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Daily Pivots: (S1) 1.3205; (P) 1.3249; (R1) 1.3285; More… Intraday bias in GBP/USD stays neutral for consolidations below 1.3291 temporary top. Further rally is expected as long as 55 4H EMA (now at 1.3085) holds. Above 1.3291 will resume the rise from 1.2099 to 61.8% projection of 1.2099 to 1.3206 from 1.2706 at 1.3390, and […]

The post GBP/USD Mid-Day Outlook appeared first on Action Forex.

Christine Lagarde, President of the European Central Bank (ECB), explains the ECB’s decision to lower key rates by 25 basis points at the April policy meeting and responds to questions from the press.

• We’ll use whatever instrument is appropriate
• No one argued for a 50 basis point cut
• A number of governors a few weeks ago would have argued to skip a rate cut
• We will determine our monetary policy stance based on what is appropriate
• We are not targeting any exchange rate

The euro has bounced back on broad US dollar selling. It’s trimmed today’s decline by about 25 pips though is still down 30 pips on the day.

This article was written by Adam Button at www.forexlive.com.

Daily Pivots: (S1) 1.1314; (P) 1.1363; (R1) 1.1449; More… EUR/USD is still bounded in consolidation below 1.1472 and intraday bias remains neutral. Deeper retreat cannot be ruled out. But downside should be contained by 1.1145 resistance turned support to bring another rally. On the upside, break of 1.1472 will target 161.8% projection of 1.0358 to […]

The post EUR/USD Mid-Day Outlook appeared first on Action Forex.

• Most indicators point to inflation returning to target
• Inflation has declined
• Geopolitical tensions are a major source of uncertainty
• A strong euro could push down inflation

The euro has edged lower as she takes a dovish tone. The market is pricing in a 68% chance of a rate cut in June.

This article was written by Adam Button at www.forexlive.com.

The USDCAD has rebounded after finding firm support in the 1.3827–1.39499 zone, where multiple recent lows have formed a solid base. The pair has pushed back above the 100-hour moving average, currently near 1.3880, but bullish momentum has stalled, suggesting hesitation from buyers.

To build on this recovery, the pair needs to hold above the 100-hour MA and push toward the next upside targets:

• Swing area between 1.3923-1.2932

• Broken 61.8%retracement at 1.39465

• 200-day moving average at 1.4005

• 38.2% of the move down from the April 7 high at 1.40062

• 200-hour moving average at 1.40135

These resistance levels align closely and could act as a key decision area for traders. A break above would strengthen the bullish outlook and open the path toward the 50% retracement near 1.4061.

On the downside, a break below recent lows at 1.38278 would have traders looking toward the low price from November at 1.38171. Move below that level and the door for further downside momentum is opened (see post from yesterday for more information).

For now, price action is constructive off the lows, but confirmation through follow-through buying is critical to shift the broader bias.

This article was written by Greg Michalowski at www.forexlive.com.