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EURUSD in a Dramatic Downfall

EURUSD in a Dramatic Downfall

EURUSD corrects sharply down to 1½-month low; gives up previous gains Technical signals remain bearish; support expected near 1.0650-1.0660 EURUSD continued to sink for the second consecutive day on Friday, reversing entirely its post-US CPI upturn and trimming a...

EUR/AUD Daily Outlook – Action Forex

EUR/AUD Daily Outlook – Action Forex

Daily Pivots: (S1) 1.6146; (P) 1.6210; (R1) 1.6245; More… Intraday bias in EUR/AUD remains neutral at this point, and outlook stays bearish with 1.6418 resistance intact. On the downside, break of 1.6173 will resume the decline from 1.6742, as the third leg of the...

EUR/GBP Daily Outlook – Action Forex

EUR/GBP Daily Outlook – Action Forex

Daily Pivots: (S1) 0.8399; (P) 0.8428; (R1) 0.8444; More… EUR/GBP’s fall resumed after brief recovery and intraday bias is back on the downside. Current down trend should target 0.8376 projection level next. For now, risk will remain on the downside as long as 0.8457...

GBPJPY Bounces to 14-Year High; Eyes on 201 Resistance

GBPJPY Bounces to 14-Year High; Eyes on 201 Resistance

GBPJPY stepped on the long-term ascending line at 200 and jumped to a new 14-year high of 201.59 in the BoJ aftermath on Friday with scope to continue its long-term positive trend. The short-term risk is more on the upside than on the downside. Specifically, the...

USDCAD Remains Bullish With Weak Momentum

USDCAD Remains Bullish With Weak Momentum

USDCAD fails to extend above 1.3785 Stochastics suggest bearish retracement USDCAD is still developing above the short-term simple moving averages (SMAs), which are ready for a bullish crossover, and above the medium-term uptrend line. Technically, the MACD oscillator...

FX option expiries for 14 June 10am New York cut

FX option expiries for 14 June 10am New York cut

There are a couple to take note of, as highlighted in bold. But barring any surprise moves, they aren't likely to feature much into play.The first ones are for EUR/USD at 1.0800-10, which aren't likely to be of much impact. The euro is weighed down by political angst...

BoJ Decision Sends Yen Plummeting as Taper Plan Delayed

BoJ Decision Sends Yen Plummeting as Taper Plan Delayed

The Japanese Yen has taken a significant hit today, losing ground against all major currencies after BoJ refrained from detailing an immediate plan to taper its bond purchases. In the lead-up to the announcement, expectations were high among traders and investors that...

EUR/GBP Daily Outlook – Action Forex

EUR/GBP Daily Outlook – Action Forex

Daily Pivots: (S1) 0.8425; (P) 0.8439; (R1) 0.8459; More… Intraday bias in EUR/GBP is turned neutral with current recovery, and some consolidations would be seen first. Further decline is expected as long as 0.8482 support turned resistance holds. Below 0.8417 will...

USD/CHF Mid-Day Outlook – Action Forex

USD/CHF Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 0.8897; (P) 0.8940; (R1) 0.8988; More…. No change in USD/CHF’s outlook as range trading continues. Intraday bias remains neutral. On the downside, sustained break of 0.8883 fibonacci level will carry larger bearish implications and bring deeper...

Aussie Shrugs After Strong Employment Data

Aussie Shrugs After Strong Employment Data

The Australian dollar has edged lower on Thursday. AUD/USD is trading at 0.6674 in the North American session, up 0.14% on the day. The Aussie didn’t show much reaction to today’s solid Australian employment report. Australian employment beats forecasts Australia’s...

USD/JPY Mid-Day Outlook – Action Forex

USD/JPY Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 155.84; (P) 156.61; (R1) 157.49; More… No change in USD/JPY’s outlook as range trading continues. Intraday bias remains neutral. On the downside, break of 154.53 will turn bias to the downside for 151.86 support and possibly below, as the third leg...

Sunset Market Commentary – Action Forex

Sunset Market Commentary – Action Forex

Markets Yesterday’s ‘hawkish’ Fed dots raising governors’ 2024/25 inflation projections, a higher reference for the neutral rate (2.75% ) and indicating only one rate cut this year as the FOMC’s preferred interest rate scenario only limited the big decline in US...

GBP/USD Mid-Day Outlook – Action Forex

GBP/USD Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 1.2733; (P) 1.2796; (R1) 1.2862; More… Intraday bias in GBP/USD is turned neutral first but further rally is expected as long as 1.2687 support holds. Above 1.2869 will target 1.2892 resistance. Decisive break there will strengthen the case that...

EUR/USD Mid-Day Outlook – Action Forex

EUR/USD Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 1.0745; (P) 1.0799; (R1) 1.0862; More…. Intraday bias in EUR/USD remains neutral at this point. On the upside, firm break of 1.0915 will resume whole rise from 1.0601. On the downside, break of 1.0718 will resume the fall from 1.0915 instead. In the...

US PPI at -0.2% mom, 2.2% yoy in May

US PPI at -0.2% mom, 2.2% yoy in May

US PPI for final demand fell -0.2% mom in May, below expectation of 0.2% mom rise. PPI goods fell -0.8% mom, largest decline since October 2023. PPI energy fell -4.8% mom. PPI food fell -0.1% mom while PPI ex food and energy rose 0.3% mom. PPI services was unchanged....

US initial jobless claims jump to 242k, vs exp 227k

US initial jobless claims jump to 242k, vs exp 227k

US initial jobless claims rose 13k to 242k in the week ending June 8, above expectation of 227k. Four-week moving average of initial claims rose 5k to 222k. Continuing claims rose 30k to 1820k in the week ending June 1. Four-week moving average of continuing claims...

WTI Crude Oil Fails to Improve Upside Move

WTI Crude Oil Fails to Improve Upside Move

WTI crude finds tough obstacle at 200-day SMA Technical oscillators head south WTI crude oil returned above the medium-term ascending trend line, hitting the strong 200-day simple moving average (SMA) at 79.36 after bouncing off the four-month low of 72.46. The...

Crypto Growth Derailed – Action Forex

Crypto Growth Derailed – Action Forex

Market Picture The cryptocurrency market failed to get on the growth rails, losing 0.7% in 24 hours to $2.44 trillion, near end-of-day levels on Wednesday. The positive effect of the soft inflation report was erased by the Fed’s comparatively tightening stance, which...

AUDUSD: Buying The Dips at the Blue Box Area

AUDUSD: Buying The Dips at the Blue Box Area

In this technical article we’re going to take a quick look at the Elliott Wave charts of AUDUSD Forex pair , published in members area of the website. As our members know, AUDUSD has recently given us correction against the 0.63618 low. The pair reached our target...

FX option expiries for 13 June 10am New York cut

FX option expiries for 13 June 10am New York cut

There are quite a number to take note of for the day, as highlighted in bold.The first ones are for EUR/USD and they are layered between 1.0775 to 1.0810. Given that price action is also meddling with the key daily moving averages at 1.0788-02 currently, the expiries...

USD/JPY Mid-Day Outlook – Action Forex

USD/JPY Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 156.83; (P) 157.12; (R1) 157.43; More… USD/JPY drops sharply in early US session but stays in range of 154.53/157.70 and intraday bias remains neutral first. On the downside, break of 154.53 will turn bias to the downside for 151.86 support and...

USD/CHF Mid-Day Outlook – Action Forex

USD/CHF Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 0.8955; (P) 0.8974; (R1) 0.8996; More…. USD/CHF falls sharply after rejection by 0.8987 support turned resistance and 55 4H EMA. But it;s staying above 0.8880/3 support zone so far. Intraday bias remain neutral first. On the downside, sustained...

(FED) Federal Reserve Issues FOMC Statement

(FED) Federal Reserve Issues FOMC Statement

Recent indicators suggest that economic activity has continued to expand at a solid pace. Job gains have remained strong, and the unemployment rate has remained low. Inflation has eased over the past year but remains elevated. In recent months, there has been modest...

EUR/USD Mid-Day Outlook – Action Forex

EUR/USD Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 1.0715; (P) 1.0745; (R1) 1.0769; More…. EUR/USD’s strong rebound and break of 55 4H EMA (now at 1.0812) argues that pull back form 1.0915 has completed at 1.0718. Intraday bias is back on the upside for 1.0915 resistance first. Firm break there will...

EUR/AUD Mid-Day Outlook – Action Forex

EUR/AUD Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 1.6217; (P) 1.6277; (R1) 1.6318; More… EUR/AUD’s break of 1.6211 support confirms resumption of decline from 1.6742, as the third leg of the correction from 1.7062. Intraday bias is now on the downside for 61.8% projection of 1.6679 to 1.6211 from...

Sunset Market Commentary – Action Forex

Sunset Market Commentary – Action Forex

Markets US May CPI numbers served as an appetizer going into tonight’s FOMC meeting. Both headline (flat) and core (+0.2% m/m) inflation missed expectations for a 0.1% and 0.3% rise respectively. That resulted in slower y/y readings of 3.3% and 3.4% with the latter...

EURUSD Recoups Losses and Bearish Gap after US CPI

EURUSD Recoups Losses and Bearish Gap after US CPI

EURUSD posts gains above 1.0800 RSI crosses above 50 level EURUSD is extending its rebound off 1.0740 after US inflation data that was lower than expected. The pair jumped above the 50- and the 200-day simple moving averages (SMAs) as well as the 1.0800 round number....

US CPI at 0.0% mom, 3.3% yoy in May, below expectations

US CPI at 0.0% mom, 3.3% yoy in May, below expectations

US CPI was flat at 0.0% mom in May below expectation of 0.2% mom. CPI core (all items less food and energy)rose 0.2% mom, below expectation of 0.3% mom. Food prices rose 0.1% mom, while energy prices fell -2.0% mom. For the 12-month period, CPI slowed from 3.4% yoy to...

EUR/GBP Daily Outlook – Action Forex

EUR/GBP Daily Outlook – Action Forex

Daily Pivots: (S1) 0.8440; (P) 0.8456; (R1) 0.8472; More… Intraday bias in EUR/GBP remains on the downside. Current down trend should target 0.8376 projection level next. On the upside, above 0.8446 minor resistance will turn intraday bias neutral and bring...

EUR/JPY Daily Outlook – Action Forex

EUR/JPY Daily Outlook – Action Forex

Daily Pivots: (S1) 168.24; (P) 168.83; (R1) 169.37; More… Intraday bias in EUR/JPY remains neutral as range trading continues. On the downside, break of 168.01 support will strengthen the case that rise from 164.31 has completed at 170.78 already. Intraday bias will...

NZDUSD Recoups Post-NFP Slide – Action Forex

NZDUSD Recoups Post-NFP Slide – Action Forex

NZDUSD surges to its highest since March 8 But undergoes a setback after strong NFP report Oscillators ease but remain in positive zones NZDUSD has been in an aggressive uptrend following its 2024 bottom of 0.5851 in mid-April, posting a fresh three-month high last...

Crypto Market Took a Break from Support

Crypto Market Took a Break from Support

Market picture The crypto market cap lost another 0.9% over the last 24 hours, pulling back to $2.44 trillion and extending losses from Friday’s peak to 8%. Since the end of the day on Tuesday, market volatility has noticeably decreased as more traders are taking a...

GBP/JPY Daily Outlook – Action Forex

GBP/JPY Daily Outlook – Action Forex

Daily Pivots: (S1) 199.77; (P) 200.09; (R1) 200.49; More… Intraday bias in GBP/JPY remains neutral for the moment. On the upside, decisive break of 200.72 will resume larger up trend. Nevertheless, break of 197.18 will turn bias to the downside and extend the...

FX option expiries for 12 June 10am New York cut

FX option expiries for 12 June 10am New York cut

There are a few to take note of on the day, as highlighted in bold.The ones for AUD/USD will matter more for the session ahead at least. They are layered between 0.6615 to 0.6630 and should keep price action more contained before we get to the main events later...

Crypto Nosedive – Action Forex

Crypto Nosedive – Action Forex

Market Picture The cryptocurrency market spent Monday in a very narrow range but started Tuesday with a violent sell-off, losing over 2.8% in 24 hours to $2.47 trillion. Bitcoin is retreating at the same pace as the market as a whole, while Ethereum is down 3.5%. Top...

Alarming UK Labour Market Data

Alarming UK Labour Market Data

Unexpected weakness in the UK labour market could signal an important turnaround in the economy and raise the urgency of monetary easing. The short-term impact on the Pound has been relatively limited, but the currency market has now adopted a wait-and-see approach...

Euro Under Pressure as Macron Calls Snap Election

Euro Under Pressure as Macron Calls Snap Election

The euro is down for a third straight day and has dropped 1.3% since Thursday. EUR/USD is trading at 1.0731 in the European session, down 0.32% on the day. There are no releases out of the US or the eurozone today. It was a busy weekend in Europe, as voters went to...

EUR/GBP Mid-Day Outlook – Action Forex

EUR/GBP Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 0.8440; (P) 0.8456; (R1) 0.8472; More… EUR/GBP’s decline continues to as low as 0.8418 so far. Intraday bias remains on the downside for 0.8376 projection level next. On the upside, above 0.8446 minor resistance will turn intraday bias neutral and...

Aussie Edges Lower as Business Confidence Slips

Aussie Edges Lower as Business Confidence Slips

The Australian dollar has declined by 0.28% on Tuesday. AUD/USD is trading at 0.6600 in the European session, down 0.16% on the day. On the data calendar, Australian NAB business confidence was weak and there are no economic releases out of the US. Australian business...

USD/JPY Mid-Day Outlook – Action Forex

USD/JPY Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 155.57; (P) 156.33; (R1) 157.52; More… USD/JPY retreats ahead of 157.70 resistance and intraday bias stays neutral. On the upside, break of 157.70 will resume the whole rise from 151.86 and target 160.20 high. Nevertheless, break of 154.53 will turn...

USD/CHF Mid-Day Outlook – Action Forex

USD/CHF Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 0.8952; (P) 0.8969; (R1) 0.8982; More…. USD/CHF is still bounded in range of 0.8880/8987 and intraday bias remains neutral. On the upside, firm break of 0.8987 support turned resistance will argue that correction from 0.9223 has completed, after...

GBP/USD Mid-Day Outlook – Action Forex

GBP/USD Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 1.2700; (P) 1.2719; (R1) 1.2749; More… Intraday bias in GBP/USD stays neutral as sideway trading continues. Considering bearish divergence condition in 4H MACD, firm break of 1.2680 support will turn bias back to the downside for 55 D EMA (now at...

Sunset Market Commentary – Action Forex

Sunset Market Commentary – Action Forex

Markets Euro weakness remains name of the game in the wake of French President Macron’s snap election call as his coalition got whacked in EU elections. ECB comments played a role as well. EUR/USD set a new sell-off low around 1.0730 from starting levels near 1.0775....

Will Bank of Japan Hint at a July Hike?

Will Bank of Japan Hint at a July Hike?

Investors see decent chance for BoJ hike in July But struggling economy complicates the policy outlook Report on bond buying sets the hawkish bar even higher The Bank decides on Friday at 03:00 GMT Obstacles in the road for the next BoJ hike At its latest gathering on...

US: Small Business Optimism Index Improves in May

US: Small Business Optimism Index Improves in May

NFIB’s Small Business Optimism Index rose 0.8 points to 90.5 in May, beating market expectations for a flat reading of 89.7. Half of the ten subcomponents improved on the month, three deteriorated, and two remained unchanged. The improving categories included...

EUR/USD Mid-Day Outlook – Action Forex

EUR/USD Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 1.0739; (P) 1.0760; (R1) 1.0787; More…. EUR/USD’s fall from 1.0915 is in progress and intraday bias stays on the downside. This decline is seen as another falling leg of the corrective pattern from 1.1274. Further decline should be seen to retest...

EURJPY Trades Sideways Ahead of Key Events

EURJPY Trades Sideways Ahead of Key Events

EURJPY is hovering below the recent 171.56 high Yen failed to benefit from Monday’s euro weakness Momentum indicators point to weakening bullish pressure EURJPY is trading sideways today as the yen has failed to benefit from the euro’s weakness following Sunday’s...

