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By the end of last week, the American currency traded rather mixed: The USD/JPY currency pair strengthened by more than 200 pips and almost tested the significant resistance level at 160.00. The USD/CAD pair failed to break out of the medium-term flat corridor of 1.3740-1.3620. Sellers of the pound in the GBP/USD pair tried to […]

The post Dollar Declines: How Deep Could the Correction Be? appeared first on Action Forex.

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26/07/2024

US: Consumers Close Q2 on an Upbeat Note, But Momentum Unlikely to be Sustained

Personal income grew 0.2% month-on-month (m/m) in June, down from May’s 0.4% gain, and below market expectations (also 0.4%). Accounting for inflation and taxes, real personal disposable income growth slowed in June, up 0.1% m/m, relative to a 0.3% gain in May (revised down from 0.5% previously). Personal consumption expenditures also geared down slightly in […]
20/06/2024

Elliott Wave Analysis on Nasdaq (NQ) Looking for Further Rally

Short Term Elliott Wave in Nasdaq Futures (NQ) suggests that cycle from 4.19.2024 low is in progress as an impulse. Up from 4.19.2024 low, wave 1 ended at 19023.25 and pullback in wave 2 ended at 18241.25. Wave 3 higher is currently in progress with subdivision of an impulse in lesser degree. Up from wave […]
15/02/2024

EURGBP Reaches Lower Limit of Range

EURGBP pivots higher at the bottom of a range Technical signals not bullish yet Eyes on the 0.8540 resistance zone EURGBP switched to recovery mode after almost reaching August’s one-year low of 0.8491 and the bottom of the 2023 range area. While the area looks to be an ideal place for an upside reversal, the […]