Short Term Elliott Wave View on DAX suggests rally from 10.23.2023 low is unfolding as a 5 waves impulse. Up from 10.23.2023 low, wave (1) ended at 17003.28 and dips in wave (2) ended at 16345.02. The Index extended higher in wave (3) towards 18567.16 as the 1 hour chart below shows. Down from there, […] The post Elliott Wave Analysis Favors DAX to Extend Higher appeared first on Action Forex ..read more

In focus today In the US, today’s main data focus will be on the March PCE. Consensus expects both headline and core PCE inflation to remain steady at 0.3% m/m after mixed signals from March CPI and PPI reports. After yesterday’s GDP release, we got the quarterly PCE print as well, showing increased price pressures […] The post US National Account Figures Spook Markets, Bank of Japan Stays Put appeared first on Action Forex ..read more

Daily Pivots: (S1) 193.67; (P) 194.31; (R1) 195.39; More.. GBP/JPY’s up trend continues today and intraday bias stays on the upside for 195.86 long term resistance. Firm break there will target 198.89 projection level. On the downside, below 194.33 minor support will turn intraday bias neutral first. But outlook will remain bullish as long as […] The post GBP/JPY Daily Outlook appeared first on Action Forex ..read more

Daily Pivots: (S1) 166.28; (P) 166.68; (R1) 167.42; More… Intraday bias in EUR/JPY remains on the upside as recent up trend continues. Next target is 168.72 projection level. On the downside, below 166.66 minor support will turn intraday bias neutral and bring consolidations first, before staging another rally. In the bigger picture, current rally is […] The post EUR/JPY Daily Outlook appeared first on Action Forex ..read more

Daily Pivots: (S1) 0.8563; (P) 0.8577; (R1) 0.8590; More… Break of 55 4H EMA suggests that EUR/GBP’s rise from 0.8519 has completed at 0.8643, ahead of medium term trend line resistance. near term bearishness is retained. Intraday bias is back on the downside for retesting 0.8491/7 support zone. On the upside, above 0.8599 minor resistance […] The post EUR/GBP Daily Outlook appeared first on Action Forex ..read more

Daily Pivots: (S1) 1.6419; (P) 1.6453; (R1) 1.6495; More… Intraday bias in EUR/AUD remains neutral first. On the downside, firm break of 1.6368 support will revive that case that rebound from 1.6127 has completed at 1.6742. Fall from there is seen as the third leg of the pattern from 1.7062. Deeper decline would then be […] The post EUR/AUD Daily Outlook appeared first on Action Forex ..read more

USDCAD is in bearish correction mode MACD and RSI suggest weak momentum USDCAD is heading south erasing the rally towards the 1.3845 peak, slipping beneath the 20-day simple moving average (SMA). However, the broader outlook remains positive as the price is posting higher highs and higher lows above the 200-day SMA. Technically, the MACD oscillator […] The post USDCAD Retreats Beneath 20-day SMA appeared first on Action Forex ..read more

Markets US yields reached new YTD highs across the curve following Q1 US GDP data. The 1.6% Q/Qa headline print missed consensus by quite a margin (2.5% Q/Qa), but details showed underlying strength in consumption and investments. The biggest drag came from net exports with imports rising faster than exports, which we consider a sign […] The post US Yields Reached New YTD Highs Across the Curve appeared first on Action Forex ..read more

Japan FinMin Suzuki: Will Deal With Forex Appropriately But Declines To Say Whether Forex Moves Are Excessive USDJPY breaks higher as inflation came at 1.8% down from 2.5% expectations, and 2.6% prev reading. Thats very interesting reading. Who would think of this data considering how expensive are commodities for them, including oil, with recent drop […] The post USD/JPY Remains Bullish After BoJ Stays on Hold appeared first on Action Forex ..read more

Facebook’s Meta went on a 10% freefall yesterday, even after the company announced better-than-expected earnings. This being said, yesterday’s selloff ended up being less than suggested in the afterhours trading. CEO Mark Zuckerberg said that, in the past, the company also experienced high price volatility during a period of investment when the results were not […] The post AI Saves the Day appeared first on Action Forex ..read more