GBP/USD Shrugs as UK Unemployment Rises, GDP Next

GBP/USD Shrugs as UK Unemployment Rises, GDP Next

The British pound is drifting on Tuesday. GBP/USD is trading at 1.2720 in the European session at the time of writing, down 0.08% on the day. The UK released the May employment report earlier today. Next up is GDP on Wednesday, with a market estimate of 0% m/m for...

GBP/JPY Daily Outlook – Action Forex

GBP/JPY Daily Outlook – Action Forex

Daily Pivots: (S1) 199.22; (P) 199.64; (R1) 200.33; More… GBP/JPY is staying in range below 200.72 and intraday bias stays neutral. On the downside, break of 197.28 will strengthen the case that rise from 191.34 has completed. Intraday bias will be back on the...

FX option expiries for 11 June 10am New York cut

FX option expiries for 11 June 10am New York cut

There aren't any major expiries to take note of on the day. That speaks to the lack of interest in price levels for today mostly. The main events in markets will only kick off tomorrow, so there is not much appetite to really chase anything until then. And that is...

GBP/JPY Daily Outlook – Action Forex

GBP/JPY Daily Outlook – Action Forex

Daily Pivots: (S1) 198.59; (P) 199.20; (R1) 200.01; More… Intraday bias in GBP/JPY remains neutral for the moment. On the downside, break of 197.28 will strengthen the case that rise from 191.34 has completed. Intraday bias will be back on the downside for 195.02...

EUR/USD Mid-Day Outlook – Action Forex

EUR/USD Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 1.0768; (P) 1.0835; (R1) 1.0870; More…. Intraday bias in EUR/USD stays on the downside at this point. Rebound from 1.0601 might have completed at 1.0915 already. Fall from there could be another falling leg of the corrective pattern from 1.1274....

GBP/USD Mid-Day Outlook – Action Forex

GBP/USD Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 1.2688; (P) 1.2750; (R1) 1.2784; More… Intraday bias in GBP/USD remains neutral at this point and outlook is unchanged. . Considering bearish divergence condition in 4H MACD, firm break of 1.2680 support will turn bias back to the downside for 55 D...

USD/CHF Mid-Day Outlook – Action Forex

USD/CHF Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 0.8906; (P) 0.8940; (R1) 0.8998; More…. Intraday bias in USD/CHF remains neutral and outlook is unchanged. On the upside, firm break of 0.8987 support turned resistance will argue that correction from 0.9223 has completed, after drawing support from...

Sunset Market Commentary

Sunset Market Commentary

Markets Elections for the European Parliament this time didn’t pass unnoticed on European markets. They clearly left investors with quite a degree of unease. The ‘gamble’ of French President Macron to call snap elections in an attempt to block the ascent of the...

BoE Stays Quiet But Data Could Speak Volumes

BoE Stays Quiet But Data Could Speak Volumes

BoE stuck between strong US data and the ECB rate cut Labour market data could support August rate cut expectations All eyes on average earnings growth Could the pound maintain its recent gains? BoE remains on the sidelines While the ECB announced its first rate cut...

US Indices: Something for Optimists

US Indices: Something for Optimists

The US indices, S&P500 and Nasdaq100, closed Wednesday at record highs, taking a decisive step up, adding over 1.1% and 2%, respectively. The Dow Jones index lagged, adding just 0.25% for the day and is 3% off all-time highs. The Nasdaq-100 and S&P500...

USD/JPY Mid-Day Outlook – Action Forex

USD/JPY Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 155.57; (P) 156.33; (R1) 157.52; More… Intraday bias in USD/JPY stays neutral at this point. On the upside, break of 157.70 will resume the whole rise from 151.86 and target 160.20 high. Nevertheless, break of 154.53 will turn bias to the downside...

EUR/JPY Daily Outlook – Action Forex

EUR/JPY Daily Outlook – Action Forex

Daily Pivots: (S1) 169.14; (P) 169.79; (R1) 170.52; More… Intraday bias in EUR/JPY remains neutral first. On the downside, break of 168.01 support will strengthen the case that rise from 164.31 has completed at 170.78 already. Intraday bias will be back on the...

EUR/AUD Daily Outlook – Action Forex

EUR/AUD Daily Outlook – Action Forex

Daily Pivots: (S1) 1.6348; (P) 1.6384; (R1) 1.6458; More… EUR/AUD retreated sharply after edging higher to 1.6418 ans intraday bias remains neutral. . On the downside, firm break of 1.6211 support will resume the whole decline from 1.6742, as the third leg of the...

Euro Falls to Four-Week Low: Politicians to Blame

Euro Falls to Four-Week Low: Politicians to Blame

EUR/USD plummeted below 1.0800 and is currently hovering around 1.0796 on Monday morning. This development came amid heightened political tensions in France. President Emmanuel Macron called for early elections on Sunday in the wake of his party’s crushing defeat and...

ECB’s Nagel urges caution on rate cuts

ECB’s Nagel urges caution on rate cuts

In a speech today, ECB Governing Council member Joachim Nagel stressed the importance of caution in making further interest rate cuts, citing ongoing economic uncertainty and persistent inflation pressures. Nagel remarked, “I don’t see us on a mountain top from which...

EUR/CHF Daily Outlook – Action Forex

EUR/CHF Daily Outlook – Action Forex

Daily Pivots: (S1) 0.9670; (P) 0.9693; (R1) 0.9708; More…. EUR/CHF’s fall from 0.9928 resumed today and intraday bias is back on the downside for 0.9563 support. Decisive break there will argue that whole rise from 0.9252 has completed, and bring deeper fall to 61.8%...

Headwinds Knocked Down Bitcoin & Ethereum

Headwinds Knocked Down Bitcoin & Ethereum

Market picture The crypto market is losing about 4.5% from its peak on Friday, having reversed to the downside after news positive for the dollar. Another batch of labour market figures well above expectations has raised doubts that the Fed will soon follow the ECB...

Gold Could Be Poised for a Continuation Lower

Gold Could Be Poised for a Continuation Lower

Gold violates bullish structure; prints a head and shoulders pattern Short-term risk is negative; confirmation signal awaited below 2,285 Gold has stabilized near May’s floor of 2,285 after losing more than 3.0% on Friday to mark its biggest daily loss in two years....

EUR/GBP Daily Outlook – Action Forex

EUR/GBP Daily Outlook – Action Forex

Daily Pivots: (S1) 0.8481; (P) 0.8501; (R1) 0.8512; More… EUR/GBP’s strong break of 0.8491 support confirms resumption of larger down trend. Intraday bias is back on the downside for 0.8376 projection level next. On the upside, break of 0.8539 resistance is needed to...

FX option expiries for 10 June 10am New York cut

FX option expiries for 10 June 10am New York cut

There is just one to take note of on the day, as highlighted in bold.That being for EUR/USD at the 1.0775 level. It's not one that holds any technical significance, so I wouldn't attach too much importance to the expiry level. The pair opened today with a gap lower...

Forex and Cryptocurrency Forecast – Action Forex

Forex and Cryptocurrency Forecast – Action Forex

EUR/USD: Who Controls the Financial Market It is clear that interest rates rule the markets, not only in terms of actual changes but also regarding expectations about the timing and magnitude of future changes. From spring 2022 to mid-2023, the focus was on raising...

Summary 6/10 – 6/14

Summary 6/10 – 6/14

Monday, Jun 10, 2024 Tuesday, Jun 11, 2024 Wednesday, Jun 12, 2024 Thursday, Jun 13, 2024 Friday, Jun 14, 2024 The post Summary 6/10 – 6/14 appeared first on Action Forex.

Market Awaits NFP Data: Euro/Dollar Consolidates

Market Awaits NFP Data: Euro/Dollar Consolidates

At the end of the week, the US dollar is hovering around an eight-week low against the euro, but trading activity remains subdued. Everyone is conserving energy ahead of this evening’s May employment data from the US. These reports are expected to provide more insight...

Crypto Market Quiet – Action Forex

Crypto Market Quiet – Action Forex

Market picture The crypto market capitalisation remained almost unchanged overnight at $2.63 trillion, showing a sharp decline in volatility. Bitcoin settled near the $71K level (+0.2%), while Ethereum settled near $3800 (-0.9 %). Prices of top altcoins changed...

GOLD (XAUUSD) Elliott Wave: Forecasting the Path

GOLD (XAUUSD) Elliott Wave: Forecasting the Path

Hello fellow traders. In this technical article we’re going to take a quick look at the Elliott Wave charts of GOLD (XAUUSD) , published in members area of the website. As our members know, GOLD ended cycle from the 2314.99 low as 5 waves structure. The commodity is...

USD/CHF Mid-Day Outlook – Action Forex

USD/CHF Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 0.8874; (P) 0.8911; (R1) 0.8930; More…. USD/CHF recovers after another take on 0.8883 fibonacci level but stays below 0.8987 support turned resistance. Intraday bias stays neutral first. Strong rebound from current level, followed by firm break of...

USD/JPY Mid-Day Outlook – Action Forex

USD/JPY Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 155.19; (P) 155.81; (R1) 156.26; More…. USD/JPY rebounds notably in early US session but stays below 157.70 resistance. Intraday bias remains neutral first. On the upside, break of 157.70 will resume the whole rise from 151.86 and target 160.20...

GBP/USD Mid-Day Report – Action Forex

GBP/USD Mid-Day Report – Action Forex

Daily Pivots: (S1) 1.2766; (P) 1.2788; (R1) 1.2812; More….. GBP/USD dips notably in early US session but stays above 1.2693 support. Intraday bias remains neutral first. Considering bearish divergence condition in 4H MACD, firm break of 1.2693 will turn bias back to...

EUR/USD Mid-Day Outlook – Action Forex

EUR/USD Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 1.0867; (P) 1.0884; (R1) 1.0907; More… EUR/USD dips notably in early US session but stays above 1.0788 support. Intraday bias remains neutral first. Considering bearish divergence condition in 4H MACD, firm break of 1.0788 will argue that rebound...

EURUSD Struggles to Close Above 1.0900

EURUSD Struggles to Close Above 1.0900

EURUSD constrained below May’s barrier of 1.0894 Technical signals reflect uncertainty Sellers could take control below 1.0830 Despite a false bullish breakout to 1.0915 earlier this week, EURUSD has been struggling to close above May’s bar of 1.0894. From a technical...

SILVER (XAGUSD) Buying the Dips at the Blue Box Area

SILVER (XAGUSD) Buying the Dips at the Blue Box Area

Hello fellow traders. In this technical article, we’re going to take a look into the Elliott Wave charts of SILVER (XAGUSD), exclusively presented in the members’ area of our website. As our members know SILVER has recently made pull back that made clear 3 waves down...

USD/JPY Steady Despite Soft Household Spending

USD/JPY Steady Despite Soft Household Spending

The Japanese yen is calm on Friday. In the European session, USD/JPY is trading at 155.50, down 0.06% on the day at the time of writing. Japan’s household spending slips Japan’s economic activity has been sluggish and household spending, a key driver of economic...

Week Ahead – Fed and BoJ Decide on Monetary Policy

Week Ahead – Fed and BoJ Decide on Monetary Policy

US CPI data and Fed to determine the dollar’s fate Will the BoJ signal that another rate hike is looming? Pound traders await UK employment and GDP numbers RBA hike bets shrink ahead of AU jobs and China CPI data Mind the dots With US inflation resuming its downtrend...

Canadian Dollar Eyes Can., US Job Data

Canadian Dollar Eyes Can., US Job Data

The Canadian dollar has had a relatively quiet week and has ticked higher on Friday. In the European session, USD/CAD is trading at 1.3683, up 0.10%. We could see stronger movement from the pair in the North American session, when both the US and Canada release the...

USDCHF Posts More Than 2-month Low

USDCHF Posts More Than 2-month Low

USDCHF finds strong obstacle at 200-day SMA MACD endorses negative momentum; RSI near oversold region USDCHF plunged to a new more than two-month low of 0.8879 today but has found support at the 200-day simple moving average (SMA) in the 0.8895 area.   The pair is...

Euro Shrugs as ECB Lowers Rates to 3.75%

Euro Shrugs as ECB Lowers Rates to 3.75%

The euro is drifting on Friday. EUR/USD is trading at 1.0892 in the European session, up 0.04% on the day. We could see some movement from the euro in the North American session, with the release of US nonfarm payrolls. ECB cuts, but no commitments to continue The ECB...

FX option expiries for 7 June 10am New York cut

FX option expiries for 7 June 10am New York cut

There are a few to take note of on the day, as highlighted in bold.Again, they are for EUR/USD and layered between 1.0875 through to 1.0900. Given that markets are largely waiting on the US jobs report later, the expiries here will help to act as goalposts in keeping...

Crypto Takes its Time – Action Forex

Crypto Takes its Time – Action Forex

Market picture The cryptocurrency market decided to storm the local highs set almost two months ago. However, the growth has not yet developed, and some players rushed to fix profits quickly despite the positive sentiment in the US stock markets. Bitcoin is trading...

ETHUSD Consolidates as Advance Pauses

ETHUSD Consolidates as Advance Pauses

ETHUSD posts fresh 2-month high following ETF approval But fails to extend its rally as bulls lift foot off the gas Momentum indicators ease from overbought conditions ETHUSD (Ethereum) had been on the rise after claiming the 50-day simple moving average (SMA) in...

US initial jobless claims rises to 229k vs exp 215k

US initial jobless claims rises to 229k vs exp 215k

US initial jobless claims rose 8k to 229k in the week ending May 25, above expectation of 215k. Four-week moving average of initial claims fell -750 to 222k. Continuing claims rose 2k to 1792k in the week ending May 25. Four-week moving average of continuing claims...

USD/JPY Mid-Day Outlook – Action Forex

USD/JPY Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 155.01; (P) 155.75; (R1) 156.86; More…. No change in USD/JPY’s outlook as range trading continues. Risk will stay on the downside as long as 157.70 resistance holds. Fall from there is seen as the third leg of the corrective pattern from 160.20. On...

USD/CHF Mid-Day Outlook – Action Forex

USD/CHF Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 0.8901; (P) 0.8925; (R1) 0.8959; More…. Intraday bias in USD/CHF stays neutral and outlook is unchanged. Strong rebound from current level, followed by break of 0.8987 support turned resistance, will suggest that correction from 0.9223 has...

ECB Review: Cutting and Keeping

ECB Review: Cutting and Keeping

Today, the ECB decided to cut its three main policy rates by 25bp, which leaves the key policy rate at 3.75%. This cut follows a 9-month period with unchanged policy rates on the back of the rapid hiking cycle since mid-2022. The rate cut was widely expected and thus...

US Dollar Index Needs to Hold Above 104

US Dollar Index Needs to Hold Above 104

US dollar index pauses downleg near important support trendline Technical signals are uncertain; sellers wait below 104 The US dollar index is trading at an attractive level around the protective trendline that joins the lows from December 2023 and March 2024 near...

European Central Bank Kicks Off Its Rate Cut Cycle

European Central Bank Kicks Off Its Rate Cut Cycle

Summary The European Central Bank (ECB) today joined the growing group of advanced economy central banks that have begun their monetary easing cycles, lowering its Deposit Rate by 25 bps to 3.75%. ECB policymakers cited the past drop of inflation and the improving...

ECB Starts Cuts Earlier and May Move Faster Than Fed

ECB Starts Cuts Earlier and May Move Faster Than Fed

The European Central Bank cut all three of its key interest rates by 25 points, which is in line with market expectations. The ECB has kept rates unchanged for the past nine months and tightened policy from July 2022 to September 2023, raising rates by a combined 450...

Sunset Market Commentary – Action Forex

Sunset Market Commentary – Action Forex

Markets After the Swiss National Bank (March), the Swedish Riksbank (May) and the Bank of Canada (yesterday), the ECB today is the next in line among central banks from developed economies to reduce policy restriction. It cut its policy rates by 25bps, bringing the...

