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U.S. Highlights U.S. retail sales grew marginally in May, however the downward revision in April points to waning momentum among U.S. consumers. Housing starts and building permits both declined in May as higher interest rates weigh on builder confidence. U.S. existing home sales dipped for a third consecutive month as record home prices stretch buyers’ […]

The post The Weekly Bottom Line: A Grand Slam of Economic Data appeared first on Action Forex.

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03/01/2024

Dow Futures (YM) Looking to Extend Higher to Complete Impulsive Structure

Short Term Elliott Wave View in Dow Futures (YM) suggests that rally from 10.27.2023 low is in progress as a 5 waves impulse structure. Up from 10.27.2023, wave 1 ended at 34315 and pullback in wave 2 ended at 33913. The Index then rallied higher in wave 3 towards 38012 and pullback in wave 4 […]
15/01/2024

Gold Edges Higher After Hitting 50-day SMA

Gold finds its feet at the 50-day SMA Clocks a positive session but does not yet erase recent drop Momentum indicators suggest that positive momentum is strengthening Gold had been undergoing a downside correction after attempting to break above an upward sloping trendline drawn from its October lows. However, the price bounced off its 50-day simple moving […]
11/07/2024

GBP/USD: Stronger than Expected UK GDP Numbers Lift Cable to Four-Month High

Cable hit new four-month high in European trading on Thursday, lifted by better than expected UK May GDP numbers, which poured cold water on expectations for BoE rate cut next month. Fresh strength broke through pivotal barriers at 1.2846/60 (200WMA/former top June 12) and pressuring key barrier at 1.2893 (2024 high, posted on March 8). […]