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The major currency pairs are in a holding pattern following the release of the latest US labour market data and Jerome Powell’s testimony before Congress. The Fed Chair noted that the Federal Reserve has made “significant progress” in its mission to combat inflation, but emphasized the need for “more good data” before lowering interest rates. […]

The post Markets Awaiting US Inflation Data: What is the Probability of Trend Reversals? appeared first on Action Forex.

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EURUSD: Bearish Delivery For CPI?

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26/06/2024

AUD/JPY: Aussie Outperformance With Hotter AU CPI

Australia’s monthly CPI has increased to 4% from 3.7% in April, a sign of a sticky and elevated consumer inflationary trend. The odds of an RBA interest rate in the near-term horizon have reduced which increased the yield premium of 2-year Australian government bond over JGB. AUD/JPY is likely on a path of bullish acceleration […]
09/08/2024

EUR/GBP : 200DMA So Far Holds Pullback from New Multi-Week High

EURGBP dips further on Friday, extending pullback from new 3 ½ month high (0.8624) posted previous day. Fresh weakness cracked pivotal 200DMA (0.8555), with sustained break here to add to bearish signals, as reversal pattern is forming on daily chart. However, completion of pattern requires violation of pivotal Fibo support at 0.8532 (38.2% of 0.8362/0.8624) […]
05/12/2023

Dow Futures (YM_F) Sequence Remains Bullish

Dow Futures (YM_F) shows incomplete sequence from 10.3.2022 low favoring further upside. Rally from 10.3.2022 low is unfolding as a 5 waves impulse Elliott Wave structure. Up from 10.3.2022 low, wave (1) ended at 35228 and dips in wave (2) ended at 32409. Wave (3) higher is in progress as an impulse in lesser degree. […]