EUR/USD Mid-Day Outlook – Action Forex

EUR/USD Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 1.0851; (P) 1.0872; (R1) 1.0889; More… Intraday bias in EUR/USD remains neutral and outlook is unchanged. Further rally is expected as long as 1.0788 support holds. Break of 1.0915 will resume the rally from 1.0601 to 61.8% projection of 1.0601 to...

Euro Holds Steady After ECB Rate Cut

Euro Holds Steady After ECB Rate Cut

Following ECB’s decision to lower interest rates by 25 bps, a move that aligned with market expectations, Euro remained relatively steady within its near term trading range. ECB President Christine Lagarde, speaking at the post-meeting press conference, deliberately...

GBP/USD Mid-Day Outlook – Action Forex

GBP/USD Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 1.2763; (P) 1.2779; (R1) 1.2803; More….. Outlook in GBP/USD remains unchanged and intraday bias stays neutral. As long as 1.2693 support holds, further rally is in favor. Above 1.2816 will resume the rally from 1.2298 to 1.2892 resistance next. On...

Monetary policy decisions – Action Forex

Monetary policy decisions – Action Forex

The Governing Council today decided to lower the three key ECB interest rates by 25 basis points. Based on an updated assessment of the inflation outlook, the dynamics of underlying inflation and the strength of monetary policy transmission, it is now appropriate to...

EUR/JPY Daily Outlook – Action Forex

EUR/JPY Daily Outlook – Action Forex

Daily Pivots: (S1) 168.69; (P) 169.36; (R1) 170.35; More…. Intraday bias in EUR/JPY remains neutral for the moment. Current development suggests that rebound from 164.31 has completed at 170.81. Risk will now stay on the downside as long as 170.87 resistance holds....

EURGBP Tests a Key Support Area

EURGBP Tests a Key Support Area

EURGBP edges higher today ahead of crucial ECB meeting Strong downside pressure in place despite UK elections being in the spotlight Momentum indicators are mostly mixed at this juncture EURGBP is trading higher today, a tad above its lowest level since August 2022,...

GBP/JPY Daily Outlook – Action Forex

GBP/JPY Daily Outlook – Action Forex

Daily Pivots: (S1) 198.08; (P) 198.92; (R1) 200.48; More…. Intraday bias in GBP/JPY remains neutral for the moment. Current development suggests that rise from 191.34 has completed at 200.72 after rejection by 200.53. On the downside, break of 197.18 will resume the...

FX option expiries for 6 June 10am New York cut

FX option expiries for 6 June 10am New York cut

There are a few to take note of on the day, as highlighted in bold.Once again, they are for EUR/USD and this time layered at 1.0850-60 on the bottom end and at the 1.0900 level at the top end. The expiries are likely to keep price action more contained, all before we...

GBP/USD Mid-Day Outlook – Action Forex

GBP/USD Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 1.2737; (P) 1.2777; (R1) 1.2810; More….. Range trading continues in GBP/USD and intraday bias stays neutral for the moment. Further rise is in favor as long as 1.2693 support holds. Above 1.2816 will resume the rally from 1.2298 to 1.2892 resistance...

USD/JPY Mid-Day Outlook – Action Forex

USD/JPY Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 154.13; (P) 155.31; (R1) 156.07; More…. Intraday bias in USD/JPY remains neutral for the moment. Risk will stay on the downside as long as 157.70 resistance holds. Fall from there is seen as the third leg of the corrective pattern from 160.20. On...

USD/CHF Mid-Day Outlook – Action Forex

USD/CHF Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 0.8867; (P) 0.8919; (R1) 0.8954; More…. Intraday bias in USD/CHF is turned neutral with 4H MACD crossed above signal line. Strong rebound from current level, followed by break of 0.8987 support turned resistance, will suggest that correction from...

EUR/USD Mid-Day Outlook – Action Forex

EUR/USD Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 1.0853; (P) 1.0885; (R1) 1.0910; More… Intraday bias in EUR/USD remains neutral for the moment, as consolidation continues below 1.0915. Further rally is expected as long as 1.0788 support holds. Break of 1.0915 will resume the rally from 1.0601 to...

Bank of Canada reduces policy rate by 25 basis points

Bank of Canada reduces policy rate by 25 basis points

The Bank of Canada today reduced its target for the overnight rate to 4¾%, with the Bank Rate at 5% and the deposit rate at 4¾%. The Bank is continuing its policy of balance sheet normalization. The global economy grew by about 3% in the first quarter of 2024, broadly...

Sunset Market Commentary – Action Forex

Sunset Market Commentary – Action Forex

Markets The US 10-yr yield tested 4.31% support after a small miss in May ADP employment change. The US economy added 152k jobs (vs 175k expected) with April figures marginally downwardly revised to 188k (from 192k). The deviation wasn’t big enough to trigger a strong...

Gold: Moonshot to $2800 or Dive Below $2000?

Gold: Moonshot to $2800 or Dive Below $2000?

Gold volatility has fallen markedly in recent days as gold traders consider their next move, while many commodities are in a corrective decline. In May, the gold price climbed towards $2450, above the peaks of April, but failed to consolidate near all-time highs....

Could Stronger US Data Force a Fed Rate Cut?

Could Stronger US Data Force a Fed Rate Cut?

Markets crave weaker US data to support their rate cut expectations Strong data this week could cause an acute market reaction The Fed might find it easier to act if financial stability is under threat The key question in the market participants’ minds is when the Fed...

Bank of Canada Cuts Its Policy Rate to 4.75%!

Bank of Canada Cuts Its Policy Rate to 4.75%!

The Bank of Canada cut the overnight rate to 4.75% (from 5.0%), while stating that it will continue with Quantitative Tightening (QT). The Bank spoke confidently about the economy, stating “economic growth resumed in the first quarter of 2024 after stalling in the...

AUDCAD Consolidates Above Key Support Zone

AUDCAD Consolidates Above Key Support Zone

AUDCAD is trading sideways, above upside channel RSI and MACD corroborate the lack of momentum A break above 0.9125 could shift the bias to the upside A dip below 0.9000 may only confirm a larger correction AUDCAD has been trading in a sideways manner since May 15,...

US ADP employment roses 152k, below expectation 175k

US ADP employment roses 152k, below expectation 175k

US ADP private employment grew 152k in May, below expectation of 175k increase. By sector, goods-producing jobs rose 3k while services-providing jobs rose 149k. By establishment size, small companies lose -10k jobs. Medium companies added 79k while large companies...

AUD/USD and NZD/USD Could Continue Higher

AUD/USD and NZD/USD Could Continue Higher

AUD/USD is correcting gains from the 0.6700 zone. NZD/USD is showing positive signs and might attempt a fresh increase above 0.6200. Important Takeaways for AUD USD and NZD USD Analysis Today The Aussie Dollar started a downside correction from 0.6700 against the US...

USDJPY Recoups Losses After Bounce Off Rising Line

USDJPY Recoups Losses After Bounce Off Rising Line

USDJPY heads north with first resistance at 20-day SMA RSI and Stochastics confirm upside movement USDJPY has reversed back up again after the strong rebound off the medium-term uptrend line and the 50-day simple moving average (SMA), meeting the 23.6% Fibonacci...

NZDUSD Extends Recovery to Fresh Highs

NZDUSD Extends Recovery to Fresh Highs

NZDUSD posts an almost 3-month high on Tuesday But the risk of an impending correction increases Oscillators approach overbought conditions NZDUSD has been in an aggressive uptrend following its 2024 bottom of 0.5851 in mid-April. On Tuesday, the pair stormed to its...

Eurozone PPI down -1.0% mom, -5.7% yoy in Apr

Eurozone PPI down -1.0% mom, -5.7% yoy in Apr

Eurozone PPI fell -1.0% mom in April, below expectation of -0.5% mom. Over the 12-month period, PPI fell -5.7% yoy, below expectation -5.1% yoy. For the month, industrial producer prices increased by 0.3% for intermediate goods, 0.2% for capital goods, 0.2% for...

FX option expiries for 5 June 10am New York cut

FX option expiries for 5 June 10am New York cut

There are just a couple to take note of on the day, as highlighted in bold.The first ones are for EUR/USD, layered between 1.0855 through to 1.0900 on the day. The expiries there are likely to keep price action more contained, before we get to the US ADP employment...

GBPUSD Surges to Fresh 2-Month High

GBPUSD Surges to Fresh 2-Month High

GBPUSD advances to its highest level since March 13 But the advance starts to look overstretched Momentum indicators approach overbought conditions GBPUSD has been in a steady recovery following its bounce off the 2024 bottom of 1.2298, with the price violating both...

Swiss Franc Edges Higher as Inflation Holds at 1.4%

Swiss Franc Edges Higher as Inflation Holds at 1.4%

The Swiss franc is in positive territory on Tuesday. USD/CHF is trading at 0.8935 in the European session, down 0.24% on the day. The Swissie has posted its strongest rally of the year, with gains of 2% since May 29th and is trading at its highest level since March...

Ethereum’s Bull Pennant Needs Confirmation

Ethereum’s Bull Pennant Needs Confirmation

Market picture The cryptocurrency market loses just over 0.5% in 24 hours, to $2.56 trillion. The moderate pressure is due to another failed attempt by Bitcoin to consolidate above $70K, which is now retreating 0.2%. Ethereum has pulled back 1.8% in the same time...

USD/CHF Mid-Day Outlook – Action Forex

USD/CHF Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 0.8926 (P) 0.8983; (R1) 0.9016; More…. USD/CHF accelerates to as low as 0.8921 so far today, touching 100% projection of 0.9223 to 0.8987 from 0.9157 at 0.8921. There is no sign of bottoming yet and intraday bias stays on the downside. Break of...

Japanese Yen Strengthens Unexpectedly Against US Dollar

Japanese Yen Strengthens Unexpectedly Against US Dollar

The USD/JPY pair unexpectedly declined last night due to a weakening US dollar. Currently, it is hovering around 156.33. Japanese Finance Minister Shunichi Suzuki highlighted the government’s recent interventions to support the yen, significantly impacting the market....

WTI Tumbles Below Key Support of 76.50

WTI Tumbles Below Key Support of 76.50

WTI crude oil collapses, breaks key zone RSI and MACD point to further declines Even if the price rebounds, the bears may recharge A break above 80.90 could shift the outlook to positive WTI crude oil fell sharply yesterday, breaking below the key support (now turned...

USD/JPY Mid-Day Outlook – Action Forex

USD/JPY Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 155.53; (P) 156.50; (R1) 157.06; More…. Intraday bias in USD/JPY stays on the downside at this point. Rebound from 151.86 should have completed with three waves up to 157.70. Fall from there is seen as the third leg of the corrective pattern from...

Sunset Market Commentary – Action Forex

Sunset Market Commentary – Action Forex

Markets Markets remained stuck in yesterday’s (US) trading mode in absence of important EMU eco data or ECB talk (silent period ahead of Thursday’s meeting). That means a bid for core bonds as the (US) growth part of the equation enters the spotlight. Investors...

Dollar Traders Lock Gaze on NFP Report

Dollar Traders Lock Gaze on NFP Report

Fed sticks to ‘higher for longer’ mentality PMIs pose downside risks to nonfarm payrolls But point to sticky wage growth The data comes out on Friday, at 12:30 GMT US inflation slows but Fed signals patience Although the latest CPI data revealed that inflation in the...

EUR/USD Mid-Day Outlook – Action Forex

EUR/USD Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 1.0854; (P) 1.0879; (R1) 1.0931; More…. Further rally is still expected in EUR/USD despite current retreat. Rise from 1.0601 should target 61.8% projection of 1.0601 to 1.0894 from 1.0788 at 1.0969. However, break of 1.0788 will turn intraday bias...

GBP/USD Mid-Day Outlook – Action Forex

GBP/USD Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 1.2732; (P) 1.2770; (R1) 1.2847; More….. Further rally is expected in GBP/USD with 1.2693 support intact, despite current retreat. Rise from 1.2298 should target 1.2892 resistance. However, break of 1.2693 will turn bias back to the downside for...

Oil Probably Setting Up for a Repeat of 2020 or 2014

Oil Probably Setting Up for a Repeat of 2020 or 2014

In the middle of last week, WTI crude bounced off resistance in the form of the 200-day moving average and moved closer towards the lower end of the May trading range. Oil is also trading below its 50-day average, which is pointing downwards. All of this is evidence...

EUR/CHF Daily Outlook – Action Forex

EUR/CHF Daily Outlook – Action Forex

Daily Pivots: (S1) 0.9739; (P) 0.9772; (R1) 0.9802; More…. EUR/CHF’s fall from 0.9928 resumed after brief recovery and intraday bias is back on the downside. Sustained trading below 55 D EMA (now at 0.9765) will pave the way to 38.2% retracement of 0.9252 to 0.9928 at...

EUR/AUD Daily Outlook – Action Forex

EUR/AUD Daily Outlook – Action Forex

Daily Pivots: (S1) 1.6252; (P) 1.6301; (R1) 1.6347; More…. No change in EUR/AUD’s outlook as sideway trading continues in range of 1.6211/6403. On the downside, firm break of 1.6211 support will resume the whole decline from 1.6742, as the third leg of the correction...

EUR/GBP Daily Outlook – Action Forex

EUR/GBP Daily Outlook – Action Forex

Daily Pivots: (S1) 0.8504; (P) 0.8520; (R1) 0.8530; More…. Intraday bias in EUR/GBP stays neutral and outlook is unchanged. Further decline is expected as long as 55 D EMA (now at 0.8550) holds. Decisive break of 0.8491/7 will resume larger down trend to 0.8376...

EUR/JPY Daily Outlook – Action Forex

EUR/JPY Daily Outlook – Action Forex

Daily Pivots: (S1) 169.66; (P) 170.28; (R1) 170.83; More…. Intraday bias in EUR/JPY is turned neutral again with current retreat. Above 170.87 will resume the rally from 164.01 to retest 171.58 high. ON the downside, break break of 169.05 support should confirm short...

AUD/USD Analysis: US Dollar Rebounds from Decline

AUD/USD Analysis: US Dollar Rebounds from Decline

Yesterday, the PMI Manufacturing indices for several countries were published. The news turned out to be disappointing for the US – according to ForexFactory: → Final Manufacturing PMI: actual = 51.3; expected = 50.9; previous value = 50.9; → ISM Manufacturing PMI:...

GBP/JPY Daily Outlook – Action Forex

GBP/JPY Daily Outlook – Action Forex

Daily Pivots: (S1) 199.19; (P) 199.92; (R1) 200.62; More…. Intraday bias in GBP/JPY remains neutral for the moment. On the downside, break of 198.73 support will indicate rejection by 200.53 high, and short term topping at 200.72. Bias will be back on the downside for...

FX option expiries for 4 June 10am New York cut

FX option expiries for 4 June 10am New York cut

There aren't any significant major expiries to take note of for today. But if anything else, just be wary of some modest-sized ones for EUR/USD at the 1.0890-00 level. That could help to lock price action a bit more in European morning trade, before we get to US...

WTI Oil Price Unchanged After OPEC+ Meeting

WTI Oil Price Unchanged After OPEC+ Meeting

The OPEC+ meeting over the weekend did not have a substantial impact on the price of crude oil. As the chart shows, WTI oil opened today at $76.72 per barrel, while on Friday it closed at $76.57 – indicating that the decision made by oil producers is ambiguous. The...

USD/JPY Mid-Day Outlook – Action Forex

USD/JPY Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 156.77; (P) 157.07; (R1) 157.58; More…. USD/JPY dips mildly today but stays in range of 156.36/157.70. Intraday bias remains neutral for the moment. On the downside, decisive break of 156.36 minor support will confirm short term topping at 157.70,...

USD/CHF Mid-Day Outlook – Action Forex

USD/CHF Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 0.8995 (P) 0.9032; (R1) 0.9061; More…. No change in USD/CHF’s outlook and intraday bias stays on the downside for 0.8987 support. Firm break there will resume whole fall from 0.9223 and target 100% projection of 0.9223 to 0.8987 from 0.9157 at...

