's trade balance and retail sales, Bank of England interest rate decision, U.S. initial jobless claims and Canada's Ivey PMI on Thursday.
Japan's leading indicator, Germany's factory orders, U.K. consumer inflation expectations, eurozone revised GDP, U.S. non-farm payrolls and unemployment rate, Canada's employment change, labour productivity rate on Friday.
AceTraderFx Jun 1:Intra-day Market Moving News and Views (EUR/USD)
Intra-day Market Moving News and Views
01 Jun 2015 07:53GMT
EUR/USD - ...... Although euro staged a recovery after early intra-day sell off from 1.0988 to 1.0931 in Asia, price fell again after meeting renewed selling interest at 1.0968 and then fell to a fresh session low at 1.0907 in European morning due to a 'euro-bearish' news from German newspaper (see our previous MMN).
Investors are now awaiting the release of Markit/BME mfg PMI for Germany and Markit mfg PMI for euro zone at 07:55GMT and 08:00GMT respectively. Market expects the Markit mfg PMI for euro zone to be unchanged at 52.3 in May.
At the moment, stops located below 1.0900 are now in focus but buying interest from sovereign accounts is tipped in 1.0890-1.0870 region with mixture of bids and stops at 1.0850-40.
On the upside, fresh offers are building up at 1.0920-30 and more around 1.0950 with stops located just above 1.0970.
AceTraderFx Jun 2: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK
Update Time: 02 Jun 2015 01:20 GMT
EUR/USD - 1.0927
Euro's erratic fall from last Friday's high of 1.1006 to 1.0887 yesterday suggests the correction from last Wednesday's fresh 1-month trough at 1.0819 has ended there and consolidation with downside bias remains, however, only a break of 1.0867 support would encourage for a re-test of said support and then resumption of decline from May's peak at 1.1467 to 1.0785 later.
On the upside, above 1.1006 would defer present bearishness on euro and yield marginal gain but resistance at 1.1059/62 should remain intact.
AceTraderFx Jun 2: Daily Recommendations on Major -USD/JPY
DAILY MARKET OUTLOOK
Update Time: 02 Jun 2015 08:07 GMT
USD/JPY - 124.58
Dollar's intra-day retreat after a brief rise above Monday's fresh 12-1/2 year high at 124.92 to 125.07 suggests choppy trading would be seen but as long as support at 123.86 holds, bullishness remains for long-term uptrend from 2011 record low at 75.32 to resume after consolidation and above 125.07 would extend gain to 125.74 (Dec 2002 top) later this week.
On the downside, only a daily close below 123.33 (previous resistance, now support) would confirm a temporary top is made and shift risk to downside for a minor correction towards 122.78
AceTraderFx Jun 2: Daily Technical Outlook & Trading GBP/USD
DAILY GBP/USD TECHNICAL OUTLOOK
Last Update At 02 Jun 2015 00:11GMT
Trend Daily Chart
Sideways
Daily Indicators
Turning down
21 HR EMA
1.5221
55 HR EMA
1.5261
Trend Hourly Chart
Down
Hourly Indicators
Rising fm o/s
13 HR RSI
40
14 HR DMI
-ve
Daily Analysis
Consolidation b4 further fall
Resistance
1.5386 - May 28 high
1.5343 - Last Fri's high
1.5272 - Y'day's hourly res
Support
1.5170 - Y'day's low
1.5165 - May 07 low
1.5088 - May 05 low
. GBP/USD - 1.5200.. Despite staging a brief bounce fm Asian low at 1.5259 to 1.5305 on Mon, the pound tumbled in Europe after release of downbeat U.K. mfg PMI. Cable dropped to 1.5197/98 b4 staging a short-covering rebound to 1.5272 but only to fall again to session lows of 1.5171 after upbeat U.S. mfg ISM.
