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Is the US 100 Cash Index Close to a Correction?

Is the US 100 Cash Index Close to a Correction?

US 100 index is in red today, testing the support set by a key trendline It remains a tad below its all-time high as the market looks for new bullish catalysts Stochastic oscillator is trying to send a bearish message The US 100 cash index is lower today, testing...

EUR/USD Mid-Day Outlook – Action Forex

EUR/USD Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 1.0765; (P) 1.0777; (R1) 1.0792; More… EUR/USD’s break of 1.0804 resistance suggests short term bottoming at 1.0694, on bullish convergence condition in 4H MACD. Intraday bias is back on the upside for stronger rebound. Sustained above 55 D EMA (now...

Canada: Inflation Sees Some Welcomed Cooling in January

Canada: Inflation Sees Some Welcomed Cooling in January

Headline CPI inflation cooled more than expected in January, stepping down half a point to 2.9% year-on-year (y/y). Energy prices, and more specifically gasoline prices, were a key part of lower inflation, with gasoline prices down 4% versus a year ago. But even...

GBP/USD Mid-Day Outlook – Action Forex

GBP/USD Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 1.2577; (P) 1.2604; (R1) 1.2623; More… Despite today’s rebound, GBP/USD is staying below 1.2691 resistance and intraday bias remains neutral first. On the upside, break of 1.2691 resistance will indicate that correction from 1.2826 has completed....

USD/CHF Mid-Day Outlook – Action Forex

USD/CHF Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 0.8802; (P) 0.8819; (R1) 0.8841; More…. USD/CHF is staying in consolidation from 0.8884 and intraday bias stays neutral. Further rally is expected as long as 0.8727 resistance turned support holds. On the upside, break of 0.8885 will resume the rise...

Canadian January CPI Growth Edged into BoC’s Target Range

Canadian January CPI Growth Edged into BoC’s Target Range

CPI growth decelerated to 2.9% year-over-year from 3.4% in December – back under the top end of the Bank of Canada’s (BoC) 1% to 3% target range for the first time since June 2023. Energy and food price growth continued to slow, but the Bank of Canada’s preferred...

Sunset Market Commentary – Action Forex

Sunset Market Commentary – Action Forex

Markets This morning, the PBOC surprised markets with a much bigger than expected 25 bps cut of the 5-year prime loan rate (3.95%) aiming to support the real estate market and hopefully also helping to provide some oxygen (and confidence) for broader economic...

ETHUSD Unlocks 21-month High Just Shy of 3,000

ETHUSD Unlocks 21-month High Just Shy of 3,000

ETHUSD extends structure of higher highs Posts 21-month peak a tad below 3,000 psychological mark Momentum indicators point to overbought conditions ETHUSD (Ethereum) has been developing within a bullish channel since late October, surging to consecutive higher highs....

Dollar Turns to Fed Minutes for More Fuel

Dollar Turns to Fed Minutes for More Fuel

Minutes of latest Fed meeting will be released at 19:00 GMT Wednesday Given strength of US economy, Fed has warned against early rate cuts If the minutes echo this view, dollar could extend its winning streak Traders recalibrate Fed rate path The US economy continues...

USD/JPY Mid-Day Outlook – Action Forex

USD/JPY Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 149.93; (P) 150.09; (R1) 150.30; More… USD/JPY is still bounded in consolidation from 150.87 and intraday bias stays neutral. In case of another retreat, downside should be contained by 148.79 resistance turned support to bring another rally. Above...

Gold Rises But Within a Downward Channel

Gold Rises But Within a Downward Channel

Gold rallied for the fourth consecutive session to reach $2023, recovering almost all the losses suffered the week before on the back of the inflation report. Gold’s ability to rally suggests continued domestic demand, as some investors are clearly rushing to buy back...

Crypto Market Growth Halted Amid Capital Inflows

Crypto Market Growth Halted Amid Capital Inflows

Market picture The crypto market has corrected 0.46% in the last 24 hours, fluctuating within a narrow range without a clear direction. Bitcoin is down 1% but up 3.7% over seven days, Ethereum is flat for the day but up 10.6% over the week. The top coins are mixed...

USDCHF Regains Some Power, But Still at Risk

USDCHF Regains Some Power, But Still at Risk

USDCHF gets rejected near familiar resistance Short-term bias remains positive but probably too weak USDCHF has been in the green almost every week since the plunge to a nine-year low of 0.8331 at the end of December, but the bullish wave was not strong enough to...

EUR/GBP Daily Outlook – Action Forex

EUR/GBP Daily Outlook – Action Forex

Daily Pivots: (S1) 0.8543; (P) 0.8552; (R1) 0.8565; More… No change in EUR/GBP and intraday bias remains neutral for the moment. On the downside, break of 0.8497 will resume recent fall to 0.8464 projection level. However, considering bullish convergence condition in...

EUR/JPY Daily Outlook – Action Forex

EUR/JPY Daily Outlook – Action Forex

Daily Pivots: (S1) 161.54; (P) 161.77; (R1) 162.05; More… EUR/JPY’s rally is in progress even though upside momentum is not too convincing. Intraday bias stays on the upside. Rise from 153.15 should target a retest on 164.29 high. On the downside, however, below...

GBP/JPY Daily Outlook – Action Forex

GBP/JPY Daily Outlook – Action Forex

Daily Pivots: (S1) 188.88; (P) 189.17; (R1) 189.44; More… GBP/JPY is still extending range trading below 190.05 and intraday bias remains neutral. Further rally is expected with 187.83 minor support intact. Break of 190.05 will target 61.8% projection of 178.71 to...

EURJPY on the Rise Above 162.00, But for How Long?

EURJPY on the Rise Above 162.00, But for How Long?

EURJPY posts new 3-month high Momentum indicators are gaining ground Positive structure remains intact above short- and long-term diagonal lines EURJPY is skyrocketing above the 162.00 round number, recording a fresh three-month high. The market is completing a strong...

FX option expiries for 20 February 10am New York cut

FX option expiries for 20 February 10am New York cut

There are quite a number to watch out for, as highlighted in bold.The first ones being for EUR/USD near the 1.0800 mark, which could help to limit upside price action in the session ahead.Similarly, the ones for USD/JPY at 150.50 should have the same effect in holding...

Australian Dollar Extends Gains, RBA Minutes Next

Australian Dollar Extends Gains, RBA Minutes Next

The Australian dollar extended its gains for a fourth straight day. In the European session, AUD/USD is trading at 0.6537, up 0.10%. Last Tuesday, the Australian dollar suffered its worst one-day showing of the year, declining by 1.18%, after US inflation was higher...

USD/JPY Mid-Day Outlook – Action Forex

USD/JPY Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 149.81; (P) 150.23; (R1) 150.63; More… USD/JPY is extending the consolidation from 150.87 and intraday bias remains neutral. Downside of retreat should be contained by 148.79 resistance turned support to bring another rally. Above 150.87 will resume...

Sunset Market Commentary – Action Forex

Sunset Market Commentary – Action Forex

Markets A quiet weekend, uninspiring overnight Asian dealings, an all but empty economic calendar & US financial markets closed for Presidents’ Day. Those are the poor cards European market were dealt with at the start of the week. It doesn’t come as a surprise,...

XAU/USD: Gold Extends Recovery Despite Sticky US Inflation

XAU/USD: Gold Extends Recovery Despite Sticky US Inflation

Recovery leg from $1984 (9-week low of Feb 14) extends into third straight day after short-lived probe below psychological $2000 level was contained by 100DMA and Morning Doji Star reversal pattern formed on daily chart. Although the metal’s price gained pace and...

USD/CHF Mid-Day Outlook – Action Forex

USD/CHF Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 0.8788; (P) 0.8813; (R1) 0.8835; More…. USD/CHF is extending the consolidation pattern from 0.8884 and intraday bias remains neutral. Further rally is expected as long as 0.8727 resistance turned support holds. On the upside, break of 0.8885 will...

EUR/USD Mid-Day Outlook – Action Forex

EUR/USD Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 1.0744; (P) 1.0766; (R1) 1.0800; More… EUR/USD is extending the consolidation from 1.0694 and intraday bias stays neutral. . Further decline is in favor with 1.0804 resistance intact. On the downside, below 1.0694 will resume the fall from 1.1138 to...

Subdued Trading and Anticipation for RBA Minutes

Subdued Trading and Anticipation for RBA Minutes

Activity in the global financial markets are rather muted today, with major European stock indexes reading water within a narrow range. US futures are also showing little change, reflecting the quietness of US market holiday. In the currency sphere, movements are...

GBP/USD Mid-Day Outlook – Action Forex

GBP/USD Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 1.2560; (P) 1.2592; (R1) 1.2634; More… Range trading continues in GBP/USD and intraday bias stays neutral. On the upside, break of 1.2691 resistance will indicate that correction from 1.2826 has completed. Intraday bias will be back on the upside...

EUR/JPY Daily Outlook – Action Forex

EUR/JPY Daily Outlook – Action Forex

Daily Pivots: (S1) 161.53; (P) 161.74; (R1) 162.09; More… Intraday bias in EUR/JPY remains on the upside at this point. Further rise would be seen to retesting 164.29 high next. On the downside, however, below 160.90 minor support will turn intraday bias neutral...

GBP/JPY Daily Outlook – Action Forex

GBP/JPY Daily Outlook – Action Forex

Daily Pivots: (S1) 188.89; (P) 189.21; (R1) 189.59; More… Intraday bias in GBP/JPY remains neutral and some more consolidation could be seen below 190.05. Further rally is expected with 187.83 minor support intact. Break of 190.05 will target 61.8% projection of...

Bitcoin and Ether in Area of Light Resistance

Bitcoin and Ether in Area of Light Resistance

Market picture The crypto market capitalisation reached $1.99 trillion, according to CoinMarketCap estimates, an increase of over 10% in one week. Forbes estimates that the $2 trillion mark was reached last week. Either way, the growth momentum is clear and very...

GBP/JPY: Price Corrects from 8.5 Year High

GBP/JPY: Price Corrects from 8.5 Year High

According to CNN, the economies of the UK and Japan entered a technical recession last week as data showed a second consecutive quarterly decline in gross domestic product. And if in the UK the economic downturn can be associated with high inflation and the strict...

Swedish Inflation Data Kicks Off the Week

Swedish Inflation Data Kicks Off the Week

In focus today This morning we will get Swedish inflation data for January. We expect an increase in CPIF inflation to 3.2% y/y, while core inflation (CPIF excl. Energy) should fall to 4.4% y/y. This week’s calendar contains several important releases to watch. Both...

Gold Tests Tricky Area Within 38.2% Fibonacci

Gold Tests Tricky Area Within 38.2% Fibonacci

Gold remains in trading range in short-term Price rebounds off 1,984 MACD and RSI suggest buying interest Gold is moving higher again today, recording its third consecutive green candle after bouncing off the 1,984 support level. It is currently testing the 38.2%...

FX option expiries for 19 February 10am New York cut

FX option expiries for 19 February 10am New York cut

There aren't any major expiries to take note of for the day. And as a caveat, please take the figures from Tuesday to Friday with tentative caution. I suspect the source for the future expiries are a little wonky so I will update them accordingly day by day instead....

Forex and Cryptocurrencies Forecast – Action Forex

Forex and Cryptocurrencies Forecast – Action Forex

EUR/USD: A Week of Mixed Data The macroeconomic statistics released last week were mixed in both the United States and the Eurozone. As a result, EUR/USD failed to break through either the 1.0700 support or the 1.0800 resistance, continuing to move within a narrow...

EUR/CHF Weekly Outlook – Action Forex

EUR/CHF Weekly Outlook – Action Forex

EUR/CHF’s rebound from 0.9252 resumed by breaking through 0.9471 resistance last week. But as a temporary top was formed at 0.9510, initial bias remains neutral this week for more consolidations. Downside of retreat should be contained by 0.9413 minor support to bring...

EUR/AUD Weekly Outlook – Action Forex

EUR/AUD Weekly Outlook – Action Forex

Sideway trading continued in EUR/AUD last week and outlook is unchanged. Initial bias remains neutral this week first. On the upside, decisive break of 1.6671 will revive the case that whole correction from 1.7062 has completed with three waves down to 1.6127. Further...

EUR/GBP Weekly Outlook – Action Forex

EUR/GBP Weekly Outlook – Action Forex

EUR/GBP edged lower to 0.8497 last week but recovered just ahead of 0.8491 support. Yet, upside is capped below 0.8571 resistance. Initial bias remains neutral this week first. On the downside, break of 0.8497 will resume recent fall to 0.8464 projection level....

EUR/JPY Weekly Outlook – Action Forex

EUR/JPY Weekly Outlook – Action Forex

EUR/JPY’s rise from 153.15 resumed by breaking 161.84 resistance last week. Initial bias remains on the upside for retesting 164.29 high next. On the downside, however, below 160.90 minor support will turn intraday bias neutral first. In the bigger picture, price...

GBP/JPY Weekly Outlook – Action Forex

GBP/JPY Weekly Outlook – Action Forex

GBP/JPY’s up trend resumed and edged higher to 190.05 last week, but then retreated. Initial bias remains neutral this week for more consolidations. Further rally is expected with 187.83 minor support intact. Break of 190.05 will target 61.8% projection of 178.71 to...

AUD/USD Weekly Report – Action Forex

AUD/USD Weekly Report – Action Forex

AUD/USD edged lower to 0.6642 last week but recovered since then. Initial bias stays neutral this week first. More consolidation would be seen and stronger recovery cannot be ruled out. But outlook will remain bearish as long as 0.6621 resistance holds. Break of...

USD/CHF Weekly Outlook – Action Forex

USD/CHF Weekly Outlook – Action Forex

USD/CHF’s rally from 0.8332 continued last week and hit as high as 0.8884. Nevertheless, with subsequent retreat, initial bias remains neutral this week first. On the upside, above 0.8884 will resume the rise and 100% projection of 0.8332 to 0.8727 from 0.8550 at...

GBP/USD Weekly Outlook – Action Forex

GBP/USD Weekly Outlook – Action Forex

GBP/USD was bounded in range below 1.2826 last week despite some volatility. Initial bias remains neutral this week first. On the upside, break of 1.2691 resistance will indicate that correction from 1.2826 has completed. Intraday bias will be back on the upside for...

USD/JPY Weekly Outlook – Action Forex

USD/JPY Weekly Outlook – Action Forex

USD/JPY rose further to 150.87 last week but retreated since then. Intraday bias remains neutral this week for some consolidations. But in case of another retreat, downside should be contained by 148.79 resistance turned support to bring another rally. Above 150.87...

EUR/USD Weekly Outlook – Action Forex

EUR/USD Weekly Outlook – Action Forex

EUR/USD edged lower to 1.0694 last week but recovered since then. Initial bias remains neutral this week first. Further decline is in favor with 1.0804 resistance intact. On the downside, below 1.0694 will resume the fall from 1.1138 to retest 1.0447 support....

USD/CAD Weekly Outlook – Action Forex

USD/CAD Weekly Outlook – Action Forex

USD/CAD edged higher to 1.3585 last week but retreated since then. Initial bias remains neutral this week first. Further rally is expected as long as 1.3357 support holds. Break of 1.3585 will resume the rebound from 1.3176 for 1.3897 resistance. In the bigger...

NZD: The Week Ahead – Action Forex

NZD: The Week Ahead – Action Forex

Commerzbank’s analysis suggests a brighter outlook for the New Zealand Dollar (NZD) in the coming months despite recent downward pressure. Factors like broader U.S. Dollar strength and domestic issues have kept the NZD below last year’s highs. However, robust labor...