GBP/USD Mid-Day Outlook – Action Forex

GBP/USD Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 1.2706; (P) 1.2736; (R1) 1.2772; More…. GBP/USD is stay in consolidation from 1.2799 and intraday bias remains neutral. Further rise is expected as long as 1.2670 support holds. Above 1.2799 will resume the rally from 1.2298 and target 1.2892...

Sunset Market Commentary – Action Forex

Sunset Market Commentary – Action Forex

Markets On Friday a divergent narrative of in line, rather soft US price deflators and higher than expected EMU May CPI inflation caused US and EMU interest rate markets to part ways, with US yields declining and EMU interest rates still gaining a few bps. Today US...

US: Manufacturing Slips Further into Contraction in May

US: Manufacturing Slips Further into Contraction in May

The ISM Manufacturing Index slipped further into contractionary territory in May, dipping to 48.7 from 49.2 in April, disappointing expectations for a marginal gain. The contraction also became more broad based, with 55% of manufacturing GDP having contracted in May,...

June Flashlight for the FOMC Blackout Period

June Flashlight for the FOMC Blackout Period

Summary The FOMC remained on hold for the sixth consecutive policy meeting on May 1 as elevated inflation and strong job growth earlier this year led policymakers to conclude that policy easing at that time would not be appropriate. Data released since the last...

ECB to Make the First Move

ECB to Make the First Move

ECB meets on Thursday; a rate cut is expected Market will look for hints of back-to-back rate cuts A dovish rate cut could match expectations and push euro/dollar lower Decision will be announced on Thursday 12:15 GMT, press conference at 12:45 GMT A 25bps rate cut is...

EUR/USD Mid-Day Outlook – Action Forex

EUR/USD Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 1.0812; (P) 1.0847; (R1) 1.0883; More…. No change in EUR/USD’s outlook as range trading continues. Intraday bias stays neutral at this point. On the upside, firm break of 1.0894 will resume whole rally from 1.0601, and target 61.8% projection of...

Instrument of the Week (June 3—7): EURCAD Outlook

Instrument of the Week (June 3—7): EURCAD Outlook

The EURCAD pair represents the exchange rate between the Euro and the Canadian Dollar and is a vital measure of the relative economic health of the Eurozone and Canada. The Euro value is influenced mainly by economic activities and monetary policies within the...

USD/JPY Daily Outlook – Action Forex

USD/JPY Daily Outlook – Action Forex

Daily Pivots: (S1) 156.77; (P) 157.07; (R1) 157.58; More…. Intraday bias in USD/JPY remains neutral for the moment. On the downside, decisive break of 156.36 minor support will confirm short term topping at 157.70, on bearish divergence condition in 4H MACD. Intraday...

EUR/USD Daily Outlook – Action Forex

EUR/USD Daily Outlook – Action Forex

Daily Pivots: (S1) 1.0812; (P) 1.0847; (R1) 1.0883; More…. Intraday bias in EUR/USD remains neutral as range trading continues below 1.0894. On the upside, firm break of 1.0894 will resume whole rally from 1.0601, and target 61.8% projection of 1.0601 to 1.0894 from...

Focus on EMU Side Turns to Thursday’s ECB Meeting

Focus on EMU Side Turns to Thursday’s ECB Meeting

Markets US Treasuries closed near Friday’s best levels on slightly softer April spending figures and a slower (but in line with forecasts) core PCE deflator pace. Daily changes on the US yield curve ranged between -6 bps (5-yr) and -3 bps (30-yr). This contrasted with...

UK PMI manufacturing finalized at 51.2, a solid revival

UK PMI manufacturing finalized at 51.2, a solid revival

UK PMI Manufacturing index was finalized at 51.2 in May, up from April’s 49.1, marking the highest reading since July 2022. S&P Global noted that output increased across all main sub-sectors and size categories, and business optimism soared to a 27-month high. Rob...

Gold on a Slippery Slope

Gold on a Slippery Slope

Gold tries to enter Ichimoku cloud Prices stand in short-term sideways move Momentum oscillators lose steam Gold prices are currently capped by the 20- and the 50-day simple moving averages (SMAs), remaining within the short-term consolidation area of 2,277 and 2,431....

EURCHF Declines Sharply from 14-Month High

EURCHF Declines Sharply from 14-Month High

EURCHF hits a fresh 14-month high of 0.9928 Before plunging towards the 50-day SMA Momentum indicators turn bearish  EURCHF has been in a steady recovery since late December, attempting to erase its massive 2021-2023 downtrend. Last week, the pair surged to a fresh...

FX option expiries for 3 June 10am New York cut

FX option expiries for 3 June 10am New York cut

There is just one to take note of on the day, as highlighted in bold.That being for EUR/USD at the 1.0870 level. But one can argue that the expiries from 1.0850-60 are also ones that can offer some stickiness when layered together. That is all likely to help limit...

Forex and Cryptocurrency Forecast – Action Forex

Forex and Cryptocurrency Forecast – Action Forex

EUR/USD: Awaiting a Turbulent Week Recall that Monday, 27 May was a holiday in the US. However, on Tuesday, dollar bulls took control, and the DXY Index started to rise, bolstered by a significant increase in the US Consumer Confidence Index (from 97.5 to 102.0...

Summary 6/3 – 6/7

Summary 6/3 – 6/7

Monday, Jun 3, 2024 Tuesday, Jun 4, 2024 Wednesday, Jun 5, 2024 Thursday, Jun 6, 2024 Friday, Jun 7, 2024 The post Summary 6/3 – 6/7 appeared first on Action Forex.

The Weekly Bottom Line: Bank of Canada in Focus

The Weekly Bottom Line: Bank of Canada in Focus

U.S. Highlights Revisions to economic growth in the first quarter featured a mark down to consumer spending. That theme continued in April, where a contraction in real personal consumption expenditures came as a confirmation that restrictive rates are working....

EUR/CHF Weekly Outlook – Action Forex

EUR/CHF Weekly Outlook – Action Forex

Considering bearish divergence condition in D MACD, EUR/CHF might have formed a medium term at 0.9928 with last week’s steep decline. Risk will now stay mildly on the downside as long as 0.9928 resistance holds, in case of recovery. Break of 0.9768 and sustained...

EUR/AUD Weekly Outlook – Action Forex

EUR/AUD Weekly Outlook – Action Forex

EUR/AUD stayed in consolidation above 1.6211 short term bottom last week. Initial bias stays neutral this week and more sideway trading could be seen. On the downside, firm break of 1.6211 support will resume the whole decline from 1.6742, as the third leg of the...

EUR/GBP Weekly Outlook – Action Forex

EUR/GBP Weekly Outlook – Action Forex

EUR/GBP breached 0.8491 key support last week but quickly recovered. Initial bias stays neutral this week first. Further decline is expected as long as 55 D EMA (now at 0.8553) holds. Decisive break of 0.8491/7 will resume larger down trend to 0.8376 projection level...

EUR/JPY Weekly Outlook – Action Forex

EUR/JPY Weekly Outlook – Action Forex

Despite dipping to 169.05 last week, EUR/JPY quickly recovered. Initial bias is neutral this week first. Break of 170.78 will resume the rally from 164.01 to retest 171.58 high. On the downside, however, below 169.05 will bring deeper fall to 167.31 support. Firm...

GBP/JPY Weekly Outlook – Action Forex

GBP/JPY Weekly Outlook – Action Forex

GBP/JPY dipped to 198.73 last week after edging higher to 200.72. But it quickly recovered. Initial bias is neutral this week first. On the upside, decisive break of 200.53/72 will confirm larger up trend resumption. On the downside, below 198.73 will turn bias to the...

USD/CAD Weekly Outlook – Action Forex

USD/CAD Weekly Outlook – Action Forex

USD/CAD gyrated in range of 1.3589/3742 last week and outlook is unchanged. Initial bias remains neutral this week. On the upside, break of 1.3742 resistance will revive the case that correction from 1.3845 has completed at 1.3589. Intraday bias will be back on the...

AUD/USD Weekly Report – Action Forex

AUD/USD Weekly Report – Action Forex

AUD/USD stayed in sideway trading below 0.6713 last week and outlook is unchanged. Further rally is in favor with 0.6578 cluster support (38.2% retracement of 0.6361 to 0.6713 at 0.6579) intact. On the upside, firm break of 0.6713 will resume whole rise from 0.6361 to...

USD/CHF Weekly Outlook – Action Forex

USD/CHF Weekly Outlook – Action Forex

USD/CHF’s steep decline last week suggests that rebound from 0.8987 has completed at 0.9157. Initial bias stays on the downside this week for 0.8987. Firm break there will resume the fall from 0.9223 to 100% projection of 0.9223 to 0.8987 from 0.9157 at 0.8921. On the...

GBP/USD Weekly Outlook – Action Forex

GBP/USD Weekly Outlook – Action Forex

GBP/USD edged higher to 1.2799 last week but turned sideway since then. Initial bias stays neutral this week and more range trading could be seen. Further rise is expected as long as 1.2670 support holds. Above 1.2799 will resume the rally from 1.2298 and target...

USD/JPY Weekly Outlook – Action Forex

USD/JPY Weekly Outlook – Action Forex

USD/JPY turned sideway after edging higher to 157.70 last week. Initial bias remains neutral this week first. Decisive break of 156.36 will confirm short term topping at 157.70, on bearish divergence condition in 4 H MACD. Intraday bias will be back on the downside...

EUR/USD Weekly Outlook – Action Forex

EUR/USD Weekly Outlook – Action Forex

EUR/USD dipped to 1.0788 last week but quickly recovered. Initial bias remains neutral this week first. On the upside, firm break of 1.0894 will resume whole rally from 1.0601, and target 61.8% projection of 1.0601 to 1.0894 from 1.0788 at 1.0969. For now, risk will...

EUR/USD Mid-Day Outlook – Action Forex

EUR/USD Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 1.0798; (P) 1.0822; (R1) 1.0855; More…. Focus is now on 1.0894 in EUR/USD with today’s strong bounce. Firm break there will resume whole rally from 1.0601, and target 61.8% projection of 1.0601 to 1.0894 from 1.0788 at 1.0969. For now, risk will...

GBP/USD Mid-Day Outlook – Action Forex

GBP/USD Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 1.2693; (P) 1.2721; (R1) 1.2760; More… GBP/USD is still bounded in range below 1.2799 and intraday bias remains neutral for the moment. Further rise is expected as long as 1.2670 support holds. Above 1.2799 will resume the rally from 1.2298 and...

USD/CHF Mid-Day Outlook – Action Forex

USD/CHF Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 0.8995; (P) 0.9070; (R1) 0.9110; More…. Intraday bias in USD/CHF remains on the downside for the moment. Fall from 0.9157 is seen as the third leg of the pattern from 0.9223. Deeper fall would be seen to 0.8987 support. Break will target 100%...

USD/JPY Mid-Day Outlook – Action Forex

USD/JPY Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 156.23; (P) 156.96; (R1) 157.54; More… Intraday bias in USD/JPY remains neutral first. Decisive break of 156.36 will confirm short term topping at 157.70, on bearish divergence condition in 4 H MACD. Intraday bias will be back on the downside for...

U.S. Consumer Spending and Income Slow in April

U.S. Consumer Spending and Income Slow in April

Personal income slowed to 0.3% month-on-month (m/m) in April, down from March’s 0.5% gain, but in line with market expectations . Accounting for inflation and taxes, real personal disposable income declined -0.1% m/m in April, reversing all of last month’s gain....

Sunset Market Commentary

Sunset Market Commentary

Markets With the EMU May Flash CPI and the US (core) April PCE deflators on the agenda, global trading today again was fully focused on inflation and what it could mean for the start and/or the pace of monetary easing. EMU inflation surprised slightly to the upside....

Weekly Focus – Strong Euro Area Inflation in May

Weekly Focus – Strong Euro Area Inflation in May

The main release this week was euro area inflation from May. Inflation rose to 2.6% y/y from 2.4% in April, which was above expectations of 2.5%. The increase in inflation was due to core inflation rising to 2.9% y/y from 2.7% on the back of very strong services...

Canada’s GDP flat in Mar, up 0.4% qoq in Q1

Canada’s GDP flat in Mar, up 0.4% qoq in Q1

Canada’s GDP was essentially unchanged in March, matched expectations. Both goods-producing and services-producing industries were essentially unchanged. Overall, 11 of 20 sectors increased in the month. Advance estimate suggests that GDP rose 0.3% mom in April....

USDCAD Meets Uptrend Line Again and Again

USDCAD Meets Uptrend Line Again and Again

USDCAD fails to climb above 1.3740 Momentum oscillators show contradicting signs USDCAD has been rebounding off the medium-term ascending trend line over the last couple of weeks, remaining in a positive territory. However, the pair is also finding strong resistance...

EURGBP Stuck Around the Crucial 0.8500 Floor

EURGBP Stuck Around the Crucial 0.8500 Floor

EURGBP remains directionless near the long-term 0.8500 reflection point Technical signals flag oversold conditions, but a bullish outlook could come above 0.8600 Despite hitting a 20-month low of 0.8482, EURGBP has remained flat and unable to establish a clear...

Eurozone CPI rises to 2.6% in May, CPI core up to 2.9%

Eurozone CPI rises to 2.6% in May, CPI core up to 2.9%

Eurozone CPI accelerated from 2.4% yoy to 2.6% yoy in May, above expectation of 2.5% yoy. CPI core (ex-energy, food, alcohol & tobacco) also jumped from 2.7% yoy to 2.9% yoy, above expectation of 2.7% yoy. Looking at the main components, services is expected to...

Canadian Dollar Eyes Canadian GDP

Canadian Dollar Eyes Canadian GDP

The Canadian dollar is showing little movement on Friday, but that could change with the release of Canadian GDP and the US PCE Price index later today. USD/CAD is trading at 1.3660 in the European session, down 0.15% on the day. Canada’s economy expected to have...

Gold: Looking Good for Bulls

Gold: Looking Good for Bulls

Gold (XAUUSD) has rebounded, trading in the $2,340s on Thursday, due to a weaker US Dollar following the second estimate of US GDP data, which was revised down because of reduced consumer spending. The annualized US GDP growth for Q1 was adjusted to 1.3% from an...

GBP/USD Dips While USD/CAD Eyes More Gains

GBP/USD Dips While USD/CAD Eyes More Gains

GBP/USD is attempting a recovery wave from 1.2680. USD/CAD is rising and might aim for a move above the 1.3690 resistance zone. Important Takeaways for GBP/USD and USD/CAD Analysis Today The British Pound started a fresh decline from the 1.2800 resistance zone. There...

FX option expiries for 31 May 10am New York cut

FX option expiries for 31 May 10am New York cut

There is arguably just one to take note of, as highlighted in bold.I would thought that there'd be more but evidently, that is not to be the case this month-end. There are a host of expiries layered for EUR/USD around 1.0845-00 though. But the more relevant ones are...

Inflation Data from Eurozone and US Takes Center Stage

Inflation Data from Eurozone and US Takes Center Stage

Dollar continues its struggle to find direction, and stay in familiar range against most major currencies except against Swiss Franc. Markets shift their focus to the upcoming release of April US PCE data for guidance. Currently Fed fund futures are indicating a 50/50...

In the Spotlight: US Inflation and GDP Data

In the Spotlight: US Inflation and GDP Data

In the final trading sessions of May, leading currencies have been in a downward trend against the dollar. For instance, the pound/dollar pair lost over 100 pips in a single day, euro sellers in the EUR/USD pair are testing 1.0800, and the USD/CAD pair might update...

Brent Crude Oil Declines Again

Brent Crude Oil Declines Again

The commodity market, struggling to maintain its upward momentum, frequently slips into sell-offs. On Thursday, the price of Brent crude oil fell to 83.60 USD per barrel. On Wednesday evening, Brent lost almost 1% of its value due to expectations regarding lending...

