Rising US jobless claims have pushed Fed rate cut odds to 94%, signaling growing expectations of easier monetary policy by September 2024. This shift has weakened the US dollar and impacted major currency pairs as markets react to softer labor data and a cooling economy.
U.S. dollar gains strength amid rising Treasury yields and robust labor data, putting pressure on EUR/USD, GBP/USD, and USD/CAD while boosting USD/JPY. Fed rate cut bets are fading as economic resilience shifts market dynamics. Full analysis on key technical levels and macro drivers by Vladimir Zernov at FX Empire.
In-depth Elliott Wave analysis of USD/CAD points to a completed A-B-C correction and signals a bearish reversal underway. After a multi-year rally capped near 1.4668, price action shows signs of trend exhaustion, suggesting medium to long-term downside risk. Based on EWM Interactive’s August 11, 2023 study.
AUD/USD showed notable volatility last week amid Fed policy shifts and Chinese economic signals. Technicals reveal strong support around 0.6570–0.6580 and resistance near 0.6680–0.6700. While medium-term momentum turns neutral-bullish, resistance hurdles cap gains. Watch US inflation data and Aussie jobs figures for next directional cues. Credit to ActionForex for the original analysis. #Forex #AUDUSD #MarketOutlook
GBP/USD is showing renewed downside pressure with key support at 1.0989 under threat. Persistent UK economic challenges and a resilient US dollar amid global uncertainties are driving bearish momentum. A decisive break below 1.0989 could open the door to further declines toward 1.0900 and 1.0800. Traders should watch these critical levels closely.
higher timeframes can help filter out false signals and provide a more reliable context.
– Implement a multi-indicator approach. Combine breakout strategies with tools like moving averages, RSI, or MACD to validate potential breakouts and enhance decision-making.
– Stay abreast of economic calendars. Be aware of upcoming news events that may impact volatility and opt to trade away from major announcements.
– Continuously refine skills. Analyzing past trades, learning from losses, and adapting strategies based on market changes are crucial for long-term success.
– Keep emotions in check. Stick to your trading plan and avoid impulsive decisions. Discipline and patience are key in maximizing the benefits of a breakout strategy.
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EUR/USD Elliott Wave update: Wave Five extension targets 1.1910 as bullish momentum builds. Technical indicators like RSI and MACD support continued upside, aligning with Fibonacci projections. Watch key support at 1.1625 to validate the current wave count. Analysis by Ross J Burland | FXStreet.
The U.S. dollar gains strength as Treasury yields rise above 4.3%, boosting demand amid hawkish Fed expectations and solid economic data. EUR/USD and GBP/USD slip on ECB and BoE dovish signals, while USD/JPY and USD/CAD benefit from elevated yields. Market focus remains on yield-driven shifts shaping major currency pairs. #Forex #USD #TreasuryYields
Elliott Wave analysis of USD/CAD signals a potential trend reversal after completing a corrective A-B-C zigzag. If wave C is done, a new upward impulse may begin, possibly pushing prices beyond the 1.3975 high. Combined with macro factors like interest rate spreads, this sets the stage for a bullish outlook in North America’s key FX pair. Full update by EWM Interactive.
AUD/USD remains range-bound after a quiet week, with key support near 0.6575 and resistance at 0.6702. Watch for a clear breakout above 0.6702 to signal potential bullish momentum or a drop below 0.6461 to confirm bearish continuation. Technical indicators show indecision as moving averages converge and RSI holds neutral. Traders should monitor central bank cues and global risk sentiment for direction.
