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May 207 min read

Free Forex Trading Signals for Maximum Profit - Expert Insights and Daily Updates - May 20, 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


Forex Signals

  • USD/JPY: Potential short position as speculation on BOJ policy changes continues.

  • EUR/USD: Range trading opportunities as the Euro remains stable ahead of PMI data.

  • GBP/USD: Watch for breakout opportunities with upcoming BoE insights and UK inflation data.

Commodities Signals

  • Gold: Long positions favored with gold hitting record highs amid geopolitical tensions and rate cut expectations.

  • Copper: Consider long positions driven by China’s economic policies and increased demand.

  • Silver: Long positions as silver surges past $30 an ounce, following gold's upward trend.

Today's Key Events

  • Economic Data: Preliminary PMI figures from Europe to provide insights into manufacturing and services sectors.

  • Speeches: Federal Reserve Vice Chair Philip Jefferson, Riksbank’s Jansson and Thedeen, and BoE’s Broadbent.

  • Earnings Report: Nvidia's earnings release, crucial for tech sector sentiment.


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: Buy

  • Entry Point: 1.0880

  • Take Profit: TP1: 1.0900, TP2: 1.0930

  • Stop Loss: 1.0850

  • Confidence Level: Moderate

  • Indicator Analysis:

  • Bollinger Bands: The price is near the upper band, indicating potential resistance.

  • Ichimoku Cloud: The price is above the cloud, suggesting a bullish trend.

  • ATR (Average True Range): 0.00164, indicating moderate volatility.

  • MACD (Moving Average Convergence Divergence): Showing a bullish crossover, supporting upward momentum.

  • RSI (Relative Strength Index): 64.89, indicating a bullish but not overbought condition.

  • Fundamental Analysis Insight: Preliminary PMI figures from Europe will provide insights into the manufacturing and services sectors. Speeches from key central bank officials today could also impact market sentiment.



GBP/USD Intraday Trading Signal

  • Trade Direction: Buy

  • Entry Point: 1.2701

  • Take Profit: TP1: 1.2730, TP2: 1.2760

  • Stop Loss: 1.2670

  • Confidence Level: High

  • Indicator Analysis:

  • Bollinger Bands: The price is near the upper band, indicating bullish momentum.

  • Ichimoku Cloud: The price is above the cloud, suggesting a strong bullish trend.

  • ATR (Average True Range): 0.00230, indicating moderate volatility.

  • MACD (Moving Average Convergence Divergence): Showing a bullish crossover, supporting upward momentum.

  • RSI (Relative Strength Index): 67.63, indicating a bullish condition but nearing overbought territory.

  • Fundamental Analysis Insight: Anticipation of BoE insights and UK inflation data is likely to drive the GBP higher.



USD/JPY Intraday Trading Signal

  • Trade Direction: Sell

  • Entry Point: 155.72

  • Take Profit: TP1: 155.00, TP2: 154.50

  • Stop Loss: 156.20

  • Confidence Level: Moderate

  • Indicator Analysis:

  • Bollinger Bands: The price is near the upper band, indicating potential resistance.

  • Ichimoku Cloud: The price is slightly below the cloud, suggesting a bearish trend.

  • ATR (Average True Range): 0.420, indicating moderate volatility.

  • MACD (Moving Average Convergence Divergence): Showing a bearish crossover, supporting downward momentum.

  • RSI (Relative Strength Index): 53.51, indicating a neutral to bearish condition.

  • Fundamental Analysis Insight: Ongoing speculation about BOJ policy changes is expected to weaken the USD against the JPY.



USD/CHF Intraday Trading Signal

  • Trade Direction: Buy

  • Entry Point: 0.9089

  • Take Profit: TP1: 0.9110, TP2: 0.9130

  • Stop Loss: 0.9060

  • Confidence Level: Moderate

  • Indicator Analysis:

  • Bollinger Bands: The price is near the upper band, indicating bullish momentum.

  • Ichimoku Cloud: The price is above the cloud, suggesting a bullish trend.

  • ATR (Average True Range): 0.00187, indicating moderate volatility.

  • MACD (Moving Average Convergence Divergence): Showing a bullish crossover, supporting upward momentum.

  • RSI (Relative Strength Index): 60.81, indicating a bullish condition but not overbought.

  • Fundamental Analysis Insight: The USD/CHF pair could be influenced by economic data and speeches from key central bank officials today, potentially driving the pair higher.