USD/CHF Mid-Day Outlook – Action Forex

USD/CHF Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 0.9116; (P) 0.9130; (R1) 0.9147; More…. USD/CHF’s fall from 0.9157 accelerates lower today, and the development suggests that rebound from 0.8987 has completed already. Fall from 0.9157 is now seen as the third leg of the pattern from 0.9223....

Swiss Franc Jumps as Swiss GDP Improves

Swiss Franc Jumps as Swiss GDP Improves

The Swiss franc has posted strong gains on Thursday after Switzerland’s GDP was hotter than expected. USD/CHF is down 0.83% on the day and is trading at 0.9056 early in the North American session. In the US, second-estimate GDP grew 1.3% in the first quarter, below...

USD/JPY Mid-Day Outlook – Action Forex

USD/JPY Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 157.16; (P) 157.44; (R1) 157.94; More… Immediate focus is now on 156.57 minor support in USD/JPY. Decisive break there will confirm short term topping at 157.70, on bearish divergence condition in 4 H MACD. Intraday bias will be back on the downside...

GBP/USD Mid-Day Outlook – Action Forex

GBP/USD Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 1.2673; (P) 1.2727; (R1) 1.2754; More… GBP/USD is staying in range of 1.2670/2799 and intraday bias remains neutral. Some more consolidations could be seen but further rise is expected as long as 1.2670 support holds. Above 1.2799 will resume the...

Sunset Market Commentary – Action Forex

Sunset Market Commentary – Action Forex

Markets The two-day sell-off on core bond markets slightly went into reverse today. A downward revision to US Q1 price deflators (core PCE 3.6% Q/Q from 3.7%) and Q1 personal consumption (2% Q/Q from 2.5%) triggered the leap higher in which US Treasuries outperform...

ETHUSD Pulls Back from 2-Month High

ETHUSD Pulls Back from 2-Month High

ETHUSD posts fresh 2-month high following ETF approval But sustains some losses as advance seems overstretched Momentum indicators ease from overbought conditions ETHUSD (Ethereum) has been on the rise after claiming the 50-day simple moving average (SMA) in mid-May....

EUR/USD Mid-Day Outlook – Action Forex

EUR/USD Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 1.0780; (P) 1.0821; (R1) 1.0842; More…. EUR/USD recovered after dipping to 1.0788 and intraday bias is turned neutral first. On the upside, firm break of 1.0894 will resume the rise from 1.0601 towards 1.0980 resistance next. However, sustained...

Crypto Market Infected With Correction

Crypto Market Infected With Correction

Market picture The crypto market has lost almost 2% of its capitalisation in the last 24 hours to $2.51 trillion. Bitcoin is holding up better than the market, pulling back only 0.7% to $67.6K. Many top coins have deeper drawdowns. Ethereum loses almost 3%, BNB loses...

Has Pound Rally Run Its Course?

Has Pound Rally Run Its Course?

Pound gains as BoE seen cutting rates late Economy improves but inflation may further slow A Labor victory could make the BoE’s job easier As rate cuts come forward, pound may weaken Sticky core inflation weighs on rate cut bets We are nearly halfway through 2024 and...

EUR/USD Exchange Rate Has Fallen Below 1.08 Level

EUR/USD Exchange Rate Has Fallen Below 1.08 Level

As the EUR/USD chart today shows, yesterday the rate dropped by 0.46% – the most significant strengthening of the US dollar against the euro in one day this month. Moreover, the rate fell below the psychological mark of 1.08 euros per dollar (in the first half of May,...

USDJPY Reapproaches Multi-Year Highs – Action Forex

USDJPY Reapproaches Multi-Year Highs – Action Forex

USDJPY in a recovery mode after pullback halts at 50-day SMA Momentum indicators are softening but remain in bullish zones USDJPY experienced a strong setback from its 34-year high of 160.20 following an intervention by Japanese authorities in late April. However, the...

EUR/USD: Bears Face Strong Headwinds at Key Support Zone

EUR/USD: Bears Face Strong Headwinds at Key Support Zone

The Euro is consolidating in early Thursday, following a sharp fall on Wednesday (the pair was down 0.5% in the biggest daily loss since Apr 30), driven by fresh risk aversion. Bears found a footstep above strong supports at /1.0790/80 zone (top of thick daily cloud /...

WTI Crude Oil Erases Gains Below 80.00

WTI Crude Oil Erases Gains Below 80.00

WTI crude oil finds resistance at 200-day SMA Stochastics and RSI head south WTI crude oil futures with delivery in July have failed to surpass the 80.00 level once again and are currently returning below the 200-day simple moving average (SMA). The price has been...

FX option expiries for 30 May 10am New York cut

FX option expiries for 30 May 10am New York cut

There are a few to take note of on the day, as highlighted in bold.They are all for EUR/USD, so let's take a look at how the expiries might impact price action as such. The first ones are at the 1.0740-50 level but that might not factor in too much as the key...

Treasury Yields Spike and Safe-Haven Currencies Ascend

Treasury Yields Spike and Safe-Haven Currencies Ascend

The US financial markets were enveloped in a wave of risk aversion that continued into Asian session, primarily driven by the notable surge in Treasury yields. This uptick in yields followed an auction of seven-year debt that closed with higher than anticipated...

EUR/JPY Daily Outlook – Action Forex

EUR/JPY Daily Outlook – Action Forex

Daily Pivots: (S1) 170.31; (P) 170.55; (R1) 170.90; More… Intraday bias in EUR/JPY stays mildly on the upside. Break of 61.8% projection of 164.01 to 169.38 from 167.31 at 170.62 will target 171.58 high. Strong resistance could be seen there to limit upside. On the...

GBP/JPY at Highest Level in Over 15 Years

GBP/JPY at Highest Level in Over 15 Years

As shown by today’s GBP/JPY chart, the exchange rate has not only surpassed the psychological level of 200 yen per pound but has also exceeded the peak of 29 April 2024. The market is now experiencing prices last seen in 2008. The main driver of the pound’s strength...

USD/CHF Mid-Day Outlook – Action Forex

USD/CHF Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 0.9091; (P) 0.9120; (R1) 0.9153; More…. Range trading continues in USD/CHF below 0.9157 and intraday bias stays neutral. Further rally is in favor with 0.9077 minor support intact. On the upside, above 0.9157 will bring retest of 0.9223. However, on...

USD/JPY Mid-Day Outlook – Action Forex

USD/JPY Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 156.78; (P) 156.99; (R1) 157.40; More… Intraday bias in USD/JPY stays on the upside at this point. Rise from 151.86, as the second leg of the corrective pattern from 160.20, would target 100% projection of 151.86 to 156.78 from 153.59 at 158.51. On...

GBP/USD Mid-Day Outlook – Action Forex

GBP/USD Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 1.2743; (P) 1.2772; (R1) 1.2790; More… Intraday bias in GBP/USD is turned neutral with current retreat. Some consolidations would be seen below 1.2799 temporary top. But further rise is expected as long as 1.2670 support holds. Current rally from...

Sunset Market Commentary

Sunset Market Commentary

Markets German bunds underperformed US Treasuries today. We should speak in the conditional tense though because there’s still the $44 bn 7-yr auction scheduled after the European close. A mediocre 2-yr and 5-yr sale yesterday triggered additional losses for...

Will Core PCE Inflation Spur a Less Hawkish Fed?

Will Core PCE Inflation Spur a Less Hawkish Fed?

Hopes that PCE inflation will point to some further moderation But would that be enough for the Fed to ease its hawkish stance? US dollar drifts lower ahead of the crucial data due Friday, 12:30 GMT The stakes are high as Fed meeting approaches After months of...

EUR/USD Mid-Day Outlook – Action Forex

EUR/USD Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 1.0843; (P) 1.0866; (R1) 1.0879; More…. Intraday bias in EUR/USD stays neutral as sideway trading continues. More consolidations could still be seen. On the upside, break of 1.0894 will resume the rally from 1.0601 to 1.0980 resistance next....

Risk Aversion Dominates Amid Light Economic Calendar

Risk Aversion Dominates Amid Light Economic Calendar

Risk aversion is the prevailing theme in the global markets today, with major European indexes trading in the red and US futures pointing to a lower open. Australian Dollar reversed its earlier post-CPI gains and is currently the worst performer of the day, followed...

GBP/JPY Daily Outlook – Action Forex

GBP/JPY Daily Outlook – Action Forex

Daily Pivots: (S1) 200.29; (P) 200.47; (R1) 200.79; More… Intraday bias in GBP/JPY remains on the upside for the moment. Sustained break of 200.53 will confirm larger up trend resumption. Next target is 138.2% projection of 191.34 to 180.07 from 195.02 at 202.93. On...

NZDUSD Pauses Advance at 61.8% Fibonacci

NZDUSD Pauses Advance at 61.8% Fibonacci

NZDUSD stages a solid recovery from its 2024 lows Posts a two-month high and challenges 61.8% Fibo Oscillators point to persistent bullish pressures NZDUSD has been in an aggressive uptrend after recording a 2024 bottom of 0.5851 in mid-April. The positive short-term...

EUR/USD Slips as USD/CHF Targets Upside Break

EUR/USD Slips as USD/CHF Targets Upside Break

EUR/USD started a downside correction from the 1.0890 resistance. USD/CHF is rising and might aim a move toward the 0.9155 resistance. Important Takeaways for EUR/USD and USD/CHF Analysis Today The Euro struggled to clear the 1.0890 resistance and declined against the...

Bitcoin Gathering Its Strength – Action Forex

Bitcoin Gathering Its Strength – Action Forex

Market picture The crypto market added 1.3% in 24 hours to $2.58 trillion. This is roughly the area where trading has been centred for the last week, despite attempts by speculators to rock the market. Volatility in the market has decreased, with prices of the major...

FX option expiries for 29 May 10am New York cut

FX option expiries for 29 May 10am New York cut

There are a few to take note of on the day, as highlighted in bold.And they are all for EUR/USD, layered in between 1.0800 through to 1.0890. The bookends of the expiries also help to exemplify the trading range we're seeing in the pair since last week. So, the...

GBP/JPY Daily Outlook – Action Forex

GBP/JPY Daily Outlook – Action Forex

Daily Pivots: (S1) 199.85; (P) 200.14; (R1) 200.67; More… Intraday bias in GBP/JPY remains on the upside for 100% projection of 191.34 to 180.07 from 195.02 at 200.75. Strong resistance could be seen there to limit upside. But upside should be limited there. On the...

GBPUSD Challenges New 2-Month High

GBPUSD Challenges New 2-Month High

GBPUSD creates upside rally from five-month low Stochastic and RSI hold in overbought areas GBPUSD has been in a steady uptrend over the last month, posting a fresh two-month high of 1.2782 and remaining well above the short-term simple moving averages (SMAs)....

USD/JPY Mid-Day Outlook – Action Forex

USD/JPY Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 156.70; (P) 156.87; (R1) 157.06; More… Intraday bias in USD/JPY remains neutral and outlook is unchanged. On the upside, above 157.78 will resume the rally from 151.86, as the second leg of the corrective pattern from 160.20, to 100% projection of...

USD/CHF Mid-Day Outlook – Action Forex

USD/CHF Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 0.9128; (P) 0.9141; (R1) 0.9151; More…. USD/CHF’s retreat from 0.9157 extends lower but stays above 0.9077 minor support. Intraday bias remains neutral and another rise is in favor. On the upside, above 0.9157 will bring retest of 0.9223. However,...

AUD/USD Rises After Retail Sales Tick Higher

AUD/USD Rises After Retail Sales Tick Higher

The Australian dollar has edged higher on Tuesday. AUD/USD is trading at 0.6667, up 0.25% on the day at the time of writing. Australia’s retail sales rise 0.1%, CPI next Australian consumers remain frugal and cautious, as retail sales rose just 0.1% m/m April. This...

Sunset Market Commentary – Action Forex

Sunset Market Commentary – Action Forex

Markets With US and UK markets closed for a holiday yesterday, markets still showed some Monday-like slow trading dynamics today. German yields are changing less than 2 bps across the curve. Inflation expectations in the ECB April consumer survey declined slightly...

US consumer confidence jumps to 102, above exp 96.1

US consumer confidence jumps to 102, above exp 96.1

US Conference Board Consumer Confidence rose from 97.5 to 102.0 in May, well above expectation of 96.1. Present Situation Index rose from 140.6 to 143.1. Expectations Index also rose from 68.8 to 74.6. “Confidence improved in May after three consecutive months of...

GBP/USD Mid-Day Outlook – Action Forex

GBP/USD Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 1.2744; (P) 1.2761; (R1) 1.2788; More… GBP/USD’s rally continues today and intraday bias stays on the upside. Rise from 1.2298 should target 1.2892 resistance next. For now, further rally is expected as long as 1.2670 support holds, in case of...

EUR/USD Mid-Day Outlook – Action Forex

EUR/USD Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 1.0844; (P) 1.0856; (R1) 1.0871; More… EUR/USD is staying in range below 1.0894 and intraday bias stays neutral. More consolidations could still be seen. On the upside, break of 1.0894 will resume the rally from 1.0601 to 1.0980 resistance next....

USD/JPY Shrugs as Japan’s Inflation Data a Mix

USD/JPY Shrugs as Japan’s Inflation Data a Mix

The Japanese yen continues to drift and showing little movement on Tuesday. USD/JPY is trading at 156.92, up 0.01% on the day at the time of writing. Corporate service prices jumps, BoJ core CPI dips Japanese inflation indicators have been a mix this week. The...

Gold Prices Edge Towards $2351 Amid Weakening US Dollar

Gold Prices Edge Towards $2351 Amid Weakening US Dollar

Gold prices are on an upward trajectory, moving towards 2351.00 USD per troy ounce on Tuesday. This marks a significant rise after days of sideways movement, highlighting the metal’s renewed appeal among investors. This surge in gold prices can be attributed to a...

Bitcoin Under Pressure But Beats Expectations

Bitcoin Under Pressure But Beats Expectations

Market picture The crypto market capitalisation is down 0.8% in 24 hours to $2.55 trillion. Bitcoin is losing 0.7%, Ethereum is down 1.1%, and the top altcoins are changing between -0.9% (Toncoin) and +1.1% (Solana). Bitcoin’s hashrate updated a record after the...

Cable Moving into Daily Trendline Resistance Near 1.2800

Cable Moving into Daily Trendline Resistance Near 1.2800

Cable has seen some nice recovery at the end of 2023; move is looking impulsive so more gains can be seen after the corrective retracement which has unfolded down from March highs. So far, price came down with three waves but pair is making a nice turn-up in last few...

EURJPY Advances Towards 40-Year High

EURJPY Advances Towards 40-Year High

EURJPY is in a steady uptrend, threatening multi-year peak But oscillators point to overbought conditions EURJPY has been in a steady advance since the beginning of May following its bounce off the long-term ascending trendline. However, the risk of a pullback has...

FX option expiries for 28 May 10am New York cut

FX option expiries for 28 May 10am New York cut

There are just two to take note of, as highlighted in bold.They are for EUR/USD and stuck together at the 1.0900-10 region. Alongside some technical resistance around 1.0885 and offers near the figure level, the expiries should keep a lid on price action in the...

AUD/USD Daily Report – Action Forex

AUD/USD Daily Report – Action Forex

Daily Pivots: (S1) 0.6602; (P) 0.6619; (R1) 0.6647; More... Intraday bias in AUD/USD remains neutral for the moment. Further rally is in favor with 0.6578 cluster support (38.2% retracement of 0.6361 to 0.6713 at 0.6579 intact. On the upside, firm break of 0.6713 will...

Quiet Start to a Week Where Inflation Will Be in Focus

Quiet Start to a Week Where Inflation Will Be in Focus

In focus today The week kicks off with a very light schedule. We receive the Germany Ifo indicator for May at 10.00 CET. The past two months have seen an increase in the assessment of the business situation, and it will be interesting to see if this continued in May....

Trading Probably Will Take a Slow Start

Trading Probably Will Take a Slow Start

Markets With investors looking ahead to a long weekend in the US and the UK; the upleg in core yields slowed on Friday. US and EMU yields closed with changes of less than 1.5 bps across the curve. US durable goods orders (+0.7% M/M) and core shipments (+0.4% M/M)...

