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The geopolitical situation in the Middle East gets tenser, and the Federal Reserve (Fed) doves get worried with the sight of better-than-expected jolts and ADP report announced earlier in the week. Yesterday’s ADP report showed that the US economy added around 142K new private jobs last month, comfortably higher than the 124K pencilled in by […]

The post Oil Struggles to Break Above Key Medium-Term Resistance appeared first on Action Forex.

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23/05/2024

Fed Minutes Continue to Underscore Fed’s Data Dependent Approach

The minutes from the April 30-May 1, 2024 Federal Open Market Committee (FOMC) interest rate announcement acknowledged the recent lack of progress in curtailing inflation and continued to highlight the upside risks to the inflation outlook. Specifically, Committee members noted that, “the recent increases in inflation had been relatively broad based and therefore should not […]
29/03/2024

S&P500’s Soft Growth Could Last for Months

The US equity market continued its upward trend, with the S&P500 rising 10.8% in the first quarter, exceeding the historical average gain for a full calendar year. We are even more impressed by the low volatility of the index since the end of January. The S&P500 has moved in a range of less than 2.5%. […]
12/03/2024

Technical Outlook and Review

DXY: The DXY (Dollar Index) chart exhibits bullish momentum, hinting at a potential bullish rebound around the pivot level and subsequent movement towards the 1st resistance. The pivot at 102.86 serves as significant overlap support, indicating potential buyer intervention for a bullish bounce, with the 1st support at 101.86 reinforcing this pattern. On the resistance […]