top of page
Black Modern Cryptocurrency Presentation (1).jpg

NEWS & ANALYSIS POSTS

Free Forex Trading Signals for Maximum Profit - Expert Insights and Daily Updates - May 16, 2024


Forex Trading Signals For:

EUR/USD  GBP/USD  USD/JPY  USD/CHF  NZD/USD  AUD/USD USD/CAD  EUR/GBP  EUR/JPY EUR/CHF USD/SEK XAU/USD (Gold)  WTI (CL-Oil)  BRENT CRUDE (UKOUSD) BTC/USD


  • This morning, we observe a significant market shift as stocks reach record highs, fuelled by anticipation of two potential rate cuts by the Federal Reserve this year. The market's response has been strong, with notable movements across various assets:

  • Dollar: The dollar has experienced a notable fade.

  • Gold and Oil: Both commodities have benefited, showing appreciable gains.

  • EUR and GBP: The Euro and Sterling have risen, reflecting market optimism.

  • JPY: The Yen has found support amidst the current market dynamics.

  • Today's Outlook: We anticipate a slight rebound in the dollar throughout the day.


DXY Dollar Index, A financial chart depicting the with technical indicators including candlesticks, Bollinger Bands, Ichimoku Cloud, and volume bars. The chart also features an RSI indicator below, signalling recent market volatility.
The U.S. 🟢 Dollar Index, pivotal for forex traders, comprises six key currencies: EUR, JPY, GBP, CAD, SEK, and CHF.


EUR/USD A trading chart displaying the asset with two main indicators. The top panel shows Bollinger Bands overlaid on candlestick price action with a 20-day Simple Moving Average (SMA). Below, two sub-panels present the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD), respectively. The RSI is within the neutral range, neither overbought nor oversold. The MACD shows the signal line and the MACD line close together, indicating no strong momentum in either direction. The lower section of the image features a separate price action chart without indicators for comparison.
🟢 EUR/USD

EUR/USD Intraday Signal

  • Trade Direction: Sell

  • Entry Point: 1.08820

  • Take Profit:

  • TP1: 1.0850

  • TP2: 1.0820

  • Stop Loss: 1.0900

  • Confidence Level: Moderate

Indicator Analysis:

  • Bollinger Bands: The price is trading near the upper band, suggesting potential for a pullback.

  • RSI: The RSI is above 70, indicating overbought conditions and potential for a slight rebound downward.

  • Daily Pivot: The current price is slightly above the daily pivot of 1.0861, indicating a possible correction towards or below the pivot level.

Fundamental Analysis Insight:

  • Market Sentiment: Despite recent gains, the dollar may experience a slight rebound throughout the day, putting downward pressure on the Euro.

  • Key Events: Upcoming US housing starts, initial jobless claims, industrial production, and speeches from Federal Reserve officials could influence market sentiment and support the dollar rebound.



GBP/USD Intraday Signal

  • Trade Direction: Sell

  • Entry Point: 1.2685

  • Take Profit:

  • TP1: 1.2650

  • TP2: 1.2620

  • Stop Loss: 1.2705

  • Confidence Level: Moderate

Indicator Analysis:

  • Bollinger Bands: The price is trading near the upper band, suggesting potential for a pullback.

  • RSI: The RSI is above 70, indicating overbought conditions and potential for a slight rebound downward.

  • Daily Pivot: The current price is above the daily pivot of 1.2652, indicating a possible correction towards or below the pivot level.

Fundamental Analysis Insight:

  • Market Sentiment: Despite recent gains, the dollar may experience a slight rebound throughout the day, putting downward pressure on the British Pound.

  • Key Events: Upcoming US housing starts, initial jobless claims, industrial production, and speeches from Federal Reserve officials could influence market sentiment and support the dollar rebound.



USD/JPY Intraday Signal

  • Trade Direction: Buy

  • Entry Point: 154.16

  • Take Profit:

  • TP1: 155.00

  • TP2: 155.50

  • Stop Loss: 153.50

  • Confidence Level: Moderate

Indicator Analysis:

  • Bollinger Bands: The price is trading near the lower band, indicating potential for a rebound.

  • RSI: The RSI is below 30, indicating oversold conditions and potential for a rebound upward.

  • Daily Pivot: The current price is below the daily pivot of 155.38, suggesting a rebound towards or above the pivot level.