NZD/USD Intraday Trading Signal

  • Trade Direction: Buy

  • Entry Point: 0.6126

  • Take Profit: TP1: 0.6150, TP2: 0.6170

  • Stop Loss: 0.6100

  • Confidence Level: Moderate

  • Indicator Analysis:

  • Bollinger Bands: The price is near the upper band, indicating bullish momentum.

  • Ichimoku Cloud: The price is above the cloud, suggesting a bullish trend.

  • ATR (Average True Range): 0.00169, indicating moderate volatility.

  • MACD (Moving Average Convergence Divergence): Showing a bullish crossover, supporting upward momentum.

  • RSI (Relative Strength Index): 66.02, indicating a bullish condition but not overbought.

  • Fundamental Analysis Insight: The NZD/USD pair could be influenced by global economic data and market sentiment, potentially driving the pair higher.





AUD/USD Intraday Trading Signal

  • Trade Direction: Buy

  • Entry Point: 0.6699

  • Take Profit: TP1: 0.6715, TP2: 0.6735

  • Stop Loss: 0.6675

  • Confidence Level: Moderate

  • Indicator Analysis:

  • Bollinger Bands: The price is near the upper band, indicating bullish momentum.

  • Ichimoku Cloud: The price is above the cloud, suggesting a bullish trend.

  • ATR (Average True Range): 0.00196, indicating moderate volatility.

  • MACD (Moving Average Convergence Divergence): Showing a bullish crossover, supporting upward momentum.

  • RSI (Relative Strength Index): 62.43, indicating a bullish condition but not overbought.

  • Fundamental Analysis Insight: The AUD/USD pair could be influenced by global economic data and market sentiment, potentially driving the pair higher.



USD/CAD Intraday Trading Signal

  • Trade Direction: Sell

  • Entry Point: 1.3609

  • Take Profit: TP1: 1.3585, TP2: 1.3560

  • Stop Loss: 1.3635

  • Confidence Level: Moderate

  • Indicator Analysis:

  • Bollinger Bands: The price is near the lower band, indicating bearish momentum.

  • Ichimoku Cloud: The price is below the cloud, suggesting a bearish trend.

  • ATR (Average True Range): 0.00198, indicating moderate volatility.

  • MACD (Moving Average Convergence Divergence): Showing a bearish crossover, supporting downward momentum.

  • RSI (Relative Strength Index): 41.68, indicating a bearish condition but not oversold.

  • Fundamental Analysis Insight: The USD/CAD pair could be influenced by economic data and market sentiment, potentially driving the pair lower.



EUR/GBP Intraday Trading Signal

  • Trade Direction: Sell

  • Entry Point: 0.8563

  • Take Profit: TP1: 0.8540, TP2: 0.8515

  • Stop Loss: 0.8585

  • Confidence Level: Moderate

  • Indicator Analysis:

  • Bollinger Bands: The price is near the lower band, indicating bearish momentum.

  • Ichimoku Cloud: The price is below the cloud, suggesting a bearish trend.

  • ATR (Average True Range): 0.00093, indicating low volatility.

  • MACD (Moving Average Convergence Divergence): Showing a bearish crossover, supporting downward momentum.

  • RSI (Relative Strength Index): 38.65, indicating a bearish condition but not oversold.

  • Fundamental Analysis Insight: The EUR/GBP pair could be influenced by economic data and market sentiment, potentially driving the pair lower.


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: 169.29

  • Take Profit: TP1: 169.60, TP2: 169.90

  • Stop Loss: 168.90

  • Confidence Level: Moderate

  • Indicator Analysis:

  • Bollinger Bands: The price is near the upper band, indicating bullish momentum.

  • Ichimoku Cloud: The price is above the cloud, suggesting a bullish trend (although the Ichimoku Cloud indicator isn't fully visible).

  • ATR (Average True Range): 0.388, indicating moderate volatility.

  • MACD (Moving Average Convergence Divergence): Showing a bullish crossover, supporting upward momentum.

  • RSI (Relative Strength Index): 61.18, indicating a bullish condition but not overbought.

  • Fundamental Analysis Insight: The EUR/JPY pair could be influenced by economic data and market sentiment, potentially driving the pair higher.


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: 0.9889

  • Take Profit: TP1: 0.9910, TP2: 0.9930

  • Stop Loss: 0.9865

  • Confidence Level: Moderate

  • Indicator Analysis:

  • Bollinger Bands: The price is near the upper band, indicating bullish momentum.

