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May 219 min read

Free Forex Trading Signals for Maximum Profit - Expert Insights and Daily Updates - May 21, 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


  • Nvidia Earnings Anticipation: Options markets predict an 8.7% swing in Nvidia shares by Friday, with potential impacts on the broader AI sector.

  • Asian Market Pause: Asian stocks retreated after weak earnings from Li Auto; commodities like gold and copper remain near all-time highs.

  • CAD Inflation Data: Key CPI figures for Canada are expected today, with potential impacts on CAD pairs.

  • USD/JPY: Yen continues to weaken due to interest rate differentials; Japanese Finance Minister expresses concerns about adverse effects.

  • Oil Prices: Brent crude near $83, with a potential weakening market outlook affecting oil-linked currencies.

  • Commodities Trends: Gold and copper prices remain strong, suggesting bullish trends for commodity-linked currencies like AUD and CAD.



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 Trading Signal

  • Trade Direction: Sell

  • Entry Point: 1.0856 (current price)

  • Take Profit:

  • TP1: 1.0835

  • TP2: 1.0810

  • Stop Loss: 1.0880

  • Confidence Level: Moderate

  • Indicator Analysis:

  • Bollinger Bands: Price near the middle band, moving towards the lower band.

  • Ichimoku Cloud: Price below the cloud, indicating a bearish trend.

  • ATR: Moderate volatility at 0.00150.

  • MACD: MACD line below the signal line, showing bearish momentum.

  • RSI: RSI at 53.74, neutral to slightly bearish.

  • Fundamental Analysis Insight:

  • ECB President Lagarde's speech and US Treasury Secretary Yellen's remarks could impact EUR/USD volatility. Canadian CPI data may also influence market sentiment and indirectly affect EUR/USD.



GBP/USD Intraday Trading Signal

Key Information:

  • Daily Pivot: 1.2706

  • Current Price: 1.2709

Trade Direction: Buy

Entry Point: 1.2709 (current price)

Take Profit:

  • TP1: 1.2750 (recent high resistance level)

  • TP2: 1.2780 (upper Bollinger Band)

Stop Loss: 1.2680 (below the recent low and Bollinger middle band)

Confidence Level: High

Indicator Analysis:

  1. Bollinger Bands: Price is near the upper band, indicating strong upward momentum.

  2. Ichimoku Cloud: Price above the cloud, suggesting a bullish trend.

  3. ATR (Average True Range): ATR is at 0.00205, indicating moderate volatility.

  4. MACD: MACD line is above the signal line, showing bullish momentum.

  5. RSI (Relative Strength Index): RSI at 65.88, indicating strong buying pressure.

Fundamental Analysis Insight:

  • BOE Governor Bailey Speaks at 8:00 pm: Potentially significant for GBP/USD, as remarks may influence market sentiment and future monetary policy expectations.



USD/JPY Intraday Trading Signal

Key Information:

  • Daily Pivot: 156.02

  • Current Price: 156.35

Trade Direction: Buy

Entry Point: 156.35 (current price)

Take Profit:

  • TP1: 156.80 (recent high resistance level)

  • TP2: 157.20 (upper Bollinger Band)

Stop Loss: 156.00 (below the daily pivot and recent low)

Confidence Level: High

Indicator Analysis:

  1. Bollinger Bands: Price is near the upper band, indicating strong upward momentum.

  2. Ichimoku Cloud: Price above the cloud, suggesting a bullish trend.

  3. ATR (Average True Range): ATR is at 0.371, indicating high volatility.

  4. MACD: MACD line is above the signal line, showing bullish momentum.

  5. RSI (Relative Strength Index): RSI at 60.90, indicating strong buying pressure.

Fundamental Analysis Insight:

  • FOMC Member Waller Speaks at 4:00 pm: Remarks may influence USD strength and subsequently affect USD/JPY. Keep an eye on any significant policy insights or economic outlook changes that could drive the pair's movement.



