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The European Central Bank (ECB) cut the interest rates yesterday for the fifth time, and pulled the facility deposit rate to 2.75%. The euro reacted by giving a positive reaction to the expected move. But enthusiasm didn’t last beyond ECB Chief Christine Lagarde’s presser, where she reminded investors that growth risks remain ‘tilted to the […]

The post Gold at Record High appeared first on Action Forex.

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USD/JPY Holds Support, But Downside Risks Linger

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01/03/2024

AUDUSD Retreats After Rejection at 200-day SMA

AUDUSD was recovering from its lowest level since November But is on the retreat again as 200-day SMA repels advance Momentum indicators are tilted to the downside AUDUSD had been in a steady decline after peaking at 0.6870 in December, violating both its 50- and 200-day simple moving averages (SMAs). Although the pair managed to find its […]
01/11/2024

US: Payrolls Disappoint in October, But Unemployment Rate Holds Steady at 4.1% 

Non-farm employment rose a meager 12k in October, well below the consensus forecast calling for a gain of 100k. Job gains over the two prior months were revised lower by 112k. The Bureau of Labor Statistics noted that Hurricane’s Helene and Milton “likely” affected estimates in some industries, though did not provide any point estimates. […]
18/01/2024

Technical Outlook and Review

DXY: The DXY (US Dollar Index) chart currently exhibits an overall bullish momentum. However, there is a potential scenario for price to drop towards the 1st support before resuming the uptrend. The 1st support level at 103.06 is identified as an overlap support that aligns close to the 23.60% Fibonacci retracement level. Further below, the […]