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

NEWS & ANALYSIS POSTS

Search
May 1711 min read

Free Forex Trading Signals for Maximum Profit - Expert Insights and Daily Updates - May 17, 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


Dollar (USD)

  • Interest Rates: Federal Reserve officials suggest maintaining high interest rates for longer to ensure inflation targets are met.

  • Inflation Concerns: Jamie Dimon from JPMorgan expresses worries over persistent inflation, contrasting market optimism.

  • Impact: USD might experience volatility due to mixed signals on inflation and interest rates.


Oil

  • China's Economy: Slowdown in China's consumer spending growth but acceleration in industrial production.

  • Demand Fluctuation: China's housing crisis and falling home prices could reduce overall demand.

  • Impact: Oil prices may face downward pressure due to uncertain demand from China, one of the largest consumers.


Gold

  • Economic Stability: Continued high-interest rates could support gold as a safe haven amidst economic uncertainty.

  • China's Slowdown: Slowing consumer growth in China could reduce gold purchases.

  • Impact: Gold prices may remain stable or slightly bullish due to its status as a hedge against inflation and economic instability.


Cryptocurrency

  • Bitcoin ETF Interest: Institutional interest, with Millennium, Point72, and Elliott among Bitcoin ETF buyers.

  • Market Sentiment: Renewed interest in meme stocks like AMC and GameStop reflects a risk-on sentiment that could spill over into crypto.

  • Impact: Positive sentiment and institutional interest could boost cryptocurrency prices in the short term.


Key Takeaways

  • Market Sentiment: Overall, the market is cautiously optimistic but remains data-dependent, with central banks' decisions on interest rates playing a crucial role.

  • Economic Indicators: Investors should monitor upcoming economic data, especially regarding inflation and central bank announcements.

  • Geopolitical Factors: China's economic performance and its impact on global markets are critical factors to watch.


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 Trading Signal

Trade Direction: Sell

  • Entry Point: 1.08615

  • Take Profit:

  • TP1: 1.0835

  • TP2: 1.0810

  • Stop Loss: 1.0885

  • Confidence Level: Moderate

Indicator Analysis:

  1. Bollinger Bands:

  • The price is approaching the upper band, which can act as resistance, indicating a potential reversal or a slight pullback.

  • The middle band, which aligns with the 20-period moving average, could act as a support level if the price moves down.

  1. Relative Strength Index (RSI):

  • The RSI is currently above 60 but shows signs of turning downwards, indicating a possible decrease in bullish momentum and a potential shift towards a slight sell.

  1. Moving Average (MA):

  • The 20-period moving average is sloping upwards, but the price near the upper band suggests a possible correction.

Fundamental Analysis Insight:

  1. Interest Rates:

  • With Federal Reserve officials suggesting maintaining high interest rates for longer, there is a mix of signals regarding the USD's strength, which may cause slight volatility in the EUR/USD pair.

  1. Economic Stability in the Eurozone:

  • The Eurozone's economic data indicates gradual recovery, but the market remains cautious, supporting a slight bearish sentiment in the short term for the EUR.


GBP/USD Intraday Trading Signal

Trade Direction: Sell

  • Entry Point: 1.2659

  • Take Profit:

  • TP1: 1.2635

  • TP2: 1.2600

  • Stop Loss: 1.2685

  • Confidence Level: Moderate

Indicator Analysis:

  1. Bollinger Bands:

  • The price is approaching the upper band, which can act as resistance, suggesting a potential pullback.

  • The middle band, aligning with the 20-period moving average, could act as a support level if the price moves down.

  1. Relative Strength Index (RSI):

  • The RSI is currently above 60 but shows signs of turning downwards, indicating a possible decrease in bullish momentum and a shift towards a sell.

  1. Moving Average (MA):

  • The 20-period moving average is sloping upwards, but the price near the upper band suggests a possible correction.

Fundamental Analysis Insight:

  1. Interest Rates:

  • With Federal Reserve officials suggesting maintaining high interest rates for longer, the USD might gain strength, impacting the GBP/USD pair negatively.

