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Cable found some footing and appears to be seeking stability after the latest inflation report. The CPI on a y/y basis was reported at 3.2%, a decrease from 3.4%. However, Cable is still ticking slightly upward because the forecast was 3.1%, and this miss has impacted sentiment. From an Elliott wave perspective, we see the […]

The post Cable Finds Some Support after UK CPI – Elliott Wave Analysis appeared first on Action Forex.

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04/07/2024

USD/CAD Breaks Key Support

On 25 June, we noted that the USD/CAD price had approached a crucial support level—the lower boundary of a converging triangle, which indicated a relative balance of supply and demand in the market during May. Since then, the price has bounced twice from this level (as indicated by the arrow). Today, as the USD/CAD chart […]
14/03/2024

Will BoJ Take Interest Rates Out of Negative Territory?

Investors assign nearly 50% chance for a March BoJ hike Wage negotiations set to conclude with strong pay hikes Recession is avoided, inflation reaccelerates The BoJ meets on Tuesday at 02:30 GMT March hike speculation intensifies The yen staged a strong recovery last week following several reports suggesting that the Bank of Japan (BoJ) may […]
12/12/2023

WTI Crude Oil Holds Neutral in 2023

WTI oil finds significant support at 200-week SMA Will the price end the bearish move soon? RSI and stochastic suggest upside correction As the year 2023 is coming to an end, WTI crude oil is developing beneath January’s market price. The price is currently testing the 200-week simple moving average (SMA) after seven consecutive red […]