Summary 2/19 – 2/23

Summary 2/19 – 2/23

Monday, Feb 19, 2024 Tuesday, Feb 20, 2024 Wednesday, Feb 21, 2024 Thursday, Feb 22, 2024 Friday, Feb 23, 2024 The post Summary 2/19 – 2/23 appeared first on Action Forex.

US PPI up 0.3% mom, 0.9% yoy in Jan

US PPI up 0.3% mom, 0.9% yoy in Jan

US PPI rose 0.3% mom in January above expectation of 0.1% mom. PPI goods declined -0.2% mom while PPI services rose 0.6% mom. PPI less foods, energy, and trade services rose 0.6% mom, the largest advance since January 2023. For the 12-month period, PPI slowed from...

RBNZ’s Orr – Inflation Expectations Still Too High

RBNZ’s Orr – Inflation Expectations Still Too High

The New Zealand dollar is drifting on Friday. In the European session, NZD/USD is trading at 0.6110, up 0.08%. Orr pushes back against rate cut expectations The Reserve Bank of New Zealand has made inflation its top priority and the Bank’s steep rate-hiking cycle...

USD/JPY Mid-Day Outlook – Action Forex

USD/JPY Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 149.47; (P) 150.02; (R1) 150.50; More… USD/JPY recovers in early US sessions but stays in range below 150.87. Intraday bias remains neutral and more consolidation would be seen. But in case of another retreat, downside should be contained by 148.79...

USD/CHF Mid-Day Outlook – Action Forex

USD/CHF Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 0.8767; (P) 0.8816; (R1) 0.8850; More…. USD/CHF recovers mildly in early US session as consolidation from 0.8885 continues. Intraday bias remains neutral first. Downside of retreat should be contained by 0.8727 resistance turned support to bring...

Sunset Market Commentary – Action Forex

Sunset Market Commentary – Action Forex

Markets This week’s market story was all about US price data which dashed investors hope on a May Fed policy rate cut. January CPI delivered the first and biggest blow on Tuesday by unexpectedly accelerating on a monthly basis and keeping Y/Y-equations more sticky...

Weekly Focus – Data Dampens Rate Cut Expectations

Weekly Focus – Data Dampens Rate Cut Expectations

The overall theme for markets this week continued to be the scaling back of expectations of rate cuts especially in the US as the economy looks stronger, and inflation higher, than expected. However, the change should not be exaggerated. Inflation expectations are...

Week Ahead – Fed Minutes Headline a Data-Heavy Week

Week Ahead – Fed Minutes Headline a Data-Heavy Week

Dollar shines after inflation surprise, awaits latest Fed minutes In Europe, business surveys will be crucial for euro and sterling Canadian and Australian data releases also on the agenda Fired up dollar turns to FOMC minutes It was a beneficial week for the US...

GBP/USD Mid-Day Outlook – Action Forex

GBP/USD Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 1.2561; (P) 1.2581; (R1) 1.2621; More… Range trading continues in GBP/USD and intraday bias stays neutral. On the upside, break of 1.2691 resistance will indicate that correction from 1.2826 has completed. Intraday bias will be back on the upside...

EUR/USD Mid-Day Outlook – Action Forex

EUR/USD Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 1.0737; (P) 1.0761; (R1) 1.0797; More… EUR/USD dips mildly in early US session as consolidation from 1.0694 extends. Intraday bias remains neutral and outlook stays bearish with 1.0804 resistance intact. Below 1.0694 will resume the fall from 1.1138...

Dollar Finds Footing on Strong PPI Data

Dollar Finds Footing on Strong PPI Data

Dollar stages a notable recovery in the early US session, buoyed by stronger than expected January PPI figures. The highlight was PPI excluding foods, energy, and trade services, which saw its largest monthly increase in a year, hinting at persistent underlying...

Octa – Action Forex

Octa – Action Forex

General information Octa (formerly OctaFX) is an international broker that has been providing online trading services worldwide since 2011. It offers commission-free access to financial markets and a variety of services already utilised by clients from 180 countries...

Altcoins Temporarily Benefit from Bitcoin’s Pause

Altcoins Temporarily Benefit from Bitcoin’s Pause

Market picture The cryptocurrency market is up 1.7% from 24 hours ago, with Bitcoin stuck between $51.5K and $52.5K. Buying interest has focused on the major altcoins such as BNB (+3.6%), XRP (+3.5%) and Cardano (+4%), which were lagging the day before, but they are...

Natural Gas Dives to Pandemic Lows; Near-Term Oversold

Natural Gas Dives to Pandemic Lows; Near-Term Oversold

Natural gas futures reach pandemic lows Oversold signals present; confirmation above 1.65 Natural gas futures (March delivery) experienced another painful week, plummeting towards the pandemic floor of 1.50, which halted the 2014-2016 downtrend too. The RSI and the...

GBP/USD Yawns as UK Retail Sales Soar

GBP/USD Yawns as UK Retail Sales Soar

The British pound has edged lower on Friday. In the European session, GBP/USD is trading at 1.2578, down 0.17%. UK retail sales rebound with 3.4% gain UK retail sales were more than impressive, surging 3.4% m/m in January. This crushed the market estimate of 1.5% and...

US Data Wraps Up This Week

US Data Wraps Up This Week

In focus today In the US, the University of Michigan’s preliminary consumer survey (including inflation expectations) and January producer prices figures (PPI) are due for release in the afternoon. Following the strong CPI earlier this week, markets will be very...

Nikkei 225 Technical: Eyeing Potential New All-Time High

Nikkei 225 Technical: Eyeing Potential New All-Time High

Nikkei 225 has continued its bullish momentum despite a technical recession in the Japanese economy. Current price action is just 0.9% away from its 38,957 all-time high printed in December 1989. Medium-term momentum is overbought but no clear signs of bullish trend...

NZDUSD Stuck in a Rectangle Pattern

NZDUSD Stuck in a Rectangle Pattern

NZDUSD claims 200-day SMA and descending trendline But the pair fails to rally, extending sideways move Oscillators improve but remain in negative territories NZDUSD entered a downtrend after getting rejected at the 78.6% Fibonacci retracement of the 0.6536-0.5772...

USDCAD Retains Upside Pressure in Ascending Channel

USDCAD Retains Upside Pressure in Ascending Channel

USDCAD starts a battle with 200-day SMA However, MACD and stochastic suggest bearish retracement USDCAD has been recouping some losses after the strong bearish movement in the preceding two sessions but is currently finding strong resistance near the 200-day simple...

Yen Dips as Nikkei Charges Toward Record High

Yen Dips as Nikkei Charges Toward Record High

Yen weakens mildly in Asian session today, contrasting with Nikkei’s continued up trend towards historical high made in 1990. This development comes amidst diminishing impacts of Japanese officials’ verbal interventions aimed at stemming Yen’s decline. Without...

FX option expiries for 16 February 10am New York cut

FX option expiries for 16 February 10am New York cut

There are a couple to take note of, as highlighted in bold.The ones for EUR/USD are layered between 1.0700 to 1.0800 with some right in the middle of that. It is likely to keep price action more contained at current levels especially, before the expiries roll off...

USD/JPY: Correction Likely to be Limited

USD/JPY: Correction Likely to be Limited

USDJPY extends pullback from the three-month high (150.88) into second straight day, as traders booked profits after Tuesday’s rally of nearly 1%. Overbought daily studies contributed to fresh selling, which is expected to push the price lower and offer better levels...

Ethereum Price Exceeds $2,800 – Action Forex

Ethereum Price Exceeds $2,800 – Action Forex

The last time the ETH/USD price was at this level was in May 2022, which was the start of a massive drop of more than 65% in 1.5 months. However, now the ETH/USD market is dominated by bullish sentiment, for the following reasons: → deployment of the Dencun update on...

All Eyes on the Strongest Cryptos

All Eyes on the Strongest Cryptos

Market picture The crypto market continues to rise, adding 2.3% to the level of 24 hours ago. Bitcoin’s capitalisation has surpassed 1 trillion, and its share of all coins is estimated at 52.5% by CoinMarketCap. The increase in share is due to USDT and the relative...

USD/CHF Mid-Day Outlook – Action Forex

USD/CHF Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 0.8842; (P) 0.8864; (R1) 0.8880; More…. USD/CHF’s retreat from 0.8884 extends lower today and intraday bias remains neutral. Some more consolidative trading would be seen but downside should be contained by 0.8727 resistance turned support to bring...

USD/JPY Mid-Day Outlook – Action Forex

USD/JPY Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 150.33; (P) 150.61; (R1) 150.86; More… Intraday bias in USD/JPY stays neutral as consolidation from 150.87 is extending. Downside of consolidation should be contained by 148.79 resistance turned support to bring another rally. Above 150.87 will...

GBP/USD Mid-Day Outlook – Action Forex

GBP/USD Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 1.2531; (P) 1.2571; (R1) 1.2606; More… Outlook in GBP/USD is unchanged and intraday bias stays neutral at this point. On the upside, break of 1.2691 resistance will indicate that correction from 1.2826 has completed. Intraday bias will be back on...

EUR/USD Mid-Day Outlook – Action Forex

EUR/USD Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 1.0704; (P) 1.0719; (R1) 1.0744; More… Intraday bias in EUR/USD stays neutral as consolidation continues above 1.0694. Outlook will remain bearish as long as 1.0804 resistance holds. Below 1.0694 will resume the fall from 1.1138 to retest 1.0447...

Sunset Market Commentary – Action Forex

Sunset Market Commentary – Action Forex

Markets The slew of eco data from the US came in mixed. February regional sentiment indicators including the Empire Manufacturing index and the Philly Fed business outlook were better than expected. Details showed improvement across almost all subseries, including...

U.S. Retail Sales Opens 2024 on a Subdue Note

U.S. Retail Sales Opens 2024 on a Subdue Note

Retail sales declined by -0.8% month-on-month (m/m) in January, in contrast to December’s downwardly revised 0.4 % gain (previously 0.6%). This was lower than the consensus forecast calling for a more modest decline of -0.2%. Trade in the auto sector was down -1.7%...

BTCUSD Explodes to More Than 2-Year High

BTCUSD Explodes to More Than 2-Year High

BTCUSD goes parabolic after claiming 50-day SMA Jumps above 50,000 to a fresh more than 2-year peak Momentum indicators look extremely overbought BTCUSD (Bitcoin) has been experiencing a steep advance following its break above the 50-day simple moving average (SMA) on...

JP 225 Index in Sight of Historic Peak

JP 225 Index in Sight of Historic Peak

JP 225 index approaches its 1989 record high Bulls might be exhausted as overbought signals detected Japan’s 225 stock index (cash) marked another green day on Thursday despite GDP figures pointing to a recessionary economy, extending its weekly bull run closer to the...

Will Canadian CPI Data Offer Loonie Any Support?

Will Canadian CPI Data Offer Loonie Any Support?

Inflation in Canada has been stuck above 3.0% since the summer The Bank of Canada is keeping rate hike option on the table Yet, the loonie has been on the backfoot versus the dollar this year Will Tuesday’s CPI data (13:30 GMT) put BoC’s inflation fight back on track?...

Is a Correction Around the Corner for US 30 Cash Index?

Is a Correction Around the Corner for US 30 Cash Index?

US 30 index in the green again, after Tuesday’s decent correction It remains a tad below its all-time high but bulls might start to worry Momentum indicators mixed; all eyes on the stochastic oscillator The US 30 cash index is in the green again today, reacting to...

GBPUSD Edges Down as UK Slips into Mild Recession

GBPUSD Edges Down as UK Slips into Mild Recession

GBPUSD holds above key support trendline despite disappointing UK GDP data Short-term trend deteriorates, but confirmation needed below 1.2500 GBPUSD remained squeezed between the 1.2563 resistance and the key support trendline from the 2022 record low in the...

GBP/JPY Daily Outlook – Action Forex

GBP/JPY Daily Outlook – Action Forex

Daily Pivots: (S1) 188.70; (P) 189.31; (R1) 189.87; More… Intraday bias in GBP/JPY remains neutral at this point, for consolidations below 190.05. Break 190.05 will resume larger up trend. However, break of 187.83 will turn bias to the downside for deeper correction...

FX option expiries for 15 February 10am New York cut

FX option expiries for 15 February 10am New York cut

There are no major expiries today but there will be some big ones to watch out for tomorrow. As such, trading conditions today might be more muted in the run up towards the US retail sales data release.For more information on how to use this data, you may refer to...

EUR/USD Mid-Day Outlook – Action Forex

EUR/USD Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 1.0674; (P) 1.0736; (R1) 1.0772; More… EUR/USD’s fall from 1.1138 is in progress and intraday bias remains on the downside. Current development argues that whole rise from 1.0447 has already finished. Deeper decline would be seen back to this 1.0447...

USD/CHF Mid-Day Outlook – Action Forex

USD/CHF Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 0.8786; (P) 0.8833; (R1) 0.8919; More…. USD/CHF’s rally from 0.8332 is still in progress, and intraday bias stays on the upside. Next target is 100% projection of 0.8332 to 0.8727 from 0.8550 at 0.8954. Firm break there will pave the way to 161.8%...

USD/JPY Mid-Day Outlook – Action Forex

USD/JPY Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 149.73; (P) 150.31; (R1) 151.37; More… USD/JPY’s rally from 140.25 is still in progress and intraday bias stays on the upside for 151.89/93 key resistance zone. Decisive break there will confirm larger up trend resumption of 155.50 projection level...

EUR/GBP Mid-Day Outlook – Action Forex

EUR/GBP Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 0.8491; (P) 0.8513; (R1) 0.8526; More… Intraday bias in EUR/GBP is turned neutral with current recovery. But further decline is expected as long as 0.8571 resistance holds. Current fall is seen as part of the larger down trend. Break of 0.8497 will...

GBP/JPY Mid-Day Outlook – Action Forex

GBP/JPY Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 188.87; (P) 189.48; (R1) 190.50; More… Intraday bias in GBP/JPY is turned neutral with current retreat and some consolidations could be seen first. Downside should be contained well above 185.21 support to bring another rise. Break of 190.05 will...

Sunset Market Commentary – Action Forex

Sunset Market Commentary – Action Forex

Markets Core bonds licked their wounds after yesterday’s smackdown with UK gilts outperforming both US Treasuries and bunds. Gilts on Tuesday suffered a one-two-punch from a stronger-than-expected UK labour market report first and from the US CPI inspired global...

Pound Extends Losses After UK Inflation Unchanged

Pound Extends Losses After UK Inflation Unchanged

The British pound continues to lose ground on Wednesday. In the European session, GBP/USD is trading at 1.2546, down 0.35%. UK inflation holds steady at 4.0% The January inflation report showed that inflation didn’t budge but was lower than expected. UK CPI in January...

UK Inflation Data Tempers Sterling, But Impact Limited

UK Inflation Data Tempers Sterling, But Impact Limited

Sterling is taking a modest step back today, responding to UK’s latest inflation report that came in below market expectations. Despite this, the actual figures for both headline and core CPI merely held their ground compared to the previous month’s readings,...

Gold Plummets Below 2,000 – Action Forex

Gold Plummets Below 2,000 – Action Forex

Gold drops to its lowest since mid-December Breaks beneath the crucial 2,000 mark Oscillators point to extreme oversold conditions Gold experienced a massive downward spike in the four-hour chart following the hotter-than-expected US CPI report on Tuesday, dropping to...

ECB’s de Guindos: we must not get ahead of ourselves

ECB’s de Guindos: we must not get ahead of ourselves

ECB Vice President Luis de Guindos acknowledged in a speech that inflation is moving “on the right track” towards target. But he also pointed out several factors that could derail progress. De Guindos highlighted “wage pressures” as a crucial factor yet to show signs...

Has Japanese Yen Missed the Recovery Train?

Has Japanese Yen Missed the Recovery Train?

