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USD/CAD Daily Outlook - Action Forex
Intraday bias in USD/CAD remains on the downside for the moment. Rebound from 1.3749 could have completed as a correction at 1.4014. Deeper fall should be seen for retesting 1.3749. Firm break there will resume whole decline from 1.4791. For now, risk will remain on the downside as long as 1.4014 resistance holds, in case of recovery.
Bad US Auction Weighed on Wall Street and Dollar - Action Forex
The bad US auction weighed on Wall Street with losses mounting to 2% (Dow Jones) as well as on the dollar. The trade-weighted index closed sub 100, EUR/USD rose to 1.133. USD/JPY eased to 143.7 and drops further to 143.3 in Asian trading this morning. JPY largely ignores an understanding between finance minister Kato and his US counterpart Bessent that FX rates should be determined by the market. Both met in the sidelines of the G7 summit in Canada and ongoing FX talks with the likes of South Korea and Taiwan is fueling speculation of the US using tariffs to arm-wrestle the broader region in letting local currencies strengthen.
US Debt Worries Eclipse All Else - Action Forex
It’s Thursday, and so far this week, US debt concerns have overshadowed Middle East optimism, trade tensions, and even a fresh all-time high for Bitcoin. The turning point was last Friday’s credit outlook downgrade by Moody’s, which was quickly followed by a political debate around tax cuts—targeting social spending that supports the poorest, to give further tax relief to the wealthiest Americans. According to a nonpartisan agency, this plan would inflate the national debt by an additional $4 trillion—on top of the nearly $37 trillion already looming and expanding exponentially.
EUR/AUD Daily Outlook - Action Forex
Intraday bias in EUR/AUD remains neutral for the moment. On the upside, firm break of 1.7628 resistance will suggest that fall from 1.8554 as completed as a correction, and retain larger bullishness. Intraday bias will be back on the upside for stronger rebound. However, below 1.7245 will resume the fall to 61.8% retracement of 1.5963 to 1.8554 at 1.6953.
AUD/USD Daily Report - Action Forex
AUD/USD is staying in sideway trading and intraday bias remains neutral. Further rise is in favor with 0.6356 support intact. One the upside, break of 0.6511 will resume the rise from 0.5913 and target 61.8% retracement of 0.6941 to 0.5913 at 0.6548. However, firm break of 0.6356 will bring deeper pullback to 38.2% retracement of 0.5913 to 0.6511 at 0.6283 first.
USD/CHF Daily Outlook - Action Forex
Intraday bias in USD/CHF remains on the downside at this point. Break of 0.8184 support will solidify the case that correction from 0.8038 has completed at 0.8475. Further break of 0.8038 will resume larger down trend to 61.8% projection of 0.9200 to 0.8038 from 0.8475 at 0.7757 next. On the upside, above 0.8347 minor resistance will delay the bearish case and turn intraday bias neutral again first.
RBA’s Hauser: Post-tariff China outlook positive but incomplete - Action Forex
In a speech focused on his recent visit to China following the sweeping tariff shifts of “Liberation Day”, RBA Deputy Governor Andrew Hauser noted there was a sense of "strong hand" in managing the economic fallout from US-imposed tariffs. Additionally, Australian firms operating in China perceived "opportunities amidst the risks", as trade patterns began to shift.
GBP/JPY Daily Outlook - Action Forex
Intraday bias in GBP/JPY stays neutral. While deeper pullback might be seen, further rally is expected as long as 190.22 structural support holds. On the upside, above 194.18 minor resistance will turn bias back to the upside for 196.38 resistance. However, sustained break of 190.22 will indicate near term reversal.
GBP/USD Daily Outlook - Action Forex
Intraday bias in GBP/USD remains on the upside at this point. Decisive break of 1.3433/42 key resistance zone will confirm larger up trend resumption. Next near term target will be 61.8% projection of 1.2706 to 1.3442 from 1.3138 at 1.3593, and then 100% projection at 1.1.3874. On the downside, below 1.3333 minor support will delay the bullish case and turn intraday bias neutral first.
Euro Area, US PMIs Resilience Tested Amid Trade Uncertainty - Action Forex
Today's focus turns to euro area PMI data for May. Recent manufacturing data has exceeded expectations, showing minimal trade uncertainty. May's figures might reveal if recent growth was driven by front-loading exports to the US, potentially weakening manufacturing PMI. Meanwhile, services sector growth declined, with April's index at 50.1, a concern as it reflects consumer sentiment rather than tariff impacts.
