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On a daily chart, we see a drop in crude oil from 130 area as a five-wave move within wave A that bottomed at 62 – 57 support area. It was a strong drop and spike back in May, when energy bottomed, so we are tracking a higher degree correction from there; wave (B), which […]

The post Crude Oil Can Resume to 70-72 Support appeared first on Action Forex.

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20/06/2024

NZDUSD Erases GDP-led Pickup

NZDUSD rises temporarily after slight GDP growth surprise Bulls remain capped below 20-SMA; key support at 0.6085-0.6095 Early Thursday data revealed that the New Zealand economy experienced slightly faster growth than anticipated in Q1. However, NZDUSD rose only a few pips to 0.6164, which were swiftly erased. The bears couldn’t push past the 20-day SMA […]
06/09/2024

ECB Preview – Dialling Back, But Pace Ucertain

On Thursday 12 September, the ECB is widely expected by both analysts and markets to deliver a 25bp rate cut. The moderation in the labour market and economic activity since the June meeting should fuel confidence in the disinflationary process being on track, in particularly given the slowdown in wage growth. We expect Lagarde to […]
12/12/2023

Germany 30 Technical: A Potential Minor Corrective Decline Looms

Short-term RSI momentum indicator has flashed out bullish exhaustion condition after 6 consecutive weekly positive closes. At the risk of minor corrective decline sequence below 16,910 key short-term resistance. Intermediate supports rest at 16,590 and 16,440. The Germany 30 Index (a proxy for the DAX futures) has managed to soar towards the 16,780/850 resistance zone […]