Yen down more than 6% against US dollar this year already Traders less confident Japan will raise rates, as inflation slows For the yen to recover, global economy needs to weaken Yen feels the blues Another year, another meltdown for the Japanese currency. A...

GBP/USD Daily Outlook – Action Forex

GBP/USD Daily Outlook – Action Forex

Daily Pivots: (S1) 1.2549; (P) 1.2617; (R1) 1.2661; More… Intraday bias in GBP/USD remains neutral at this point. On the upside, firm break of 1.2691 resistance will affirm the case that correction from 1.2826 has completed at 1.2517, after drawing support from...

EUR/GBP Daily Outlook – Action Forex

EUR/GBP Daily Outlook – Action Forex

Daily Pivots: (S1) 0.8491; (P) 0.8513; (R1) 0.8526; More… Intraday bias in EUR/GBP remains on the downside at this point. Current fall should be part of the larger down trend and should target 0.8464 projection level. For now, break of 0.8571 resistance is needed to...

GBP/JPY Daily Outlook – Action Forex

GBP/JPY Daily Outlook – Action Forex

Daily Pivots: (S1) 188.87; (P) 189.48; (R1) 190.50; More… Intraday bias in GBP/JPY remains on the upside for the moment. Next near term target is 61.8% projection of 178.71 to 188.90 from 185.21 at 191.50. On the downside, below 187.83 minor support will turn intraday...

A Heartbreaking Blow for Investors

A Heartbreaking Blow for Investors

Uh oh! Yesterday’s inflation data from the US didn’t go smoothly down the market’s throat. Instead, the stronger-than-expected set of inflation data dashed hopes of seeing the Federal Reserve (Fed) cut rates anytime in the first half of this year. The US 2-year yield...

GBPUSD Bears Push for a Breakout

GBPUSD Bears Push for a Breakout

GBPUSD tests the support set by the 200-day SMA Bears are attempting a breakout from the recent trading range Momentum indicators tentatively support the correction GBPUSD is registering its second consecutive red candle as the bears are trying to push GBPUSD below...

FX option expiries for 14 February 10am New York cut

FX option expiries for 14 February 10am New York cut

There aren't any major expiries to take note of for the day. As such, trading sentiment will continue to revolve around the post-CPI reaction. The bond market remains a key spot to watch in that regard, with spillovers to other technical plays in the dollar at the...

Eyes on UK Inflation While Dollar Dominance Continues

Eyes on UK Inflation While Dollar Dominance Continues

Dollar maintains its position as the week’s top performer so far, following notable upside breakouts, while Asian markets remain relatively quiet. Without major economic releases from US today, the greenback could have a breather first. However, attention is set to...

USDCHF Picks Up Steam, But Caution Needed

USDCHF Picks Up Steam, But Caution Needed

USDCHF speeds up, approaches crucial zone Overbought signals detected Important resistance at 0.8888 USDCHF gained significant positive momentum during the early European trading hours on Tuesday after a couple of weak sessions, extending its short-term uptrend from...

EUR/USD Mid-Day Outlook – Action Forex

EUR/USD Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 1.0750; (P) 1.0778; (R1) 1.0800; More… EUR/USD’s fall from 1.1138 resumed by breaking 1.0722 support today. More importantly, current development argues that whole rise from 1.0477 has already finished. Intraday bias is back on the downside for...

GBP/USD Mid-Day Outlook – Action Forex

GBP/USD Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 1.2604; (P) 1.2630; (R1) 1.2653; More… Despite spiking higher to 1.2691, GBP/USD quickly retreated. Intraday bias stays neutral for the moment. On the upside, firm break of 1.2691 resistance will affirm the case that correction from 1.2826 has...

USD/CHF Mid-Day Outlook – Action Forex

USD/CHF Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 0.8732; (P) 0.8752; (R1) 0.8778; More…. USD/CHF’s rally accelerates to as high as 0.8867 so far, and intraday bias stays on the upside. Next target is 100% projection of 0.8332 to 0.8727 from 0.8550 at 0.8954. Firm break there will pave the way to...

Sunset Market Commentary – Action Forex

Sunset Market Commentary – Action Forex

Markets Trading in Asia and during the morning session in Europe was one long-drawn countdown to US inflation data released this afternoon. Over the previous days we often had to mention that there wasn’t really much of hard news to guide trading, but this obviously...

January CPI: A Great Disservice

January CPI: A Great Disservice

Summary The January CPI data came in hotter than expected and did little to give the FOMC the “greater confidence” it needs to start imminently cutting rates. Gasoline prices declined for the fourth month in a row, but an outsized jump in energy services and food...

USD/JPY Mid-Day Outlook – Action Forex

USD/JPY Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 149.03; (P) 149.25; (R1) 149.58; More… USD/JPY’s rally resumed after brief consolidations and intraday bias is back on the upside. Further rally should now be seen to retest 151.89/93 key resistance zone. Decisive break there will confirm larger up...

Stronger Labour Market Continues to Boost Pound

Stronger Labour Market Continues to Boost Pound

Economic data continues to be on the Pound’s side, with another set of better-than-expected figures, this time from the labour market. The unemployment rate fell from 4.2% to 3.8% against expectations of 4.0%. A fall in the number of active job seekers in the labour...

January US CPI and Its Impact on EURUSD

January US CPI and Its Impact on EURUSD

Fundamental Outlook Today, Tuesday, February 13th, at 8:30 am New York time, the Bureau of Labor Statistics (BLS) releases US inflation data related to the Consumer Price Index (CPI). This high-impact data could generate significant changes in the perception of the...

Bitcoin Price Exceeds Psychological Level of $50k

Bitcoin Price Exceeds Psychological Level of $50k

The last time the BTC price was above $50,000 was in December 2021, making its way to the low around $15,500 reached in November 2022. Reaching the $50,000 level was facilitated by: → waiting for the halving, after which the price of Bitcoin is believed to receive a...

Where Will Bitcoin’s New Growth Momentum End?

Where Will Bitcoin’s New Growth Momentum End?

Market picture The crypto market continues its impressive growth, rising over 3.5% in 24 hours to $1.87 trillion. Having broken through its January peak, the market is now at its highest level since April 2022. Confidently gaining momentum even before bitcoin halved,...

USD: Critical Levels To Watch Ahead of CPI

USD: Critical Levels To Watch Ahead of CPI

The US Dollar Index (DXY) has been in a consolidation phase since early February, displaying minor signs of weakening last week. Despite this, the USD continues to find support around the 104.00 mark on dips, indicating a general resilience. Analysis suggests that the...

EURJPY Re-enters Bullish Channel – Action Forex

EURJPY Re-enters Bullish Channel – Action Forex

EURJPY edges higher after 50-day SMA prevents decline Jumps back within its bullish channel in place since June Momentum indicators turn positive EURJPY had been sliding lower in the short term, following its rejection at 161.85 in late January. Nevertheless, the pair...

USDJPY Bulls Take Control, But It Could be a Trap

USDJPY Bulls Take Control, But It Could be a Trap

USDJPY rises but trades within a bearish pattern Resistance expected around 149.70-150.00 US CPI inflation data due for release at 13:30 GMT USDJPY turned green after touching its 20-period simple moving average (SMA) in the four-hour chart, rising gradually to a new...

EURUSD Loses Steam After Bounce Off 1.0725

EURUSD Loses Steam After Bounce Off 1.0725

EURUSD holds beneath downtrend line in short-term 20- and 200-day SMAs post death cross Long-term view is still bullish EURUSD is struggling to continue the rebound that started from the 1.0725 support level and the medium-term ascending trend line. Currently, the...

FX option expiries for 13 February 10am New York cut

FX option expiries for 13 February 10am New York cut

There aren't any major expiries on the board for today. As such, trading sentiment will only be centered around the reaction to the US CPI data coming up later. There isn't anything else that will steal the focus in markets for the day ahead.For more information on...

Decoupling S&P 500 – Action Forex

Decoupling S&P 500 – Action Forex

Last Friday’s inflation revisions in the US were insignificant and hinted that inflation in the US was about the same by the end of last year. Consumer prices rose 3.3% in the final 3 months of the year in the US – the latter was good news for everyone craving to see...

USD/JPY Mid-Day Outlook – Action Forex

USD/JPY Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 149.01; (P) 149.29; (R1) 149.56; More… Intraday bias in USD/JPY is turned neutral as retreat from 149.57 is extending. Some consolidations could be seen but further rally is expected as long as 147.62 support holds. Above 149.57 will resume the rise...

GBP/USD Eyes Bailey, Jobs Report

GBP/USD Eyes Bailey, Jobs Report

The British pound is showing limited movement at the start of the week. In Monday’s North American session, GBP/USD is trading at 1.2610, down 0.15%. Bank of England Governor Andrew Bailey will speak at a public event later today and the markets will be listening...

USD/CHF Mid-Day Outlook – Action Forex

USD/CHF Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 0.8733; (P) 0.8747; (R1) 0.8763; More…. USD/CHF’s rally continues today and intraday bias stays on the upside. Current rise from 0.8332 should target 61.8% retracement of 0.9243 to 0.8332 at 0.8995. On the downside, below 0.8725 minor support will...

GBP/USD Mid-Day Outlook – Action Forex

GBP/USD Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 1.2604; (P) 1.2624; (R1) 1.2648; More… GBP/USD edged higher to 1.2653 today but failed to sustain above 55 4H EMA again. Intraday bias remains neutral for the moment. On the upside, firm break of 1.2653 resistance will affirm the case that...

Brent Crude Prices Edge Higher Amid Middle East Tensions

Brent Crude Prices Edge Higher Amid Middle East Tensions

Brent crude oil prices are currently hovering around $82.00 per barrel this Monday, with market sentiment influenced by recent developments in the Middle East. Although concerns over disruptions to energy supplies from the region have somewhat subsided, the...

Sunset Market Commentary – Action Forex

Sunset Market Commentary – Action Forex

Markets Core bonds marginally gained at the beginning of the new week. In super quiet trading (already starting in Asia as Japan and China kept their doors shut), US yields pared initial drops between 1.5 and 2.6 bps. German rates ease a little more, changes ranging...

EUR/USD Mid-Day Outlook – Action Forex

EUR/USD Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 1.0766; (P) 1.0781; (R1) 1.0799; More… Intraday bias in EUR/USD remains neutral and outlook is unchanged. While stronger recovery cannot be ruled out, outlook will stay bearish as long as 1.0896 resistance holds. On the downside, sustained break of...

NZD/USD Dips Despite Hawkish RBNZ

NZD/USD Dips Despite Hawkish RBNZ

RBA’s Orr says high rates still needed New Zealand releases inflation Expectations on Tuesday The New Zealand dollar is lower on Monday. In  the European session, NZD/USD is trading at 0.6127, down 0.35%. The New Zealand dollar ended the week on a high note, gaining...

Gold Slides Below 50-day SMA, Hitting Ascending Trendline

Gold Slides Below 50-day SMA, Hitting Ascending Trendline

Gold trades sideways in the past week Closes profoundly below the 50-day SMA on Friday Momentum indicators turn negative Gold has been rangebound in the past few trading sessions, following its rejection at the 2,065 mark on February 1. However, on Friday, the price...

Nikkei 225 Index Price Sets 34-year High

Nikkei 225 Index Price Sets 34-year High

The price of the Nikkei 225 index is fixed above the level of 37,000 points. The last time this happened was after the index reached its all-time high in 1989. The bullish behavior of the Japanese stock market has the following reasons: → Strong corporate reporting....

Bitcoin Pushes Cryptos Upwards – Action Forex

Bitcoin Pushes Cryptos Upwards – Action Forex

Market picture The crypto market reached a capitalisation of $1.82 trillion in the early hours of trading on Monday. By the early European session, it had corrected to $1.8 trillion, but this is still more than 10% above the levels of a week earlier. Bitcoin remains...

Are EURCHF Bulls Ready for a Breakout?

Are EURCHF Bulls Ready for a Breakout?

EURCHF trades higher, tests key resistance trendline Strong upmove in place since late January Momentum indicators support the current upleg EURCHF is trying to record its eighth consecutive green candle since the January 31 trough. It is now testing the resistance...

Central Bankers Advocated Cautious Wait-and-See Bias

Central Bankers Advocated Cautious Wait-and-See Bias

Markets Except for the (strong) US services ISM on Monday last week’s eco calendar was light. Friday’s US CPI revision in this respect didn’t change the picture. US auctions (3-y, 10-Y, 30-y) all met solid investor demand. Even so, yields on both sides of the Atlantic...

Forex and Cryptocurrencies Forecast – Action Forex

Forex and Cryptocurrencies Forecast – Action Forex

EUR/USD: Dollar Dips but Promises a Rebound Last week saw a scarcity of significant macroeconomic data. In anticipation of new drivers, market participants analysed the state of the US labour market and statements from Federal Reserve officials. Data released on...

FX option expiries for 12 February 10am New York cut

FX option expiries for 12 February 10am New York cut

There aren't any major expiries to take note of for today. And looking out to the rest of the week, there doesn't seem to be too much else either. But we'll take things one day at a time to see how they play out.As for the start of the week, price action is likely to...

Buckle Up for EU-China Trade Tensions

Buckle Up for EU-China Trade Tensions

In this piece, we argue that there is a high probability that the EU will increase the tariff on Chinese electric cars, but there are also good arguments why that might not lead to a large-scale trade war. The EU Commission has rung alarm bells over a doubling of the...

Summary 2/12 – 2/16

Summary 2/12 – 2/16

Monday, Feb 12, 2024 Tuesday, Feb 13, 2024 Wednesday, Feb 14, 2024 Thursday, Feb 15, 2024 Friday, Feb 16, 2024 The post Summary 2/12 – 2/16 appeared first on Action Forex.

EUR/CHF Weekly Outlook – Action Forex

EUR/CHF Weekly Outlook – Action Forex

EUR/CHF’s rebound last week suggests that pull back from 0.9471 has completed at 0.9304 already. Initial bias remains on the upside this week for 0.9471. Firm break there will resume whole rebound from 0.9252 to 100% projection of 0.9252 to 0.9471 from 0.9304 at...

EUR/AUD Weekly Outlook – Action Forex

EUR/AUD Weekly Outlook – Action Forex

EUR/AUD stayed in consolidation in range of 1.6348/6671 last week and outlook is unchanged. Initial bias stays neutral this week first. On the upside, decisive break of 1.6671 will revive the case that whole correction from 1.7062 has completed with three waves down...

EUR/GBP Weekly Outlook – Action Forex

EUR/GBP Weekly Outlook – Action Forex

EUR/GBP stayed in consolidation above 0.8512 last week and outlook is unchanged. Initial bias remains neutral this week first. While another recovery cannot be ruled out, outlook will stay bearish as long as 0.8591 resistance holds. On the downside, break of 0.8512...

EUR/JPY Weekly Outlook – Action Forex

EUR/JPY Weekly Outlook – Action Forex

EUR/JPY’s rebound last week suggests that corrective pull back from 161.84 has completed at 158.06 already. Initial bias remains on the upside for 161.84 resistance first. Firm break there will rebound whole rise from 153.15 to retest 161.84. For now, further rally is...

GBP/JPY Weekly Outlook – Action Forex

GBP/JPY Weekly Outlook – Action Forex

GBP/JPY’s rise last week indicates that pull back from 188.90 has completed at 185.21 already. Initial bias remains on the upside this week. Decisive break there will confirm larger up trend resumption. Next near term target will be 61.8% projection of 178.71 to...

USD/CAD Weekly Outlook – Action Forex

USD/CAD Weekly Outlook – Action Forex

USD/CAD rebounded strongly last week but failed to break through 1.3540 resistance decisively. Initial bias remains neutral this week for more consolidations first. Further rise is mildly in favor as long as 1.3357 support holds. On the upside, decisive break of...