Fundamental Analysis Insight:

  • Market Sentiment: The Yen has found support amidst current market dynamics. Despite the dollar's recent strength, the oversold conditions suggest a potential rebound in USD/JPY.

  • Key Events: Upcoming US housing starts, initial jobless claims, industrial production, and speeches from Federal Reserve officials could influence market sentiment and support a rebound.



USD/CHF Intraday Signal

  • Trade Direction: Buy

  • Entry Point: 0.9012

  • Take Profit:

  • TP1: 0.9050

  • TP2: 0.9070

  • Stop Loss: 0.8990

  • Confidence Level: Moderate

Indicator Analysis:

  • Bollinger Bands: The price is trading near the lower band, indicating potential for a rebound.

  • RSI: The RSI is below 30, indicating oversold conditions and potential for a rebound upward.

  • Daily Pivot: The current price is below the daily pivot of 0.9036, suggesting a rebound towards or above the pivot level.

Fundamental Analysis Insight:

  • Market Sentiment: The market is anticipating a slight rebound in the dollar throughout the day, which should support a buy position in USD/CHF.

  • Key Events: Upcoming US housing starts, initial jobless claims, industrial production, and speeches from Federal Reserve officials could influence market sentiment and support a rebound.



NZD/USD Intraday Signal

  • Trade Direction: Sell

  • Entry Point: 0.6118

  • Take Profit:

  • TP1: 0.6080

  • TP2: 0.6050

  • Stop Loss: 0.6140

  • Confidence Level: Moderate

Indicator Analysis:

  • Bollinger Bands: The price is trading near the upper band, suggesting potential for a pullback.

  • RSI: The RSI is above 70, indicating overbought conditions and potential for a downward rebound.

  • Daily Pivot: The current price is above the daily pivot of 0.6091, suggesting a possible correction towards or below the pivot level.

Fundamental Analysis Insight:

  • Market Sentiment: The anticipation of a slight rebound in the dollar throughout the day puts downward pressure on the New Zealand Dollar.

  • Key Events: Upcoming US housing starts, initial jobless claims, industrial production, and speeches from Federal Reserve officials could influence market sentiment and support a dollar rebound.





AUD/USD Intraday Signal

  • Trade Direction: Sell

  • Entry Point: 0.6678

  • Take Profit:

  • TP1: 0.6650

  • TP2: 0.6620

  • Stop Loss: 0.6700

  • Confidence Level: Moderate

Indicator Analysis:

  • Bollinger Bands: The price is trading near the upper band, suggesting potential for a pullback.

  • RSI: The RSI is above 70, indicating overbought conditions and potential for a downward rebound.

  • Daily Pivot: The current price is above the daily pivot of 0.6670, suggesting a possible correction towards or below the pivot level.

Fundamental Analysis Insight:

  • Market Sentiment: The anticipation of a slight rebound in the dollar throughout the day puts downward pressure on the Australian Dollar.

  • Key Events: Upcoming US housing starts, initial jobless claims, industrial production, and speeches from Federal Reserve officials could influence market sentiment and support a dollar rebound.



USD/CAD Intraday Signal

  • Trade Direction: Buy

  • Entry Point: 1.3617

  • Take Profit:

  • TP1: 1.3650

  • TP2: 1.3680

  • Stop Loss: 1.3590

  • Confidence Level: Moderate

Indicator Analysis:

  • Bollinger Bands: The price is trading near the lower band, suggesting potential for a rebound.

  • RSI: The RSI is below 30, indicating oversold conditions and potential for an upward rebound.

  • Daily Pivot: The current price is slightly below the daily pivot of 1.3619, suggesting a possible rebound towards or above the pivot level.

Fundamental Analysis Insight:

  • Market Sentiment: The anticipation of a slight rebound in the dollar throughout the day should support a buy position in USD/CAD.

  • Key Events: Upcoming US housing starts, initial jobless claims, industrial production, and speeches from Federal Reserve officials could influence market sentiment and support a rebound.



EUR/GBP Intraday Signal

  • Trade Direction: Buy

  • Entry Point: 0.8580

  • Take Profit:

  • TP1: 0.8600

  • TP2: 0.8630

  • Stop Loss: 0.8560

  • Confidence Level: Moderate

Indicator Analysis:

  • Bollinger Bands: The price is trading near the lower band, suggesting potential for a rebound.