  1. UK Economic Factors:

  • The UK's economic data shows mixed signals, with concerns about inflation and economic stability, supporting a bearish sentiment for GBP in the short term.



USD/JPY Intraday Trading Signal

Trade Direction: Buy

  • Entry Point: 155.74

  • Take Profit:

  • TP1: 156.50

  • TP2: 157.00

  • Stop Loss: 155.20

  • Confidence Level: Moderate

Indicator Analysis:

  1. Bollinger Bands:

  • The price is near the upper band, which indicates strong upward momentum. If the price breaks above the upper band, it may continue its bullish trend.

  • The middle band, which aligns with the 20-period moving average, can act as a dynamic support level in case of a pullback.

  1. Relative Strength Index (RSI):

  • The RSI is currently above 60, indicating bullish momentum. Although it shows a slight downturn, it remains in a strong zone, supporting further upward movement.

  1. Moving Average (MA):

  • The 20-period moving average is sloping upwards, indicating a continuation of the bullish trend.

Fundamental Analysis Insight:

  1. Interest Rates:

  • Federal Reserve officials suggesting maintaining high interest rates for longer could strengthen the USD, benefiting the USD/JPY pair positively.

  1. Japanese Economic Factors:

  • Mixed signals from Japan's economic data with concerns about inflation might weaken the JPY, supporting the bullish sentiment for USD/JPY.



USD/CHF Intraday Trading Signal

Trade Direction: Buy

  • Entry Point: 0.9064

  • Take Profit:

  • TP1: 0.9100

  • TP2: 0.9130

  • Stop Loss: 0.9030

  • Confidence Level: Moderate

Indicator Analysis:

  1. Bollinger Bands:

  • The price is approaching the middle band, indicating it may find support around this level before moving higher.

  • The middle band aligns with the 20-period moving average, which can act as dynamic support in case of a pullback.

  1. Relative Strength Index (RSI):

  • The RSI is currently around 50 and is showing an upward trend, indicating the potential for bullish momentum.

  1. Moving Average (MA):

  • The 20-period moving average is relatively flat but could act as support if the price moves down slightly before continuing upward.

Fundamental Analysis Insight:

  1. Interest Rates:

  • With Federal Reserve officials suggesting maintaining high interest rates for longer, the USD is likely to remain strong, positively impacting the USD/CHF pair.

  1. Swiss Economic Factors:

  • The Swiss economic data indicates stability, but the strength of the USD due to the Fed's stance may push the USD/CHF pair higher.



NZD/USD Intraday Trading Signal

Trade Direction: Buy

  • Entry Point: 0.6120

  • Take Profit:

  • TP1: 0.6145

  • TP2: 0.6170

  • Stop Loss: 0.6090

  • Confidence Level: Moderate

Indicator Analysis:

  1. Bollinger Bands:

  • The price is near the upper band, indicating strong upward momentum. If the price continues to hold above the middle band, it suggests a continuation of the bullish trend.

  • The middle band, which aligns with the 20-period moving average, can act as a dynamic support level in case of a pullback.

  1. Relative Strength Index (RSI):

  • The RSI is currently above 60, indicating bullish momentum. Despite showing a slight downturn, it remains in a strong zone, supporting further upward movement.

  1. Moving Average (MA):

  • The 20-period moving average is sloping upwards, indicating a continuation of the bullish trend.

Fundamental Analysis Insight:

  1. Interest Rates:

  • With Federal Reserve officials suggesting maintaining high interest rates for longer, the USD might gain strength, but the overall market sentiment and New Zealand's economic data may favor the NZD in the short term.

  1. New Zealand Economic Factors:

  • New Zealand's economic indicators, such as consumer spending and industrial production, are showing signs of growth, supporting a bullish sentiment for NZD/USD.