AUD/USD Weekly Report – Action Forex

AUD/USD Weekly Report – Action Forex

AUD/USD edged lower to 0.6468 last week but turned sideway since then. Initial bias remains neutral this week for more consolidations. While stronger recovery cannot be ruled out, outlook will stay bearish as long as 0.6621 resistance holds. Break of 0.6468 will...

USD/CHF Weekly Outlook – Action Forex

USD/CHF Weekly Outlook – Action Forex

USD/CHF’s rise from 0.8332 resumed by breaking 0.8727 resistance last week. Initial bias stays on the upside this week despite loss of upside momentum. Next target is 61.8% retracement of 0.9243 to 0.8332 at 0.8995. On the downside, below 0.8687 minor support will...

GBP/USD Weekly Outlook – Action Forex

GBP/USD Weekly Outlook – Action Forex

GBP/USD rebounded after initial dip to 1.2517 last week, but upside was capped by 55 4H EMA. Initial bias remains neutral this week first. On the upside, firm break of 1.2641 resistance will affirm the case that correction from 1.2826 has completed at 1.2517, after...

USD/JPY Weekly Outlook – Action Forex

USD/JPY Weekly Outlook – Action Forex

USD/JPY’s rally from 140.25 resumed by breaking through 148.79 last week. Initial bias remains on the upside for retesting 151.89/93 key resistance zone. Decisive break there will confirm resumption of larger up trend. For now, downside, outlook will remain cautiously...

EUR/USD Weekly Outlook – Action Forex

EUR/USD Weekly Outlook – Action Forex

EUR/USD fell further to 1.0722 last week but recovered since then. Initial bias remains neutral this week for more consolidations. While stronger recovery cannot be ruled out, outlook will stay bearish as long as 1.0896 resistance holds. On the downside, sustained...

USD/JPY Mid-Day Outlook – Action Forex

USD/JPY Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 148.35; (P) 148.91; (R1) 149.89; More… USD/JPY’s rally from 140.25 is still in progress and intraday bias stays on the upside. Further rally would be seen to retest 151.89/93 key resistance zone. Decisive break there will confirm resumption of...

USD/CHF Mid-Day Outlook – Action Forex

USD/CHF Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 0.8721; (P) 0.8741; (R1) 0.8757; More…. Intraday bias in USD/CHF remains on the upside at this point. Current rise from 0.8332 would target 61.8% retracement of 0.9243 to 0.8332 at 0.8995 next. On the downside, below 0.8687 minor support will turn...

GBP/USD Mid-Day Outlook – Action Forex

GBP/USD Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 1.2580; (P) 1.2609; (R1) 1.2647; More… Intraday bias in GBP/USD stays neutral at this point. On the upside, above 1.2641 will resume the rebound from 1.2517 to retest 1.2826 high. On the downside, however, decisive break of 1.2499 will argue that...

EUR/USD Mid-Day Outlook – Action Forex

EUR/USD Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 1.0750; (P) 1.0770; (R1) 1.0797; More… Intraday bias in EUR/USD remains neutral and outlook is unchanged. On the downside, decisive break of 1.0722 will argue that whole rise from 1.0447 has completed. Deeper fall would then be seen to target this...

Sunset Market Commentary – Action Forex

Sunset Market Commentary – Action Forex

Markets The US Bureau of Labor Statistics published its annual CPI revisions today. The same event last year showed some deviations from the initial outcomes large enough that they casted doubt on the speed of the disinflationary process. This time around, however,...

Will January’s US CPI Inflation Be a Game Changer?

Will January’s US CPI Inflation Be a Game Changer?

Forecasts point to stable inflation, weaker core CPI Upside surprise is likely, as business indicators point to higher prices US economy has a blockbuster performance The US economy has left analysts speechless. Although the Fed has raised interest rates to the...

Weekly Focus – Higher Rates and Central Bank Pricing

Weekly Focus – Higher Rates and Central Bank Pricing

Focus this week has been on the increase in interest rates and the decline in market expectations for central bank rate cuts that were initiated by the strong US job market report late Friday last week. While the headline numbers were very strong, we stress that the...

USD/CAD Dips as Canadian Employment Shines

USD/CAD Dips as Canadian Employment Shines

Canadian employment jumps, wage growth falls USD/CAD edges lower The Canadian dollar has climbed higher in the North American session after the release of Canada’s December employment report. In the North American session, USD/CAD is trading at 1.3432, down 0.20%....

Copper’s Fall An Early Signal of Global Slowdown

Copper’s Fall An Early Signal of Global Slowdown

Copper exchange prices on Thursday fell to their lowest since November, approaching $8200 a tonne and breaking out of the broad consolidation range of the past two months. A move out of the $8250-8700 range technically leaves copper vulnerable to a quick fall into the...

Still No Clear Trend in Major FX

Still No Clear Trend in Major FX

Markets As was the case since Tuesday, global trading was kept in some kind of holding pattern. Potential drivers were central bank speakers, a US (30-y) auction and the weekly jobless claims. Fed Barkin joined his colleagues in their view that robust demand and...

Bitcoin Rises Ahead of Schedule

Bitcoin Rises Ahead of Schedule

Market picture The crypto market capitalisation has hit new highs since 12th January, passing the $1.75 trillion mark. The market has confidently moved into a state of greed, which we also last saw a month ago. Last month’s corrective pullback and early February’s...

GBPJPY Works Towards Uptrend Resumption

GBPJPY Works Towards Uptrend Resumption

GBPJPY surrounded by bullish vibes Could re-activate long-term uptrend Next resistance expected at 189.50 GBPJPY finally closed above the 188.25 region on Thursday, which had been keeping upside movements in control since mid-November, providing a ray of hope that the...

GBPUSD Retreats After Bullish Spike

GBPUSD Retreats After Bullish Spike

 GBPUSD rests near the 20-period SMA RSI and MACD suggest bearish wave GBPUSD is falling after a bullish spike earlier today, testing the 20-period simple moving average (SMA) in the 4-hour chart. According to technical oscillators, the RSI is still standing below its...

USDCAD Retreats Towards Crucial Trendline

USDCAD Retreats Towards Crucial Trendline

USDCAD gets repeatedly repelled by 1.3543 Latest rejection triggers decline below 200-day SMA Momentum indicators ease but remain positive USDCAD had been staging a solid recovery from its December low of 1.3176, but its advance was rejected twice at the 2024 peak of...

AUD/USD Struggles While NZD/USD Grinds Higher

AUD/USD Struggles While NZD/USD Grinds Higher

AUD/USD is declining below the 0.6540 support zone. NZD/USD is rising and could extend its increase above the 0.6130 resistance zone. Important Takeaways for AUD USD and NZD USD Analysis Today The Aussie Dollar started a fresh decline below the 0.6540 level against...

Friday FX option expiries | Forexlive

Friday FX option expiries | Forexlive

High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives,...

AUDJPY’s Gentle Climb Continues – Action Forex

AUDJPY’s Gentle Climb Continues – Action Forex

AUDJPY trades higher, clears the 100-day SMA A contracting triangle has been forming as AUDJPY volatility drops Momentum indicators remain uninterested in current upmove AUDJPY is enjoying its fourth consecutive green candle as JPY remains under pressure across the...

GBP/USD Mid-Day Outlook – Action Forex

GBP/USD Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 1.2599; (P) 1.2620; (R1) 1.2650; More… GBP/USD retreated ahead of 55 4H EMA (now at 1.2642) and intraday bias is turned neutral first. Above 1.2641 will resume the rebound from 1.2517 to retest 1.2826 high. On the downside, however, decisive break...

EUR/USD Mid-Day Outlook – Action Forex

EUR/USD Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 1.0755; (P) 1.0770; (R1) 1.0787; More… EUR/USD is still holding above 1.0722 support and intraday bias stays neutral. On the downside, decisive break of 1.0722 will argue that whole rise from 1.0447 has completed. Deeper fall would then be seen to...

USD/JPY Slides After BOJ Uchida’s Hawkish Comments

USD/JPY Slides After BOJ Uchida’s Hawkish Comments

The Japanese yen is down sharply on Thursday. In the European session, USD/JPY is trading at 149.12, up 0.64%. This is the yen’s lowest level against the US dollar since November 27. BoJ’s Uchida hints at policy shift The Bank of Japan dropped its latest hint of a...

EUR/USD Eyes German Inflation – Action Forex

EUR/USD Eyes German Inflation – Action Forex

EUR/USD is slightly lower on Wednesday. In the North American session, the euro is trading at 1.0751, down 0.20%. German inflation expected at 0.2% Germany’s CPI is expected at 0.2% m/m on Friday, which would confirm the initial estimate from two weeks earlier. On an...

BTCUSD Advances Towards Crucial Resistance

BTCUSD Advances Towards Crucial Resistance

BTCUSD ascends sharply after claiming 50-day SMA Currently challenges the December peak of 44,785 Momentum indicators are starting to look overbought BTCUSD (Bitcoin) experienced a strong decline from its recent two-year peak of 49,051, dropping to as low as 38,460....

Sunset Market Commentary – Action Forex

Sunset Market Commentary – Action Forex

Markets Japanese stock markets and JPY still account for today’s biggest market move in a telling sign about current market momentum. The Nikkei closed slightly over 2% higher. USD/JPY sets a new YTD high at 149.40 with both the psychologic 150 mark and the 2022...

USD/JPY: Rallies on Diverging BoJ/Fed Rate Outlook

USD/JPY: Rallies on Diverging BoJ/Fed Rate Outlook

USDJPY rallied on Thursday (up 0.80% until early hours of the US session) as BoJ kept dovish stance in rate talks which deflated yen, while dollar appreciated from growing signs that the Fed would slow the action towards rate cuts in 2024. The pair rose to the highest...

Pound Traders Lock Gaze on UK Inflation and GDP Data

Pound Traders Lock Gaze on UK Inflation and GDP Data

Investors price in rate cuts despite BoE’s ‘higher for longer’ mantra Will the UK CPI and GDP data confirm that view? CPI inflation on Wednesday (07:00 GMT), GDP on Thursday (07:00 GMT) Traders assign an 80% chance of a June BoE rate cut When they last met, Bank of...

Fed’s Barkin: We’ve got some time to be patient

Fed’s Barkin: We’ve got some time to be patient

Richmond Fed President Thomas Barkin highlighted the strength of the labor market and the encouraging trend of decreasing inflation in a Bloomberg TV interview. The cautious yet optimistic outlook grants Fed a period of watchful waiting before starting interest rate...

ECB’s Wunsch sees some value to waiting

ECB’s Wunsch sees some value to waiting

ECB Governing Council member Pierre Wunsch said today, “I’m on the side of those that believe there’s some value to waiting” before cutting interest rates. Nevertheless, Wunsch also acknowledged the inherent uncertainties in economic forecasting and the eventual need...

US initial jobless claims falls to 218k, vs exp 220k

US initial jobless claims falls to 218k, vs exp 220k

US initial jobless claims fell -9k to 218k in the week ending February 3, slightly better than expectation of 220k. Four-week moving average of continuing claims rose 4k to 212k. Continuing claims fell -23k to 1871k in the week ending January 27. Four-week moving...

AUD/USD Outlook: Dips After Soft China CPI Data

AUD/USD Outlook: Dips After Soft China CPI Data

AUDUSD eased below 0.6500 mark (cracked Fibo 61.8% of 0.6270/0.6871 rally) on Thursday, deflated by softer than expected China inflation data. Fresh weakness emerged after recovery attempts from 0.6468 (new 2024 low, posted on Feb 5) were repeatedly capped by 100DMA...

WTI Oil Futures Need One More Confirmation

WTI Oil Futures Need One More Confirmation

WTI oil aims for some recovery but lacks confidence Price fluctuates within a bullish channel Resistance at 74.40; support at 72.70 WTI oil futures have been tip-toeing higher after last week’s steep downfall paused at the lower boundary of a short-term bullish...

US 30 Index Flirts With All-Time High

US 30 Index Flirts With All-Time High

US 30 index retains bullish outlook above uptrend line Technical oscillators indicate more gains The US 30 (cash) index is traveling slightly below the all-time high of 38,782 and above the medium-term rising trend line, suggesting a potential move to the upside...

Why Are Chinese Stocks Melting Down?

Why Are Chinese Stocks Melting Down?

Chinese stock markets sink to lowest levels in five years Real estate crisis and other problems haunt investors Valuations are cheap, but more is needed for lasting recovery Chinese equities implode It’s been a tough few years for Chinese stock markets. Shares in...

Bitcoin Completes Consolidation and Rushes to the High

Bitcoin Completes Consolidation and Rushes to the High

Market Picture The crypto market made an impressive move higher, rising 3.4% in 24 hours to $1.71 trillion. The rise to its highest level since 12 January came as the S&P500 and Nasdaq-100 indices hit all-time highs. Bitcoin rose above its 50-day moving average,...

GBP/USD Daily Outlook – Action Forex

GBP/USD Daily Outlook – Action Forex

Daily Pivots: (S1) 1.2599; (P) 1.2620; (R1) 1.2650; More… Intraday bias in GBP/USD remains mildly on the upside. Correction from 1.2826 might have completed with three waves down to 1.2517. Further rise would be seen to retest 1.2826 high. On the downside, however,...

USD/JPY Daily Outlook – Action Forex

USD/JPY Daily Outlook – Action Forex

Daily Pivots: (S1) 147.79; (P) 148.02; (R1) 148.42; More… Intraday bias in USD/JPY remains neutral with focus on 148.79 resistance. Firm break there will resume the rally from 140.25 to 151.89/93 key resistance zone. For now, further rise will remain in favor as long...

EUR/USD Daily Outlook – Action Forex

EUR/USD Daily Outlook – Action Forex

Daily Pivots: (S1) 1.0755; (P) 1.0770; (R1) 1.0787; More… Intraday bias in EUR/USD remains neutral for the moment, with focus staying on 1.0722 structural support. Decisive break there will argue that whole rise from 1.0447 has completed. Deeper fall would then be...

AUDUSD Bounces Off 2024 Low

AUDUSD Bounces Off 2024 Low

AUDUSD hits its lowest level since mid-November Although decline halts, rebound looks unconvincing Momentum indicators remain tilted to the downside AUDUSD has been in a constant decline after peaking at 0.6870 in December, breaking below both its 50- and 200-day...

FX option expiries for 8 February 10am New York cut

FX option expiries for 8 February 10am New York cut

There aren't any major expiries to take note of on the day. As such, trading sentiment will continue to be reliant on the action in the bond market and overall risk mood mostly. On the former, the push and pull this week is making it tough to gather much conviction....

EUR/USD Mid-Day Outlook – Action Forex

EUR/USD Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 1.0731; (P) 1.0746; (R1) 1.0770; More… No change in EUR/USD’s outlook and intraday bias stays neutral. Focus remains on 1.0722 structural support. Decisive break there will argue that whole rise from 1.0447 has completed. Deeper fall would then be...

AUDUSD: Initiating Macro Bearish Reversal

AUDUSD: Initiating Macro Bearish Reversal

Bearish Scenario: Selling below 0.6516 with TP1: 0.65, TP2: 0.6487, and upon its breakout TP3: 0.6469. It is recommended to place a stop loss above 0.6541, at least 1% of the account capital. Trailing stop can be used. Bullish Scenario: Buying above 0.6540 with TP1:...

EUR/GBP One Step Away from a Descending Stair

EUR/GBP One Step Away from a Descending Stair

The euro is back at 0.8520 against the pound. The pair bounced off this level in June and August last year. Reaching the same level in late January triggered a shake-out, but active declines resumed on Tuesday and Wednesday, and the pair is testing multi-month lows...

