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Despite the cooling labour market in the US and declining inflation, the American currency continues to move towards new highs. For instance, the USD/JPY currency pair might update the current month’s high at 156.70, the NZD/USD sharply declines after retesting 0.6140, and buyers of the USD/CAD pair have confidently secured a position above 1.3600. USD/CAD […]

The post Commodity Currencies Retreat from Local Highs appeared first on Action Forex.

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Gold Price Reaches Historic High

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11/03/2024

Gold Hits Record as Net Long Positions Jump

The US economy added 275K new nonfarm jobs last month, significantly more than around 200K new job additions penciled in by analysts. But happily, the unemployment rate unexpectedly rose to 3.9% and wages grew slower than expected on a yearly basis and were almost flat on a monthly basis. The fact that another strong NFP […]
04/01/2024

Technical Outlook and Review

DXY: The DXY (US Dollar Index) chart currently has a bullish overall momentum, suggesting that the US Dollar is exhibiting strength. In the short term, there’s potential for a bullish bounce off the 1st support level, with an aim to move towards the 1st resistance. The 1st support at 101.77 is categorized as a pullback […]
04/07/2024

Bitcoin More Likely to Fall to $51.5K Than Rise to $65.8K

Market picture The crypto market plunged 3.6% in 24 hours to $2.17 trillion, its lowest level since late February. Triggered stop orders in this morning’s thinly liquid market added to the magnitude of the decline, sending Bitcoin briefly below $57.7K and Ethereum to $3150. Top altcoins are losing in a range from -0.7% (Tron) to […]