  • RSI: The RSI is below 50, indicating potential for upward movement.

  • Daily Pivot: The current price is slightly below the daily pivot of 0.8586, suggesting a possible rebound towards or above the pivot level.

Fundamental Analysis Insight:

  • Market Sentiment: The Euro is rising due to market optimism and a fading dollar. Anticipation of a slight rebound in the dollar throughout the day should also influence EUR/GBP positively.

  • Key Events: Upcoming US housing starts, initial jobless claims, industrial production, and speeches from Federal Reserve officials could influence market sentiment and support a rebound.


EURJPY"Chart showing a currency pair's performance with candlestick patterns over a year, indicating trends, volatility, and potential trading opportunities in the forex market."
🟢 EUR/JPY

EUR/JPY Intraday Signal

  • Trade Direction: Buy

  • Entry Point: 167.64

  • Take Profit:

  • TP1: 168.50

  • TP2: 169.20

  • Stop Loss: 167.00

  • Confidence Level: Moderate

Indicator Analysis:

  • Bollinger Bands: The price is trading near the lower band, suggesting potential for a rebound.

  • RSI: The RSI is below 40, indicating potential for upward movement.

  • Daily Pivot: The current price is below the daily pivot of 168.66, suggesting a possible rebound towards or above the pivot level.

Fundamental Analysis Insight:

  • Market Sentiment: The Euro is rising due to market optimism and a fading dollar. The Yen has found support amidst current market dynamics, which should influence EUR/JPY positively.

  • Key Events: Upcoming US housing starts, initial jobless claims, industrial production, and speeches from Federal Reserve officials could influence market sentiment and support a rebound.


EUR/CHF "Chart showing a currency pair's performance with candlestick patterns over a year, indicating trends, volatility, and potential trading opportunities in the forex market."
🟢 EUR/CHF

EUR/CHF Intraday Signal

  • Trade Direction: Buy

  • Entry Point: 0.9802

  • Take Profit:

  • TP1: 0.9830

  • TP2: 0.9850

  • Stop Loss: 0.9780

  • Confidence Level: Moderate

Indicator Analysis:

  • Bollinger Bands: The price is trading near the middle band, indicating neutral to bullish momentum.

  • RSI: The RSI is around 50, suggesting potential for upward movement.

  • Daily Pivot: The current price is slightly below the daily pivot of 0.9814, suggesting a possible rebound towards or above the pivot level.

Fundamental Analysis Insight:

  • Market Sentiment: The Euro is rising due to market optimism and a fading dollar. The Swiss Franc remains stable amidst current market dynamics, which should influence EUR/CHF positively.

  • Key Events: Upcoming US housing starts, initial jobless claims, industrial production, and speeches from Federal Reserve officials could influence market sentiment and support a rebound.


USD/SEK "Chart showing a currency pair's performance with candlestick patterns over a year, indicating trends, volatility, and potential trading opportunities in the forex market."
🟢 USD/SEK

USD/SEK Intraday Signal

  • Trade Direction: Buy

  • Entry Point: 10.6721

  • Take Profit:

  • TP1: 10.7000

  • TP2: 10.7300

  • Stop Loss: 10.6500

  • Confidence Level: Moderate

Indicator Analysis:

  • Bollinger Bands: The price is trading near the lower band, suggesting potential for a rebound.

  • RSI: The RSI is below 30, indicating oversold conditions and potential for an upward rebound.

  • Daily Pivot: The current price is below the daily pivot of 10.7115, suggesting a possible rebound towards or above the pivot level.

Fundamental Analysis Insight:

  • Market Sentiment: The anticipation of a slight rebound in the dollar throughout the day should support a buy position in USD/SEK.

  • Key Events: Upcoming US housing starts, initial jobless claims, industrial production, and speeches from Federal Reserve officials could influence market sentiment and support a rebound.


XAU/USD "Chart showing a currency pair's performance with candlestick patterns over a year, indicating trends, volatility, and potential trading opportunities in the forex market."
🟢 XAU/USD

XAU/USD (Gold) Intraday Signal

  • Trade Direction: Sell

  • Entry Point: 2388

  • Take Profit:

  • TP1: 2370

  • TP2: 2350

  • Stop Loss: 2400

  • Confidence Level: Moderate

Indicator Analysis:

  • Bollinger Bands: The price is trading near the upper band, suggesting potential for a pullback.