EURJPY Rotates Lower as Rebound Falters

EURJPY Rotates Lower as Rebound Falters

EURJPY bounces back after 50-day SMA prevents decline But reverses lower again, finding support at descending trendline Momentum indicators are neutral-to-negative EURJPY has been sliding lower in the short term, following its rejection at 161.85 in late January....

Sunset Market Commentary – Action Forex

Sunset Market Commentary – Action Forex

Markets In the absence of key eco data, both in the US and Europe, central bankers’ talk today was again earmarked as the main guide for bond markets. ECB board member Isabel Schnabel in the FT gave an in extenso assessment on the importance of the ECB walking the...

NZD/USD Shrugs after NZ Employment Report

NZD/USD Shrugs after NZ Employment Report

New Zealand’s unemployment rises, wages ease The New Zealand dollar is drifting on Wednesday, after jumping 0.73% a day earlier. In the North American session, NZD/USD is trading at 0.6104, up 0.12%. New Zealand’s employment change rises New Zealand’s employment...

EUR/USD Drops Again While USD/CHF Regains Strength

EUR/USD Drops Again While USD/CHF Regains Strength

EUR/USD started a fresh decline below the 1.0810 support. USD/CHF is rising and might aim a move toward the 0.8800 resistance. Important Takeaways for EUR/USD and USD/CHF Analysis Today The Euro struggled to clear the 1.0900 resistance and declined against the US...

NZDUSD Bounces Off 2-month Low

NZDUSD Bounces Off 2-month Low

NZDUSD extends its bearish leg below 200-day SMA But manages to rebound strongly from 2-month bottom Oscillators remain tilted to the downside NZDUSD has been in a steady downtrend since its rejection from near 0.6373 in late December, which is the 78.6% Fibonacci...

Ethereum Nears Recent Turning Point

Ethereum Nears Recent Turning Point

Market Picture The crypto market cap remained at $1.65 trillion. Bitcoin spent another day almost unchanged at $42.8K. Ethereum was a major growth driver, gaining 1.6% on the day to $2,350 and reversing to the downside as it approached $2,400. This is the same place...

GBP/JPY Daily Outlook – Action Forex

GBP/JPY Daily Outlook – Action Forex

Daily Pivots: (S1) 186.12; (P) 186.45; (R1) 186.71; More… Intraday bias in GBP/JPY remains neutral and outlook is unchanged. On the upside, firm break of 187.60 will turn bias to the upside for 188.90. Break there will confirm resumption of larger up trend. Meanwhile,...

A Tug of War Between Hawks and Doves

A Tug of War Between Hawks and Doves

The selloff in US sovereign bonds reversed yesterday after a solid demand for the US 3-year bond auction counterweighed a bulk of hawkish comments from Federal Reserve (Fed) members. The Fed members are on the battlefield, fighting the doves. Loretta Mester said there...

USDJPY Hovers Above a Key Support Area

USDJPY Hovers Above a Key Support Area

USDJPY is in the red again today, reacts to last week’s jump It continues to hover a tad above its 100-day SMA Most momentum indicators tentatively support the ongoing upleg USDJPY is recording its second consecutive red candle, recouping a good part of last week’s...

FX option expiries for 7 February 10am New York cut

FX option expiries for 7 February 10am New York cut

There is just one to take note of for the day, as highlighted in bold.That being for EUR/USD at the 1.0725 level. The price action so far today might not be suggestive of one to see the expiries come into play. However, it does run near the December low of 1.0723 -...

Gold Flips Backwards But Still Shines Above 2,000

Gold Flips Backwards But Still Shines Above 2,000

Gold loses ground after hitting tough resistance Lacks bullish signals but pattern of higher lows remains intact Gold could not mark a new higher high above January’s tough resistance of 2,065, correcting lower to close around its 50-day exponential moving average...

USD/CHF Mid-Day Outlook – Action Forex

USD/CHF Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 0.8669; (P) 0.8694; (R1) 0.8731; More…. Break of 0.8272 resistance suggest that USD/CHF’s rebound from 0.8332 is resuming. Intraday bias is back on the upside. Further rally should be seen to 61.8% retracement of 0.9243 to 0.8332 at 0.8995 next. On...

USD/JPY Mid-Day Outlook – Action Forex

USD/JPY Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 148.33; (P) 148.62; (R1) 148.96; More… No change in USD/JPY’s outlook as intraday bias stays neutral. Focus stays on 148.79 resistance. Firm break there will resume the rally from 140.25 to 151.89/93 key resistance zone. For now, further rise will...

GBP/USD Mid-Day Outlook – Action Forex

GBP/USD Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 1.2488; (P) 1.2566; (R1) 1.2614; More… No change in GBP/USD’s outlook and intraday bias remains on the downside. Strong support could be seen from 1.2499 structural support. Break of 1.2628 minor resistance will turn bias back to the upside for...

EUR/USD Mid-Day Outlook – Action Forex

EUR/USD Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 1.0714; (P) 1.0751; (R1) 1.0778; More… No change in EUR/USD’s outlook and intraday bias stays on the downside. Focus remains on 1.0722 structural support. Decisive break there will argue that whole rise from 1.0447 has completed. Deeper fall would...

Sunset Market Commentary – Action Forex

Sunset Market Commentary – Action Forex

Markets Core bonds, US Treasuries in particular, opened higher in an attempt to recoup some of the Powell-Payrolls-ISM triple whammy they suffered over the previous days. But US yields shedding between 0.1 and 3 bps across the curve is nothing compared to the 30bps+...

Is German Industry Ready for Revival?

Is German Industry Ready for Revival?

Industrial orders rose 8.9% in December against expectations for a 0.1% decline, a rare positive for Germany that the euro chose to ignore. This is the most robust monthly increase since mid-2020’s lockdowns. In the same month last year, the increase was 2.7%. A...

Japanese Yen Calm After Mixed Spending and Income Data

Japanese Yen Calm After Mixed Spending and Income Data

The Japanese yen is showing limited movement on Tuesday. In the North American session, USD/JPY is trading at 148.56, down 0.09%. Japan released mixed data on Monday. Average Cash Earnings for December rebounded with a 1% gain, following a 0.2% gain in November. This...

ECB’s Vujcic: We need some patience now

ECB’s Vujcic: We need some patience now

In an interview with Reuters, ECB Governing Council member Boris Vujcic emphasized the need for “patience” in the current monetary policy environment. He acknowledged the positive disinflationary trends observed so far. However, “we still see also quite a lot of...

NZD/USD Calm Ahead of NZ Job Data

NZD/USD Calm Ahead of NZ Job Data

New Zealand’s job growth expected to rise to 0.2% The New Zealand dollar is showing limited movement on Tuesday. Early in the North American session, NZD/USD is trading at 0.6052, down 0.03%. New Zealand job growth expected to rebound New Zealand releases the...

BoE Dhingra urges not to take risk on the economy

BoE Dhingra urges not to take risk on the economy

In a Financial Times interview, BoE MPC member Swati Dhingra articulated her concerns regarding the UK’s economic outlook and inflationary trends. As the sole member to vote for a rate cut in the last meeting, she cautioned against underestimating the downside risks...

Australian Dollar Yawns as RBA Stands Pat

Australian Dollar Yawns as RBA Stands Pat

The Australian dollar is showing limited movement on Tuesday, after the Reserve Bank of Australia held interest rates. In the European session, AUD/USD is trading at 0.6493, up 0.61%. RBA maintains rates The RBA left interest rates unchanged at 4.35% at its first...

Gold Flips Backwards But Still Shines Above 2,000

Gold Flips Backwards But Still Shines Above 2,000

Gold loses ground after hitting tough resistance Lacks bullish signals but pattern of higher lows remains intact Gold could not mark a new higher high above January’s tough resistance of 2,065, correcting lower to close around its 50-day exponential moving average...

Eurozone retail sales falls -1.1%mom, EU down -1.0%

Eurozone retail sales falls -1.1%mom, EU down -1.0%

Eurozone retail sales fell -1.1% mom in December, worse than expectation of -1.0% mom. Volume of retail trade decreased by -1.6% mom for food, drinks and tobacco, by -1.0% mom for non-food products and by -0.5% mom for automotive fuels. EU retail sales fell -1.0% mom....

Bitcoin is Looking at Stocks, and That’s Worrisome

Bitcoin is Looking at Stocks, and That’s Worrisome

Market picture The crypto market remains stable while waiting for further signals. The crypto cap is up 0.4% in 24 hours to $1.64 trillion. Bitcoin is trading at $42.7K – virtually unchanged in 24 hours, just 1.4% lower than a week ago and a 1.8% decrease over 30...

AUD/USD Rate Rises after RBA Decision

AUD/USD Rate Rises after RBA Decision

This morning the Central Bank of Australia decided to keep the interest rate at the same level = 4.35%, as expected. However, RBA management said that further rate hikes cannot be ruled out as inflation is still too high. This is a clear signal that policy easing is...

NZD: Unemployment Rate Could Weaken NZD

NZD: Unemployment Rate Could Weaken NZD

Traders are closely monitoring Fed speeches, particularly Fed’s Mester speech scheduled for Tuesday, for further insights into monetary policy directions. Additionally, market participants await key economic releases later in the week, including New Zealand’s...

GBPUSD Plummets to 2-month Low

GBPUSD Plummets to 2-month Low

GBPUSD tests 200-day SMA after strong sell-off Prices break trading range to the downside Outlook looks bearish in short-term GBPUSD plunged to a new almost two-month low of 1.2517 on Monday’s session, falling beneath the short-term trading range and the 200-day...

FX option expiries for 6 February 10am New York cut

FX option expiries for 6 February 10am New York cut

There aren't any major expiries to take note of for the day. As such, trading sentiment will continue to revolve around the action in the bond market and risk mood mostly. For now, it seems like the dollar is taking a step back after the gains yesterday.As for the...

EUR/USD Mid-Day Outlook – Action Forex

EUR/USD Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 1.0747; (P) 1.0822; (R1) 1.0864; More… EUR/USD’s fall from 1.1138 continues today, and the break of trend line in 4H MACD indicates downside acceleration. Intraday bias remains on the downside. Sustained break of 1.0722 structural support will argue...

GBP/USD Mid-Day Outlook – Action Forex

GBP/USD Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 1.2574; (P) 1.2673; (R1) 1.2732; More… Intraday bias in GBP/USD is back on the downside as the fall from 1.2826 resumes. Strong focus could be seen from 1.2499 structural support. Break of 1.2643 minor resistance will turn bias back to the upside...

USD/CHF Mid-Day Outlook – Action Forex

USD/CHF Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 0.8588; (P) 0.8634; (R1) 0.8716; More…. USD/CHF is still capped below 0.8727 resistance and intraday bias stays neutral first. On the upside, above 0.8727 will resume the rebound from 0.8332, and target 61.8% retracement of 0.9243 to 0.8332 at...

USD/JPY Mid-Day Outlook – Action Forex

USD/JPY Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 145.85; (P) 146.48; (R1) 147.07; More… No change in USD/JPY’s outlook as focus remains on 148.79 resistance. Firm break there will resume the rally from 140.25 to 151.89/93 key resistance zone. For now, further rise will remain in favor as long as...

USD Strengthens Following Strong Employment Data

USD Strengthens Following Strong Employment Data

The US dollar has seen a significant increase in strength against the Euro, with the EUR/USD pair falling to 1.0770 by Monday morning. This movement is largely attributed to the recent release of robust employment sector reports in the US for January, which have...

ISM Shows Services Sector Expansion Accelerates in January

ISM Shows Services Sector Expansion Accelerates in January

The ISM Services PMI jumped to 53.4 in January from 50.6 in December, comfortably beating the 52.0 consensus expectation. Ten industries out of 18 reported growth for the month – up from nine in December. The business activity sub-index was unchanged at 55.8, while...

Sunset Market Commentary – Action Forex

Sunset Market Commentary – Action Forex

Markets: The payrolls-Powell combo resonated through today’s European trading session in absence of other data/events. It put core bonds under further pressure from the start with US Treasuries underperforming German Bunds. Recall that Powell ruled out a March rate...

EURCAD Selling Perfectly From The Blue Box Area

EURCAD Selling Perfectly From The Blue Box Area

In this technical blog, we are going to take a look at the past performance of EURCAD 1-Hour Elliott wave Charts that we presented to our members. In which, the decline from the 1/25/2024 peak took place as an impulsive structure and showed a lower sequence with a...

Euro Falls to Two-Month Low

Euro Falls to Two-Month Low

EUR/USD has extended its losses on Monday. In the European session, the euro is trading at 1.0749, down 0.34%. Earlier, the euro fell as low as 1.0747, its lowest level since December 11. Red-hot nonfarm payrolls boosts US dollar The US dollar ended the week with...

GBP/USD: Cable Falls Further as Solid US NFP Lift Dollar

GBP/USD: Cable Falls Further as Solid US NFP Lift Dollar

Cable extends strong fall into second consecutive day, remaining under increased pressure from stronger dollar after upbeat US labor data and relatively hawkish comments from Fed Chair Powell. Fresh extension lower on Monday cracked the floor of near-term range...

AUD/USD Eyes RBA Rate Decision

AUD/USD Eyes RBA Rate Decision

The Australian dollar is slightly lower on Monday, after sliding 0.90% on Friday. In the European session, AUD/USD is trading at 0.6499, down 0.21%. Earlier, AUD/USD traded as low as 0.6486, its lowest level since mid-November. RBA set to hold rates The Reserve Bank...

USDJPY Stops Beneath 2-month High

USDJPY Stops Beneath 2-month High

USDJPY trades sideways after failing to extend its breakout RSI and MACD are hovering in their positive regions Stochastic indicates overstretched market USDJPY came close to breaking the 148.81 level in the preceding week, recording a two-month high. According to the...

Eurozone PPI down -0.8% mom, -10.6% yoy in Dec

Eurozone PPI down -0.8% mom, -10.6% yoy in Dec

Eurozone PPI was down -0.8% mom, -10.6% yoy in December, versus expectation of -0.8% mom, -10.6% yoy. For the month, industrial producer prices decreased by -2.3% mom for energy and by -0.3% mom for intermediate goods, while prices remained stable for both capital...

Forex and Cryptocurrencies Forecast – Action Forex

Forex and Cryptocurrencies Forecast – Action Forex

EUR/USD: Dollar Strengthening Prospects Increase Throughout January, a series of indicators: GDP, employment, and retail sales, consistently highlighted the strength of the US economy. The threat of recession diminished, and it became evident that the high interest...

It Might Take Until Summer for Fed to Start Easing Cycle

It Might Take Until Summer for Fed to Start Easing Cycle

Markets Fed Chair Powell signaled last week that the Fed wants additional confirmation that the economy is on a path that should bring inflation back to 2% in a sustainable way, even as inflation developed favorably over the past six months. The labour market in this...

FX option expiries for 5 February 10am New York cut

FX option expiries for 5 February 10am New York cut

There is just one to take note of, as highlighted in bold.That being for USD/JPY at the 148.00 mark. However, it isn't a level which holds much technical significance at the moment although there might be some bids lined up there on the day. As such, it could help to...

EUR/AUD Weekly Outlook – Action Forex

EUR/AUD Weekly Outlook – Action Forex

EUR/AUD’s pull back from 1.6671 extended to as low as 1.6348 last week but rebounded since then. Initial bias remains neutral this week first. On the upside, decisive break of 1.6671 will revive the case that whole correction from 1.7062 has completed with three waves...

EUR/GBP Weekly Outlook – Action Forex

EUR/GBP Weekly Outlook – Action Forex

EUR/GBP edged lower to 0.8512 last week but recovered since then. Initial bias remains neutral this week for some more consolidations. But near term outlook will stay bearish as long as 0.8591 resistance holds. Below 0.8512 will resume the decline from 0.8713 to...

