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AceTraderFx Oct 7: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK
Update Time: 07 Oct 2015 01:16 GMT
EUR/USD - 1.1262
Although price has retreated after Friday's rally to 1.1319 and further choppy trading is likely to be seen, as aforesaid move signals the recent upmove from 1.1105 has resumed, upside bias is seen for gain towards 1.1319, break would yield stronger retracement of decline from 1.1459 towards 1.1330.
However, near term loss of momentum would keep price well below 1.1390 (previous support, now resistance) and yield retreat.
On the downside, only below 1.1150 would confirm a temporary top has been made and turn outlook bearish for further weakness to 1.1120/25.
AceTraderFx Oct 7: Data suggesting Europe's largest economy may have lost momentum
Intra-Day Market Moving News and Views
07 Oct 201507:00GMT
EUR/USD- ...... Despite extending yesterday's rally to 1.1284 in Asia, euro pares intra-day gain and retreated to 1.1254 after release of another downbeat German data. Reuters reported German industrial output fell in August at its fastest pace in a year, data from the Economy Ministry showed on Wednesday, suggesting Europe's largest economy may have lost momentum in the 3rd quarter.
Factories produced 1.2% fewer goods than in the previous month, the ministry said, blaming some of the weakness on the large number of summer holiday days in the month.
It was the strongest fall since August 2014 and missed the Reuters consensus forecast for a rise of 0.2%. The output drop followed a sharp decline in August industrial orders data on Tuesday.
The Economy Ministry said the late start to the summer holidays had contributed significantly to the fall. "The ongoing positive mood among companies and good export development suggests a continuation of moderately positive industrial activity despite weaker incoming orders in Jul and Aug," the ministry said in a statement.
Recent data has painted a picture of waning demand from abroad, especially China and other emerging markets, with orders falling 1.8% in August.
This suggests that strong exports, which supported growth in the first half, could be losing steam.
But other economic indicators have been broadly encouraging with retail sales posting their strongest increase from January to August in more than 20 years, and business morale rising for the 3rd month in a row in September.
AceTraderFx Oct 7: Daily Recommendations on Major -USD/JPY
DAILY MARKET OUTLOOK
Update Time: 07 Oct 2015 08:18 GMT
USD/JPY - 120.01
Despite Friday's swift selloff from 120.41 to 118.68 after the release of disappointing U.S. jobs report, subsequent strong rebound due to the rally in Dow Jones suggests further choppy trading above September's low at 118.60 would continue with mild upside bias and above 120.41 would yield stronger gain to 120.66/70.
However, near term loss of momentum would keep price below resistance at 120.99.
On the downside, only below 119.21 would abort daily bullishness on the buck and turn outlook bearish for weakness towards 118.60/68 area.
AceTraderFx Oct 8: Intra-day Market Moving News & data to be released today (USD/JPY)
Intra-Day Market Moving News and Views
08 Oct 2015 00:44GMT
USD/JPY - ...... The greenback fell sharply to 119.77 in Asian morning yesterday after BoJ announced no new policy measures before staging a rebound to 120.18 ahead of New York open.
However, renewed selling there pressured the pair lower to session low at 119.75 in New York morning before recovering. Dlr came under pressure ahead of Asian open and dropped to 119.84 after data showed Japan machinery orders unexpectedly fell in August.
Mkt focus is now on the release of FOMC minutes at 18:00GMT. Investors will be looking for the points which Fed delayed its rate hike and for hints about when the central bank will consider raising rates.
Bids are now seen at 119.80/90 and more below at 119.60/70 with stops building up below there whilst initial offers were noted at 120.50/60, suggesting buying on dips is favored.
Data to be released on Thursday:
Japan machinery orders, current account, consumer confidence, machine tool orders, Australia HIA new home sales, Switzerland unemployment rate, Germany trade reports, UK RICS housing price, BoE rate decision, QE total, MPC vote outcome, monetary policy statement, BoE meeting minutes, ECB meeting minutes, Canada housing starts, new housing price, and FOMC meeting minutes.
AceTraderFx Oct 8: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK
Update Time: 08 Oct 2015 01:11 GMT
EUR/USD - 1.1240
Although price has retreated after Friday's rally to 1.1319 and further choppy trading is likely to be seen, as aforesaid move signals the recent upmove from 1.1105 has resumed, upside bias is seen for gain towards 1.1319, break would yield stronger retracement of decline from 1.1459 towards 1.1330.
However, near term loss of momentum would keep price well below 1.1390 (previous support, now resistance) and yield retreat.
