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On 25 June, we noted that the USD/CAD price had approached a crucial support level—the lower boundary of a converging triangle, which indicated a relative balance of supply and demand in the market during May. Since then, the price has bounced twice from this level (as indicated by the arrow). Today, as the USD/CAD chart […]

The post USD/CAD Breaks Key Support appeared first on Action Forex.

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20/02/2024

Technical Outlook and Review

DXY: For DXY, the current momentum on the chart is assessed as bullish, with several factors contributing to this outlook. One notable factor is that the price is currently positioned above a major ascending trend line, indicating potential for further bullish momentum. Looking ahead, the price could potentially experience a bullish bounce off the 1st […]
07/08/2024

AUD Set to Regain Momentum

Following a week-long, 300-pip drop on AUDNZD last week, this week has opened up with some renewed bullish vigor with a 150-pip correction. While this looks incredible in favor of the Australian Dollar, there yet remains some mystery as to the exact direction the momentum will follow. Here’s my outlook as touching the price action […]
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