EUR/JPY Weekly Outlook – Action Forex

EUR/JPY Weekly Outlook – Action Forex

While EUR/JPY’s correction from 161.84 extended to 158.06, it drew some support from 158.55 and near term rising channel and rebounded. Initial bias remains neutral this week first. On the upside, firm break of 160.25 will indicate that rise from 153.15 is ready to...

USD/CHF Weekly Outlook – Action Forex

USD/CHF Weekly Outlook – Action Forex

USD/CHF dipped further to 0.8550 last week but recovered since then. Initial bias remains neutral this week first On the upside, above 0.8727 will resume the rebound from 0.8332, and target 61.8% retracement of 0.9243 to 0.8332 at 0.8995. On the downside, below 0.8550...

GBP/USD Weekly Outlook – Action Forex

GBP/USD Weekly Outlook – Action Forex

GBP/USD’s sideway consolidation continued last week and outlook is unchanged. Initial bias remains neutral this week first. In case of another fall, downside should be contained above 1.2499 support to bring rebound. On the upside, firm break of 1.2774 resistance will...

EUR/USD Weekly Outlook – Action Forex

EUR/USD Weekly Outlook – Action Forex

EUR/USD’s decline from 1.1138 extended lower last week but continued to lose downside momentum. Break of 1.0779 will resume the fall, but considering bullish convergence condition in 4H MACD, downside could be contained by 1.0722 support. On the upside, break of...

USD/JPY Weekly Outlook – Action Forex

USD/JPY Weekly Outlook – Action Forex

USD/JPY dipped to 145.88 last week as consolidation from 148.79 extended, but rebounded strongly since then. Initial focus now on 148.79 this week. Firm break there will resume the rally from 140.25 to 151.89/93 key resistance zone. For now, further rise will remain...

GBP/JPY Weekly Outlook – Action Forex

GBP/JPY Weekly Outlook – Action Forex

GBP/JPY’s pull back from 188.90 extended to 185.21 last week but recovered since then. Initial bias remains neutral this week first. Firm break of 187.60 will turn bias to the upside for 188.90. Break there will confirm resumption of larger up trend. Meanwhile, below...

USD/CAD Weekly Outlook – Action Forex

USD/CAD Weekly Outlook – Action Forex

USD/CAD’s correction from 1.3540 extended lower to 1.3357 last week but recovered since then. Initial bias stays neutral this week first. On the upside, break of 1.3540 will resume the rise from 1.3176. That will also revive that case that whole fall from 1.3897 has...

AUD/USD Weekly Report – Action Forex

AUD/USD Weekly Report – Action Forex

AUD/USD’s decline from 0.6870 resumed last week and edged lower to 0.6501. Initial bias is now on the downside for 61.8% projection of 0.6870 to 0.6524 from 0.6621 at 0.6407. On the upside, break of 0.6621 resistance is needed to signal short term bottoming....

EUR/CHF Weekly Outlook – Action Forex

EUR/CHF Weekly Outlook – Action Forex

EUR/CHF’s pull backed from 0.9471 continued last week but lost momentum and turned sideway after hitting 0.9304. Initial bias remains neutral this week first. While another decline cannot be ruled out, downside should be contained above 0.9252 low to bring rebound. On...

Summary 2/5 – 2/9

Summary 2/5 – 2/9

Monday, Feb 5, 2024 Tuesday, Feb 6, 2024 Wednesday, Feb 7, 2024 Thursday, Feb 8, 2024 Friday, Feb 9, 2024 The post Summary 2/5 – 2/9 appeared first on Action Forex.

USD/JPY Mid-Day Outlook – Action Forex

USD/JPY Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 145.85; (P) 146.48; (R1) 147.07; More… USD/JPY’s strong rebound today maintains its near term bullishness. Focus is turning to 148.79 resistance. Firm break there will confirm that correction has completed at 145.88, and rise from 140.25 would then...

USD/CHF Mid-Day Outlook – Action Forex

USD/CHF Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 0.8549; (P) 0.8599; (R1) 0.8628; More…. USD/CHF rebounds notably today but stays in range below 0.8727. Intraday bias remains neutral first. On the upside, firm break of 0.8727 will resume the rebound to 61.8% retracement of 0.9243 to 0.8332 at...

GBP/USD Mid-Day Outlook – Action Forex

GBP/USD Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 1.2661; (P) 1.2708; (R1) 1.2792; More… Range trading continues in GBP/USD with today’s sharp fall, and intraday bias remains neutral. Consolidation from 1.2826 could still extend further, and deeper fall cannot be ruled out. But downside should be...

EUR/USD Mid-Day Outlook – Action Forex

EUR/USD Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 1.0810; (P) 1.0843; (R1) 1.0905; More… EUR/USD falls sharply in early US session but stays above 1.0779 temporary low. Intraday bias remains neutral first. On the downside, below 1.0779 will resume the fall from 1.1138. But considering bullish...

Aussie Slides After Hot US Nonfarm Payrolls

Aussie Slides After Hot US Nonfarm Payrolls

The Australian dollar has fallen almost 1% after the US nonfarm payrolls and has given up today’s earlier gains. In the North American session, AUD/USD is trading at 0.6644, down 0.40%. The US dollar has started 2024 on the right foot, recording gains against most of...

Will Weak Jobs Data Prompt RBNZ to Drop Hiking Bias

Will Weak Jobs Data Prompt RBNZ to Drop Hiking Bias

RBNZ remains hawkish despite slowing inflation and weaker growth Investors price in 90bps rate cuts by the end of 2024 Focus turns to jobs data for Q4 on Tuesday at 21:45 Despite hawkish RBNZ, data drive investors to price in rate cuts At its November gathering, the...

Week Ahead – RBA Decision and US Data on the Menu

Week Ahead – RBA Decision and US Data on the Menu

Dollar cannot sustain Fed-fueled advance, will ISM data help? Reserve Bank of Australia could abandon its tightening bias Crucial data releases also from China, Canada, and New Zealand Fed warns against early rate cuts It was an eventful week in global markets. The...

Weekly Focus – Wait and See Mode in Central Banks

Weekly Focus – Wait and See Mode in Central Banks

In a week with no big data or central bank surprises, renewed fears of turmoil in the US banking sector on the back of the free fall of the New York Community Bancorp (NYCB) stock, drove longer dated yields lower as markets largely ignored hawkish Fed comments. With...

US NFP rises 353k, average hourly earnings rises 0.6% mom

US NFP rises 353k, average hourly earnings rises 0.6% mom

US Non-Farm Payroll employment rose 353k in January, significantly surpassing expectation of 178k. Prior month’s growth was also revised sharply higher from 216k to 333k. Both were well above monthly average of 255k growth in 2023. Unemployment rate was unchanged at...

GBP/USD Regains Strength While USD/CAD Dips Again

GBP/USD Regains Strength While USD/CAD Dips Again

GBP/USD started a fresh increase above the 1.2625 zone. USD/CAD is declining and trading below the 1.3415 support. Important Takeaways for GBP/USD and USD/CAD Analysis Today The British Pound is eyeing more gains above the 1.2755 resistance. There was a break above a...

Canadian Dollar Eyes US Nonfarm Payrolls

Canadian Dollar Eyes US Nonfarm Payrolls

US nonfarm payrolls expected to drop to 180,000 The week wraps up with the US nonfarm payroll report later today. The ADP employment report, which was released on Wednesday, fell from 158,000 to 107,000. The ADP report isn’t considered a reliable guide for nonfarm...

Is AUDUSD Set for a Break Higher?

Is AUDUSD Set for a Break Higher?

AUDUSD sends some encouraging signals But the bulls need to claim the 0.6600 territory US nonfarm payrolls awaited at 13:30 GMT AUDUSD bulls came into action instantly after the price dropped to a more-than-two-month low of 0.6507 to test the ascending trendline from...

GBPJPY Ticks Up in BoE Aftermath

GBPJPY Ticks Up in BoE Aftermath

GBPJPY pauses its slide from a fresh 8½-year high Broader long-term uptrend remains in place RSI and MACD soften but remain positive GBPJPY has been in a prolonged uptrend since early 2023, posting a fresh 8½-year high of 188.91 on January 19 before experiencing a...

EUR/CHF Daily Outlook – Action Forex

EUR/CHF Daily Outlook – Action Forex

Daily Pivots: (S1) 0.9309; (P) 0.9325; (R1) 0.9342; More… Further decline could be seen in EUR/CHF with 0.9363 minor resistance intact. But strong support is still expected above 0.9252 low to bring rebound. On the upside, above 0.9363 minor resistance will turn bias...

EUR/AUD Daily Outlook – Action Forex

EUR/AUD Daily Outlook – Action Forex

Daily Pivots: (S1) 1.6453; (P) 1.6529; (R1) 1.6621; More… EUR/AUD failed to break through 1.6671 resistance and retreated sharply. Intraday bias is turned neutral again first. On the upside, decisive break of 1.6671 will revive the case that whole correction from...

EUR/GBP Daily Outlook – Action Forex

EUR/GBP Daily Outlook – Action Forex

Daily Pivots: (S1) 0.8515; (P) 0.8537; (R1) 0.8553; More… EUR/GBP is staying in tight range above 0.8512 and intraday bias remains neutral. On the downside, below 0.8521 will resume the fall from 0.8764 to retest 0.8491. Break there will extend larger down trend to...

EUR/JPY Daily Outlook – Action Forex

EUR/JPY Daily Outlook – Action Forex

Daily Pivots: (S1) 158.46; (P) 158.83; (R1) 159.59; More… EUR/JPY recovered quickly after dipping to 158.06. Some support is seen from 158.55 resistance turned support and rising channel for now. Intraday bias stays neutral first. On the downside, sustained break of...

GBP/JPY Daily Outlook – Action Forex

GBP/JPY Daily Outlook – Action Forex

Daily Pivots: (S1) 185.67; (P) 186.17; (R1) 187.09; More… GBP/JPY rebounded after brief dip to 185.21 and intraday bias is turned neutral first. On the downside, below 185.21 will extend the correction from 188.90 to 55 D EMA (now at 184.99) and below. On the upside,...

FX option expiries for 2 February 10am New York cut

FX option expiries for 2 February 10am New York cut

There aren't any major expiries to take note of for the day. As such, trading sentiment will rely mostly on two main factors today. The first being the obvious i.e. US non-farm payrolls data. The second is the action in the bond market. The strong bid in Treasuries...

USD/JPY Mid-Day Outlook – Action Forex

USD/JPY Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 147.16; (P) 147.54; (R1) 147.99; More… USD/JPY is still holding above 145.97 resistance turned support. Intraday bias stays neutral at this point, and further rally is still in favor. As noted before, corrective fall from 151.89 should have...

USD/CHF Mid-Day Outlook – Action Forex

USD/CHF Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 0.8562; (P) 0.8603; (R1) 0.8655; More…. Intraday bias in USD/CHF remains neutral at this point. On the downside, below 0.8550 will resume the fall from 0.8727 for 0.8487 support. Break there will argue that rebound from 0.8332 has completed, and...

Sunset Market Commentary – Action Forex

Sunset Market Commentary – Action Forex

Markets The Bank of England kept its policy rate unchanged at 5.25% in a 3-way split with two members (Mann & Haskel) preferring a 25 bps rate increase to 5.5% and one member (Dhingra) voting in favour to reduce it by 25 bps to 5%. That compares with consecutive...

Copper Futures Slip after Failing to Break 50% Fibo

Copper Futures Slip after Failing to Break 50% Fibo

Copper prices on the retreat after hitting wall at 50% Fibonacci But head towards breakout from bullish pennant Near-term bias is neutral Copper futures (HGCOP) confirmed the formation of a bullish pennant pattern after failing to post a higher high on Wednesday....

Bank of England Review – Removing the Tightening Bias

Bank of England Review – Removing the Tightening Bias

At today’s monetary policy meeting the BoE left the Bank Rate unchanged at 5.25% as widely expected. The BoE explicitly removed its tightening bias and signalled a shift to a more neutral stance on monetary policy. The reaction in EUR/GBP was muted with EUR/GBP set to...

AUDCAD Examines Potential Pivot Point

AUDCAD Examines Potential Pivot Point

AUDCAD continues to trim gains, reaches key support level Technical picture reflects oversold conditions AUDCAD erased more than half of its October-December upleg to find support around the November 13 low of 0.8755, which overlaps with the 61.8% Fibonacci...

Will RBA Drop Its Tightening Bias?

Will RBA Drop Its Tightening Bias?

RBA stands pat in December after considering a hike Rate cut bets come forth after weak data and slowing inflation But CPI details may allow officials to keep the tightening door open The decision will be announced on Tuesday at 03:30 GMT December’s hawkish hold At...

EUR/USD Mid-Day Outlook – Action Forex

EUR/USD Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 1.0820; (P) 1.0838; (R1) 1.0865; More… Intraday bias in EUR/USD is back on the downside with breach of 1.0795 temporary low. Fall from 1.1138 is trying to resume to 1.0722 structural support. Decisive break there will argue that whole rise from...

US initial jobless claims rises to 224k, abv exp 211k

US initial jobless claims rises to 224k, abv exp 211k

US initial jobless claims rose 9k to 224k in the week ending January 27, above expectation of 211k. Four-week moving average of initial claims rose 5k to 208k. Continuing claims rose 70k to 1898k in the week ending January 20. Four-week moving average of continuing...

BTCUSD Drops Below 50-day SMA

BTCUSD Drops Below 50-day SMA

BTCUSD bounces off 2024 low and reclaims 40,000 But price dips back below 50-day SMA after advance pauses Momentum indicators suggest weakening buying pressures BTCUSD (Bitcoin) experienced a strong decline from its recent two-year peak of 49,051, dropping to as low...

Australian Dollar Falls to 10-Week Low after Fed Decision

Australian Dollar Falls to 10-Week Low after Fed Decision

The Australian dollar is sharply lower on Thursday after the Fed policy meeting a day earlier. In the European session, AUD/USD is trading at 0.6514, down 0.78%. Earlier, the Australian dollar dropped as low as 0.6508, its lowest level since November 20. Powell says...

BoE stands pat, two vote for hike, one for cut

BoE stands pat, two vote for hike, one for cut

BoE left the Bank Rate unchanged at 5.25% as widely expected. However, two MPC hawks (Jonathan Haskel and Catherine Mann) voted for another 25bps to 5.50%. Meanwhile, one dove (Swati Dhingra) voted for a 25bps cut to 5.00%. That resulted in a 6-3 vote for the...

JPY Carry Trades Downside Pressure Reinforced Ex-post FOMC

JPY Carry Trades Downside Pressure Reinforced Ex-post FOMC

The US Federal Reserve pushed back the first Fed funds rate cut and Fed Chair Powell indicated that the “highly anticipated” March rate cut is not the base case for now. The dovish Fed Pivot narrative is still alive as both the 2-year and 10-year Treasury yields...

News from the Fed Push Down EUR/USD Price to a Year Low

News from the Fed Push Down EUR/USD Price to a Year Low

Financial markets were buoyant last night due to news from the Fed. Interest rates remained unchanged — as expected. However, somewhat unexpected was the harsh rhetoric of Jerome Powell, who said that: → interest rate reduction in March is unlikely; → the Fed needs to...

GBPUSD Relies on Support Levels as Bears Stay in Play

GBPUSD Relies on Support Levels as Bears Stay in Play

GBPUSD exposed to more declines in the short-term Outlook to stay neutral as long as the price holds above 1.2485 BoE policy announcement due at 12:00 GMT GBPUSD came under renewed downside pressure on the first trading day of February, feeling the blues from Powell’s...

WTI Oil Futures Battle With 61.8% Fibo

WTI Oil Futures Battle With 61.8% Fibo

WTI futures retreat after hitting 2-month high Violate 200-day SMA but 61.8% Fibo pauses decline Momentum indicators weaken but remain positive WTI oil futures (March delivery) had been staging a comeback from the December bottom of 68.00, jumping above both the 50-...