USD/JPY Daily Outlook - Action Forex
Intraday bias in USD/JPY remains on the downside for the moment. Rebound from 139.87 could have completed as a correction to 148.64 already. Deeper fall would be seen back to retest this support. For now, risk will stay on the downside as long as 146.08 minor resistance holds, in case of recovery.
Bitcoin Confidently Updates Highs - Action Forex
Bitcoin was climbing to $111.8K on Thursday morning, recording a new all-time high. This slip was followed by a tidy giveaway, with early buyers cautiously locking in profits. Working against Bitcoin right now is the exit from risk assets in financial markets due to the sell-off in US government bonds. In such an environment, institutional clients could be net sellers, although at first glance, cryptocurrencies may appear to be a safe haven.
EUR/CHF Daily Outlook - Action Forex
EUR/CHF is still bounded in sideway trading and intraday bias remains neutral. Price actions from 0.9218 are seen as either a corrective move or the third leg of the pattern from 0.9204. On the upside, break of 0.9419 will resume the rise from 0.9218 through 0.9445 resistance. However, break of 0.9296 support will bring retest of 0.9218 low.
Eurozone PMI composite falls to 49.5, services falter, manufacturing holds tentatively - Action Forex
Eurozone’s private sector returned to contraction in May, with PMI Composite falling from 50.4 to 49.5, a six-month low. The drag came from the services sector, where the PMI dropped from 50.1 to 48.9, its weakest reading in 16 months. While the manufacturing index rose modestly from 49.0 to 49.4, marking a 33-month high, it remained in contractionary territory.
EUR/JPY Daily Outlook - Action Forex
Intraday bias in EUR/JPY remains neutral for the moment, and more consolidations could be seen. Further rally is in favor as long as 161.57 support holds. Break of 165.19 will resume the rise from 154.77 to 166.67 resistance. However, firm break of 161.57 will indicate near term reversal, and turn bias back to the downside.
UK PMI composite ticks up to 49.4, price pressures ease from April spike - Action Forex
UK PMI Services rose modestly from 49.0 to 50.2, while Manufacturing PMI edged lower from 45.4 to 45.1. As a result, the Composite PMI ticked up from 48.5 to 49.4, still below the 50-mark that separates expansion from contraction.
Elliott Wave Analysis: EURUSD 5-Wave Rally Confirms Bullish Trend - Action Forex
The short-term Elliott Wave analysis for EURUSD indicates that the correction from the April 21, 2025, high has concluded with wave (4) at 1.1059. From the wave (3) peak, the decline unfolded as follows: wave W ended at 1.1265, wave X at 1.1381, and wave Y, structured as a zigzag, completed at 1.1059. Within wave Y, wave ((a)) reached 1.1196 and wave ((b)) hit 1.1292. Wave ((c)) lower concluded at 1.106, finalizing wave Y of (4). The pair has since turned upward in wave (5).
Gold Prices Climb Amid Geopolitical Tensions - Action Forex
The price of gold rose to $3,303 per troy ounce on Wednesday, nearing a two-week high. The precious metal gained for the third consecutive day, following a 2% surge the previous day as investors sought safety amid heightened geopolitical uncertainty.
Pound Steady as UK Inflation Surges - Action Forex
The British pound posted gains earlier but has failed to consolidate. In the European session, GBP/USD is trading at 1.3395, up 0.03% on the day. The pound has gained 1.1% this week and earlier today rose as high as 1.3468, its highest level since Feb. 2022.
Oil Jumps on Mid-East Rumours, USD Weakens - Action Forex
US crude briefly spiked above its 50-day moving average (DMA) this morning following reports that Israel is preparing to strike Iran. However, crude slipped back below its 50-DMA as the bulls failed to hold the line. The medium-term outlook for oil remains bearish, weighed by uncertain global demand and ample supply. For longer-term traders, resistance sits around $65.30—the 38.2% Fibonacci retracement of this year’s decline. This level could offer selling opportunities on rebounds, unless the Middle East tensions escalate further.
USD/CHF Daily Outlook - Action Forex
USD/CHF's downside accelerations suggests that corrective recovery from 0.8038 has already completed with three waves up to 0.8475. Intraday bias is back on the downside, and break of 0.8184 support will solidify this bearish case. Further break of 0.8038 will resume larger down trend to 61.8% projection of 0.9200 to 0.8038 from 0.8475 at 0.7757 next. On the upside, above 0.8347 minor resistance will delay the bearish case and turn intraday bias neutral again first.
EUR/AUD Daily Outlook - Action Forex
EUR/AUD is still limited range below 1.7628 resistance and intraday bias stays neutral. On the upside, firm break of 1.7628 will suggest that fall from 1.8554 as completed as a correction, and retain larger bullishness. Intraday bias will be back on the upside for stronger rebound. However, below 1.7245 will resume the fall to 61.8% retracement of 1.5963 to 1.8554 at 1.6953.