USD/CHF Daily Outlook – Action Forex

USD/CHF Daily Outlook – Action Forex

Daily Pivots: (S1) 0.9134; (P) 0.9146; (R1) 0.9160; More…. Intraday bias in USD/CHF remains neutral for the moment. Current development suggests that pull back from 0.9223 has completed already. Above 0.9157 will bring retest of 0.9223. However, break of 0.9077...

GBP/USD Daily Outlook – Action Forex

GBP/USD Daily Outlook – Action Forex

Daily Pivots: (S1) 1.2692; (P) 1.2721; (R1) 1.2767; More… Intraday bias in GBP/USD stays neutral and further rise is in favor with 1.2670 support intact. Above 1.2760 will resume the rally from 1.2298 to 1.2892 resistance next. On the downside, below 1.2670 will turn...

USD/JPY Daily Outlook – Action Forex

USD/JPY Daily Outlook – Action Forex

Daily Pivots: (S1) 156.83; (P) 156.99; (R1) 157.16; More… Intraday bias in USD/JPY remains mildly on the upside for 100% projection of 151.86 to 156.78 from 153.59 at 158.51. On the downside, below 155.83 minor support will turn intraday bias neutral first. Further...

Sunset Market Commentary – Action Forex

Sunset Market Commentary – Action Forex

Markets Bank of France governor and ECB governing council member Villeroy leveraged low volume trading conditions (UK & US markets are closed) to get maximum market impact with some dovish comments. So far, ECB members generally didn’t pre-commit on the H2 2024...

Will Gold Resume Its Prevailing Uptrend?

Will Gold Resume Its Prevailing Uptrend?

Gold stabilizes after last week’s sharp slide Oscillators point to corrective phase A break of record high could challenge $2,500 For the outlook to change, a dip below $2,145 may be needed Gold stabilized on Friday and is recovering ground today, following a decent...

EUR/USD Daily Outlook – Action Forex

EUR/USD Daily Outlook – Action Forex

Daily Pivots: (S1) 1.0815; (P) 1.0836; (R1) 1.0868; More… Intraday bias in EUR/USD stays neutral and further rise is mildly in favor. Break of 1.0894 will resume the rally from 1.0601 to 1.0980 resistance next. However, break of 1.0804 will turn bias back to the...

ECB’s Rehn: Time is ripe for Jun rate cut

ECB’s Rehn: Time is ripe for Jun rate cut

In a speech today, ECB Governing Council member Olli Rehn indicated that the ongoing disinflationary process is bringing inflation closer to the 2% target in a sustained manner. He stated, “the time is thus ripe in June to ease the monetary policy stance and start...

USD/JPY Steady as BoJ’s Ueda Urges Caution

USD/JPY Steady as BoJ’s Ueda Urges Caution

The Japanese yen has been drifting since late last week and is calm on Monday. USD/JPY is trading at 156.85, down 0.09% on the day at the time of writing. Ueda: BoJ will proceed with caution The Bank of Japan has been outlier, as it looks to raise interest rates at a...

Japanese Yen Slightly Rises Against USD

Japanese Yen Slightly Rises Against USD

The Japanese yen slightly increased against the US dollar on Monday, with the USD/JPY pair holding near 156.73. Investors have already priced in previous remarks from Bank of Japan (BoJ) officials. BoJ Governor Kazuo Ueda emphasized the need to anchor inflation...

DAX Elliott Wave: Buying the Dips at the Blue Box Area

DAX Elliott Wave: Buying the Dips at the Blue Box Area

Hello fellow traders. In this article we’re going to take a quick look at the Elliott Wave charts of DAX published in members area of the website. DAX is showing impulsive bullish sequences in the cycle from the October 2023 low. Recently we got a 3 waves pull back...

EURUSD Ticks Up Before Testing Descending Trendline

EURUSD Ticks Up Before Testing Descending Trendline

EURUSD retreats from a fresh 2-month high of 1.0894 But meets support a tad above its long-term restrictive trendline Oscillators suggest bulls remain in charge despite the latest drop EURUSD had been in a steady advance following its 2024 bottom of 1.0600 on April...

FX option expiries for 27 May 10am New York cut

FX option expiries for 27 May 10am New York cut

There is just one to take note of, as highlighted in bold.That being for USD/JPY at the 157.00 level. And the expiries should help to act alongside offers to keep a lid on price action in the session ahead, before rolling off later in the day.Besides that, the...

Forex and Cryptocurrency Forecast – Action Forex

Forex and Cryptocurrency Forecast – Action Forex

EUR/USD: The Battle of Europe and US PMIs Overall, the past week favoured the dollar, but the advantage over the European currency was minimal. If you look at where the EUR/USD pair was on 15 May, it returned to this zone on 24 May, regaining the losses of recent...

EUR/AUD Weekly Outlook – Action Forex

EUR/AUD Weekly Outlook – Action Forex

EUR/AUD’s extended rebound last week suggests short term bottoming at 1.6211, on bullish convergence condition in 4H MACD. Intraday bias stays mildly on the upside this week. Sustained trading above 55 D EMA (now at 1.6412) will argue that fall from 1.6742 has...

EUR/GBP Weekly Outlook – Action Forex

EUR/GBP Weekly Outlook – Action Forex

EUR/GBP fell to as low as 0.8498 last week but recovered just ahead of 0.8491/7 support zone. Initial bias is turned neutral this week for some consolidations first. Further decline is expected as long as 55 D EMA (now at 0.8564) holds. Decisive break of 0.8491/7 will...

EUR/JPY Weekly Outlook – Action Forex

EUR/JPY Weekly Outlook – Action Forex

EUR/JPY’s rise from 164.01 extended by breaking through 169.38 resistance last week. This rally is seen as the second leg of the corrective pattern from 171.58. Initial bias remains on the upside for 61.8% projection of 164.01 to 169.38 from 167.31 at 170.62, and then...

GBP/JPY Weekly Outlook – Action Forex

GBP/JPY Weekly Outlook – Action Forex

GBP/JPY’s rally from 191.34 continued last week and outlook is unchanged. This rise is still seen as the second leg of the corrective pattern from 200.53. Initial bias stays on the upside for 100% projection of 191.34 to 180.07 from 195.02 at 200.75. But upside should...

USD/CAD Weekly Outlook – Action Forex

USD/CAD Weekly Outlook – Action Forex

USD/CAD rebounded strong last week but reversed after hitting 1.3742. Initial bias is turned neutral this week first. Break 1.3742 will affirm the case that correction from 1.3845 has completed at 1.3589. Further rally would then be seen to retest 1.3845 high....

AUD/USD Weekly Report – Action Forex

AUD/USD Weekly Report – Action Forex

AUD/USD’s pull back from 0.6713 extended lower last week but stayed above 0.6578 cluster support (38.2% retracement of 0.6361 to 0.6713 at 0.6579. Initial bias remains neutral this week first, and further rally is in favor. On the upside, firm break of 0.6713 will...

GBP/USD Weekly Outlook – Action Forex

GBP/USD Weekly Outlook – Action Forex

GBP/USD turned sideway after rising to 1.2760 last week. Intraday bias remains neutral this week for some consolidations, but further rally is in favor. Above 1.2760 will resume the rally from 1.2298 to 1.2892 resistance next. On the downside, below 1.2670 will turn...

USD/JPY Weekly Outlook – Action Forex

USD/JPY Weekly Outlook – Action Forex

USD/JPY’s rebound from 151.86 resumed last week by breaking through 156.78 resistance. Initial bias remains mildly on the upside this week for 100% projection of 151.86 to 156.78 from 153.59 at 158.51. On the downside, below 155.83 minor support will turn intraday...

EUR/USD Weekly Outlook – Action Forex

EUR/USD Weekly Outlook – Action Forex

EUR/USD’s retreat from 1.0894 continued last week and recovered after dipping to 1.0804. Initial bias stays neutral this week first, and further rise is mildly in favor. Break of 1.0894 will resume the rally from 1.0601 to 1.0980 resistance next. However, break of...

USD/CHF Weekly Outlook – Action Forex

USD/CHF Weekly Outlook – Action Forex

USD/CHF’s rebound from 0.8987 extended to 0.9157 last week before turning sideway. Current development suggests that pull back from 0.9223 has completed already. Initial bias remains neutral this week first and further rise is in favor. Above 0.9157 will bring retest...

EUR/CHF Weekly Outlook – Action Forex

EUR/CHF Weekly Outlook – Action Forex

EUR/CHF’s rally continued last week despite some brief interim retreat. Initial bias is now on the upside this week. Current rise from 0.9252 should target 100% projection of 0.9304 to 0.9847 from 0.9563 at 1.0106, which is slightly above 1.0095 key structural...

Summary 5/27 – 5/31

Summary 5/27 – 5/31

Monday, May 27, 2024 Tuesday, May 28, 2024 Wednesday, May 29, 2024 Thursday, May 30, 2024 Friday, May 31, 2024 The post Summary 5/27 – 5/31 appeared first on Action Forex.

GBP/USD Mid-Day Outlook – Action Forex

GBP/USD Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 1.2674; (P) 1.2710; (R1) 1.2736; More… Intraday bias in GBP/USD is turned neutral as it recovered ahead of 55 4H EMA (now at 1.2671). On the upside, break of 1.2760 will resume the rally fro 1.2290 towards 1.2892 resistance. On the downside, break...

USD/CHF Mid-Day Outlook – Action Forex

USD/CHF Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 0.9128; (P) 0.9143; (R1) 0.9160; More…. Intraday bias in USD/CHF stays neutral and further rise is in favor with 0.9077 minor support intact. On the upside, above 0.9157 will resume the rebound from 0.8987 to retest 0.9223 high. On the downside,...

Sunset Market Commentary – Action Forex

Sunset Market Commentary – Action Forex

Markets Today’s eco calendar was light compared to earlier this week but that didn’t prevent a further sell-off on core bond markets. April US durable goods orders were stronger than expected, but March figures face a downward revision. Core shipments, input for GDP...

EUR/USD Mid-Day Outlook – Action Forex

EUR/USD Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 1.0794; (P) 1.0827; (R1) 1.0850; More… Intraday bias in EUR/USD stays neutral and outlook is unchanged. On the upside, break of 1.0894 will resume the rise from 1.0601 to 1.0980 resistance. Decisive break there will confirm that whole fall from...

USD/JPY Mid-Day Outlook – Action Forex

USD/JPY Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 156.55; (P) 156.92; (R1) 157.30; More… No change in USD/JPY’s outlook and intraday bias remains mildly on the upside. Rise from 161.86, as the second leg of the corrective pattern from 160.20, should now target 100% projection of 151.86 to 156.78...

AUD/USD: Regains Traction After Losing Over 1% This Week

AUD/USD: Regains Traction After Losing Over 1% This Week

AUDUSD edges higher on Friday as traders collected part of profits from the drop in past four days. Today’s action marks the first gain this week, but the pair remains on track for a weekly loss of over 1% so far. Technical studies on daily chart are mixed and lack...

Ethereum: Too Soon to Say Goodbye to $3000

Ethereum: Too Soon to Say Goodbye to $3000

Market picture The crypto market lost 2.9% in the last 24 hours, retreating to a market capitalisation of $2.5 trillion. The market came under pressure as active trading began in the US on a fresh batch of strong economic data. News of the approval of spot ETFs on...

Is the Pause in NGAS a Warning Signal?

Is the Pause in NGAS a Warning Signal?

Natural gas faces limits near January’s peak Technical signals flag some weakness Improved trend signals suggest bullish continuation Lower-than-usual storage increases, improved demand forecasts, and a summer season ahead boosted natural gas prices above the key...

Australian Dollar Rapidly Depreciates – Action Forex

Australian Dollar Rapidly Depreciates – Action Forex

The AUD/USD pair has fallen rapidly in the final week, reaching 0.6592. This decline is primarily driven by the US dollar’s robust performance, following stronger-than-expected US economic data. Investors now speculate that the Federal Reserve may postpone any...

GBPJPY Continues its Journey North

GBPJPY Continues its Journey North

GBPJPY closing in to pre-intervention levels BoJ has the habit of intervening during bank holidays Momentum indicators remain bullish GBPJPY is edging higher again today, trading very close to the levels that forced the BoJ to intervene twice in late April. This pair...

Canadian Dollar Eyes Retail Sales

Canadian Dollar Eyes Retail Sales

The Canadian dollar is unchanged on Friday. USD/CAD is trading at 1.3726 in the European session at the time of writing at the time. Canada releases retail sales later, which may trigger some volatility in the North American session. The US will release durable goods...

WTI Crude Oil Opens the Way for Bearish Actions

WTI Crude Oil Opens the Way for Bearish Actions

WTI drops below diagonal line 20- and 200-day SMAs post death cross RSI flattens and Stochastics hold in oversold region WTI crude oil with delivery in July is plummeting from the 80.00 level, which is acting as a strong resistance obstacle as well as the 200-day...

FX option expiries for 24 May 10am New York cut

FX option expiries for 24 May 10am New York cut

There is just one large one to take note of, as highlighted in bold.That being for USD/JPY at the 157.00 mark. As such, that could keep price action to be stickier to the figure level in the session ahead until the expiries roll off later in the day. That despite a...

New Zealand Dollar Rises After Hot Retail Sales Data

New Zealand Dollar Rises After Hot Retail Sales Data

The New Zealand dollar is in positive territory on Thursday. NZD/USD is up 0.38%, trading at 0.6120 in the European session at the time of writing. The New Zealand dollar showed some strength after the Reserve Bank of New Zealand rate decision on Wednesday, gaining as...

EURGBP Tests Critical Pivot Area After Slump

EURGBP Tests Critical Pivot Area After Slump

EURGBP at a make-or-break point near 0.8500 after plunge Oversold conditions detected, but the bears not ready to give up the battle EURGBP was knocked down near the 200-day simple moving average (SMA) at the start of the month, subsequently losing around 1.0% to...

US initial jobless claims falls to 215k, vs exp 220k

US initial jobless claims falls to 215k, vs exp 220k

US initial jobless claims fell -8k to 215k in the week ending May 18, below expectation of 220k. Four-week moving average rose 2k to 220k. Continuing claims rose 8k to 1794k in the week ending May 11. Four-week moving average of continuing claims rose 5k to 1782k....

GBP/USD Mid-Day Outlook – Action Forex

GBP/USD Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 1.2691; (P) 1.2726; (R1) 1.2753; More… Intraday bias in GBP/USD stays neutral for the moment. On the upside. decisive break of 100% projection of 1.2298 to 1.2633 from 1.2445 at 1.2780 will extend the rally from 1.2298 to 1.2892 resistance next....

USD/JPY Mid-Day Outlook – Action Forex

USD/JPY Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 156.33; (P) 156.58; (R1) 157.07; More… Intraday bias in USD/JPY stays neutral and outlook is unchanged. Price actions from 160.20 are seen as a corrective pattern. On the upside, break of 156.78 will resume the rise from 151.86, as the second leg,...

USD/CHF Mid-Day Outlook – Action Forex

USD/CHF Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 0.9117; (P) 0.9138; (R1) 0.9178; More…. Intraday bias in USD/CHF is turned neutral with current retreat. On the upside, above 0.9157 will resume the rebound from 0.8987 to retest 0.9223 high. On the downside, break of 0.9077 support will bring...

EUR/USD Mid-Day Outlook – Action Forex

EUR/USD Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 1.0805; (P) 1.0834; (R1) 1.0852; More… EUR/USD recovers ahead of 1.0810 resistance turned support. Intraday bias stays neutral at this point. On the upside, break of 1.0894 will resume the rise from 1.0601 to 1.0980 resistance. Decisive break there...

Sunset Market Commentary

Sunset Market Commentary

Markets European May PMIs were generally speaking good. The services reading stabilized at a decent 53.3 in May but a better-than-expected improvement in the admittedly still struggling manufacturing sector (from 45.7 to 47.4) lifted the composite figure to the...

