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EUR/AUD Weekly Outlook - Action Forex
EUR/AUD continued to trade sideway last week and outlook is unchanged. Initial bias remains neutral this week first. Further rise is expected as long as 1.7809 support holds. Above 1.7989 will target 61.8% retracement of 1.8554 to 1.7245 at 1.8054. Sustained break there will pave the way to 1.8554. However, firm break of 1.7809 and sustained trading below near term channel support will argue that rise from 1.7245 might have completed. Intraday bias will turn back to the downside for 1.7626 support next.
Markets Weekly Outlook - RBA and RBNZ Rate Decisions, July 9th Trump Deadline and BRICS Meeting Trading on the Go - Action Forex
This week was heavily focused around the US with Indices hitting almost daily all-time highs in a stringent euphoric mood, with markets turning from War fears back to "TACO" trades, bullish on global economic outlook.
EUR/GBP Weekly Outlook - Action Forex
EUR/GBP's rise from 0.8354 accelerated higher to 0.8668 last week, before forming a temporary top there and retreated. Initial bias remains neutral this week and more consolidations could be seen. But further rise is expected as long as 0.8506 support holds. Above 0.8668 will target a retest on 0.8737 high. Decisive break there will resume the whole rise from 0.8221 low.
EUR/JPY Weekly Outlook - Action Forex
EUR/JPY's rise from 154.77 extended higher last week and met 100% projection of 154.77 to 164.16 from 161.06 at 170.45 already. Initial bias stays on the upside this week. Sustained trading above 170.45 will target 138.2% projection at 174.03. On the downside, however, break of 168.44 support will indicate short term topping, and turn bias to the downside for deeper pullback.
GBP/JPY Weekly Outlook - Action Forex
GBP/JPY retreated last week as rise from 184.35 turned into consolidations. Initial bias remains neutral this week first and further rally is expected as long as 193.99 support holds. Break of 198.78 will target 199.79 resistance. Break there will target 100% projection of 180.00 to 199.79 from 184.35 at 204.14.
Week Ahead – RBA, RBNZ Decisions and Fed Minutes Eyed as Trade Deals Awaited - Action Forex
It’s been three months since President Trump delayed the start of the punitive reciprocal tariffs, allowing negotiators time to strike more favourable trade deals with America’s main trading partners. However, as the July 9 deadline approaches, the US has only signed two trade deals – with the United Kingdom and Vietnam – while it has agreed a formal trade truce with China that has, at least temporarily, massively lowered the triple digit tariff rates.
EUR/CHF Weekly Outlook - Action Forex
EUR/CHF gyrated lower to 0.9305 last week but quickly recovered after drawing support from 0.9306. Overall, range trading is still in progress. Initial bias stays neutral this week first. On the upside, break of 0.9428/45 resistance zone will resume the rebound from 0.9218. On the downside, break of 0.9305 will bring retest of 0.9218 low instead.
GOLD – Bullish Bias Above $3325, US Fiscal Uncertainty Underpins - Action Forex
Gold was firmer on Friday morning and recovered a part of post-NFP losses. The metal is on track for a weekly gain after being in red for two consecutive weeks that adds to positive signals, as the price remains at the upper side of larger consolidation range ($3500/$3120).
Sunset Market Commentary - Action Forex
US president Trump upped the ante ahead of a potentially important weekend. Trade talks take center stage and will continue to do so next week now Trump’s BBB made it through Congress. The deadline for the temporarily reduced import levies (to the 10% baseline) lapses July 9th but so far only the UK and Vietnam secured (the contours of a) trade deal. Trump started to send out letters dictating the applicable tariffs to the trade partners that haven’t from today on.
Trade Narrative Back in Full Swing Now Trump’s Bill Got Approved - Action Forex
The trade narrative is back in full swing now Trump’s bill got approved. The US president said he’ll start sending letters today in which he’ll set the tariff level unilaterally going into the July 9 deadline. Trump floated a rate between 10 and 70%. Countries that dodge the bullet with a trade deal so far are the UK and Vietnam.