  • Ichimoku Cloud: The price is above the cloud, suggesting a bullish trend.

  • ATR (Average True Range): 0.00150, indicating low volatility.

  • MACD (Moving Average Convergence Divergence): Showing a bullish crossover, supporting upward momentum.

  • RSI (Relative Strength Index): 77.47, indicating a bullish condition but nearing overbought territory.

  • Fundamental Analysis Insight: The EUR/CHF pair could be influenced by economic data and market sentiment, potentially driving the pair higher.


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: Sell

  • Entry Point: 10.6952

  • Take Profit: TP1: 10.6800, TP2: 10.6600

  • Stop Loss: 10.7200

  • Confidence Level: Moderate

  • Indicator Analysis:

  • Bollinger Bands: The price is near the lower band, indicating bearish momentum.

  • Ichimoku Cloud: The price is below the cloud, suggesting a bearish trend.

  • ATR (Average True Range): 0.03495, indicating moderate volatility.

  • MACD (Moving Average Convergence Divergence): Showing a bearish crossover, supporting downward momentum.

  • RSI (Relative Strength Index): 38.79, indicating a bearish condition but not oversold.

  • Fundamental Analysis Insight: The USD/SEK pair could be influenced by economic data and market sentiment, potentially driving the pair lower.


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: 2440.00

  • Take Profit: TP1: 2460.00, TP2: 2480.00

  • Stop Loss: 2420.00

  • Confidence Level: High

  • Indicator Analysis:

  • Bollinger Bands: The price is near the upper band, indicating strong bullish momentum.

  • Ichimoku Cloud: The price is above the cloud, suggesting a bullish trend.

  • ATR (Average True Range): 14.15, indicating high volatility.

  • MACD (Moving Average Convergence Divergence): Showing a strong bullish crossover, supporting upward momentum.

  • RSI (Relative Strength Index): 74.00, indicating a bullish condition but nearing overbought territory.

  • Fundamental Analysis Insight: Geopolitical tensions and expectations of rate cuts are likely to drive gold prices higher.


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: 80.20

  • Take Profit: TP1: 81.00, TP2: 82.00

  • Stop Loss: 79.50

  • Confidence Level: Moderate

  • Indicator Analysis:

  • Bollinger Bands: The price is near the upper band, indicating bullish momentum.

  • Ichimoku Cloud: The price is above the cloud, suggesting a bullish trend.

  • ATR (Average True Range): 0.586, indicating moderate volatility.

  • MACD (Moving Average Convergence Divergence): Showing a bullish crossover, supporting upward momentum.

  • RSI (Relative Strength Index): 63.91, indicating a bullish condition but not overbought.

  • Fundamental Analysis Insight: WTI crude oil prices could be influenced by geopolitical tensions and supply constraints, potentially driving prices higher.


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: 84.53

  • Take Profit: TP1: 85.50, TP2: 86.50

  • Stop Loss: 83.80

  • Confidence Level: Moderate

  • Indicator Analysis:

  • Bollinger Bands: The price is near the upper band, indicating bullish momentum.

  • Ichimoku Cloud: The price is above the cloud, suggesting a bullish trend.

  • ATR (Average True Range): 0.492, indicating moderate volatility.

  • MACD (Moving Average Convergence Divergence): Showing a bullish crossover, supporting upward momentum.

  • RSI (Relative Strength Index): 62.73, indicating a bullish condition but not overbought.

  • Fundamental Analysis Insight: Brent crude oil prices could be influenced by geopolitical tensions and supply constraints, potentially driving prices higher.


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 (BTCUSD) Intraday Trading Signal

  • Trade Direction: Buy

  • Entry Point: 66,711

  • Take Profit: TP1: 67,800, TP2: 68,500

  • Stop Loss: 66,000

  • Confidence Level: Moderate

  • Indicator Analysis:

  • Bollinger Bands: The price is near the upper band, indicating bullish momentum.

  • Ichimoku Cloud: The price is above the cloud, suggesting a bullish trend.

  • ATR (Average True Range): 728.27, indicating high volatility.

  • MACD (Moving Average Convergence Divergence): Showing a bullish crossover, supporting upward momentum.

  • RSI (Relative Strength Index): 56.45, indicating a bullish condition but not overbought.

  • Fundamental Analysis Insight: Bitcoin remains in focus amid ongoing discussions about regulatory measures and adoption rates by institutions.

 

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.


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