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Gold consolidates within ascending channel 20- and 50-period SMA post bullish cross MACD and RSI head higher Gold prices have been developing within an upward sloping channel in the short-term view with strong resistance at 2,336 and the 200-period simple moving average (SMA) at 2,345. The mid-level of the Bollinger band (20-period SMA) and the […]

The post Gold Flirts With Upper Bollinger Band appeared first on Action Forex.

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25/07/2024

EUR/JPY Outlook: Falls to New Multi-Week Low After Break of Key Support

EURJPY extends steep fall into fifth straight day and hit 11-week low in early Thursday (down 1% in Asian session). Recent interventions by Japan’s authorities boosted yen across the board and fresh strength gained strong momentum, suggesting that the currency could rise further. Wednesday’s close below pivotal support at 166.91 (daily cloud base / Fibo […]
22/07/2024

NZD/USD Faces Downward Pressure Amid US Political Developments and RBNZ Rate Speculations

The NZD/USD pair is experiencing a significant downturn, trading around 0.5996. Several factors influence this decline, including global political developments and domestic monetary policy expectations. The recent announcement by US President Joe Biden that he will not seek re-election in 2024 has unexpectedly bolstered the US dollar. Biden’s endorsement of Vice President Kamala Harris as […]
13/03/2024

Hotter-Than-Expected Inflation Will Likely Call for Caution at Next Week’s FOMC Meeting

Inflation in the US accelerated, not only in terms of monthly headline figure but everywhere, both core and headline, and both yearly and monthly figures came in hotter-than-expected. While gasoline prices counted among the major drivers of monthly inflation, shelter, electricity, used cars, air travel and clothes remained the major drivers of inflation on a […]