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The price of crude Oil rose steadily in the previous fortnight and is starting the new week with a positive trend. This rise emphasises the importance of the 200-week moving average, below which the price has not fallen for a long time for more than three years. The OPEC+ meeting in early June rattled the […]

The post American Apathy Supports Oil appeared first on Action Forex.

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17/07/2024

GBP/USD Outlook: Cable Rises Above 1.3000 and Hits New 2024 High

Cable surged through psychological 1.30 barrier and hit its highest in one year on Wednesday, after hotter than expected UK June inflation data tempered expectations for first BoE rate cut in next month policy meeting. Fresh strength after a two-day pause for consolidation signals continuation of broader uptrend however, close above 1.30 level is required […]
03/07/2024

AUD/USD Range-Bound: What Could Spark Fresh Increase?

Key Highlights AUD/USD is trading in a range below the 0.6700 resistance. A key rising channel is forming with support at 0.6625 on the 4-hour chart. Oil prices extended gains and approached the $85.00 resistance. The US ISM Manufacturing Index could remain below 50.0 at 49.0 in June 2024. AUD/USD Technical Analysis The Aussie Dollar […]
04/06/2024

Sunset Market Commentary

Markets Markets remained stuck in yesterday’s (US) trading mode in absence of important EMU eco data or ECB talk (silent period ahead of Thursday’s meeting). That means a bid for core bonds as the (US) growth part of the equation enters the spotlight. Investors yesterday zoomed in on significantly declining new orders in the US […]