USD/JPY Steady as Japanese PMIs Mixed

USD/JPY Steady as Japanese PMIs Mixed

The Japanese yen is slightly lower on Thursday. USD/JPY is trading at 156.70, down 0.08% on the day at the time of writing. Japan’s PMIs for April were a mixed bag and the yen didn’t show much reaction. Services PMI dipped to 53.6, down from 54.3 in March and just shy...

Euro Recovers on Eurozone PMIs, But Gains Limited

Euro Recovers on Eurozone PMIs, But Gains Limited

As trading progresses into US session, activity in the forex markets remains relatively muted. Euro is showing signs of recovery ahead of key support levels against Dollar and crucial support against Sterling. Eurozone PMIs revealed that economic recovery is...

EUR/USD Price Forms Bullish Reversal Amid Key News

EUR/USD Price Forms Bullish Reversal Amid Key News

Last night, the FOMC meeting minutes were released. According to USNews, there were no major surprises. However, the confirmation of persistent inflation – along with hints that some officials discussed potential future rate hikes – displayed a “hawkish” stance. The...

Gold Falls from Highs – Action Forex

Gold Falls from Highs – Action Forex

The price of gold fell to $2370.00 per troy ounce by Thursday following the release of the minutes from the latest US Federal Reserve meeting. The general tone of the Fed’s policymakers was notably cautious, aligning with previous calls for a restrained approach to...

Bitcoin Prepares for $100K Hike

Bitcoin Prepares for $100K Hike

Market picture The crypto market is quiet, hovering around a total capitalisation of $2.6 trillion for the third day. Bitcoin has so far failed to gain a foothold above $70K, and this is curbing the enthusiasm. It is losing 0.3% in 24 hours against Ethereum’s 0.6%...

GBP/JPY Daily Outlook – Action Forex

GBP/JPY Daily Outlook – Action Forex

Daily Pivots: (S1) 198.20; (P) 198.56; (R1) 198.84; More… Intraday bias in GBP/JPY remains on the upside for the moment. Current rise from 191.34, as the second leg of the corrective pattern from 200.53, should target 100% projection of 191.34 to 180.07 from 195.02 at...

Is USDJPY Still Searching for New Highs?

Is USDJPY Still Searching for New Highs?

USDJPY surpasses key resistance, but more steps needed Short-term risk tilted to the upside; 157.00 mark under examination US S&P Global PMIs, initial jobless claims, new home sales on the agenda USDJPY closed Wednesday’s session with modest gains at 156.75 as the...

FX option expiries for 23 May 10am New York cut

FX option expiries for 23 May 10am New York cut

There aren't any major expiries to take note of for the day. As such, trading sentiment will be a bit of a mix of things in the day ahead. For one, we have PMI data to deal with alongside the US weekly jobless claims. Then, we also have to consider the overall risk...

GBP/JPY Daily Outlook – Action Forex

GBP/JPY Daily Outlook – Action Forex

Daily Pivots: (S1) 198.20; (P) 198.56; (R1) 198.84; More… GBP/JPY’s rally continues today and intraday bias stays on the upside. Current rise from 191.34, as the second leg of the corrective pattern from 200.53, should target 100% projection of 191.34 to 180.07 from...

Bitcoin Waits for Ethereum Story to Develop

Bitcoin Waits for Ethereum Story to Develop

Market picture The crypto market cap has stabilised at $2.6 trillion after an impressive surge following the Ethereum rally. Among the top coins over 24 hours, Toncoin is leading the decline, falling 5%, while Dogecoin is leading the way with a 3.4% increase. Bitcoin...

New Zealand Dollar Shows Steady Rise

New Zealand Dollar Shows Steady Rise

The NZD/USD pair is preparing for a mid-week rally, approaching the 0.6116 level. These current values mark the highest point for the Kiwi in two months, following the Reserve Bank of New Zealand’s decision to maintain its monetary policy structure unchanged during...

GBP/USD Mid-Day Outlook – Action Forex

GBP/USD Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 1.2689; (P) 1.2708; (R1) 1.2729; More… Intraday bias in GBP/USD remains on the upside for 100% projection of 1.2298 to 1.2633 from 1.2445 at 1.2780. Firm break there will target 1.2892 resistance next. However, break of 1.2685 will minor support...

EUR/USD Mid-Day Outlook – Action Forex

EUR/USD Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 1.0840; (P) 1.0857; (R1) 1.0872; More… EUR/USD dips notably today but stays above 1.0810 resistance turned support. Intraday bias remains neutral and further rally is still in favor. On the upside, break of 1.0894 will resume the rise from 1.0601 to...

USD/CHF Mid-Day Outlook – Action Forex

USD/CHF Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 0.9092; (P) 0.9104; (R1) 0.9122; More…. USD/CHF’s rebound from 0.8987 extends higher today, and intraday bias stays on the upside. Further rally would be seen to 0.9223 resistance. On the downside, below 0.9086 minor support will turn intraday bias...

USD/JPY Mid-Day Outlook – Action Forex

USD/JPY Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 155.75; (P) 156.03; (R1) 156.56; More… No change in USD/JPY’s outlook and intraday bias stays neutral. Price actions from 160.20 are seen as a corrective pattern. On the upside, break of 156.78 will resume the rise from 151.86, as the second leg, to...

Sunset Market Commentary – Action Forex

Sunset Market Commentary – Action Forex

Markets April UK inflation figures set the tone from the start of trading. The Bank of England, with a leading role for chair Bailey, hyped the number way in advance as coming a long way in the direction of the 2% inflation target. That was because of the anticipated...

UK Inflation Distanced the Expected Rate Cut

UK Inflation Distanced the Expected Rate Cut

Inflation in the UK exceeded forecasts, making traders and investors cautious about the prospects for policy easing in the coming months. Consumer prices rose by 0.3% m/m vs. 0.2% expected. Annual inflation slowed to 2.3% last month from 3.2% in March. This is the...

GBP/USD Shrugs as UK Inflation Higher Than Expected

GBP/USD Shrugs as UK Inflation Higher Than Expected

The British pound edged higher earlier today but has pared most of those gains. GBP/USD is trading at 1.2703, up 0.06% early in the North American session. UK inflation declines less than expected UK inflation fell sharply in April, falling to 2.3% y/y. This was down...

GBP/USD: Cable Hits Two-Month High After Inflation Data

GBP/USD: Cable Hits Two-Month High After Inflation Data

Cable rose to two-month high (1.2761) on Wednesday, after UK inflation data for April showed that prices pressure eased below expectations, hurting bets for BoE’s June rate cut. Fresh acceleration higher generates initial signal of bullish continuation after the price...

NZDUSD Posts New 2-Month High

NZDUSD Posts New 2-Month High

NZDUSD starts the day with strong upside momentum after RBNZ decision MACD and RSI tick higher NZDUSD had an aggressive bullish start at the beginning of the day, following the bounce off the 0.6080 support level and creating a spike towards a fresh two-month high of...

GBPUSD Renews Positive Momentum Within Channel

GBPUSD Renews Positive Momentum Within Channel

GBPUSD strengthens to a two-month high within bullish channel Short-term bias looks positive, but buying appetite might lose pace UK S&P Global PMIs and BoE member Pill on the agenda on Wednesday Following a short period of consolidation around the 1.2700 level,...

FX option expiries for 22 May 10am New York cut

FX option expiries for 22 May 10am New York cut

There aren't any major expiries to take note of for the day.As such, trading sentiment will continue to be driven by the recent market mood. And that means we might be in for another duller session overall, with traders mostly waiting on the Fed minutes later today...

USDCAD’s Upturn Still Lackluster – Action Forex

USDCAD’s Upturn Still Lackluster – Action Forex

USDCAD pivots gently higher but still constrained between trendlines A decisive bounce above 1.3745 needed for fresh buying Canadian CPI scheduled for release at 12:30 GMT; Fed speakers on the agenda too USDCAD has been tip-toeing higher since its downward pattern...

USD/CAD Mid-Day Outlook – Action Forex

USD/CAD Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 1.3602; (P) 1.3618; (R1) 1.3641; More… USD/CAD recovered notably today but stays below 1.3689 resistance. Intraday bias stays neutral first. Strong bounce from current level will confirm support by 55 D EMA (now at 1.3628). Break of 1.3689 minor...

Canada: Inflation Cools Further in April

Canada: Inflation Cools Further in April

Headline CPI inflation edged lower in April to 2.7% year-on-year (y/y), matching expectations. The broad-based deceleration was led by food prices, services and durable goods. However, higher prices at the pump in April worked against the cooling in inflation....

USD/JPY Mid-Day Outlook – Action Forex

USD/JPY Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 155.75; (P) 156.03; (R1) 156.56; More… Outlook in USD/JPY is unchanged and intraday bias stays neutral. Price actions from 160.20 are seen as a corrective pattern. On the upside, break of 156.78 will resume the rise from 151.86, as the second leg,...

USD/CHF Mid-Day Outlook – Action Forex

USD/CHF Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 0.9087; (P) 0.9098; (R1) 0.9118; More…. Intraday bias in USD/CHF stays mildly on the upside at this point. Corrective fall from 0.9223 might have completed with three waves down to 0.8987 already. Further rally should be seen back to retest 0.9223....

GBP/USD Mid-Day Outlook – Action Forex

GBP/USD Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 1.2687; (P) 1.2707; (R1) 1.2725; More… Intraday bias in GBP/USD remains on the upside at this point. Rise from 1.2298 would target 100% projection of 1.2298 to 1.2633 from 1.2445 at 1.2780. On the downside, below 1.2642 minor support will turn...

Sunset Market Commentary – Action Forex

Sunset Market Commentary – Action Forex

Markets: Trading was again confined to rather tight ranges today. US yields created some breathing space end last week compared to important support levels (4.7% area US 2-y yield, 4.3/37% area 10-y yield), but for now follow-through gains look rather difficult. Eco...

How Will Eurozone PMIs Impact ECB Expectations?

How Will Eurozone PMIs Impact ECB Expectations?

Eurozone economy has been improving in 2024 But investors still anticipate an ECB rate cut in June The flash PMIs could impact bets beyond that meeting The data comes out on Thursday at 08:00 GMT ECB signals confidence in lowering rates At their latest gathering, ECB...

EUR/USD Mid-Day Outlook – Action Forex

EUR/USD Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 1.0846; (P) 1.0865; (R1) 1.0877; More… EUR/USD is still bounded in consolidations below 1.0894 and intraday bias stays neutral. Further rally is expected as long as 1.0810 resistance turned support holds. Break of 1.0894 will resume the rise to...

CAD Sinks after CPI, NZD Await RBNZ

CAD Sinks after CPI, NZD Await RBNZ

Canadian Dollar sees a broad decline in early US session due to growing speculation about rate cut by BoC in the near future. April’s headline CPI slowed as expected, despite a significant increase in gasoline prices. Core inflation measures also showed more progress...

NZD/USD Steady Ahead of RBNZ Rate Announcement

NZD/USD Steady Ahead of RBNZ Rate Announcement

The New Zealand dollar is almost unchanged on Tuesday. NZD/USD is down 0.06%, trading at 0.6102 in the European session at the time of writing. RBNZ expected to maintain cash rate The Reserve Bank of New Zealand has shown it can be patient, having held the cash rate...

IMF recommends BoE cut rates by 50-75 bps in 2024

IMF recommends BoE cut rates by 50-75 bps in 2024

IMF issued a report today suggesting that with UK inflation currently 2% above its neutral rate estimate, BoE should consider moving towards monetary easing. IMF highlighted the risks of “delayed easing”, cautioning that while BoE emphasizes the need to wait for...

GBP/JPY Daily Outlook – Action Forex

GBP/JPY Daily Outlook – Action Forex

Daily Pivots: (S1) 197.76; (P) 198.21; (R1) 199.01; More… Intraday bias in GBP/JPY remains on the upside. Current rise from 191.34, as the second leg of the corrective pattern from 200.53, should target 100% projection of 191.34 to 180.07 from 195.02 at 200.75. On the...

Number of Central Bank Speakers Increases

Number of Central Bank Speakers Increases

Markets Markets took a slow start to the new trading week. An empty eco calendar facilitated the status quo. Cleveland Fed Mester said that inflation risks moved up in Q1 while the economy was a little bit stronger than anticipated. Given that she wasn’t on the median...

Commodity Currencies Retreat from Local Highs

Commodity Currencies Retreat from Local Highs

Despite the cooling labour market in the US and declining inflation, the American currency continues to move towards new highs. For instance, the USD/JPY currency pair might update the current month’s high at 156.70, the NZD/USD sharply declines after retesting...

Gold Price Reaches Historic High

Gold Price Reaches Historic High

According to confirmed information, Iranian President Ebrahim Raisi, considered a potential successor to the country’s supreme leader, Ayatollah Ali Khamenei, died in a helicopter crash in a mountainous area near the border with Azerbaijan. The helicopter also carried...

EURJPY Shows Appetite for Retesting 40-Year High

EURJPY Shows Appetite for Retesting 40-Year High

EURJPY holds well above uptrend line RSI stands near 70 level Next target at multi-year peak EURJPY is rallying sharply higher after the strong bounce off the 164.00 support level and the medium-term ascending trend line. The pair is heading towards the previous...

FX option expiries for 21 May 10am New York cut

FX option expiries for 21 May 10am New York cut

There are a couple to take note of, as highlighted in bold.The first one is for EUR/USD at the 1.0840 level. It isn't one that is too technically significant but could hold price action from slipping much lower at least in the session ahead. That being said, we are...

Aussie and Yen Decline, Loonie Awaits Crucial CPI Data

Aussie and Yen Decline, Loonie Awaits Crucial CPI Data

Australian Dollar weakened broadly during Asian session as its recent rally lost momentum. Despite RBA minutes revealing that a rate hike was considered earlier this month, which should have been supportive for the Aussie, this positive sentiment was countered by weak...

Pound Shrugs After BoE’s Broadbent Signals Rate cut

Pound Shrugs After BoE’s Broadbent Signals Rate cut

The British pound is almost unchanged on Monday. GBP/USD is trading at 1.2704 in the European session at the time of writing. The pound is coming off a strong week, with gains of 1.4%. GBP/USD touched a high last week of 1.2711, its highest point since March 21. The...

Australian Dollar Eyes RBA Minutes

Australian Dollar Eyes RBA Minutes

The Australian dollar is unchanged at the time of writing, trading at 0.6692 in the European session. There are no economic releases out of the US or Australia today, which should translate into a quiet day for AUD/USD. The Aussie is coming off an excellent week,...

Bitcoin Cautious Despite Global Rise in Risk Appetite

Bitcoin Cautious Despite Global Rise in Risk Appetite

Market picture Crypto market capitalisation rose 5.2% over the past seven days to $2.41 trillion. Over the weekend, it reached $2.44 trillion, its highest level in nearly four weeks. Bitcoin is treading near local highs, remaining just below $67K. That’s a gain of...

Will UK Inflation Corroborate a June BoE Rate Cut?

Will UK Inflation Corroborate a June BoE Rate Cut?

Investors assign 60% chance for a June rate cut by the BoE UK CPI data to reveal whether inflation hit the BoE’s target But PMIs imply some upside risks The data is scheduled for Wednesday at 06:00 GMT BoE appears more dovish than expected While a few weeks ago...

EUR/USD Mid-Day Outlook – Action Forex

EUR/USD Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 1.0844; (P) 1.0861; (R1) 1.0886; More… EUR/USD is staying in consolidation below 1.0894 and intraday bias stays neutral. Further rally is expected as long as 1.0810 resistance turned support holds. Break of 1.0894 will resume the rise to 1.0980...

GBP/USD Mid-Day Outlook – Action Forex

GBP/USD Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 1.2660; (P) 1.2686; (R1) 1.2727; More… No change in GBP/USD’s outlook and intraday bias stays on the upside. Firm break of 1.2708 resistance will extend the rise from 1.2298 to 100% projection of 1.2298 to 1.2633 from 1.2445 at 1.2780. On the...