USD/CHF Intraday Trading Signal

Key Information:

  • Daily Pivot: 0.9098

  • Current Price: 0.9101

Trade Direction: Buy

Entry Point: 0.9101 (current price)

Take Profit:

  • TP1: 0.9130 (upper Bollinger Band)

  • TP2: 0.9150 (previous resistance level)

Stop Loss: 0.9070 (below the recent low and daily pivot)

Confidence Level: High

Indicator Analysis:

  1. Bollinger Bands: Price is near the upper band, indicating strong upward momentum.

  2. Ichimoku Cloud: Price is above the cloud, suggesting a bullish trend.

  3. ATR (Average True Range): ATR is at 0.00182, indicating moderate volatility.

  4. MACD: MACD line is above the signal line, showing bullish momentum.

  5. RSI (Relative Strength Index): RSI at 61.12, indicating strong buying pressure.

Fundamental Analysis Insight:

  • Speeches by ECB President Lagarde and US Treasury Secretary Yellen: Their remarks may impact USD strength and overall market sentiment, influencing USD/CHF volatility.


NZD/USD Intraday Trading Signal

Key Information:

  • Daily Pivot: 0.6113

  • Current Price: 0.6101

Trade Direction: Sell

Entry Point: 0.6101 (current price)

Take Profit:

  • TP1: 0.6070 (lower Bollinger Band)

  • TP2: 0.6040 (previous support level)

Stop Loss: 0.6125 (above the daily pivot and recent high)

Confidence Level: Moderate

Indicator Analysis:

  1. Bollinger Bands: Price is near the middle band, moving towards the lower band.

  2. Ichimoku Cloud: Price is below the cloud, indicating a bearish trend.

  3. ATR (Average True Range): ATR is at 0.00165, indicating moderate volatility.

  4. MACD: MACD line is below the signal line, showing bearish momentum.

  5. RSI (Relative Strength Index): RSI at 60.61, indicating slight downward pressure.

Fundamental Analysis Insight:

  • No major events: There are no significant events specifically impacting NZD/USD today, but general market sentiment and risk appetite will likely drive the pair's movement.





AUD/USD Intraday Trading Signal

Key Information:

  • Daily Pivot: 0.6666

  • Current Price: 0.6658

Trade Direction: Sell

Entry Point: 0.6658 (current price)

Take Profit:

  • TP1: 0.6625 (lower Bollinger Band)

  • TP2: 0.6600 (previous support level)

Stop Loss: 0.6680 (above the daily pivot and recent high)

Confidence Level: Moderate

Indicator Analysis:

  1. Bollinger Bands: Price is near the middle band, moving towards the lower band.

  2. Ichimoku Cloud: Price is below the cloud, indicating a bearish trend.

  3. ATR (Average True Range): ATR is at 0.00191, indicating moderate volatility.

  4. MACD: MACD line is below the signal line, showing bearish momentum.

  5. RSI (Relative Strength Index): RSI at 55.99, indicating slight downward pressure.

Fundamental Analysis Insight:

  • Speeches by ECB President Lagarde and US Treasury Secretary Yellen: Their remarks may impact USD strength and overall market sentiment, influencing AUD/USD volatility.



USD/CAD Intraday Trading Signal

Key Information:

  • Daily Pivot: 1.3614

  • Current Price: 1.3631

Trade Direction: Buy

Entry Point: 1.3631 (current price)

Take Profit:

  • TP1: 1.3660 (upper Bollinger Band)

  • TP2: 1.3690 (previous resistance level)

Stop Loss: 1.3600 (below the daily pivot and recent low)

Confidence Level: Moderate

Indicator Analysis:

  1. Bollinger Bands: Price is near the middle band, moving towards the upper band.

  2. Ichimoku Cloud: Price is above the cloud, indicating a bullish trend.

  3. ATR (Average True Range): ATR is at 0.00190, indicating moderate volatility.

  4. MACD: MACD line is slightly above the signal line, showing potential bullish momentum.

  5. RSI (Relative Strength Index): RSI at 45.30, indicating slight upward pressure.

Fundamental Analysis Insight:

  • Canadian CPI Data: The upcoming CPI data release for CAD at 3:30 pm could significantly impact USD/CAD. Positive CPI figures may strengthen CAD, but any deviation might support the current upward trend in USD/CAD.



