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Mid-Day Report: Dollar Paring Gains as GDP Revision Showed Contraction
May 29 14:06 GMT, by ActionForex.com
Dollar pares back some gain today but stay close to the weekly high in early US session. US Q1 GDP was revised lower to -0.7% annualized, down from first estimate of 0.2%. But that was slightly better than expectation of -0.9%. GDP price index was left unchanged at -0.1%. Also from US, Chicago PMI dropped sharply to 46.2 in May. U of Michigan sent...

Technical Outlook

USD/JPY Mid-Day Outlook
Intraday bias in USD/JPY remains neutral for consolidation below 124.45 temporary top. We'd expect downside to be conta... - May 29 14:14 GMT
USD/CHF Mid-Day Outlook
Intraday bias in USD/CHF stays neutral for some consolidations below 0.9542 temporary top. Another rise is still expect... - May 29 14:12 GMT
GBP/USD Mid-Day Outlook
No change in GBP/USD's outlook. With 1.5088 support intact, rise from 1.4565 could extend higher. Above 1.5814 will tar... - May 29 14:10 GMT
EUR/USD Mid-Day Outlook
EUR/USD's recovery continues today and intraday bias remains neutral. Consolidation from 1.0818 temporary low might ext... - May 29 14:07 GMT

Special Reports

BOC Indicates Canada's Economy Hinges On US' Growth
May 28 06:34 GMT
The BOC meeting in May delivered little surprise as it was widely anticipated t...
BOJ Expects Inflation To Achieve Target Later Than Expected. Yen Slumped
May 27 06:26 GMT
Japanese yen slumped as BOJ minutes unveiled that Japan’s inflation would reach...
Fed Unveiled Rate Hike In June Unlikely
May 21 03:42 GMT
The FOMC minutes for the April meeting contained little news. Yet, the indicati...
All Special Reports >>

Markets Snapshot

Action Insight Newsletter
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Candlesticks Intraday Trade Ideas

Trade Idea Wrap-up: USD/CHF - Stand aside
Although dollar's intra-day fall turned out to be stronger than expected, as the greenback found support at 0.9348 and has reboun... - May 29 15:37 GMT
Trade Idea Wrap-up: GBP/USD - Stand aside
As the British pound has fallen again after meeting resistance at 1.5342, suggesting recent decline from 1.5815 top is still in p... - May 29 15:29 GMT
Trade Idea Wrap-up: EUR/USD - Hold short entered at 1.1005
Although the single currency edged higher in NY morning, still reckon upside would be limited to 1.1008-14 (previous resistance a... - May 29 15:26 GMT
Trade Idea Wrap-up: USD/JPY - Buy at 122.90
Although dollar has recovered after finding support at 123.61, as long as this week's high at 124.46 holds, further consolidation... - May 29 15:18 GMT
More Candlesticks Trade Ideas >>

Canadlesticks and Ichimoku Weekly Analysis

EUR/JPY - Candlesticks and Ichimoku Analysis
Although the single currency slipped again and fell to 133.10 earlier this... - May 29 09:11 GMT
USD/CAD - Candlesticks and Ichimoku Analysis
As the rebound from 1.1920 turned out to be much stronger than expected, s... - May 29 08:50 GMT
EUR/GBP Candlesticks and Ichimoku Analysis
As euro has recovered after falling to 0.7055 yesterday, suggesting consol... - May 28 08:50 GMT
More Ichimoku Weekly Analysis >>

Elliott Wave Daily Trade Ideas

Trade Idea: EUR/GBP - Exit short entered at 0.7165
As the single currency has surged today in part due to sterling's broad-based weakness, suggesting near term upside risk remains ... - May 29 14:26 GMT
Trade Idea: USD/CAD - Buy at 1.2360
As the greenback has maintained a firm undertone after recent rally, adding credence to our view that low has been formed at 1.19... - May 29 14:19 GMT
Trade Idea: EUR/JPY - Hold long entered at 134.25
The single currency has continued to move higher, retaining our view that low has possibly been formed at 133.10 earlier this wee... - May 29 09:57 GMT
Trade Idea: AUD/USD - Stand aside
Although aussie has remained under pressure and near term downside risk remains for the decline from 0.8163 (wave A top) to exten... - May 29 09:51 GMT
More Elliott Wave Trade Ideas >>

Elliott Wave Weekly Analysis

EUR/JPY Elliott Wave Analysis
Although the single currency slipped to 133.10 initially this week, a... - May 29 10:23 GMT
USD/CHF Elliott Wave Analysis
The greenback staged a stronger-than-expected rebound after holding a... - May 29 10:12 GMT
EUR/GBP Elliott Wave Analysis
Although last week's breach of previous support at 0.7117 adds creden... - May 28 10:49 GMT
More Elliott Wave Weekly Analysis >>

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Last Updated: May 29 20:59 GMT

