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Key Highlights Crude oil prices gained pace for a move above the $80.00 resistance zone. A key expanding triangle is forming with resistance at $82.50 on the 4-hour chart. Bitcoin is attempting a recovery wave from the $58,500 zone. Gold prices are grinding lower from the $2,365 resistance. Crude Oil Price Technical Analysis In the […]

The post Can Oil Prices Climb Further Higher? Analyzing the Upward Potential appeared first on Action Forex.

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02/01/2024

USD/JPY Technical: Potential Countertrend USD Corrective Rebound on the Horizon

The medium-term downtrend phase of USD/JPY in place since the 15 November 2023 high has reached a potential inflection level at 140.25. A potential countertrend corrective rebound scenario may unfold next. Watch the first immediate resistance zone at 142.85/143.40. The price actions of USD/JPY have plummeted lower as highlighted in our prior report despite the […]
29/05/2024

Elliott Wave Analysis Expects GBPUSD to Pullback in Wave 2

Short Term Elliott Wave in GBPUSD suggests rally from 4.22.2024 low unfolded as a 5 waves impulse Elliott Wave structure. Up from 4.22.2024 low, wave ((i)) ended at 1.2635 and pullback in wave ((ii)) ended at 1.2445. The pair extends higher again in wave ((iii)) with internal subdivision as an impulse in lesser degree. The […]
28/08/2024

Aussie Tries to Escape from Down Under

The Australian dollar hit its highest level since December 2023 against the US dollar, briefly topping 0.6800 following the release of the monthly inflation report. The Australian Bureau of Statistics reported that consumer price growth slowed to 3.5% y/y in July from 3.8% the previous month. Despite the slowdown, this indicator was higher than the […]