Daily Recommendations on Major - EUR/USD

AceTrader Team AceTrader

DAILY MARKET OUTLOOK on Major
Update Time: 02 Nov 2018 05:20 GMT

EUR/USD - 1.1397
Although euro's rally from Wed's 2-1/2 month trough of 1.1303 to as high as 1.1424 in New York yesterday due to usd's broad-based usd's strength suggests recent decline has made a low there and sideways swings are expected ahead of release of key U.S. jobs data, a daily close above previous res at 1.1432 needed to turn outlook bullish for stronger retracement towards 1.1494, then possibly to 1.1550 later next week.

On the downside, below 1.1350/60 signals rebound is over and risk would shift to downside for test of key 2018 13-month bottom at 1.1301.

Data to be released later on Friday :
UK BRC retail sales, Markit construction PMI, Australia PPI, retail sales, Germany import prices, Markit manufacturing PMI, France budget balance, Markit manufacturing PMI, Swiss retail sales, Italy Markit manufacturing PMI, EU Markit manufacturing PMI.
U.S. non-farm payrolls, private payrolls, unemployment rate, average earnings, trade balance, ISM New York index, durable goods, factory orders, and Canada employment change, unemployment rate, trade balance, exports, imports.

Author

AceTrader Team

AceTrader

Led by world-renowned technical analyst Wilson Leung, we have a team of 7 analysts monitoring the market and updating our recommendations and commentaries 24 hours a day.

EUR/USD: US Dollar to remain pressured until uncertainty fog dissipates

Unimpressive European Central Bank left monetary policy unchanged for the fifth consecutive meeting. The United States first-tier employment and inflation data is scheduled for the second week of February. EUR/USD battles to remain afloat above 1.1800, sellers moving to the sidelines.

GBP/USD reclaims 1.3600 and above

GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.

Gold: Volatility persists in commodity space

After losing more than 8% to end the previous week, Gold remained under heavy selling pressure on Monday and dropped toward $4,400. Although XAU/USD staged a decisive rebound afterward, it failed to stabilize above $5,000. The US economic calendar will feature Nonfarm Payrolls and Consumer Price Index data for January, which could influence the market pricing of the Federal Reserve’s policy outlook and impact Gold’s performance.

Week ahead: US NFP and CPI data to shake Fed cut bets, Japan election looms

US NFP and CPI data awaited after Warsh’s nomination as Fed chief. Yen traders lock gaze on Sunday’s snap election. UK and Eurozone Q4 GDP data also on the agenda. China CPI and PPI could reveal more weakness in domestic demand.

Three scenarios for Japanese Yen ahead of snap election

The latest polls point to a dominant win for the ruling bloc at the upcoming Japanese snap election. The larger Sanae Takaichi’s mandate, the more investors fear faster implementation of tax cuts and spending plans.

XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.