On the downside, only below 1.1150 would confirm a temporary top has been made and turn outlook bearish for further weakness to 1.1120/25.
AceTraderFx Oct 8: Intra-day Market Moving News and Views (EUR/USD)
Intra-day Market Moving News and Views
08 Oct 2015 06:11GMT
EUR/USD - .... Another set of downbeat German data just came out, Reuters reported German exports plunged by their largest amount since the height of the global financial crisis in early 2009 and imports also fell sharply in the latest sign that Europe's largest economy lost momentum in the 3rd quarter.
Data from the Federal Statistics Office showed seasonally-adjusted exports sliding by 5.2% to 97.7 billion euros month-on-month and imports tumbling by 3.1% to 78.2 billion euros, the biggest one month drop since November 2012. The trade surplus narrowed to 19.6 billion euros.
The data follows sharp declines in industrial orders and output in August, suggesting that waning demand from abroad, particularly China and other emerging markets may be leaving its mark on Germany.
Economists polled by Reuters had been expecting much smaller declines in exports and imports of 1.2% and surplus of 22.5 billion euros.
AceTraderFx Oct 8: Daily Recommendations on Major -USD/JPY
DAILY MARKET OUTLOOK
Update Time: 08 Oct 2015 08:47 GMT
USD/JPY - 119.80
Despite Friday's swift selloff from 120.41 to 118.68 after the release of disappointing U.S. jobs report, subsequent strong rebound due to the rally in Dow Jones suggests further choppy trading above September's low at 118.60 would continue with mild upside bias and above 120.41 would yield stronger gain to 120.66/70.
However, near term loss of momentum would keep price below resistance at 120.99.
On the downside, only below 119.21 would abort daily bullishness on the buck and turn outlook bearish for weakness towards 118.60/68 area.
AceTraderFx Oct 9: Intra-day Market Moving News & data to be released today (USD/JPY)
Intra-Day Market Moving News and Views
09 Oct 2015 00:44GMT
USD/JPY - ...... The greenback continued to edge lower throughout Asia yesterday and hit session low at 119.63 in early European morning. Despite staging a recovery to 119.98, price spiked down to 119.68 in New York afternoon after the release of dovish FOMC minutes before rebounding again to 120.03. Dlr met renewed buying at 119.85 in Australia and trades with a firm undertone in Tokyo morning, helped by the initial rise in Nikkei-225 index.
Pay attention to the release of U.S. wholesale inventories and wholesale sales at 14:00GMT. Street forecasts are 0.0% n -0.3% vs prev. readings of -0.1% n -0.3% respectively.
Bids are now seen at 119.70/80 and more below at 119.50/60 with stops building up below there whilst initial offers are noted at 120.30/40, suggesting upside bias would be seen till European open.
Data to be released on Friday:
Australia housing finance, invest housing finance, France budget balance, industrial output, Italy industrial output, UK trade balance, Canada jobs reports, BoC business outlook survey, and U.S. wholesale inventories, whole said sales.
AceTraderFx Oct 9: Intra-day Market Moving News and Views (EUR/USD)
Intra-day Market Moving News and Views
09 Oct 2015 01:22GMT
EUR/USD - ....... The single currency proved quite tricky to trade yesterday as despite initial rise to 1.1315 in European morning, price swiftly retreated to 1.1238 at New York open.
However, euro pared its losses and rallied to session high at 1.1328 in New York afternoon after the release of dovish FOMC minutes. Later, euro fell again to 1.1263 before recovering.
Price then met renewed selling at 1.1292 ahead of Asian open and fell to 1.1268 in Asian morning.
There is no major eco. data to be released from the eurozone today except figures of industrial output from France and Italy at 06:45GMT and 08:00GMT respectively.
Offers are now seen at 1.1290/00 and more below at 1.1310/20 with stops building up above yesterday's high at 1.1328 whilst initial bids are noted at 1.1220/30, suggesting further choppy trading would be seen ahead of European open.
AceTraderFx Oct 9: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK
Update Time: 09 Oct 2015 01:21 GMT
EUR/USD - 1.1281
Although price has retreated after yesterday's breach of last Friday's high at 1.1319 to 1.1328 on dovish FOMC minutes and further choppy trading is likely to be seen, as aforesaid move signals the recent upmove from 1.1105 has resumed, upside bias is seen for gain towards 1.1328, break would yield stronger retracement of decline from 1.1459 towards 1.1373.
However, near term loss of momentum would keep price well below 1.1390 (previous support, now resistance) and yield retreat.
On the downside, only below 1.1150 would confirm a temporary top has been made and turn outlook bearish for further weakness to 1.1120/25.