Action Bias

  Hourly 6 Hours Daily Weekly
EURUSD- NE- NE↓ DN- NE
USDJPY- NE- NE↑ UP- NE
GBPUSD- NE↓ DN↓ DN- NE
USDCHF↓ DN- NE- NE- NE
USDCAD- NE- NE↑ UP- NE
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Forex Brokers

Fundamental Analysis Reports

US Second Estimate of Q1 GDP Growth Revised Downward to a 0.7% Contraction
May 29 15:13 GMT, by RBC Financial Group
The second estimate of first-quarter 2015 US GDP growth was revised downward to a 0.7% annualized decline from the 0.2% increase reported in the advance estimate. This represented a significant slowi...
Canadian Q1 GDP Growth Unexpectedly Declines
May 29 15:11 GMT, by RBC Financial Group
First-quarter 2015 GDP growth in Canada unexpectedly declined by an annualized 0.6% in the quarter following a downwardly revised 2.2% gain in the fourth quarter of 2014 (2.4% previously). Market exp...
The Dollar is King for May, But Can it Last?
May 29 14:27 GMT, by Forex.com
As we end May in a rather rainy and blustery fashion here in London, the dollar is having a bad end to the trading month. The latest economic data hasn't helped things; the US economy shrank 0.7% in ...
Weekly Focus: Deadline for Greek Deal Extended to Mid-June
May 29 14:24 GMT, by Danske Bank
Negotiations between Greece and three creditor countries progress slowly but deadline for avoiding default now appears to be extended until mid-June. We expect no new signals on policy in connecti...
May Month-End Model Hints at Dollar Weakness Heading into the Weekend
May 29 12:57 GMT, by Forex.com
Traders often refer the impact of 'month end flows' on different currency pairs during the last few days of the month. In essence, these money 'flows' are caused by global fund managers and investors...
ECB Preview: Summer Front-Loading And QE Implementation Flexibility
May 29 10:44 GMT, by Danske Bank
We do not expect any new policy measures to be announced on Wednesday and believe that the statement will be broadly unchanged. We expect the ECB to repeat that risks surrounding the economic outlook...
All Daily Fundamental Reports >>

Technical Analysis Reports

DAX: Greece Deal Hopes, Bullish Trend Still Intact
May 29 12:54 GMT, by Forex.com
European stocks opened the day deep in the red mainly due to the on-going uncertainty over Greece and the Chinese stock market turmoil, before bouncing off their worst levels as we approached mid-day...
USDJPY - Sets Up To Correct Lower
May 29 10:35 GMT, by FXTechstrategy
USDJPY - Having capped its strength at the 124.45 level to close marginally higher on a rejection candle on Thursday, further weakness is expected. On the upside, resistance resides at the 124.50 lev...
USDJPY Could Fly Higher After Finding Support
May 29 09:20 GMT, by Elliott Wave Financial Service
USDJPY broke sharply to the upside in the past few days, clearly making an impulsive rise that is still incomplete, but as always pullbacks will occur. A new corrective set-back is here, a red wave 4...
EUR/USD Shows Minor Rebound From Monthly Low
May 29 08:42 GMT, by Dukascopy Swiss FX Group
The EUR/USD pair attempts to recover at least some part of losses that have occurred since May 19. On Thursday, the cross jumped above the 55-day SMA nearest resistance line and closed just below 1.0...
GBP/USD Still In Tight Range Between 1.52 And 1.54
May 29 08:32 GMT, by Dukascopy Swiss FX Group
On Thursday, the Cable edged down for the fourth day this week, although the fall was not as sharp as anticipated. GBP/USD managed to reach the weekly S2, which caused the pair to bounce back a bit a...
USD/JPY Struggles To Stay Above The 2007 High
May 29 08:31 GMT, by Dukascopy Swiss FX Group
USD/JPY extended its rally for another day, but at a much slower pace than before. However, the US Dollar did surge up to 124.47, almost reaching the weekly R3, but then was pushed back under the 200...
All Daily Technical Reports >>

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Long Term Forecasts

Euro Area Outlook for 2015: Impact of Broad-Based QE
Jan 17 03:46 GMT, by Danske Bank
The expected ECB QE programme will support economic activity through a number of channels and hence...
When Will the Bank of England Hike Rates?
Aug 16 08:33 GMT, by Wells Fargo Securities
In the first report of a two-part series on the outlook for Bank of England (BoE) monetary policy, ...
Growth in China Appears to Be Stabilizing
Jul 19 08:05 GMT, by Wells Fargo Securities
The year-over-year rate of real GDP growth in China edged up to 7.5 percent in Q2 from 7.4 percent ...
FX Forecast Update: Negative Rates and Liquidity Tools to Weaken the Euro
Jun 14 03:24 GMT, by Danske Bank
The ECB delivered more easing than expected at its rate meeting in June by cutting both the refi an...
AUD/USD - 2013 In Review
Jan 02 02:25 GMT, by MarketPulse
The Australian dollar is known for its strong volatility, and taking traders on roller coaster ride...
All Long Term Forecasts >>
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