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GBPUSD trades sideways between parallel SMAs Remains within its medium-term neutral pattern Momentum indicators improve but stay in negative zones GBPUSD experienced a strong decline following its break above the rangebound structure in place since November. Despite the temporary violation of the 200-day simple moving average (SMA), the pair reversed back higher before the 50-day SMA curbed […]

The post GBPUSD Capped by 50-day SMA appeared first on Action Forex.

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25/06/2024

ICYMI: Monday Market Breakdown

The US Dollar (USD) declined during Monday’s European session as political concerns in Europe receded, shifting focus to France’s upcoming election. This reduced safe-haven demand for the USD. Meanwhile, the Japanese Yen (JPY) continued to weaken against the USD, nearing the critical 160.00 level, which previously triggered intervention by Japan’s Ministry of Finance. Economically, lighter […]
02/02/2024

Cliff Notes: The Promise of Disinflation

Key insights from the week that was. In Australia, the Q4 CPI printed 0.6% (4.1%yr) for headline inflation and 0.8% (4.2%yr) for core trimmed mean inflation, meaningfully lower than the RBA’s forecast of 4.5%yr across both indicators. The detail of the report confirmed disinflation’s pace is faster than expected and it has breadth. Indeed, the […]
08/07/2024

USDCAD Wave Analysis

USDCAD reversed from powerful support level 1.3620 Likely to rise to resistance level 1.3700 USDCAD currency pair just reversed up from the powerful support level 1.3620 (which has been steadily reversing the pair from the start of May). The support level 1.2630 was strengthened by the lower daily Bollinger Band and by the 50% Fibonacci […]