AUD/USD Intraday Trading Signal

Trade Direction: Sell

  • Entry Point: 0.6673

  • Take Profit:

  • TP1: 0.6650

  • TP2: 0.6620

  • Stop Loss: 0.6700

  • Confidence Level: Moderate

Indicator Analysis:

  1. Bollinger Bands:

  • The price is near the upper band, suggesting a potential pullback. The middle band, which aligns with the 20-period moving average, could act as support.

  • The current position near the upper band indicates a possible short-term correction.

  1. Relative Strength Index (RSI):

  • The RSI is around 60 but shows signs of turning downwards, indicating a possible decrease in bullish momentum and a shift towards a sell.

  1. Moving Average (MA):

  • The 20-period moving average is sloping upwards, but the price's proximity to the upper band suggests a potential correction before continuing the upward trend.

Fundamental Analysis Insight:

  1. Interest Rates:

  • Federal Reserve officials suggesting maintaining high interest rates for longer could strengthen the USD, which might negatively impact the AUD/USD pair.

  1. Australian Economic Factors:

  • While Australia's economic indicators are positive, the strong USD due to Fed policies could exert downward pressure on the AUD.



USD/CAD Intraday Trading Signal

Trade Direction: Sell

  • Entry Point: 1.3619

  • Take Profit:

  • TP1: 1.3590

  • TP2: 1.3560

  • Stop Loss: 1.3645

  • Confidence Level: Moderate

Indicator Analysis:

  1. Bollinger Bands:

  • The price is near the middle band, suggesting a possible pullback towards the lower band.

  • The middle band, which aligns with the 20-period moving average, could act as a resistance level.

  1. Relative Strength Index (RSI):

  • The RSI is below 50, indicating bearish momentum. It is showing signs of turning downward again, supporting a sell signal.

  1. Moving Average (MA):

  • The 20-period moving average is relatively flat, but with the price near the middle band, there is potential for a downward move.

Fundamental Analysis Insight:

  1. Interest Rates:

  • With Federal Reserve officials suggesting maintaining high interest rates for longer, the USD might gain strength. However, recent mixed signals could add volatility to the USD/CAD pair.

  1. Canadian Economic Factors:

  • Canada's economic data, such as oil prices and economic performance, may influence the CAD positively, adding pressure on the USD/CAD pair.



EUR/GBP Intraday Trading Signal

Trade Direction: Sell

  • Entry Point: 0.8577

  • Take Profit:

  • TP1: 0.8550

  • TP2: 0.8520

  • Stop Loss: 0.8600

  • Confidence Level: Moderate

Indicator Analysis:

  1. Bollinger Bands:

  • The price is near the lower band, indicating potential downward momentum. If the price continues to stay below the middle band, it suggests a continuation of the bearish trend.

  • The middle band, which aligns with the 20-period moving average, could act as a resistance level in case of a pullback.

  1. Relative Strength Index (RSI):

  • The RSI is below 50, indicating bearish momentum. It is showing signs of staying low, supporting a sell signal.

  1. Moving Average (MA):

  • The 20-period moving average is relatively flat, but with the price below the middle band, there is potential for further downward movement.

Fundamental Analysis Insight:

  1. Interest Rates:

  • With mixed signals from the ECB and BoE on interest rates, the EUR/GBP pair may experience volatility. Current economic data favors a slightly bearish outlook for the EUR against the GBP.

  1. Economic Factors:

  • Recent data from the Eurozone shows signs of slowing growth, while the UK's economic indicators are relatively stable, adding pressure on the EUR/GBP pair.


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 Trading Signal

Trade Direction: Buy

  • Entry Point: 169.05

  • Take Profit:

  • TP1: 169.80

  • TP2: 170.50

  • Stop Loss: 168.50

  • Confidence Level: Moderate

Indicator Analysis:

  1. Bollinger Bands:

  • The price is near the upper band, indicating strong upward momentum. If the price continues to hold above the middle band, it suggests a continuation of the bullish trend.

  • The middle band, which aligns with the 20-period moving average, can act as a dynamic support level in case of a pullback.

