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The Australian dollar printed 3-month lows at 0.6443 last week in the wake of elevated US CPI data but was able to recover its lost ground over the week. This week’s focus will be on the reopening of mainland China markets and Australian Q4 wages data. Last week we warned that the monthly US consumer price […]

The post Aussie Gets Knocked Down, Gets Back Up Again appeared first on Action Forex.

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04/07/2024

USD/CAD Breaks Key Support

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 […]
17/04/2024

NZDUSD Bounces Off 5-Month Low

NZDUSD posts some gains after negative days Immediate resistance at 0.5940 Stochastics and RSI tick higher NZDUSD rebounded off the five-month low of 0.5858 after three straight negative days with the technical oscillators confirming that an upside recovery may be on the cards. The RSI is pointing north near the 30 level, while the stochastic posted a bullish crossover […]
17/01/2024

USDCHF Wave Analysis

USDCHF reversed from support level 0.8400 Likely to rise to resistance level 0.8700 USDCHF currency pair recently reversed up with the weekly Piercing Line from the key support level 0.8400. The support level 0.8400 was strengthened by the lower daily Bollinger Band and by the support trendline of the weekly down channel from the start […]