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Retail sales rose by 0.7% month-on-month (m/m) in March, adding to February’s upwardly revised 0.9 % gain (previously 0.6%). The increase was higher than the consensus forecast calling for a more modest increase of 0.4% Trade in the auto sector was down -0.7% m/m, reflecting a decline at motor vehicle dealers (-0.9%), which was only […]

The post U.S. Retail Sales Rebound in February appeared first on Action Forex.

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04/07/2024

EUR/USD Outlook: Remains Constructive But Formation of Bull-Trap Warns

EURUSD remains at the front foot in early Thursday’s trading and holding under new three-week high (Wednesday’s spike at 1.0816). Bulls probe again through cracked daily Kijun-sen (1.0791) and look for retest of daily cloud top (1.0808). Cloud top was dented on Wednesday but subsequent pullback from new high and daily close well below cloud […]
23/04/2024

GBP/USD: Cable Bounces After Solid Data/Hawkish BoE

Cable bounces from new multi-month low on Tuesday, boosted by better than expected UK services PMI data and hawkish stance from BoE policymakers, who signaled that rate cut might be delayed, as the central bank sees too early cut more harmful than to start easing policy too late. Brightened near-term outlook so far lifted the […]
05/12/2023

Technical Outlook and Review

DXY: The DXY (US Dollar Index) chart currently has a bearish overall momentum. Price could potentially continue this bearish trend towards the 1st support at 103.02, which is identified as an overlap support. This level may act as a significant area where buying interest could emerge and potentially provide some support for the DXY. If […]