Eurozone PPI falls -0.6% mom in May, weak pipeline inflation - Action Forex
Eurozone PPI fell -0.6% mom in May, in line with market expectations, as falling energy costs drove the decline. On an annual basis, PPI decelerated from 0.7% to 0.3% yoy. Energy prices dropped -2.1% mom on the month, while prices for intermediate goods slipped -0.1% mom. In contrast, prices for durable and non-durable consumer goods rose 0.3% mom and 0.2% respectively mom. Excluding energy, producer prices still edged up 0.1% mom.
Dollar Bounce Short-Lived as Eyes Turn to Trump’s Trade Salvo - Action Forex
Dollar’s rebound on upbeat US jobs and services data proved short-lived, as the greenback faded again in early Friday trading. The greenback failed to hold gains amid a broader risk-on tone with both S&P 500 and NASDAQ closed at fresh record highs.
GBP/USD Daily Outlook - Action Forex
Intraday bias in GBP/USD stays neutral for the moment, and more consolidations could be seen below 1.3787. Deeper retreat cannot be ruled out, but downside should be contained above 1.3369 support to bring another rally. Firm break of 1.3787 will resume larger rise to 1.4004 projection level next.
S&P 500 Hit Record High Ahead of Holiday Break - Action Forex
Today, financial markets in the United States are closed in observance of Independence Day. Investor sentiment was likely buoyed by the latest rally in the S&P 500 index (US SPX 500 mini on FXOpen), which set a new all-time high yesterday, surpassing 6,280.
Elliott Wave Outlook: S&P 500 ($SPX) Nests Upward in Strong Rally - Action Forex
Since bottoming out on April 7, 2025, following the tariff war selloff, the S&P 500 (SPX) has sustained a robust rally. The Index is reaching new all-time highs in a clear Elliott Wave impulsive structure. Technical analysis, particularly momentum indicators like the Relative Strength Index (RSI), shows no divergence at the latest peak. This indicates sustained bullish momentum and suggests the rally remains within the third wave of the Elliott Wave sequence. From the April 7 low, wave 1 concluded at 5968.6. A corrective wave 2 followed which ended at 5767.41. The index has since nested higher within wave 3, demonstrating strong upward momentum.
EUR/AUD Daily Outlook - Action Forex
EUR/AUD is staying in tight range below 1.7989. Intraday bias stays neutral and more consolidations could be seen. Further rally is expected as long as 1.7626 support holds. Above 1.7989 will target 61.8% retracement of 1.8554 to 1.7245 at 1.8054. Sustained break there will pave the way to 1.8554.
EUR/JPY Daily Outlook - Action Forex
EUR/JPY's rally resumed after brief consolidations and met 100% projection of 154.77 to 164.16 from 161.06 at 170.45 already. Intraday bias is back on the upside. Sustained trading above 170.45 will extend the rise from 154.77 to 138.2% projection at 174.03. On the downside, however, break of 168.44 support will indicate short term topping, and turn bias to the downside for deeper pullback.
USD/CAD Daily Outlook - Action Forex
Intraday bias in USD/CAD stays mildly on the downside for retesting 1.3538 low. Firm break there will resume larger decline from 1.4791. On the upside, break of 1.3666 minor resistance will delay the bearish case, and extend the corrective pattern from 1.3538 will another rise back to 1.3797 resistance.
Japan household spending surges 4.7% yoy in May, fastest in nearly three years - Action Forex
Japan’s household spending rose 4.7% yoy in May, sharply above expectations of 1.2% yoy and marking the fastest pace of growth since August 2022. Seasonally adjusted monthly spending also surged 4.6% mom, well ahead of the 0.4% mom consensus and the strongest gain since March 2021. The internal affairs ministry attributed the jump to robust demand for cars, dining out, and summer-related appliances.
EUR/GBP Daily Outlook - Action Forex
Intraday bias in EUR/GBP is turned neutral with current retreat, and some consolidations could be seen below 0.8668 temporary top. Further rally is expected as long as 0.8506 support holds. Above 0.8668 will resume the rally from 0.8354 to retest 0.8737 high. Decisive break there will resume the whole rise from 0.8221 low.
USD/JPY Daily Outlook - Action Forex
Range trading continues in USD/JPY and intraday bias remains neutral. On the upside, firm break of 148.01 resistance will resume the rise from 139.87 to 61.8% retracement of 158.86 to 139.87 at 151.22. However, break of 142.10 will bring deeper fall back to retest 139.87 low.
