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EURGBP gets rejected near 50-day SMA after rebound Market structure develops into a bullish double bottom pattern Buyers need a rally above 0.8577 to dominate EURGBP could not surpass its 50-day simple moving average (SMA) at 0.8553 on Tuesday. However, the bullish double bottom pattern, which started to take shape around February’s base of 0.8500, might […]

The post EURGBP Starts to Take a Bullish Shape appeared first on Action Forex.

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12/03/2024

US: Core Inflationary Pressures Were (Again) Hotter Than Expected in February 

The Consumer Price Index (CPI) rose 0.4% month-on-month (m/m) in February, in line with the consensus forecast. On a twelve-month basis, CPI inched up to 3.2% (from 3.1% in January). Energy prices rose 2.3% m/m, largely driven by an uptick in gasoline prices (+3.8% m/m). Conversely, food prices were flat on the month. Excluding food […]
08/05/2024

AUD/USD Analysis: Aussie Weakens After RBA Decision

Following its decision on 7th May, the Reserve Bank of Australia (RBA) opted to maintain the interest rate at 4.35%, despite inflation continuing to decrease at a slower pace than anticipated by the RBA. “I think we still think they’re reasonably balanced with perhaps a little bit of a signal that we need to be […]
28/08/2024

NZDUSD Still Bullish But Rally Looks Overstretched

NZDUSD is up almost 5% so far in August Further gains are likely, but risk of near-term correction is high NZDUSD is trading near seven-month highs on Wednesday, as the pair continues its August bull charge. However, there appears to be some resistance in the 0.6250 area where the intersecting long-term descending trendline is providing […]