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WTI oil price continues to trend higher for the sixth consecutive day and hit the highest in three weeks on Wednesday. Stronger than expected drop in US crude stocks last week (API report) contributed to the latest acceleration higher, as oil remains supported by growing concerns about potential supply shortage, following a threat from the […]

The post WTI: Crude Oil Rises Further on Supply Concerns, Key Barriers Come Under Pressure appeared first on Action Forex.

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18/12/2023

USD/CAD Analysis: Rate Reaches Its Minimum in 4 Months

On Friday, the rate dropped below 1.366 for the first time since the beginning of August. This was facilitated by fundamental drivers: → The US dollar weakens after the Federal Reserve meeting, which signaled the possibility of lowering interest rates next year. Powell said monetary tightening is likely complete and discussions about cuts are “on […]
13/02/2024

USDJPY Bulls Take Control, But It Could be a Trap

USDJPY rises but trades within a bearish pattern Resistance expected around 149.70-150.00 US CPI inflation data due for release at 13:30 GMT USDJPY turned green after touching its 20-period simple moving average (SMA) in the four-hour chart, rising gradually to a new high of 149.64 on Tuesday and closer to November’s resistance zone ahead of the […]
02/01/2024

GBPUSD Begins 2024 in a Muted Tone

GBPUSD pares some gains after posting a 4-month peak But remains within its upward sloping channel Positive bias holds as momentum indicators are skewed to the upside GBPUSD had been forming a profound structure of higher highs following its break above a crucial descending trendline in early November. Although the pair’s rally has temporarily paused at the […]