President Biden and Republican leaders optimistic about reaching a deal to raise the US debt ceiling after emergency talks at the White House. Treasury Secretary Yellen warns of economic catastrophe in case of US default. Fed's Bostic highlights challenges ahead if inflation remains stubborn.
Elon Musk warns of tough economy, says Tesla not immune read on
Morning bid: Eyes on Japan GDP, China losing steam read on
Oil dips as weaker China, US economic data offset IEA demand forecast read on
US debt ceiling: Biden and Republicans hopeful of a deal read more
The Week Ahead in Forex, Chump Profit read more
Key events today.
Eurozone CPI
BOE Governor Andrew Bailey delivers keynote speech
US housing starts
“Intraday forex trading signals". Our top forex trades for today, we look at the technicals and fundamentals to generate profits daily on the most traded correlated assets in the world.
Dollar Index (ICE) intraday: Bearish (Choppy)
Pivot: 102.48
Our preference:
Short positions below 102.48 with targets at 102.28 & 101.99 & 101.79 in extension.
Alternative scenario:
Above 102.48 look for further upside with 102.97 & 102.89 & 103.26 as targets.
Comment:
Looking at the daily chart, our overall bias for Dollar Index is bearish as the price has now moving into the Ichimoku cloud on a downtrend. The RSI shows further downward momentum.
Gold Intraday: Bullish (Choppy)
Pivot: 1997.50
Our preference:
Long positions above 1997.50 with targets at 2009.59 & 2030.39 & 2042.48 in extension.
Alternative scenario:
Below 1997.50 look for further downside with 1976.70 & 1964.61 & 1943.81 as targets.
Comment:
Looking at the daily chart, our overall bias for XAU/USD is bullish as the current price is now in the Ichimoku cloud. Even though a continuation of the consolidation cannot be ruled out, its extent should be limited. The RSI is neutral.
USD/JPY Intraday: Bullish
Pivot: 136.25
Our preference:
Long above 136.25 with targets at 136.82 & 137.25 & 137.82 in extension.
Alternative scenario:
Short positions below 136.25 look for further downside with 135.82 & 135.25 & 134.82 as targets.
Comment:
Looking at the daily chart, our overall bias for USDJPY is bullish as the current price is above the Ichimoku cloud indicating an uptrend. RSI indicates further upside momentum.
AUD/USD Intraday: Bearish
Pivot: 0.6672
Our preference:
Short below 0.6672 look for further downside with 0.6634 & 0.6612 & 0.6574 as targets.
Alternative scenario:
Long positions above 0.6672 with targets at 0.694 & 0.6732 & 0.6754 in extension.
Comment:
Looking at the daily chart, our overall bias for AUDUSD is bearish as the price is below the Ichimoku cloud. Even though a continuation of the consolidation cannot be ruled out, its extent should be limited. The RSI is heading for neutral.
Crude Oil (WTI) West Texas Intermediate: : Bearish
Pivot: 71.02
Our preference:
Short positions below 71.02 look for further downside with 70.29 & 69.71 & 68.98 as targets.
Alternative scenario:
Long positions above 71.02 with targets at 71.60 & 72.33 & 72.91 in extension.
Comment:
Looking at the daily chart, our overall bias for WTI is bearish as the price is below the Ichimoku cloud in a downtrend. Even though a continuation of the consolidation cannot be ruled out, its extent should be limited. The RSI is neutral.
USD/CAD Intraday: Bearish
Pivot: 1.3460
Our preference:
Short positions below 1.3460 look for downside with 1.3424 & 1.3369 & 1.3333 as targets.
Alternative scenario:
Long positions above 1.3460 with targets at 1.3515 & 1.3551 & 1.3606 in extension.
Comment:
Looking at the daily chart, our overall bias for USDCAD is bearish, as the current price is now below the Ichimoku cloud. Even though a continuation of the consolidation cannot be ruled out, its extent should be limited. The RSI is neutral.
EUR/USD Intraday: Bullish
Pivot: 1.088
Our preference:
Long positions above 1.088 with targets at 1.090 & 1.093 & 1.095 in extension.
Alternative scenario:
Short positions below 1.088 look for downside with 1.085 & 1.083 & 1.080 as targets.
Comment:
Looking at the daily chart, our overall bias for EUR/USD is bullish as the current price is heading into the Ichimoku cloud signifying a rebound. Even though a continuation of the consolidation cannot be ruled out, its extent should be limited. The RSI is neutral.
GBP/USD Intraday: Bullish
Pivot: 1.250
Our preference:
Long positions above 1.250 look for further upside with 1.253 & 1.258 & 1.262 as targets.
Alternative scenario:
Short positions below 1.250 with targets at 1.245 & 1.242 & 1.237 in extension.
Comment:
Looking at the daily chart, our overall bias for GBPUSD is bullish as the current price is heading above the Ichimoku cloud. Even though a continuation of the consolidation cannot be ruled out, its extent should be limited. The RSI is neutral.
EUR/GBP Intraday: Bearish
Pivot: 0.8700
Our preference:
Short positions below 0.8700 with targets at 0.8681 & 0.8659 & 0.8640 in extension.
Alternative scenario:
Long positions above 0.8700 look for further upside with 0.8722 & 0.8741 & 0.8763 as targets.
Comment:
Looking at the daily chart, our overall bias for EURGBP is bearish as the current price is below the Ichimoku cloud indicating a downtrend. Even though a continuation of the consolidation cannot be ruled out, its extent should be limited. The RSI is neutral.
Nasdaq 100 Intraday: Bullish
Pivot:
13,436
Our preference:
Long positions above 13,436 with targets at 13,488 & 13,550 & 13,601 in extension.
Alternative scenario:
Below 13,436 look for further downside with 13,374 & 13,322 & 13,260 as targets.
Comment:
Looking at the daily chart, our overall bias for Nasdaq 100 is bullish as the current price is above the Ichimoku cloud in an uptrend. The RSI indicates further upward momentum.
For our Managed Forex Account Service , email jeannette@chumpprofit.com for contact.
Our website offers information about investing, trading and saving, but not personal advice. If you're not sure which investments are right for you, please request advice, for example from your financial advisers. If you decide to invest or trade, remember that investments can go up and down in value, so you could get back less than you put in. ©2023 by Chump Profit.