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Near-term action remains in a directional mode and ranging between converged 55/200DMA’s (1.0831) and 100DMA (1.0871). Strong rejections in both directions in past few sessions add to neutral stance, with the pair looking for fresh direction signals. Daily studies are mixed, though 14-d momentum bearish divergence and overbought stochastic seen as warning. Expect initial bearish […]

The post EUR/USD: Holds in Extended Sideways Mode, Initial Negative Signals Developing on Daily Chart appeared first on Action Forex.

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24/05/2024

WTI Crude Oil Opens the Way for Bearish Actions

WTI drops below diagonal line 20- and 200-day SMAs post death cross RSI flattens and Stochastics hold in oversold region WTI crude oil with delivery in July is plummeting from the 80.00 level, which is acting as a strong resistance obstacle as well as the 200-day simple moving average (SMA). The commodity slipped beneath the […]
06/09/2024

Intraday Elliott Wave Expects Further Correction in Dow Futures (YM)

Short Term Elliott Wave in Dow Futures (YM) suggests that pullback to 38532 low on 8.5.2024 ended wave ((4)). The Index then turned higher and made a new all-time high in wave ((5)) as an impulse. Up from wave ((4)), wave 1 ended at 39619 and wave 2 pullback ended at 38689. The Index then […]
13/09/2024

Fed Preview: Dovish 25bp

We expect the Federal Reserve to cut rates by 25bp in the next week’s meeting. Markets price in around 40% probability of a larger 50bp move. We do not expect changes to the pace of QT despite the Fed now initiating rate cuts. We expect the updated dots to signal a total of 3x25bp cuts […]