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Oil price ticked higher on Monday and holding within a narrow consolidation, following 1.8% drop on Friday, sparked by disappointing US jobs data. Mild rise in early Monday came from a partial profit taking and signals about potential hurricane system developing above US Gulf. Larger picture shows the oil price in a downtrend which accelerated […]

The post Oil: Bears Pause After Last Week’s 7.3% Drop appeared first on Action Forex.

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08/03/2024

WTI Oil Futures in Fierce Battle with 50.0% Fibo

WTI futures jump above the 200-day SMA But fail to conquer the 50.0% Fibonacci level Oscillators suggest intensifying positive momentum WTI oil futures (April delivery) have been staging a comeback after finding their feet at the 68.00 region in December. However, the recovery seems to have been on hold for the past few sessions as the […]
25/06/2024

GBP: A Correction May Be Imminent

During Monday’s session, the GBPJPY pair continued its uptrend, reaching a high of around 202.50, its highest level since 2007. Despite earlier attempts by sellers to push the pair down to 106.14, buyers regained control and drove the pair to new cycle highs. The Daily Relative Strength Index (RSI) at 68 suggests ongoing bullish momentum, […]
30/11/2023

Technical Outlook and Review

DXY: The DXY (US Dollar Index), the overall momentum of the chart is bearish, suggesting a potential download movement in price. In this scenario could potentially make a Bearish continuation towards the 1st support. The 1st support at 102.30 is identified as a pullback support. This suggests that it’s a significant level where buying interest […]