EWM Interactive’s Elliott Wave analysis of USDJPY signals a nearing potential top after a strong five-wave uptrend since 2021. Indicators suggest price exhaustion and a possible corrective phase ahead, highlighting the importance of cautious positioning in this key forex pair. #USDJPY #ElliottWave
USD/CAD retreated from a 10-week high but secured a 0.7% weekly gain, closing at 1.3285. Sluggish Canadian GDP and falling oil prices pressured CAD, while a resilient US economy and Fed’s hawkish stance supported the USD. Market watchers await next week’s key data for direction. #Forex #USDCAD
Certainly, the AUD/USD pair remains under pressure this week, struggling to break above key resistance near 0.6700 amid ongoing risk-off sentiment and divergent central bank policies. Technical charts suggest the prevailing downtrend is intact, with critical support clustered around 0.6600 and 0.6450. Monitoring macroeconomic data and Fed/RBA guidance will be crucial, as a break below these levels could accelerate bearish momentum, while a sustained move above 0.6750 may signal a corrective rebound. (Analysis based on insights from ActionForex.com, DailyFX, and Investing.com)
GBP/USD saw early-week gains but lost momentum, closing near 1.2700 amid mixed UK data and cautious central bank signals. Key levels to watch: support at 1.2690–1.2700 and resistance near 1.2800 ahead of critical UK election and US FOMC meetings. The pair remains range-bound as traders await clear direction. Analysis by ActionForex.com.
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Chris Turner at ING highlights the US dollar’s sudden reversal as softer inflation data and shifting Fed expectations prompt a marked pullback. This change supports the euro, yen, and pound while pushing markets to price in rate cuts later this year. Read more for insights on currency impacts and market dynamics.
https://think.ing.com/articles/the-dollars-handbrake-turn/
EWM Interactive’s Elliott Wave analysis of USD/JPY reveals a completed five-wave impulse ended Oct 2022, followed by a three-wave zigzag correction. The correction’s Wave C formed an ending diagonal, indicating a potential reversal and shift in momentum—key insights for forex traders watching USD/JPY.
USD/CAD slipped slightly from a 10-week high after a strong weekly gain of about 0.8%. The U.S. dollar was supported by robust economic data, including stronger GDP growth and improved consumer confidence. Conversely, softer oil prices and mixed Canadian data weighed on the loonie. The pair’s pullback appears technical rather than a reversal, with the U.S. dollar maintaining overall strength versus commodity-linked currencies. Traders will watch upcoming economic reports and central bank signals for further direction.
AUD/USD faced renewed selling pressure last week, closing near key support at 0.6570 amid broad USD strength and cautious risk sentiment. Technical indicators remain bearish as the pair struggles below 20- and 50-day EMAs. Diverging monetary policies—with the Fed maintaining patience and the RBA pausing tightening—alongside softer Chinese data and commodity price fluctuations, add further downside risk. For a comprehensive weekly outlook and detailed analysis, see insights from ActionForex.com.
GBP/USD showed resilience last week but stalled near 1.2850 resistance, signaling consolidation amid mixed momentum. Key support sits at 1.2610, while a breakout above 1.2850 could test 1.3000. Watch UK inflation data, US Fed guidance, and central bank signals as they will shape direction in coming sessions. Analysis by ActionForex.com.