Nikkei (NKD_F) Looking for Further Downside Correction

Nikkei (NKD_F) Looking for Further Downside Correction

Short Term Elliott Wave view in Nikkei (NKD_F) suggests that rally to 37014 ended wave 3. Wave 4 pullback is currently in progress as a double three Elliott Wave structure. Down from wave 3, wave (a) ended at 36060 and wave (b) ended at 36590. Down from there, wave i...

FX option expiries for 1 February 10am New York cut

FX option expiries for 1 February 10am New York cut

There aren't any major expiries to take note of for the day. As such, trading sentiment will continue to revolve around the same elements as we got from yesterday. The first of which will be the shift in the Fed rates outlook. The central bank said that a rate cut in...

GBP/USD Mid-Day Outlook – Action Forex

GBP/USD Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 1.2653; (P) 1.2687; (R1) 1.2734; More… Range trading continues in GBP/USD and intraday bias remains neutral. Another fall cannot be ruled out, but downside should be contained above 1.2499 support to bring rebound. On the upside, firm break of...

EUR/USD Mid-Day Outlook – Action Forex

EUR/USD Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 1.0820; (P) 1.0838; (R1) 1.0865; More… Intraday bias in EUR/USD is turned neutral first with current recovery. But further decline is expected as long as 1.0931 minor resistance holds. Below 1.0795 will resume the fall from 1.1138 to 1.0722...

USD/CHF Mid-Day Outlook – Action Forex

USD/CHF Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 0.8602; (P) 0.8622; (R1) 0.8639; More…. USD/CHF’s fall from 0.8727 resumed by breaking 0.8605 temporary low. Intraday bias is back on the downside for 0.8487 support. Break there will argue that rebound from 0.8332 has completed, and bring retest of...

USD/JPY Mid-Day Outlook – Action Forex

USD/JPY Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 147.16; (P) 147.54; (R1) 147.99; More… USD/JPY’s consolidation from 148.79 is still in progress and intraday bias remains neutral. With 145.97 resistance turned support intact, further rally is in favor. As noted before, corrective fall from 151.89...

Sunset Market Commentary – Action Forex

Sunset Market Commentary – Action Forex

Markets A busy eco calendar provided some distraction in the run-up to tonight’s FOMC gathering. French January CPI slowed more than forecast in January (-0.2% M/M & 3.4% Y/Y), balancing yesterday’s upward Spanish surprise. German Bunds immediately attempted to...

US ADP jobs grows 107k, below expectation 143k

US ADP jobs grows 107k, below expectation 143k

US ADP private employment grew 107k in January, below expectation of 143k. By sector, goods-producing jobs rose 30k while service-providing jobs rose 77k. By establishment size, small companies added 25k jobs, medium added 61k, large added 31k. Pay gains for...

Australian Dollar Lower After Soft CPI Data

Australian Dollar Lower After Soft CPI Data

The Australian dollar has lost ground after Australia’s CPI was lower than expected. In the European session, AUD/USD is trading at 0.6578, down o.37%. The Aussie continues to struggle and has declined 3.4% in January. Australia’s CPI eases to 3.4% Australia’s...

Dollar Index Standing at the Front Foot Ahead of Fed

Dollar Index Standing at the Front Foot Ahead of Fed

The dollar index firmed on Wednesday, as markets await the Fed rate decision, at the end of the first policy meeting this year. Although the price rose slightly, it remains within the larger congestion and lacks direction as a number of long-legged Doji candles in pat...

How Will Eurozone Flash CPI Affect Euro?

How Will Eurozone Flash CPI Affect Euro?

Preliminary CPI inflation to slow down in January Investors to stick to their rate cut projections as GDP stagnates FOMC policy announcement might have a bigger impact on EURUSD Eurozone economy avoids recession but not Germany It’s not a secret that the Eurozone has...

NASDAQ Falls by 1.5% after Tech Giants Reports

NASDAQ Falls by 1.5% after Tech Giants Reports

NASDAQ E-Mini futures fell 1.5% in early trading after the publication of quarterly earnings reports from technology giants Google (GOOG), Microsoft (MSFT) and Advanced Micro Devices (AMD): → The parent company of Google, Alphabet Inc., reported revenue of 86.3...

Gold Price and Crude Oil Price Eye Additional Gains

Gold Price and Crude Oil Price Eye Additional Gains

Gold price started a decent increase above the $2,025 resistance level. Crude oil prices are gaining bullish momentum and might rise toward $82.00. Important Takeaways for Gold and Oil Prices Analysis Today Gold price started a decent increase from the $2,025 zone...

Gold Develops Ascending Triangle in Near-Term

Gold Develops Ascending Triangle in Near-Term

Gold struggles to surpass 2,037 and 200-period SMA RSI and MACD move horizontally Short-term outlook looks neutral-to-bullish Gold prices are flirting with the 2,037 resistance level and the 200-period simple moving average (SMA) in the 4-hour chart, creating an...

USDJPY Sustains Its 2024 Bullish Setup

USDJPY Sustains Its 2024 Bullish Setup

USDJPY consolidates its 2024 upleg between key boundaries Momentum indicators point lower, but trend signals remain positive FOMC policy announcement due at 19:00 GMT USDJPY has been facing difficulties in surpassing the 148.30 region for almost two weeks, but the...

CADJPY Perfect Reaction Higher From Equal Legs Area

CADJPY Perfect Reaction Higher From Equal Legs Area

In this technical blog, we will look at the past performance of the 1-hour Elliott Wave Charts of the CADJPY. The rally from the 07 December 2023 low showed a higher high sequence & provided a short-term extreme trading opportunity. In this case, the pullback...

FX option expiries for 31 January 10am New York cut

FX option expiries for 31 January 10am New York cut

There is just one to take note of on the day, as highlighted in bold.That being for USD/CAD at the 1.3400 mark. So far, bids at the figure level are also playing a role in limiting the recent downside in the pair. As such, the expiries will add to a defensive layer in...

GBP/USD Mid-Day Outlook – Action Forex

GBP/USD Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 1.2674; (P) 1.2697; (R1) 1.2731; More… GBP/USD is still bounded in range trading and intraday bias stays neutral at this point. Another fall cannot be ruled out, but downside should be contained above 1.2499 support to bring rebound. On the upside,...

EUR/USD Mid-Day Outlook – Action Forex

EUR/USD Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 1.0803; (P) 1.0827; (R1) 1.0858; More… No change in EUR/USD’s outlook. Further decline is expected with 1.0931 resistance intact. Fall from 1.1138 should target 1.0722 support next. Decisive break there will argue that whole rise from 1.0447 has...

Silver Recovers But Picture Still Cautiously Negative

Silver Recovers But Picture Still Cautiously Negative

Silver prices bounce back after seven-week decline Momentum oscillators around their neutral levels Break either above 24.60 or below 21.90 would signal direction Silver prices have risen over the last week, breaking above a downtrend line to recover a small chunk of...

Sunset Market Commentary

Sunset Market Commentary

Markets Economic growth stood in the spotlights today. The IMF in its quarterly World Economic Outlook raised the global forecast from 2.9% to 3.1% this year while keeping the 2025 estimate at 3.2%. The chief economist of the Washington-based institute said “The...

USDCAD Slides But Finds Support at Around 1.3410

USDCAD Slides But Finds Support at Around 1.3410

USDCAD retreats but meets support at 1.3410 Both the daily oscillators paint a mixed picture For the picture to brighten, a break above 1.3535 may be needed USDCAD slid in the last few days after hitting resistance once again at around 1.3535. That said, the retreat...

Nonfarm Payrolls to Decide Dollar’s Fortunes

Nonfarm Payrolls to Decide Dollar’s Fortunes

US employment data will hit the markets on Friday at 13:30 GMT Another solid jobs report expected, supported by early indicators If so, dollar could receive a boost as investors unwind rate cut bets Dollar shines in early 2024 It’s been a phenomenal start to 2024 for...

Euro Steady Despite German GDP Decline

Euro Steady Despite German GDP Decline

The euro has edged higher on Tuesday. In the European session, EUR/USD is trading at 1.0850, up 0.16%. German GDP declines by 0.2% Germany, the largest economy in the eurozone, continues to weigh on the bloc with its weak economy. Germany’s GDP declined by 0.3% q/q in...

British Pound Edges Lower as Shop Inflation Drops

British Pound Edges Lower as Shop Inflation Drops

The British pound is lower on Tuesday. In the European session, GBP/USD is trading at 1.2680, down 0.23%. UK shop inflation decelerates sharply Inflation in UK shops rose 2.9% y/y in January, compared to 4.3% in December. This was the lowest pace since May 2022. This...

EURGBP Hits the Lower Bound of a Broader Range

EURGBP Hits the Lower Bound of a Broader Range

EURGBP slides but finds support at the lower end of a range A break below that support may turn the outlook bearish Both the MACD and the RSI detect downside momentum EURGBP entered a sliding mode on December 28, after hitting resistance slightly above 0.8700, the...

EURJPY Starts a New Bearish Cycle

EURJPY Starts a New Bearish Cycle

EURJPY trims January’s gains within bullish channel Short-term risk skewed to the downside EURJPY started a new bearish cycle within a short-term upward-sloping channel, pulling from a one-and-a-half month high of 161.85 to reach a low of 159.20 on Tuesday....

EUR/USD Remains Vulnerable to the Downside

EUR/USD Remains Vulnerable to the Downside

Markets More ECB quotes hit the wires yesterday. But hawkish twists from the likes of Kazimir (rate-cut debate now is premature) got less attention. Markets instead singled out heavyweight Villeroy over the weekend effectively turning every meeting into a live one. VP...

EURUSD Slips Further After the Fall Below 200-day SMA

EURUSD Slips Further After the Fall Below 200-day SMA

EURUSD touched 1.0800 but returned higher Price moves within bearish triangle MACD and RSI suggest negative bias EURUSD tumbled below the crucial 1.0845 restricted zone, generating concerns that the decline from the 200-day simple moving average (SMA) may continue....

Hang Seng Index is Near Important Support

Hang Seng Index is Near Important Support

The economy of China is hit by the decision to liquidate the developer Evergrande due to a debt of USD 300 billion. Bloomberg writes that this will have huge consequences for all of China. While the S&P 500 index rose by more than 3% since the beginning of...

Eurozone GDP stable in Q4, avoids contraction

Eurozone GDP stable in Q4, avoids contraction

Eurozone GDP was stable in Q4, better than expectation of -0.1% qoq contraction. Compared with the same quarter of the previous year, GDP increased by 0.1% yoy. EU GDP was also stable in Q4, and increased 0.2% yoy. Among the Member States for which data are available,...

Major Altcoins Leading Crypto Recovery

Major Altcoins Leading Crypto Recovery

Market picture The cryptocurrency market has added over 2% in the last 24 hours. Bitcoin gained 3% during this time, Ethereum rose 1.75%, while Solana and Cardano outperformed the market, adding 5.7% and 8.3%, respectively. The outperformance in major altcoins points...

FX option expiries for 30 January 10am New York cut

FX option expiries for 30 January 10am New York cut

There aren't any major expiries to take note of on the day. As such, trading sentiment will rely more on the overall risk mood and also the action in the bond market. On the latter, 10-year yields in the US are falling after the Treasury quarterly refunding estimate...

EUR/USD Mid-Day Outlook – Action Forex

EUR/USD Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 1.0816; (P) 1.0851; (R1) 1.0889; More… EUR/USD is staying above 1.0812 temporary low and intraday bias remains neutral for now. Further decline is mildly in favor as long as 1.0931 resistance holds. On the downside, break of 1.0812 will resume the...

GBP/USD Mid-Day Outlook – Action Forex

GBP/USD Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 1.2666; (P) 1.2712; (R1) 1.2748; More… No change in GBP/USD’s outlook as consolidation from 1.2826 is still extending. Another fall cannot be ruled out, but downside should be contained above 1.2499 support to bring rebound. On the upside, firm...

USD/CHF Mid-Day Outlook – Action Forex

USD/CHF Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 0.8610; (P) 0.8647; (R1) 0.8678; More…. USD/CHF is still bounded in tight range and intraday bias stays neutral. On the downside, below 0.8605 will resume the pull back from 0.8727 to 0.8487 support. Break there will argue that rebound from 0.8332...

USD/JPY Mid-Day Outlook – Action Forex

USD/JPY Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 147.65; (P) 147.93; (R1) 148.45; More… Range trading continues in USD/JPY and intraday bias remains neutral. With 145.97 resistance turned support intact, further rally is in favor. As noted before, corrective fall from 151.89 should have completed...

EUR/AUD Mid-Day Outlook – Action Forex

EUR/AUD Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 1.6454; (P) 1.6484; (R1) 1.6536; More… EUR/AUD’s break of 1.6398 minor support argues that rebound from 1.6127 has completed at 1.6671, after rejection by falling channel resistance. Corrective pattern from 1.7062 is possibly still extending, and...

Sunset Market Commentary – Action Forex

Sunset Market Commentary – Action Forex

Markets There were few data to inspire global trading today. With policy meetings scheduled on Wednesday and on Thursday, Fed and BoE MPC members currently also abstain from comments on monetary policy. Luckily, ECB governors are again free to speak and temporarily...

USD in Limbo as Market Anticipates Fed’s Decision

USD in Limbo as Market Anticipates Fed’s Decision

The EUR/USD currency pair is experiencing minimal fluctuations as it consolidates around 1.0840 this Monday. The focus of market players is squarely on the upcoming meeting of the US Federal Reserve System, which is poised to be the week’s pivotal event. The outcome...

AUD/USD Eyes Retail Sales – Action Forex

AUD/USD Eyes Retail Sales – Action Forex

The Australian dollar is in positive territory on Monday after an uneventful week. In the European session, AUD/USD is trading at 0.6603, up o.41%. Australian retail sales expected to downturn The markets are braced for a soft retail sales report on Tuesday, with...

Euro Weakens on Prospects of Early ECB Rate Cut

Euro Weakens on Prospects of Early ECB Rate Cut

Euro weakens broadly today amid signals from ECB officials that a rate cut cycle could commence in June, or even earlier in April. This bearish sentiment towards the common currency heightens the significance of upcoming Eurozone economic data releases, with GDP...

XAUUSD: Consolidated with Bearish Outlook Below 2040

XAUUSD: Consolidated with Bearish Outlook Below 2040

Bullish Scenario: Consider buying above 2028.50 with TP1: 2033, TP2: 2036, and TP3: 3039 on extension. It is recommended to set a stop loss (S.L.) below 2024.5 or at least 1% of the account capital**. Bearish Scenario: Look for sales below 2024 with TP1: 2000, TP2:...

Could BoE Maintain Its Hawkish Stance?

Could BoE Maintain Its Hawkish Stance?

The BoE meets on Thursday but low expectations for significant announcements Quarterly projections could support market expectations for rate cuts Pound would benefit against the US dollar from a hawkish BoE meeting First rate-setting meeting for 2024 The Bank of...

ECB’s Centeno endorses early, gradual interest rate cuts

ECB’s Centeno endorses early, gradual interest rate cuts

ECB Governing Council member Mario Centeno advocates to start cutting interest rates “sooner and more gradually”, as there are a lot of evidence that inflation is falling sustainably towards 2% target. He also argued that ECB doesn’t need to wait for May wage data...

Swiss Franc Recovering, But Will SNB Shift Policy?

Swiss Franc Recovering, But Will SNB Shift Policy?

The Swiss franc has edged higher on Monday. In the European session, USD/CHF is trading at 0.8618, down 0.25%. SNB concerned about Swiss franc’s surge The Swiss National Bank isn’t shy about intervening on the currency markets, as it views intervention as an important...

