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The AUD/USD pair climbed to 0.6922 on Monday, marking its highest point since February 2023. This surge was primarily triggered by China’s announcement of economic stimulus measures, which is significant given China’s status as Australia’s largest trading partner. Such support for the Chinese economy will likely increase demand for commodities and bolster major currencies tied […]

The post Australian Dollar Reaches 19-Month High Boosted by Chinese Economic Stimulus and Weaker US Dollar appeared first on Action Forex.

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18/04/2024

Elliott Wave Theory Suggests EURJPY Remains Bullish

Short term Elliott Wave view in EURJPY suggests that rally to 165.35 ended wave 3. Wave 4 pullback unfolded as a double three Elliott Wave structure. Down from wave 3, wave ((w)) ended at 162.59 and wave ((x)) ended at 165.17. Down from there, wave (w) ended at 163.85 and wave (x) ended at 164.69. […]
26/11/2024

Crypto Market Deepens Correction

Market Picture The cryptocurrency market is under pressure, losing about 4.6% in 24 hours to $3.2 trillion by the start of active trading in Europe. These are five-day lows, with the crypto market driven by a sell-off in safe havens such as Bitcoin and Gold in hopes of deescalating tensions between Lebanon and Israel. Separately, […]
30/01/2024

Euro Steady Despite German GDP Decline

The euro has edged higher on Tuesday. In the European session, EUR/USD is trading at 1.0850, up 0.16%. German GDP declines by 0.2% Germany, the largest economy in the eurozone, continues to weigh on the bloc with its weak economy. Germany’s GDP declined by 0.3% q/q in the fourth quarter, matching the consensus estimate. Third-quarter […]