Daily Recommendations on Major - EUR/USD

AceTrader Team AceTrader

DAILY MARKET OUTLOOK on Major
Update Time: 11 Jan 2019 05:30 GMT

EUR/USD - 1.1519
Despite yesterday's initial marginal gain above previous high to an 11-week peak of 1.1570 in Asia, subsequent stronger-than-expected decline due to broad-based profit taking in euro to a low as 1.1485 in New York afternoon following mildly hawkish comments by Fed's J. Powell suggests recent upmove has made a temporary top and intra-day rebound would yield range trading.

Below 1.1485 would bring stronger retracement of recent rise from 1.1216 (November) towards 1.1440 whilst above 1.1545 may bring re-test of 1.1570 but break there needed to revive bullishness for resumption of upmove towards 1.1621 next week.

Data to be released on Friday :
Australia AIG construction index, retail sales, New Zealand building permits, Japan household spending, current account, trade balance, Eco. Watchers outlook, Eco. Watchers current.
Italy industrial output, UK GDP, industrial output, manufacturing output, construction output, goods trade balance, trade balance, NIESR GDP estimate, EU ZEW economic sentiment.
U.S. CPI, real weekly earnings, trade balance, Federal budget.

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 climbs to two-week highs beyond 1.1900

EUR/USD is keeping its foot on the gas at the start of the week, reclaiming the 1.1900 barrier and above on Monday. The US Dollar remains on the back foot, with traders reluctant to step in ahead of Wednesday’s key January jobs report, allowing the pair to extend its upward grind for now.

GBP/USD hits three-day peaks, targets 1.3700

GBP/USD is clocking decent gains at the start of the week, advancing to three-day highs near 1.3670 and building on Friday’s solid performance. The better tone in the British Pound comes on the back of the intense sekk-off in the Greenback and despite re-emerging signs of a fresh government crisis in the UK.

Gold treads water around $5,000

Gold is trading in an inconclusive fashion around the key $5,000 mark on Monday week. Support is coming from fresh signs of further buying from the PBoC, while expectations that the Fed could turn more dovish, alongside concerns over its independence, keep the demand for the precious metal running.

Crypto Today: Bitcoin steadies around $70,000, Ethereum and XRP remain under pressure

Bitcoin hovers around $70,000, up near 15% from last week's low of $60,000 despite low retail demand. Ethereum delicately holds $2,000 support as weak technicals weigh amid declining futures Open Interest. XRP seeks support above $1.40 after facing rejection at $1.54 during the previous week's sharp rebound.

Japanese PM Takaichi nabs unprecedented victory – US data eyed this week

I do not think I would be exaggerating to say that Japanese Prime Minister Sanae Takaichi’s snap general election gamble paid off over the weekend – and then some. This secured the Liberal Democratic Party (LDP) an unprecedented mandate just three months into her tenure.

Ripple exposed to volatility amid low retail interest, modest fund inflows

Ripple (XRP) is extending its intraday decline to around $1.40 at the time of writing on Monday amid growing pressure from the retail market and risk-off sentiment that continues to keep investors on the sidelines.