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Gold jumped over 2% on Monday, lifted by weaker dollar and persisting uncertainty over US-China trade conflict that revived safe-haven demand. Strong bounce followed repeated failure to register clear break of strong support at $3228 (50% retracement of $2956/$3500 upleg / daily Kijun-sen). The metal’s price returned above $3300 mark and cracked important resistance at […]

The post Gold: Strong Bounce Generates Initial Reversal Signal appeared first on Action Forex.

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18/10/2024

GBP/USD Takes Hit While USD/CAD Remains in Uptrend

GBP/USD started a fresh decline below the 1.3200 zone. USD/CAD is rising and might aim for more gains above the 1.3820 resistance. Important Takeaways for GBP/USD and USD/CAD Analysis Today The British Pound started a major decline from the 1.3400 resistance zone. There was a break above a key bearish trend line forming with resistance […]
14/06/2024

NZDUSD Wave Analysis

NZDUSD reversed from key resistance level 0.6200 Likely to fall to support level 0.6100 NZDUSD currency pair recently reversed down from the key resistance level 0.6200 (which has been reversing the price from February). The resistance level 0.6200 was strengthened by the upper daily Bollinger Band and by the 61.8% Fibonacci correction of the previous […]
23/04/2024

GBP/USD: Cable Bounces After Solid Data/Hawkish BoE

Cable bounces from new multi-month low on Tuesday, boosted by better than expected UK services PMI data and hawkish stance from BoE policymakers, who signaled that rate cut might be delayed, as the central bank sees too early cut more harmful than to start easing policy too late. Brightened near-term outlook so far lifted the […]