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USDCAD surges after breaking a downtrend line MACD and RSI detect positive momentum A dip below 1.3345 is needed to turn the picture bearish again USDCAD traded sharply higher today, after it broke above the downtrend line drawn from the high of November 1. The pair is currently respecting a new shorter-term upside support line […]

The post USDCAD Breaks Above Downtrend Line appeared first on Action Forex.

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EUR/USD: Euro Loses Ground, Key Supports Under Increased Pressure

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11/06/2024

EURJPY Trades Sideways Ahead of Key Events

EURJPY is hovering below the recent 171.56 high Yen failed to benefit from Monday’s euro weakness Momentum indicators point to weakening bullish pressure EURJPY is trading sideways today as the yen has failed to benefit from the euro’s weakness following Sunday’s European parliamentary election results. The pair is still hovering close to its recent 171.56 […]
06/08/2024

Oil (CL) Should Continue Lower to Build an Impulsive Structure

Short Term Elliott Wave View in Oil (CL) suggests that cycle from 4.12.2024 high is in progress as a 5 waves impulse Elliott Wave structure. Down from 4.12.2024 high, wave (1) ended at 72.48 and rally in wave (2) ended at 84.55. The commodity has turned lower in wave (3) with internal subdivision as another […]
08/12/2023

Sunset Market Commentary

Markets The diptych of today’s US payrolls and next Tuesday’s US November CPI are the ultimate input for the Fed policy decision next Wednesday. Even as central bankers in their toolbox switched forward guidance for data dependency, the new projections/dots still will be key when investors make up their mind on the Fed’s intentions in […]