  1. Relative Strength Index (RSI):

  • The RSI is currently around 60, indicating bullish momentum. Despite showing a slight downturn, it remains in a strong zone, supporting further upward movement.

  1. Moving Average (MA):

  • The 20-period moving average is sloping upwards, indicating a continuation of the bullish trend.

Fundamental Analysis Insight:

  1. Interest Rates:

  • With the ECB maintaining a relatively dovish stance compared to the BoJ, the EUR is likely to remain strong against the JPY, supporting a bullish outlook.

  1. Economic Factors:

  • The Eurozone's economic data, though mixed, shows signs of resilience, while Japan continues to struggle with deflationary pressures, supporting the EUR/JPY pair's upward movement.


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 Trading Signal

Trade Direction: Buy

  • Entry Point: 0.9848

  • Take Profit:

  • TP1: 0.9875

  • TP2: 0.9900

  • Stop Loss: 0.9820

  • Confidence Level: Moderate

Indicator Analysis:

  1. Bollinger Bands:

  • The price is near the upper band, indicating strong upward momentum. If the price continues to hold above the middle band, it suggests a continuation of the bullish trend.

  • The middle band, which aligns with the 20-period moving average, can act as a dynamic support level in case of a pullback.

  1. Relative Strength Index (RSI):

  • The RSI is currently around 60, indicating bullish momentum. Despite showing a slight downturn, it remains in a strong zone, supporting further upward movement.

  1. Moving Average (MA):

  • The 20-period moving average is sloping upwards, indicating a continuation of the bullish trend.

Fundamental Analysis Insight:

  1. Interest Rates:

  • With the ECB maintaining a relatively dovish stance compared to the SNB, the EUR is likely to remain strong against the CHF, supporting a bullish outlook.

  1. Economic Factors:

  • The Eurozone's economic data, though mixed, shows signs of resilience, while Switzerland's economic indicators are relatively stable, supporting the EUR/CHF pair's upward movement.


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 Trading Signal

Trade Direction: Buy

  • Entry Point: 10.7212

  • Take Profit:

  • TP1: 10.7400

  • TP2: 10.7600

  • Stop Loss: 10.6900

  • Confidence Level: Moderate

Indicator Analysis:

  1. Bollinger Bands:

  • The price is near the middle band, indicating potential upward momentum if it can break above this level. The middle band, which aligns with the 20-period moving average, can act as a support level.

  1. Relative Strength Index (RSI):

  • The RSI is approaching 50, indicating a potential shift towards bullish momentum. It shows signs of an upward trend, supporting a buy signal.

  1. Moving Average (MA):

  • The 20-period moving average is relatively flat, but the price near the middle band suggests a potential for an upward move.

Fundamental Analysis Insight:

  1. Interest Rates:

  • Federal Reserve officials suggesting maintaining high interest rates for longer could strengthen the USD, supporting a bullish outlook for the USD/SEK pair.

  1. Swedish Economic Factors:

  • While Sweden's economic data shows stability, the strength of the USD due to Fed policies may push the USD/SEK pair higher.


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

Gold (XAU/USD) Intraday Trading Signal

Trade Direction: Buy

  • Entry Point: 2385.00

  • Take Profit:

  • TP1: 2400.00

  • TP2: 2410.00

  • Stop Loss: 2370.00

  • Confidence Level: Moderate

Indicator Analysis:

  1. Bollinger Bands:

  • The price is near the upper band, indicating strong upward momentum. If the price continues to hold above the middle band, it suggests a continuation of the bullish trend.

  • The middle band, which aligns with the 20-period moving average, can act as a dynamic support level in case of a pullback.

  1. Relative Strength Index (RSI):

  • The RSI is currently around 60, indicating bullish momentum. Despite showing a slight downturn, it remains in a strong zone, supporting further upward movement.

  1. Moving Average (MA):

  • The 20-period moving average is sloping upwards, indicating a continuation of the bullish trend.

Fundamental Analysis Insight:

  1. Interest Rates:

  • With Federal Reserve officials suggesting maintaining high interest rates for longer, the USD might gain strength. However, gold remains a strong hedge against inflation and economic instability, supporting a bullish outlook.

