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WTI oil price fell below $72 on Wednesday and trading at the lowest levels in five months. Bear-leg from $79.57 (Nov 30 peak) extends into fifth straight day, as decision of OPEC+ to extend production cuts and further reduce output from January did not satisfy market expectations, with growing concerns over fuel demand on clouded […]

The post WTI Oil: Bears Hold Grip on Demand Concerns, OPEC+ Decisions appeared first on Action Forex.

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21/12/2023

AUD/USD Rally Pauses, Traders Cautious As US GDP Approaches

Key Highlights AUD/USD gained traction above the 0.6700 resistance zone. A connecting bullish trend line is forming with support near 0.6745 on the 4-hour chart. EUR/USD and GBP/USD are consolidating above key support zones. The US GDP could grow 5.2% in Q3 2023. AUD/USD Technical Analysis The Aussie Dollar started a steady increase above the […]
11/03/2024

XAU/USD: Gold Consolidating After 4.6% Advance Last Week

Bulls are taking a breather and consolidating within a narrow range on Monday, just under new all-time high ($2195) and psychological $2200 barrier. The yellow metal continues to shine (advanced 4.6% last week, in the biggest weekly gain since the second week of March 2023), lifted by growing expectations for Fed rate cut. Strongly overbought […]
15/02/2024

USD/JPY: Correction Likely to be Limited

USDJPY extends pullback from the three-month high (150.88) into second straight day, as traders booked profits after Tuesday’s rally of nearly 1%. Overbought daily studies contributed to fresh selling, which is expected to push the price lower and offer better levels for new entries into broader bullish market. Correction is likely to be limited as […]