USD/CAD Daily Outlook - Action Forex
USD/CAD's break of 1.3898 support suggests that rebound from 1.3749 has completed as a correction at 1.4014. Intraday bias is back on the downside for retesting 1.3749. Firm break there will resume whole fall from 1.4791. For now, risk will remain on the downside as long as 1.4014 resistance holds, in case of recovery.
Oil Prices Surge Amid Threat of Strike on Iran - Action Forex
As shown on today’s XBR/USD chart, Brent crude oil prices have jumped (as indicated by the arrow) to a one-week high. This surge follows U.S. intelligence reports suggesting that Israel may be preparing to strike Iran’s nuclear facilities.
EUR/USD Daily Outlook - Action Forex
EUR/USD's break of 1.1292 resistance suggest that correction from 1.1572 has completed at 1.1064 already. Intraday bias is back on the upside for retesting 1.1572 high first. Firm break there will resume larger up trend. Next near term target will be 61.8% projection of 1.0176 to 1.1572 from 1.1064 at 1.1927. On the downside, break of 1.1217 minor support will delay the bullish case and turn intraday bias neutral again.
EUR/JPY Daily Outlook - Action Forex
No change in EUR/JPY's outlook as range trading continues. Intraday bias stays neutral at this point. Further rally is in favor as long as 161.57 support holds. Break of 165.19 will resume the rise from 154.77 to 166.67 resistance. However, firm break of 161.57 will indicate near term reversal, and turn bias back to the downside.
High Inflation Ties BoE's Hands - Action Forex
This morning’s UK CPI numbers fail to break the impasse despite them coming in on the (very) high end of expectations. Headline inflation accelerated 1.2% m/m to 3.5% y/y. The core gauge quickened from 3.4% to 3.8% and services inflation – together with elevated pay increase a key worry for BoE’s Pill – shot up to 5.4% from 4.7%, the fastest pace since August of last year. EUR/GBP keeps earlier gains to hold steady around 0.843. High inflation ties the BoE’s hands even though the economy could use some support.
Euro Area Consumer Sentiment Beats Forecasts - Action Forex
In euro area, consumer confidence increased more than expected in May to -15.2, up from -16.0 and surpassing the consensus of 16.6. This increase is likely due to positive shifts in US trade policy. While confidence has improved, it remains low, matching last year's levels when the economic situation was worse. It is important to view these figures cautiously, as various positive elements support private consumption. Rising wages, decreasing inflation, lower interest rates, increasing housing prices, and a strengthening labour market are expected to boost spending, even if low consumer confidence suggests otherwise.
GBP/JPY Daily Outlook - Action Forex
Intraday bias in GBP/JPY remains neutral at this point. More consolidations could be seen below 196.38. Further rise is in favor as long as 190.22 support holds. On the upside, firm break of 195.95 will suggest that whole choppy decline from 199.79 has completed, and target this resistance next.
USD/JPY Daily Outlook - Action Forex
USD/JPY's break of 144.02 support now argues that rebound from 139.87 has completed as a correction to 148.64. Intraday bias is back on the downside for retesting 139.87 support. For now, risk will stay on the downside as long as 146.08 minor resistance holds, in case of recovery.
EUR/CHF Daily Outlook - Action Forex
No change in EUR/CHF's outlook as range trading continues. Intraday bias stays neutral at this point. Price actions from 0.9218 are seen as either a corrective move or the third leg of the pattern from 0.9204. On the upside, break of 0.9419 will resume the rise from 0.9218 through 0.9445 resistance. However, break of 0.9296 support will bring retest of 0.9218 low.
GBP/USD Daily Outlook - Action Forex
Intraday bias in GBP/USD remains on the upside. Decisive break of 1.3433/42 key resistance zone will confirm larger up trend resumption. Next near term target will be 61.8% projection of 1.2706 to 1.3442 from 1.3138 at 1.3593, and then 100% projection at 1.1.3874. On the downside, below 1.3333 minor support will delay the bullish case and turn intraday bias neutral first.
AUD/USD Daily Report - Action Forex
Range trading continues in AUD/USD and intraday bias remains neutral. Further rise is in favor with 0.6356 support intact. One the upside, break of 0.6511 will resume the rise from 0.5913 and target 61.8% retracement of 0.6941 to 0.5913 at 0.6548. However, firm break of 0.6356 will bring deeper pullback to 38.2% retracement of 0.5913 to 0.6511 at 0.6283 first.