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Analysing Bitcoin’s price on 6th December, we: → noted that more likely Trump’s victory in the presidential election and his plans to create a strategic reserve dedicated to Bitcoin were the primary driver of BTC/USD’s growth in November. → Identified two ascending channels (highlighted in blue and orange) that mapped the fluctuations within the upward […]

The post Bitcoin Hits a Record High, Surging Above $106,000 appeared first on Action Forex.

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26/08/2024

USD/JPY Tops Again and Bears Could Aim For Another Drop

Key Highlights USD/JPY struggled to continue higher above the 150.00 resistance zone. A major bearish trend line is forming with resistance at 145.60 on the 4-hour chart. Oil prices are consolidating losses near the $75.00 level. EUR/USD is showing bullish signs above the 1.1120 level. USD/JPY Technical Analysis The US Dollar started a recovery wave […]
15/02/2024

U.S. Retail Sales Opens 2024 on a Subdue Note

Retail sales declined by -0.8% month-on-month (m/m) in January, in contrast to December’s downwardly revised 0.4 % gain (previously 0.6%). This was lower than the consensus forecast calling for a more modest decline of -0.2%. Trade in the auto sector was down -1.7% m/m, reflecting a decrease in sales at both motor vehicle dealers (-1.8%) […]
17/07/2024

GBP Looks Stronger Than USD Thanks to Inflation

A batch of inflation statistics from the UK seems to have fuelled the Pound’s rally against the Dollar and Euro, which has been going strong since the beginning of the month. Consumer inflation remained at 2.0%, with the core index at 3.5% y/y. At the same time, positive monthly price trends persisted, adding 0.1% in […]