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All eyes will be on Wednesday’s U.S. inflation print after a larger-than-expected increase in the unemployment rate and softening in the manufacturing sector a week ago heightened concerns that the Federal Reserve may need to respond with more aggressive interest rate cuts than previously thought. Economic data since then have somewhat calmed concerns with the […]

The post U.S. Inflation Likely Held Steady in July appeared first on Action Forex.

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29/07/2024

USD/CAD: Bullish Impulse Calling for Breakout

USDCAD is making a pretty strong rise after the Bank of Canada lowered rates by 25 basis points as expected last week. The price is now testing the major trend line resistance of this triangle on the daily chart, and we are wondering if we can see a breakout, which is certainly possible in a […]
26/01/2024

WTI Oil: Bulls Hold Grip But May Take a Breather on Overbought Daily Studies

WTI oil remains at the front foot and trading near one-month high, posted on Wednesday, after release of crude inventories report. Much stronger than expected drop in US crude stocks, mainly caused by bad weather, added to existing bullish near-term structure and lifted the price above pivotal Fibo barrier at $75.04 (61.8% of $79.57/$67.70 descend). […]
22/02/2024

Technical Outlook and Review

DXY: The DXY (US Dollar Index) chart currently exhibits bullish momentum, suggesting a potential bullish bounce off the 1st support level followed by a movement towards the 1st resistance. The 1st support level at 103.79 is identified as an overlap support, indicating a historical level where buying interest has previously emerged to support the price. […]