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Market Picture Crude oil gained around 2.5% on Monday after OPEC+ reported that it intends to delay the cartel’s production quota increase by one month from December. The November 2023 agreement calls for eight major producers, including Saudi Arabia and Russia, to voluntarily cut output by 2.2 million bpd. This is another attempt by the […]

The post OPEC+ Continues to Actively Support Oil Prices appeared first on Action Forex.

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12/06/2024

NZDUSD Recoups Post-NFP Slide

NZDUSD surges to its highest since March 8 But undergoes a setback after strong NFP report Oscillators ease but remain in positive zones NZDUSD has been in an aggressive uptrend following its 2024 bottom of 0.5851 in mid-April, posting a fresh three-month high last week. Although the pair came under severe selling pressure on Friday due to […]
09/04/2024

AUD/USD: Aussie Dollar Keeps Bullish Bias ahead of US Inflation Report

AUDUSD is trading within a narrow range on Tuesday morning but keeps slight bullish bias following Monday’s 0.5% advance and a positive signal on daily close above 0.6597 (100DMA / Fibo 61.8% of 0.6675/0.6480 bear-leg). Aussie dollar was boosted by rise in iron ore, but markets are likely to reduce the speed until release of […]
27/06/2024

EURUSD Rises Slightly Up After Battle With 8-Week Low

EURUSD holds in sideways move SMAs create bearish crossovers MACD continues to head south EURUSD tested the previous low of 1.0665 on Wednesday, holding within a narrow range of 1.0665-1.0720. The 20- and 50-day simple moving averages (SMAs) posted a bearish crossover a few days after the death cross between the 20- and the 200-day […]