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In focus today In the US, the preliminary Q1 GDP is due for release this afternoon. Front-loading of imports ahead of the trade war pushed growth contribution from net exports deeply into negative territory, and we think GDP contracted by 0.1% q/q AR. Underlying private consumption growth likely remained steady ahead of the sharpest ‘Liberation […]

The post Tier One Data Releases and US Consumer Confidence Continue Spiralling Down appeared first on Action Forex.

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31/07/2024

USD/JPY Technical: JPY Strength Halted Right at 151.70 Support as BoJ Hiked Interest Rate. What’s Next for JPY?

BoJ hiked its overnight interest rate to 0.25% and announced its “Quantitative Tightening” plan, without much major surprises. USD/JPY sold off but still hovering above its 151.70 key short-term support. Cannot rule out the possibility of another minor mean reversion rebound in USD/JPY before a bearish impulsive down move sequence unfolds with next medium-term support […]
28/03/2024

EURUSD: Seeking Liquidity in Weekly Selling Zones. Key Intraday Levels

Bearish scenario: Sell below 1.0820 / 1.0841 with TP1: 1.0804, TP2: 1.0790, and TP3: 1.0775 with S.L. above 1.0834 (entry below 1.0820) or 1.0861 (entry around 1.0841) or at least 1% of account capital*. Bullish scenario: Buy above 1.0827 with TP: 1.0841 and TP2: 1.0850, with S.L. below 1.0820 or at least 1% of account […]
01/05/2024

A New Stage of Bitcoin’s Decline

Market Picture Bitcoin’s closing price on Tuesday became the lowest since late February, confirming the downward trend and falling under March and April support and the psychologically important round level. Bitcoin ended April down 15.5% to $59.9K, after six months of gains out of the last seven (January BTC ended virtually unchanged). Technical downside targets […]