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In the last years, the renminbi made a pause in his attempt to get stronger against USD dollar. In February 2014, renminbi found support at 6.0153 as wave ((III)) and from there it made a perfect zig – zag correction structure to equal legs at 7.1964 high in September 2019. After these 3 swings, USDCNH […]

The post Buyers Still in Control on Renminbi (USDCNH) appeared first on Action Forex.

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27/08/2024

EUR/GBP Outlook: Steep Bear-Leg May Take A Breather Above Daily Cloud Base Support

EURGBP cracked Fibo support at 0.8439 (76.4% of 0.8382/0.8624 rally) and pressuring strong support at 0.8424 (base of thick daily cloud) in extension of five-day steep bear-leg off 0.8544 (Aug 21 lower top). Technical picture on daily chart remains firmly bearish (strong negative momentum / multiple MA’s bear crosses), but oversold conditions and long tails […]
08/12/2023

Euro Flat as German Inflation Declines

German inflation confirmed at -0.4% US nonfarm payrolls project to accelerate to 180,000 The euro has edged lower on Friday. In the European session, EUR/USD is trading at 1.0774, down 0.17%. The euro has struggled lately against the US dollar and has slipped 2.2% since November 28. German inflation confirmed at -0.4% Germany’s economy is […]
16/07/2024

September 25 bps Fed Rate Cut Fully Discounted

Markets Fed Chair Powell in an interview at the Economic Club of Washington DC didn’t want to commit to any timing of a first Fed rate cut. By doing so, he effectively closed the door on the (tail) risk of a surprise move at the next, July 31, FOMC meeting. With inflation coming down and […]