USD/CHF Daily Outlook - Action Forex
Intraday bias in USD/CHF remains neutral for the moment as consolidations continue above 0.7871. Stronger recovery cannot be ruled out, but upside should be limited by 0.8054 support turned resistance to bring another fall. Below 0.7871 will extend the larger down trend to 61.8% projection of 0.9200 to 0.8038 from 0.8475 at 0.7757. Firm break there will pave the way to 100% projection at 0.7313 next.
EUR/CHF Daily Outlook - Action Forex
EUR/CHF is still bounded in sideway trading and intraday bias remains neutral. On the downside, decisive break of 0.9306 support will turn bias to the downside for retesting 0.9218 low. On the upside, break of 0.9428/45 resistance zone will resume the rebound from 0.9218.
EUR/USD Daily Outlook - Action Forex
EUR/USD is staying below 1.1829 despite today's recovery. Intraday bias remains neutral and more consolidations could be seen. Deeper retreat cannot be ruled out, but downside should be contained by 1.1630 resistance turned support to bring another rally. On the upside, break of 1.1829 will target 61.8% projection of 1.0176 to 1.1572 from 1.1064 at 1.1927.
GBP/JPY Daily Outlook - Action Forex
GBP/JPY is staying in consolidations below 198.78 and intraday bias remains neutral at this point. Another dip might be seen but outlook will stay bullish as long as 193.99 support holds. Above 198.78 will resume the rise from 184.35 to 199.79 resistance. Break there will target 100% projection of 180.00 to 199.79 from 184.35 at 204.14.
Big, Fat Bill - Action Forex
It’s another day, another record for the S&P 500 and Nasdaq 100, while the Dow Jones hovers just a few points shy of its own all-time high. Small- and mid-cap stocks are also better bid—though still well below their post-election highs. Remarkably, all this optimism comes despite stronger-than-expected employment data that crushed any near-term hopes of a July Federal Reserve (Fed) rate cut. The odds of such a move dropped from around 27% to just 5% following the data.
USD/CAD Shrugs Off Upbeat US Jobs Data - Action Forex
USD/CAD could not successfully capitalize on stronger-than-expected US nonfarm payrolls, ultimately closing marginally lower on Thursday. The passage of Trump’s megabill in the Republican-controlled House of Representatives – expected to increase fiscal debt by more than $3 trillion – came as no surprise to investors and kept volatility subdued as US investors logged off for the July 4 celebrations.
ECB's Lagarde urges reforms to boost Euro's global standing - Action Forex
ECB President Christine Lagarde said Euro can only rival the US Dollar’s dominance in global finance if European Union leaders commit to improving productivity and internal efficiency. In an interview with German broadcaster ARD, Lagarde called on EU policymakers to reduce trade barriers within the bloc and simplify regulatory frameworks.
EUR/USD Daily Outlook - Action Forex
EUR/USD is staying in consolidations below 1.1829 temporary top and intraday bias remains neutral. Downside of retreat should be contained by 1.1630 resistance turned support to bring another rally. On the upside, break of 1.1829 will target 61.8% projection of 1.0176 to 1.1572 from 1.1064 at 1.1927.
Bitcoin Preparing for New Heights - Action Forex
The crypto market capitalisation approached $3.40 trillion at the end of the day on Wednesday, adding nearly 3% in 24 hours at the time of writing. Bitcoin’s momentum towards the $110K mark created an environment for even greater gains in altcoins, with Ethereum jumping 6% and Dogecoin and Cardano rising more than 7%.
USD/JPY Daily Outlook - Action Forex
Outlook is unchanged for USD/JPY as range trading continues. Intraday bias remains neutral. On the upside, firm break of 148.01 resistance will resume the rise from 139.87 to 61.8% retracement of 158.86 to 139.87 at 151.22. However, break of 142.10 will bring deeper fall back to retest 139.87 low.
GBP/USD Daily Outlook - Action Forex
Intraday bias in GBP/USD remains neutral and more consolidations would be seen below 1.3787. Deeper retreat cannot be ruled out, but downside should be contained above 1.3369 support to bring another rally. Firm break of 1.3787 will resume larger rise to 1.4004 projection level next.