ECB’s de Guindos: No fixed calendar for rate cuts

ECB’s de Guindos: No fixed calendar for rate cuts

ECB Vice President Luis de Guindos expressed cautiously optimistic view on the trajectory of inflation in Eurozone. But he also emphasized that the central bank is data-dependent regarding cutting interest rates, rather than time-dependent. “There has been good news...

Rising Oil About to Become An Issue

Rising Oil About to Become An Issue

US crude jumped past the $79b level this morning on escalating tensions in the Red Sea. The European and American futures are slightly in the negative at the time of writing, and stocks in Hong Kong and China were better bid on Monday as China imposed ban on short...

FX option expiries for 29 January 10am New York cut

FX option expiries for 29 January 10am New York cut

There aren't any major expiries to take note of on the day. As such, trading sentiment will rely more on action in the bond market and overall risk mood to start the week. Treasury yields are slightly lower so far, so that could impact the dollar slightly as we look...

Forex and Cryptocurrencies Forecast – Action Forex

Forex and Cryptocurrencies Forecast – Action Forex

EUR/USD: US Economy Delivers Surprises The two most significant events last week occurred on Thursday, January 25. On this day, the European Central Bank (ECB) held a meeting, and preliminary GDP data for the US for Q4 2023 was published. As expected, the ECB left the...

EUR/CHF Weekly Outlook – Action Forex

EUR/CHF Weekly Outlook – Action Forex

EUR/CHF failed to sustain above 55 D EMA (now at 0.9443) last week, and reversed from there. Initial bias stays mildly on the downside this week for deeper pull back. But downside should be contained above 0.9252 low to bring rebound. On the upside, above 0.9425 minor...

EUR/AUD Weekly Outlook – Action Forex

EUR/AUD Weekly Outlook – Action Forex

EUR/AUD’s corrective pull back continued last week and outlook is unchanged. Initial bias remains neutral this week first. Further rally is expected as long as 1.6398 support holds. Corrective fall from 1.7062 should have completed with three waves down to 1.6127...

EUR/GBP Weekly Outlook – Action Forex

EUR/GBP Weekly Outlook – Action Forex

EUR/GBP’s fall from 0.8764 resumed through 0.8548 last week. While downside momentum is a bit unconvincing, further decline is expected with 0.8563 resistance intact. Next target is 0.8491 low and break will resume larger down trend to 0.8464 projection level. On the...

EUR/JPY Weekly Outlook – Action Forex

EUR/JPY Weekly Outlook – Action Forex

EUR/JPY turned into consolidation below 161.84 last week. Initial bias remains neutral this week first. While another dip cannot be ruled out, further rally is expected as long as 158.55 resistance turned support holds. Break of 161.84 will resume the rebound from...

USD/CAD Weekly Outlook – Action Forex

USD/CAD Weekly Outlook – Action Forex

USD/CAD stayed in consolidation below 1.3540 last week and outlook is unchanged. Initial bias stays neutral this week first, and further rally is in favor. Fall from 1.3897 should have completed at 1.3716. Break of 1.3540 will target 1.3617 cluster resistance (61.8%...

AUD/USD Weekly Report – Action Forex

AUD/USD Weekly Report – Action Forex

AUD/USD stayed in consolidation above 0.6524 last week and outlook is unchanged. Initial bias remains neutral this week and further fall is expected. On the downside, firm break of 0.6524 support will argue that whole rebound from 0.6269 has completed, and bring...

USD/CHF Weekly Outlook – Action Forex

USD/CHF Weekly Outlook – Action Forex

USD/CHF retreated again after edging higher to 0.8727 last week. Initial bias stays neutral this week first. On the downside, below 0.8605 will resume the pull back from 0.8727 to 0.8487 support. Break there will argue that rebound from 0.8332 has completed, and bring...

GBP/USD Weekly Outlook – Action Forex

GBP/USD Weekly Outlook – Action Forex

GBP/USD stayed in consolidation from 1.2826 last week and outlook is unchanged. Initial bias remains neutral this week first. On the upside, firm break of 1.2784 resistance will suggest that consolidation pattern has completed. Further rise should be seen through...

USD/JPY Weekly Outlook – Action Forex

USD/JPY Weekly Outlook – Action Forex

USD/JPY stayed in consolidation below 148.79 last week and outlook is unchanged. Initial bias remains neutral this week first. With 145.97 resistance turned support intact, further rally is in favor. As noted before, corrective fall from 151.89 should have completed...

EUR/USD Weekly Outlook – Action Forex

EUR/USD Weekly Outlook – Action Forex

EUR/USD edged lower to 1.0812 last week but quickly recovered. Initial bias remains neutral this week first. Further decline is mildly in favor as long as 1.0931 resistance holds. On the downside, break of 1.0812 will resume the fall from 1.1138 to 1.0722 support. On...

GBP/JPY Weekly Outlook – Action Forex

GBP/JPY Weekly Outlook – Action Forex

GBP/JPY edged higher to 188.90 last week but retreated since then. Initial bias remains neutral this week first. Further rally is expected as long as 186.14 support holds. Break of 188.90, and sustained trading above 188.63, will confirm up trend resumption. Next...

US PCE inflation unchanged at 2.6%, core PCE slows to 2.9%

US PCE inflation unchanged at 2.6%, core PCE slows to 2.9%

US personal income rose 0.3% mom or USD 60.0B in December, matched expectations. Personal spending rose 0.7% mom or USD 133.9B, above expectation of 0.4% mom. PCE price index rose 0.2% mom, matched expectations. Core PCE price index (excluding food and energy) rose...

GBP/USD Mid-Day Outlook – Action Forex

GBP/USD Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 1.2679; (P) 1.2711; (R1) 1.2740; More… Intraday bias in GBP/USD stays neutral and outlook is unchanged. On the upside, firm break of 1.2784 resistance will suggest that consolidation pattern has completed. Further rise should be seen through 1.2826...

EUR/USD Mid-Day Outlook – Action Forex

EUR/USD Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 1.0811; (P) 1.0857; (R1) 1.0891; More… EUR/USD recovered quickly after dipping to 1.0812. Intraday bias remains neutral at this point. On the downside, break of 1.0812 will resume the fall from 1.1138 to 1.0722 support. On the upside, above 1.0931...

USD/CHF Mid-Day Outlook – Action Forex

USD/CHF Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 0.8636; (P) 0.8661; (R1) 0.8695; More…. Intraday bias in USD/CHF stays neutral for the moment. On the downside, below 0.8605 will resume the pull back from 0.8727 to 0.8487 support. Break there will argue that rebound from 0.8332 has completed, and...

USD/JPY Mid-Day Outlook – Action Forex

USD/JPY Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 147.20; (P) 147.55; (R1) 148.02; More… Intraday bias in USD/JPY stays neutral, as consolidation from 148.79 is extending. With 145.97 resistance turned support intact, further rally is in favor. As noted before, corrective fall from 151.89 should...

Sunset Market Commentary – Action Forex

Sunset Market Commentary – Action Forex

Markets European bond markets still opened stronger in the wake of yesterday’s unconvincing press conference by ECB President Lagarde. The move lacked momentum though with first individual ECB members sounding more hawkish than Lagarde did. We must admit that it...

EUR/USD: Near-term Action Looks for Direction Signals

EUR/USD: Near-term Action Looks for Direction Signals

The Euro rose to the upper side of near-term congestion on Friday, after hitting new marginally lower low of larger downtrend from 1.1139 (Dec 28 peak). Today’s bounce points to still strong bids, although without sufficient bullish momentum to sustain gains and rise...

Weekly Focus – No New Signals from Central Banks

Weekly Focus – No New Signals from Central Banks

As expected, the ECB kept rates unchanged and did not provide new guidance. At the press conference, President Lagarde said that she stands by her earlier comments that rate cuts could come in the summer. We continue to expect the first cut in June, followed by two...

Will Fed Push Back Against Imminent Rate Cuts?

Will Fed Push Back Against Imminent Rate Cuts?

Investors scale back bets of a March Fed rate cut US economic data since December point to improvement Focus turns to Fed meeting for clearer guidance on interest rates Decision on Wednesday at 19:00 GMT, press conference at 19:30 To cut in March or not to cut? There...

Fed Preview: Patience and Gradualism

Fed Preview: Patience and Gradualism

We expect the Fed to maintain its monetary policy unchanged in the January meeting. We expect the first rate cut in March and a total of four cuts in 2024. The Fed is in a comfortable position with regards to both sides of its dual mandate. Cooling inflation warrants...

GBPUSD Eyes Key Resistance Within Neutral Zone

GBPUSD Eyes Key Resistance Within Neutral Zone

GBPUSD picks up steam, heads towards important resistance Technical signals improve, but market structure is still neutral GBPUSD has been trading with stronger positive momentum over the past couple of hours, aiming to reach July’s resistance trendline, which capped...

CAD’s Troubles Could Be Soon Forgotten

CAD’s Troubles Could Be Soon Forgotten

The Canadian Dollar faces a confluence of challenges, from the unexpected BoC stance on interest rates to mixed economic data and the traditionally impactful fluctuations in oil prices. As investors grapple with uncertainty regarding future monetary policy directions...

Ethereum Could End Consolidation With a Dip Towards $2000

Ethereum Could End Consolidation With a Dip Towards $2000

Market picture Volatility in the cryptocurrency market remains subdued, keeping the capitalisation near $1.56 trillion for the third day. Meanwhile, Bitcoin remains around $40K, and Ethereum looks pegged to $2200. The drop in equity indices over the past 24 hours...

AUDUSD Hovers Around 200-day SMA after Decline Halts

AUDUSD Hovers Around 200-day SMA after Decline Halts

AUDUSD pauses short-term retreat at December low Double bottom pattern triggers a rebound, but 200-SMA holds strong Momentum indicators remain heavily tilted to the downside AUDUSD experienced a vast selloff following its December peak of 0.6870, breaking below both...

USD: Likely Outcomes of the PCE

USD: Likely Outcomes of the PCE

The recent economic data presents a nuanced narrative, showcasing the resilience of the US economy amid uncertainties. As we navigate through the mixed signals of GDP growth, price index fluctuations, and surprising jobless claims, it becomes evident that a...

Money Markets Added to ECB Easing Bets

Money Markets Added to ECB Easing Bets

Markets ECB president Lagarde’s “I stand by the comments made in Davos” did little to impress markets. They even interpreted it the other way around as if the ECB chair went slightly off-script at the World Economic Forum (“summer seems to be right time to start...

ECB’s Kazaks cautions against hasty rate cuts

ECB’s Kazaks cautions against hasty rate cuts

ECB Governing Council member Martins Kazaks emphasized a cautious approach to reducing interest rates in an interview with BloombergTV. He acknowledged that while a downward adjustment in rates is anticipated, the ECB should not hasten this process, cautioning against...

USDCAD Looks Ready for Bearish Retracement

USDCAD Looks Ready for Bearish Retracement

USDCAD battles with 200-day SMA Holds above downtrend line But momentum indicators show weak signals USDCAD is holding above the medium-term ascending trend line and is moving back and forth from the flat 200-day simple moving average (SMA) at 1.3483. The technical...

FX option expiries for 26 January 10am New York cut

FX option expiries for 26 January 10am New York cut

There are a couple to take note of, as highlighted in bold.They are both for EUR/USD, seen at the 1.0800 and 1.0850 levels. The former alongside bids at the figure level could help to prevent a steeper drop in the session ahead. This comes as the dollar is keeping...

BTCUSD Pauses Selloff and Battles with 40,000

BTCUSD Pauses Selloff and Battles with 40,000

BTCUSD manages to halt its short-term decline But its rebound encounters resistance around 40,000 Momentum indicators still deep in their negative zones BTCUSD (Bitcoin) has experienced a strong decline from its recent two-year peak of 49,051, dropping to as low as...

USD/JPY Mid-Day Outlook – Action Forex

USD/JPY Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 146.63; (P) 147.54; (R1) 148.44; More… USD/JPY is still extending the consolidation from 148.79 and intraday bias remains neutral for the moment. Still, as long as 145.97 support holds, further rally is in favor. Corrective fall from 151.89 should...

USD/CHF Mid-Day Outlook – Action Forex

USD/CHF Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 0.8587; (P) 0.8648; (R1) 0.8690; More…. Intraday bias in USD/CHF is staying mildly on the downside. Fall from 0.8727 could extend to 0.8487 support. Break there will argue that rebound from 0.8332 has completed at 0.8727, after rejection by 55 D EMA...

Sunset Market Commentary – Action Forex

Sunset Market Commentary – Action Forex

Markets The key events to watch today were the ECB policy decision and important US data. The main conclusion of the latter is that they, once again, underscore the resilience of the world’s largest economy. Quarterly growth in the last three months of 2023 came in at...

US 30 Index Retreats from Record Peak

US 30 Index Retreats from Record Peak

US 30 index finds support at 161.8% Fibonacci Technical indicators suggest bearish retracement The US 30 index is easing from the all-time high of  38,108 and is meeting again the 161.8% Fibonacci extension level of the down leg from 35,685 to 32,320 at 37,800, which...

GBP/USD Mid-Day Outlook – Action Forex

GBP/USD Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 1.2676; (P) 1.2726; (R1) 1.2774; More… GBP/USD is still bounded in consolidation pattern from 1.2826 and intraday bias remains neutral. Deeper pull back cannot be ruled out. But downside should be contained above 1.2499 support to bring rebound. On...

EUR/USD Mid-Day Outlook – Action Forex

EUR/USD Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 1.0843; (P) 1.0888; (R1) 1.0929; More… EUR/USD is staying in range above 1.0821 and intraday bias remains neutral. On the downside, break of 1.0821 will resume the fall from 1.1138 to 1.0722 support. On the upside, above 1.0931 will resume the...

ECB press conference live stream

ECB press conference live stream

ActionForex.com was set up back in 2004 with the aim to provide insightful analysis to forex traders, serving the trading community for over a decade. Empowering the individual traders was, is, and will always be our motto going forward. Contact us:...

BTCUSD Pauses Selloff and Battles with 40,000

BTCUSD Pauses Selloff and Battles with 40,000

BTCUSD manages to halt its short-term decline But its rebound encounters resistance around 40,000 Momentum indicators still deep in their negative zones BTCUSD (Bitcoin) has experienced a strong decline from its recent two-year peak of 49,051, dropping to as low as...

Euro in Holding Pattern Ahead of ECB Decision

Euro in Holding Pattern Ahead of ECB Decision

The euro is showing limited movement on Thursday. In the European session, EUR/USD is trading at 1.0895, up 0.10%. Eurozone PMIs, released on Wednesday, pointed to trouble in the manufacturing and services sectors. Manufacturing has been in deep-freeze, although the...

Crypto Market Takes a Breath after the Storm

Crypto Market Takes a Breath after the Storm

Market Picture The crypto market saw lower volatility in the last 24 hours, with capitalisation at $1.56 trillion and the price of Bitcoin hovering around $40K. Major altcoins have also avoided strong moves. The Fear and Greed Index is wandering around a neutral 50. A...

WTI Oil Futures Challenge 61.8% Fibo

WTI Oil Futures Challenge 61.8% Fibo

WTI futures break above crucial trendline and 50-day SMA Next target is the 61.8% Fibo, which held strong in January Momentum indicators tilt to the positive side WTI oil futures (March delivery) had been on the retreat since their September peak of 95.02, breaking...

EUR/JPY Daily Outlook – Action Forex

EUR/JPY Daily Outlook – Action Forex

Daily Pivots: (S1) 160.01; (P) 160.54; (R1) 161.10; More… Intraday bias in EUR/JPY stays neutral as consolidation from 161.84 is still in progress. Further rally is expected as long as 158.55 resistance turned support holds. On the upside, break of 161.84 will resume...