USD/CHF Mid-Day Outlook – Action Forex

USD/CHF Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 0.9062; (P) 0.9080; (R1) 0.9110; More…. No change in USD/CHF’s outlook and intraday bias stays neutral. On the upside, firm break of 0.9101 will argue that corrective fall from 0.9223 has completed with three waves down to 0.8987 already. Further...

USD/JPY Mid-Day Outlook – Action Forex

USD/JPY Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 155.29; (P) 155.63; (R1) 156.02; More… No change in USD/JPY’s outlook and intraday bias stays neutral. Price actions from 160.20 are seen as a corrective pattern. On the upside, break of 156.78 will resume the rise from 151.86, as the second leg, to...

Oil Shows Weakness – Action Forex

Oil Shows Weakness – Action Forex

Oil is losing about 0.75% of its peak on Monday, having hit a strengthening sell-off as it attempts to climb above $80/bbl WTI and $84/bbl Brent. Interestingly, oil is declining despite the death of Iran’s president, which should reinforce the risk premium, and...

Fed’s Bostic: Maybe only one rate cut this year

Fed’s Bostic: Maybe only one rate cut this year

Atlanta Fed President Raphael Bostic stated in a BloombergTV interview today that it will take time before the Fed is confident that inflation will return to 2%. He reiterated his stance that “nothing has changed” regarding his view that perhaps only one rate cut will...

AUDCAD Rises to New 14-Month High

AUDCAD Rises to New 14-Month High

AUDCAD is higher again today above 0.9100 RSI and MACD are holding in their positive regions AUDCAD has been in an upward movement since February 8, posting a 14-month high of 0.9125 earlier in the day. Entering the 0.9100 area has been a struggle over the past two...

EUR/AUD Daily Outlook – Action Forex

EUR/AUD Daily Outlook – Action Forex

Daily Pivots: (S1) 1.6210; (P) 1.6259; (R1) 1.6288; More… Intraday bias in EUR/AD is back on the downside with breach of 1.6216 support. Current fall from 1.6742 is seen as the third leg of the corrective pattern from 1.7062. Deeper fall would be seen to 1.6127...

EUR/GBP Daily Outlook – Action Forex

EUR/GBP Daily Outlook – Action Forex

Daily Pivots: (S1) 0.8547; (P) 0.8566; (R1) 0.8577; More… Intraday bias in EUR/GBP remains on the downside for 0.8259 support. Decisive break there will suggest that larger down trend is ready to resume through 0.8491/7 support one. On the upside, above 0.8579 minor...

Gold Unlocks Another Record High

Gold Unlocks Another Record High

Gold advances above sideways channel 20- and 50-day SMAs tick up MACD and RSI suggest more upside pressure Next target at 261.8% Fibo extension of 2,515 Gold prices skyrocketed to another fresh high of 2,450 earlier in the day, currently holding above the previous...

Gold Hits New Record High

Gold Hits New Record High

On Monday, a troy ounce of gold set a new price peak of 3438.00 USD. This surge was fuelled by renewed speculation about potential interest rate cuts by the US Federal Reserve, vigorous gold purchases by banks globally, and strong investor demand for safe-haven...

BoE’s Broadbent: Summer rate cut possible

BoE’s Broadbent: Summer rate cut possible

In a speech today, BoE Deputy Governor Ben Broadbent indicated that if current forecasts hold, which suggest that monetary policy will need to become “less restrictive at some point”, a rate cut could occur “over the summer”. Broadbent noted that the direct impact of...

Could RBNZ Support Kiwi’s Recent Strength?

Could RBNZ Support Kiwi’s Recent Strength?

RBNZ meets on Wednesday, no rate change expected Quarterly forecasts and press statement will be closely scrutinized Press conference to gain interest if RBNZ turns dovish Kiwi’s recent run against the dollar could be under threat Third RBNZ meeting in 2024 The...

EUR/JPY Daily Outlook – Action Forex

EUR/JPY Daily Outlook – Action Forex

Daily Pivots: (S1) 168.87; (P) 169.10; (R1) 169.42; More… EUR/JPY’s rise from 1.6401 resumed by breaking 169.38 and intraday bias is back on the upside. This rally, as the second leg of the corrective pattern from 171.58, should target this high next. On the downside,...

GBP/JPY Daily Outlook – Action Forex

GBP/JPY Daily Outlook – Action Forex

Daily Pivots: (S1) 197.03; (P) 197.45; (R1) 198.10; More… Intraday bias in GBP/JPY stays on the upside at this point. Rise from 191.34, as the second leg of the corrective pattern from 200.53, should target this high next. On the downside, firm break of 195.02 will...

FX option expiries for 20 May 10am New York cut

FX option expiries for 20 May 10am New York cut

There are a couple to take note of on the day, as highlighted in bold.The first ones are for EUR/USD at 1.0875 and 1.0900. That is likely to keep price action more compact in that range on the day, considering little to work with in European trading as well. It's a...

Forex and Cryptocurrency Forecast – Action Forex

Forex and Cryptocurrency Forecast – Action Forex

EUR/USD: Weak Inflation = Weak USD The American currency suffered two significant blows last week. Although these were not knockdowns, let alone knockouts, these minor shocks pushed the DXY Dollar Index down from 105.26 to 104.20 points, and EUR/USD up from 1.0766 to...

The Weekly Bottom Line: Inflation Breaks Its Heat Streak

The Weekly Bottom Line: Inflation Breaks Its Heat Streak

U.S. Highlights After three consecutive months of hotter-than-expected inflation, consumer prices in the U.S. finally broke the heat streak in April, with headline and core inflation decelerating. Retail sales also lost momentum in April, with spending coming in flat...

EUR/AUD Weekly Outlook – Action Forex

EUR/AUD Weekly Outlook – Action Forex

EUR/AUD stayed in sideway trading above 1.6216 last week and outlook is unchanged. Initial bias remains neutral this week first and further decline is expected. Break of 1.6216 will resume the fall from 1.6742, as the third leg of the corrective pattern from 1.7062....

EUR/GBP Weekly Outlook – Action Forex

EUR/GBP Weekly Outlook – Action Forex

EUR/GBP’s fall last week argues that rebound from 0.8529 has completed at 0.8619 already. Initial bias remain the downside this week for 0.8529 support first. Decisive break there will that larger down trend is ready to resume through 0.8491/7 support one. On the...

EUR/JPY Weekly Outlook – Action Forex

EUR/JPY Weekly Outlook – Action Forex

EUR/JPY retreated after rising further to 169.38 last week but then recovered. Initial bias remains neutral this week first, and further rise is expected. Break of 169.38 will resume the rally from 164.01, as the second leg of the corrective pattern from 171.58,...

USD/CAD Weekly Outlook – Action Forex

USD/CAD Weekly Outlook – Action Forex

USD/CAD edged lower to 1.3589 last week but recovered. Initial bias remains neutral this week first. Further decline is in favor as long as 1.3689 resistance holds. Break of 1.3589 will resume whole fall from 1.3845 and target 100% projection of 1.3845 to 1.3608 from...

AUD/USD Weekly Report – Action Forex

AUD/USD Weekly Report – Action Forex

AUD/USD’s rally from 0.6361 resumed last week but retreated after hitting 0.6713. Initial bias remains neutral for some consolidations. Further rally is expected as long as 0.6578 support holds. As noted before, fall from 0.6870 has probably completed with three waves...

USD/CHF Weekly Outlook – Action Forex

USD/CHF Weekly Outlook – Action Forex

USD/CHF rebounded strongly after edging lower to 0.8987 last week, but upside is capped below 0.9101 resistance. Initial bias stays neutral this week first. On the upside, firm break of 0.9101 will argue that corrective fall from 0.9223 has completed with three waves...

GBP/USD Weekly Outlook – Action Forex

GBP/USD Weekly Outlook – Action Forex

GBP/USD’s rise from 1.2298 resumed by breaking through 1.2633 last week. Initial bias is now on the upside this week. Firm break of 1.2708 resistance will target 100% projection of 1.2298 to 1.2633 from 1.2445 at 1.2780. On the downside, below 1.2642 minor support...

EUR/USD Weekly Outlook – Action Forex

EUR/USD Weekly Outlook – Action Forex

EUR/USD’s rally from 1.0601 resumed last week and further to 1.0894 before retreating. Initial bias remains neutral this week for consolidations first. Further rally is expected as long as 1.0810 resistance turned support holds. Break of 1.0894 will resume the rise to...

USD/JPY Weekly Outlook – Action Forex

USD/JPY Weekly Outlook – Action Forex

USD/JPY fell sharply after edging higher to 156.78 but recovered again after hitting 153.59. Initial bias remains neutral this week first. Price actions from 160.20 are seen as a corrective pattern. On the upside break of 156.78 will resume the rise from 151.86, as...

GBP/JPY Weekly Outlook – Action Forex

GBP/JPY Weekly Outlook – Action Forex

GBP/JPY’s rebound from 191.34 continued last week despite interim retreat. Initial bias stays on the upside this week for 200.53 resistance. On the downside, break of 195.02 support will argue that corrective pattern from 200.53 has started the third leg already, and...

EUR/CHF Weekly Outlook – Action Forex

EUR/CHF Weekly Outlook – Action Forex

EUR/CHF’s rally from 0.9252 resumed by breaking through 0.9847 resistance last week. Initial bias stays on the upside this week for 61.8% projection of 0.9304 to 0.9847 from 0.9563 at 0.9899. Decisive break there could prompt upside acceleration to 100% projection at...

Summary 5/20 – 5/24

Summary 5/20 – 5/24

Monday, May 20, 2024 Tuesday, May 21, 2024 Wednesday, May 22, 2024 Thursday, May 23, 2024 Friday, May 24, 2024 The post Summary 5/20 – 5/24 appeared first on Action Forex.

GBPJPY Ascends as BoJ is on the Lookout

GBPJPY Ascends as BoJ is on the Lookout

GBPJPY in the green again, returns to pre-intervention levels Increasing possibility of another BoJ intervention Momentum indicators remain mostly bullish GBPJPY is edging higher again today, recording its ninth green candle in the last 10 sessions. The bearish...

Euro Edges Lower Despite Positive Inflation Report

Euro Edges Lower Despite Positive Inflation Report

The euro has posted slight losses on Friday. EUR/USD is down 0.28%, trading at 1.0837 in the North American session at the time of writing. Eurozone CPI steady, core CPI falls The April inflation report showed that headline inflation remained steady at 2.4% y/y,...

S&P 500 Index Hits Record High Amidst Lower Inflation

S&P 500 Index Hits Record High Amidst Lower Inflation

The US stock market has surged to new heights, with the S&P 500 index reaching a record high of 5,325 points and the DJIA index touching 40,000 points. Investors are experiencing euphoria, spurred by the unexpectedly low US inflation figures released earlier....

EUR/USD Mid-Day Outlook – Action Forex

EUR/USD Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 1.0850; (P) 1.0872; (R1) 1.0890; More… EUR/USD is staying in consolidation below 1.0894 and intraday bias stays neutral at this point. Further rally is expected as long as 1.0765 support holds. Break of 1.0894 will resume the rise from 1.0601 to...

GBP/USD Mid-Day Outlook – Action Forex

GBP/USD Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 1.2642; (P) 1.2672; (R1) 1.2699; More… GBP/USD is staying in consolidation below 1.2669 and intraday bias remains neutral. Further rally is expected as long as 1.2445 support holds. Break of 1.2708 resistance will pave the way to 1.2892 resistance...

USD/CHF Mid-Day Outlook – Action Forex

USD/CHF Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 0.9013; (P) 0.9038; (R1) 0.9088; More…. Intraday bias in USD/CHF stays neutral at this point. Further decline is expected as long as 0.9101 resistance holds. Break of 0.8987 will resume the whole fall from 0.9223 and target 38.2% retracement of...

USD/JPY Mid-Day Outlook – Action Forex

USD/JPY Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 154.15; (P) 154.84; (R1) 156.08; More… Intraday bias in USD/JPY remains neutral and outlook is unchanged. Price actions from 160.20 are seen as a corrective pattern. On the upside break of 156.78 will resume the rise from 151.86, as the second leg,...

Sunset Market Commentary – Action Forex

Sunset Market Commentary – Action Forex

Markets Several ECB policymakers hit the wires today, including Holzmann, de Guindos and heavyweight Schnabel. As a loyal hawk it was no surprise for Holzmann to caution against easing before the central bank is certain of inflation’s return to 2%. De Guindos stuck to...

Crypto Market Ready to Grow Further

Crypto Market Ready to Grow Further

Market picture The crypto market cooled off on Thursday afternoon, but on Friday morning, buyers stepped up again, bringing capitalisation back to levels from the day before at $2.39 trillion. Strong growth was followed by rapid profit-taking, which is a necessary...

After Surpassing $30, Silver May Aim for $50

After Surpassing $30, Silver May Aim for $50

Silver climbed above $29.8, rewriting the highs from January 2021, but once again faced selling intensification from that level for the first time in four years and has pulled back to $29.40 at the time of writing. Silver does not look overheated, as it is only now...

Australian Dollar Hits 4-month High

Australian Dollar Hits 4-month High

The Australian dollar is lower on Friday. AUD/USD is currently trading at 0.6658 in the European session, down 0.31% on the day. The Aussie touched a high of 0.6714 on Thursday, its highest level since January 10th. This followed a massive 1% surge on Wednesday after...

Pound Edges Lower, Markets Eye FedSpeak

Pound Edges Lower, Markets Eye FedSpeak

The British pound is down slightly on Friday. GBP/USD is down 0.14%, trading at 1.2648 in the European session at the time of writing. It has been a good week for the pound, which has gained 1% against the US dollar. Wednesday’s inflation release showed CPI dipping in...

Calm Before Storm for WTI Oil Futures?

Calm Before Storm for WTI Oil Futures?

WTI oil futures hold near recent lows; develop within narrow neutral structure Technical signals indicate improving sentiment, but downside risks could emerge near 80.80 Despite occasional drops, WTI oil futures remained squeezed within the 78.00-80.00 area and...

Eurozone CPI finalized at 2.4% in Apr, core CPI at 2.7%

Eurozone CPI finalized at 2.4% in Apr, core CPI at 2.7%

Eurozone CPI was finalized at 2.4% yoy in April, unchanged from March’s reading. CPI core (ex-energy, food, alcohol & tobacco) was finalized at 2.7% yoy, down from prior month’s (2.9% yoy). The highest contribution to the annual Eurozone inflation rate came from...

FX option expiries for 17 May 10am New York cut

FX option expiries for 17 May 10am New York cut

There are a couple to take note of, as highlighted in bold.And they are for EUR/USD at 1.0850 and 1.0875 on the day. The former especially is a relatively large one, which should help to contain price action around current levels in European morning trade. That should...

Crypto Market Shakes Off Consolidation

Crypto Market Shakes Off Consolidation

Market picture The release of US inflation data sparked a surge in risk asset purchases, with cryptocurrencies leading the charge. This follows a period of prolonged consolidation, which provided enough pent-up energy to fuel increased volatility. Over the past 24...

Australian Dollar Surges After US Inflation Ease

Australian Dollar Surges After US Inflation Ease

The Australian dollar is lower on Thursday after surging 0.98% a day earlier. AUD/USD is currently trading at 0.6671, down 0.33% on the day. Australian job growth rebounds but unemployment rate rises Australian employment bounced back in April with an increase of...

USD/CHF Mid-Day Outlook – Action Forex

USD/CHF Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 0.9001; (P) 0.9036; (R1) 0.9057; More…. Intraday bias in USD/CHF is turned neutral again first with current recovery. But further decline is expected as long as 0.9101 resistance holds. Break of 0.8987 will resume the whole fall from 0.9223 and...

USD/JPY Mid-Day Outlook – Action Forex

USD/JPY Mid-Day Outlook – Action Forex

Daily Pivots: (S1) 154.21; (P) 155.38; (R1) 156.08; More… Intraday bias in USD/JPY is turned neutral with current recovery. Outlook is unchanged that fall from 156.78 is seen as the third leg of the corrective pattern from 160.20 high. Below 153.59 will target 151.86...