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Gold rallied for the fourth consecutive session to reach $2023, recovering almost all the losses suffered the week before on the back of the inflation report. Gold’s ability to rally suggests continued domestic demand, as some investors are clearly rushing to buy back any losses. At the same time, however, we note that since the […]

The post Gold Rises But Within a Downward Channel appeared first on Action Forex.

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Technical Outlook and Review

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02/04/2024

EURJPY Pulls Back Towards Crucial Trendline

EURJPY retraces lower following a 16-year peak Tests ascending trendline drawn from July 2023 Oscillators suggest weakening momentum EURJPY had been in a steady advance since December 2023, peaking at a fresh 16-year high of 165.34 on March 20. Since then, the pair has been undergoing a downside correction, with the upward sloping trendline that connects higher […]
14/06/2024

Bank of England Preview – Laying the Groundwork for an August Cut

We expect the Bank of England (BoE) to keep the Bank Rate unchanged at 5.25% on 20 June, which is in line with consensus and current market pricing. Overall, we expect the MPC to stick to its current communication, priming the markets for a forthcoming start to a cutting cycle. We expect the first 25bp […]
13/06/2024

US CPI Lower Than Expected, While FOMC Signals Only One Rate Cut in 2024

In focus today Today Norges Bank (NB) will publish the regional survey for Q2, where we expect that the respondents (corporates) will be somewhat more optimistic than in February. The aggregated production index for both the current (Q2) and the next quarter (Q3) will probably end up in the range of 0.2-0.3%, which will be […]