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Cable fell to the lowest in nearly five months on Friday, following fresh bearish acceleration through psychological 1.2500 support and Fibo level at 1.2465 (50% retracement of 1.2037/1.2893 uptrend. Breach of a multi-month range floor (1.2518) weakens the structure and increases risk of deeper fall on completion of a double-top pattern on weekly chart. Bearish […]

The post GBP/USD: Break of Pivotal Supports Sparks Fresh Acceleration Lower appeared first on Action Forex.

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09/04/2024

Australian Dollar Extends Gains Despite Soft Confidence Data

The Australian dollar is in positive territory on Tuesday. In the European session, AUD/USD is trading at 0.6620, up 0.25%. Consumer confidence sags Australian consumers have been pessimistic about the economy and their mood soured even more in April. The Westpac consumer confidence index fell 2.4% to 82.4, well below the 100 line which separates […]
24/07/2024

Sunset Market Commentary

Markets Monthly PMI’s were the headline story on global markets. EMU surveys at least were no happy reading. The composite EMU HCOB PMI declined from 50.9 to 50.1 suggesting an near standstill in activity. The decline was mainly driven by a deepening contraction in German manufacturing (42.6). France also stays in sub-50 territory (composite 49.5), […]
30/08/2024

AUD/USD Poised for Potential Rise Amid RBA’s Cautious Stance

The AUD/USD pair shows signs of potential resurgence as it trades near 0.6802, consolidating within a sideways range at its local peaks towards the end of August. The Australian dollar has appreciated by almost 4% over the month, bolstered by high consumer price index figures that underline persistent inflationary pressures in Australia. In July, Australian […]