. On the bigger picture, although cable's rally abv Apr's 1.5498 peak at 1.5498 to as high as 1.5815 in May confirms MT downtrend fm 2014 peak at 1.7192 has formed a temporary low at 1.4566, subsequent retreat n y'day's selloff to 1.5170 strongly suggests aforesaid corrective rise fm 1.4566 has ended n the 3-legged decline fm 1.5815 is en route to 1.5043 (being 61.8% r of the entire said rise fm 1.4566) later this week. Therefore, selling the pound on recovery in anticipation of further weakness to abovementioned target is favoured. Only abv y'day's high at 1.5305 wud violate recent series of lower highs n lower lows, then risk is seen for stronger rebound to 1.5343 n 1.5386 but last Wed's high at 1.5437 shud cap upside.
. Today, as current price is trading below the 21-hr n 55-hr emas, selling cable on recovery is recommended. Only abv 1.5305 signals low, 1.5343 n 1.5386.
AceTraderFx Jun 3: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK
Update Time: 03 Jun 2015 01:12 GMT
EUR/USD - 1.1146
Euro's rally above 1.1006 (Friday high, now support) to as high as 1.1195 yesterday on optimism of Greek debt deal signals decline from May's 3-month peak at 1.1467 has made a low last Wednesday at 1.0819 and consolidation with upside bias remains, above said resistance would extend gain to 1.1205/15 and then 1.1240/50 but reckon price would falter well below previous daily resistance at 1.1290 today.
On the downside, only a daily close below aforesaid 1.1006 would confirm a top is made instead and shift risk to downside for subsequent weakness to 1.0920/30.
AceTraderFx Jun 3: Intra-Day News and Views (USD/JPY) & data to be released today
Intra-day Market Moving News and Views
03 Jun 2015 02:24GMT
USD/JPY - ...... Dlr recovered to 124.26 in NY session on short-covering and then moved sideways after early intra-day strong retreat from a fresh 12-1/2 year peak at 125.07 to 123.75 due to broad-based weakness in the greenback led by intra-day rally in usd/eur pair.
Price climbed to 124.24 in Tokyo morning and then retreated after comments from BoJ's Shirai (see our prev. MMN).
Although dlr continues to trade with a soft bias in Asia and selling the usd/jpy pair on recovery is recommended.
Sharp fall below 123.75 (NY) is unlikely to be seen and price should hold well above 123.00 ahead of the release of a slew of U.S. eco data in NY session, these include ADP national employment, trade balance, ISM non-mfg index and then Beige book.
Private nonfarm payrolls in the U.S. are forecast to increase by 190K (seasonally adjusted) in May update of the ADP Employment Report, more than 169K increase in April.
U.S. trade deficit is expected to narrow to $44.3 bln from $51.4 bln in preceding month whilst ISM non-mfg index to tick down to 57.0 last month from 57.8 in April.
Wednesday will see the release of Australia's GDP, China's HSBC services PMI, U.K. Nationwide house price, Germany's Markit services PMI, eurozone Markit services PMI final, U.K. Markit/CIPS services PMI, eurozone unemployment rate, retail sales and ECB rate decision and news conference, U.S. international trade, Canada's exports, imports and trade balance, U.S. ISM non-manufacturing PMI.
AceTraderFx Jun 3: Intra-day Market Moving News and Views (GBP/USD)
Intra-day Market Moving News and Views
03 Jun 2015 07:00GMT
GBP/USD- ..... Although cable edged higher from 1.5330 in Asia and then rose briefly above Tuesday's high of 1.5367 (NY) to 1.5375 ahead of European open, release of downbeat U.K. Nationwide house price index checked intra-day gain there and price subsequent retreated to 1.5338.
U.K. Nationwide Building Society showed in a report on Wednesday that its index of U.K. house prices rose to 0.3%, from 1.0% in the preceding month.
At the moment, bids are reported at 1.5330/25 and then 1.5310-00 with stops building up below 1.5300.
On the upside, offers are noted at 1.5370-80 and around 1.5390 with mixture of offers and stops at 1.5400-1.5410.