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Gold edges lower from new record high ($2288) in early Wednesday, as bulls show signs of fatigue after advancing over 5% in a steep acceleration in past six days. Although the metal resumed the uptrend in early April, after an impressive 9.3% rally in March, remaining strongly underpinned by growing signals of Fed’s first rate […]

The post XAU/USD: Healthy Correction Likely to Precede Fresh Push Higher appeared first on Action Forex.

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07/06/2024

US Dollar Index Needs to Hold Above 104

US dollar index pauses downleg near important support trendline Technical signals are uncertain; sellers wait below 104 The US dollar index is trading at an attractive level around the protective trendline that joins the lows from December 2023 and March 2024 near 104.00. The index could enter a new bullish phase, though the technical outlook […]
02/08/2024

USD/JPY Dips Below 150.00 as Bears Take Over

Key Highlights USD/JPY declined heavily and even traded below 150.00. A connecting bearish trend line is forming with resistance at 151.80 on the 4-hour chart. EUR/USD could extend losses below the 1.0820 level. Gold gained pace and climbed above the $2,450 level. USD/JPY Technical Analysis The US Dollar started a fresh decline from well above […]
29/12/2023

USDCAD Stages a Rebound After Sharp Selloff

USDCAD is recovering following December nosedive Positive momentum is gaining traction but sustained rebound not certain yet Is this just a temporary respite? USDCAD is headed for a third straight day of gains as it recovers from Wednesday’s five-month low of 1.3176. The pair’s two-month old slide accelerated in mid-December, pushing the momentum indicators deep […]