  • RSI: The RSI is above 70, indicating overbought conditions and potential for a downward rebound.

  • Daily Pivot: The current price is above the daily pivot of 2377.66, suggesting a possible correction towards or below the pivot level.

Fundamental Analysis Insight:

  • Market Sentiment: Gold has shown appreciable gains due to a fading dollar. However, anticipation of a slight rebound in the dollar throughout the day could put downward pressure on Gold.

  • Key Events: Upcoming US housing starts, initial jobless claims, industrial production, and speeches from Federal Reserve officials could influence market sentiment and support a dollar rebound.


CL Oil "Chart showing a currency pair's performance with candlestick patterns over a year, indicating trends, volatility, and potential trading opportunities in the forex market."
🟢 WTI Light Crude Oil

USOIL (Crude Oil) Intraday Signal

  • Trade Direction: Sell

  • Entry Point: 79.05

  • Take Profit:

  • TP1: 78.00

  • TP2: 77.00

  • Stop Loss: 80.50

  • Confidence Level: Moderate

Indicator Analysis:

  • Bollinger Bands: The price is trading near the middle band, suggesting potential for a continuation of the downward trend.

  • RSI: The RSI is below 50, indicating bearish momentum.

  • Daily Pivot: The current price is below the daily pivot of 82.13, suggesting a continuation of the downward trend towards or below support levels.

Fundamental Analysis Insight:

  • Market Sentiment: Oil has shown appreciable gains due to market optimism and a fading dollar. However, the anticipation of a slight rebound in the dollar throughout the day could put downward pressure on oil prices.

  • Key Events: Upcoming US housing starts, initial jobless claims, industrial production, and speeches from Federal Reserve officials could influence market sentiment and support a dollar rebound, negatively impacting oil prices.


CL Oil "Chart showing a currency pair's performance with candlestick patterns over a year, indicating trends, volatility, and potential trading opportunities in the forex market."
🟢 Brent Crude Oil

UKOIL (Brent Crude Oil) Intraday Signal

  • Trade Direction: Sell

  • Entry Point: 83.49

  • Take Profit:

  • TP1: 82.00

  • TP2: 81.00

  • Stop Loss: 84.50

  • Confidence Level: Moderate

Indicator Analysis:

  • Bollinger Bands: The price is trading near the middle band, suggesting potential for a continuation of the downward trend.

  • RSI: The RSI is below 50, indicating bearish momentum.

  • Daily Pivot: The current price is above the daily pivot of 82.28, suggesting a possible correction towards or below the pivot level.

Fundamental Analysis Insight:

  • Market Sentiment: Oil has shown appreciable gains due to market optimism and a fading dollar. However, the anticipation of a slight rebound in the dollar throughout the day could put downward pressure on oil prices.

  • Key Events: Upcoming US housing starts, initial jobless claims, industrial production, and speeches from Federal Reserve officials could influence market sentiment and support a dollar rebound, negatively impacting oil prices.


CL Oil "Chart showing a currency pair's performance with candlestick patterns over a year, indicating trends, volatility, and potential trading opportunities in the forex market."
🟢 BTCUSD Bitcoin

Analysis for BTC/USD

  • Trade Direction: Sell

  • Entry Point: 65,954

  • Take Profit: TP1: 65,000, TP2: 64,000

  • Stop Loss: 66,500

  • Confidence Level: Moderate

  • Indicator Analysis:

  • Bollinger Bands: The price is touching the upper Bollinger Band, indicating overbought conditions.

  • RSI: The RSI is above 70, suggesting that Bitcoin is overbought and due for a correction.

  • Price Action: The price is significantly above the daily pivot of 63,202.66, indicating potential for a pullback towards the pivot level.

  • Fundamental Analysis Insight: Bitcoin has seen a recent surge due to positive market sentiment and institutional interest. However, profit-taking and potential regulatory concerns could trigger a short-term pullback. Investors are also watching macroeconomic factors such as inflation data and Federal Reserve policies, which could impact the broader cryptocurrency market.

 

Disclaimer: These Forex Trading Signals are based on the current charts and market conditions. Always conduct your own analysis and consider risk management strategies before entering any trade. Markets are dynamic, and conditions can change rapidly.


Forex & Commodities trading signals, comments and analysis created and reflect the views forex368.com at any given time and are subject to change at any time. ©2024 by forex368.com.


bottom of page