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A transition from a Fed “dovish pivot” to a “normalization” pivot may put a halt to this year-end seasonal “Santa Rally” on the US stock indices. Nasdaq 100 momentum and market breadth have weakened which supports a potential medium-term (multi-week) corrective decline sequence. Watch the 20,790 downside trigger level of the Nasdaq 100. The Nasdaq […]

The post Nasdaq 100 Technical: At Risk of Staging a Multi-Week Corrective Decline appeared first on Action Forex.

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13/03/2024

US Inflation in No Hurry to Slow, But Markets Don’t Care

US consumer inflation beat expectations for the fourth month in a row. The CPI rose 0.4% m/m. The monthly growth rate has been rising since October. The year-over-year rate climbed to 3.2%, a bit above forecasted 3.1%. Core CPI rose 0.4% m/m for the second month. The annual growth rate slowed to 3.8%, which formally […]
05/08/2024

USD/JPY: Falls to Eight-Month Low, Eyes Key 140.00 Support Zone

USDJPY fell sharply overnight, hitting the lowest since early January, extending steep bear-leg off 155.21 lower top into fifth consecutive day. The pair was down 3.3% in Asian session on Monday, remaining under increased pressure after downbeat US NFP data further soured dollar’s sentiment. Large bearish candle of last week (USDJPY was down 4.7% for […]
30/01/2024

AUD/USD Eyes Retail Sales

The Australian dollar is in positive territory on Monday after an uneventful week. In the European session, AUD/USD is trading at 0.6603, up o.41%. Australian retail sales expected to downturn The markets are braced for a soft retail sales report on Tuesday, with December’s consensus estimate standing at -1.0%. The November report sparkled with a […]