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Markets Second tier US economic data outgunned yesterday’s ECB meeting. Strong retail sales, lower-than-expected weekly jobless claims and a sharp rebound in the Philly Fed business outlook sparked a test of the 4% barrier by the US 2-yr yield (+3.3 bps in the close) but it’ll take more for this psychologically important level to break. […]

The post Consensus-Beating UK Retail Sales Triggers a EUR/GBP Break Lower appeared first on Action Forex.

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06/06/2024

GBP/USD: Extended Consolidation Likely to Precede Fresh Push Higher

Cable is consolidating under new multi-week high (1.2817), with near-term action underpinned by rising 10DMA (1.2758) and looking for fresh push higher and attack at 2024 high (1.2893). Daily moving averages in full bullish configuration and with multiple bull-crosses maintain bullish structure, though fading positive momentum suggests that near-term action may hold in extended consolidation […]
19/06/2024

Gold Eyes Higher Ground: Aiming for Upside Break

Key Highlights Gold seems to be forming a base above the $2,285 level. A key contracting triangle is forming with resistance at $2,332 on the 4-hour chart. EUR/USD is recovering higher toward the 1.0780 resistance. Oil prices gained bullish momentum above the $80.00 resistance. Gold Price Technical Analysis Gold prices remained well-bid above the $2,280 […]
20/05/2024

Australian Dollar Eyes RBA Minutes

The Australian dollar is unchanged at the time of writing, trading at 0.6692 in the European session. There are no economic releases out of the US or Australia today, which should translate into a quiet day for AUD/USD. The Aussie is coming off an excellent week, gaining 1.36% and hitting its highest level since January. […]