  1. Market Sentiment:

  • Continued economic uncertainty and mixed signals from global markets favor gold as a safe haven asset, supporting further price increases.

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

WTI Crude Oil (USOIL) Intraday Trading Signal

Trade Direction: Buy

  • Entry Point: 79.58

  • Take Profit:

  • TP1: 80.20

  • TP2: 81.00

  • Stop Loss: 78.80

  • Confidence Level: Moderate

Indicator Analysis:

  1. Bollinger Bands:

  • The price is near the upper band, indicating strong upward momentum. If the price continues to hold above the middle band, it suggests a continuation of the bullish trend.

  • The middle band, which aligns with the 20-period moving average, can act as a dynamic support level in case of a pullback.

  1. Relative Strength Index (RSI):

  • The RSI is currently around 60, indicating bullish momentum. The upward trend in RSI supports further price increases.

  1. Moving Average (MA):

  • The 20-period moving average is sloping upwards, indicating a continuation of the bullish trend.

Fundamental Analysis Insight:

  1. Demand Factors:

  • Despite concerns about China's economic slowdown, industrial production is accelerating, suggesting potential support for oil demand.

  • Geopolitical tensions and supply constraints could also support higher oil prices.

  1. Market Sentiment:

  • Mixed economic signals globally, but a risk-on sentiment in financial markets may provide upward pressure on 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

Brent Crude Oil (UKOUSD) Intraday Trading Signal

Trade Direction: Buy

  • Entry Point: 84.12

  • Take Profit:

  • TP1: 85.00

  • TP2: 86.00

  • Stop Loss: 83.00

  • Confidence Level: Moderate

Indicator Analysis:

  1. Bollinger Bands:

  • The price is near the upper band, indicating strong upward momentum. If the price continues to hold above the middle band, it suggests a continuation of the bullish trend.

  • The middle band, which aligns with the 20-period moving average, can act as a dynamic support level in case of a pullback.

  1. Relative Strength Index (RSI):

  • The RSI is currently around 60, indicating bullish momentum. The upward trend in RSI supports further price increases.

  1. Moving Average (MA):

  • The 20-period moving average is sloping upwards, indicating a continuation of the bullish trend.

Fundamental Analysis Insight:

  1. Demand Factors:

  • Despite concerns about China's economic slowdown, industrial production is accelerating, suggesting potential support for oil demand.

  • Geopolitical tensions and supply constraints could also support higher oil prices.

  1. Market Sentiment:

  • Mixed economic signals globally, but a risk-on sentiment in financial markets may provide upward pressure on 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

Bitcoin (BTC/USD) Intraday Trading Signal

Trade Direction: Buy

  • Entry Point: 66,268

  • Take Profit:

  • TP1: 67,500

  • TP2: 69,000

  • Stop Loss: 65,000

  • Confidence Level: Moderate

Indicator Analysis:

  1. Bollinger Bands:

  • The price is near the upper band, indicating strong upward momentum. If the price continues to hold above the middle band, it suggests a continuation of the bullish trend.

  • The middle band, which aligns with the 20-period moving average, can act as a dynamic support level in case of a pullback.

  1. Relative Strength Index (RSI):

  • The RSI is currently around 70, indicating bullish momentum. The upward trend in RSI supports further price increases.

  1. Moving Average (MA):

  • The 20-period moving average is sloping upwards, indicating a continuation of the bullish trend.

Fundamental Analysis Insight:

  1. Institutional Interest:

  • Growing institutional interest in Bitcoin ETFs, with key players like Millennium, Point72, and Elliott investing, is driving positive market sentiment.

  • This interest signals confidence in the long-term value of Bitcoin and provides strong support for upward price movement.

  1. Market Sentiment:

  • Renewed interest in risk-on assets, including meme stocks, suggests a broader market optimism that could spill over into cryptocurrencies, bolstering Bitcoin’s price.

 

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