EUR/GBP Intraday Trading Signal

Key Information:

  • Daily Pivot: 0.8554

  • Current Price: 0.8543

Trade Direction: Sell

Entry Point: 0.8543 (current price)

Take Profit:

  • TP1: 0.8520 (lower Bollinger Band)

  • TP2: 0.8500 (previous support level)

Stop Loss: 0.8565 (above the daily pivot and recent high)

Confidence Level: High

Indicator Analysis:

  1. Bollinger Bands: Price is near the lower band, indicating a strong downward momentum.

  2. Ichimoku Cloud: Price is below the cloud, indicating a bearish trend.

  3. ATR (Average True Range): ATR is at 0.00089, indicating low volatility.

  4. MACD: MACD line is below the signal line, showing bearish momentum.

  5. RSI (Relative Strength Index): RSI at 32.02, indicating strong selling pressure.

Fundamental Analysis Insight:

  • BOE Governor Bailey Speaks at 8:00 pm: Remarks may influence GBP strength and overall market sentiment, impacting EUR/GBP volatility.


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

Key Information:

  • Daily Pivot: 169.47

  • Current Price: 169.79

Trade Direction: Buy

Entry Point: 169.79 (current price)

Take Profit:

  • TP1: 170.20 (upper Bollinger Band)

  • TP2: 170.60 (previous resistance level)

Stop Loss: 169.30 (below the daily pivot and recent low)

Confidence Level: High

Indicator Analysis:

  1. Bollinger Bands: Price is near the upper band, indicating strong upward momentum.

  2. Ichimoku Cloud: Price is above the cloud, suggesting a bullish trend.

  3. ATR (Average True Range): ATR is at 0.376, indicating high volatility.

  4. MACD: MACD line is above the signal line, showing bullish momentum.

  5. RSI (Relative Strength Index): RSI at 63.80, indicating strong buying pressure.

Fundamental Analysis Insight:

  • ECB President Lagarde Speaks at 11:00 am: Potentially significant for EUR/JPY, as remarks may influence EUR strength and overall market sentiment.

  • Japanese Finance Minister's Concerns: Ongoing concerns about the yen's weakness may further support the bullish outlook for EUR/JPY.


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

Key Information:

  • Daily Pivot: 0.9884

  • Current Price: 0.98825

Trade Direction: Buy

Entry Point: 0.98825 (current price)

Take Profit:

  • TP1: 0.9910 (upper Bollinger Band)

  • TP2: 0.9930 (previous resistance level)

Stop Loss: 0.9860 (below the daily pivot and recent low)

Confidence Level: High

Indicator Analysis:

  1. Bollinger Bands: Price is near the upper band, indicating strong upward momentum.

  2. Ichimoku Cloud: Price is above the cloud, suggesting a bullish trend.

  3. ATR (Average True Range): ATR is at 0.00149, indicating moderate volatility.

  4. MACD: MACD line is above the signal line, showing bullish momentum.

  5. RSI (Relative Strength Index): RSI at 73.24, indicating strong buying pressure.

Fundamental Analysis Insight:

  • ECB President Lagarde Speaks at 11:00 am: Remarks may influence EUR strength and overall market sentiment, impacting EUR/CHF volatility.


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

Key Information:

  • Daily Pivot: 10.6922

  • Current Price: 10.6835

Trade Direction: Sell

Entry Point: 10.6835 (current price)

Take Profit:

  • TP1: 10.6550 (lower Bollinger Band)

  • TP2: 10.6300 (previous support level)

Stop Loss: 10.7000 (above the daily pivot and recent high)

Confidence Level: Moderate

Indicator Analysis:

  1. Bollinger Bands: Price is near the lower band, indicating strong downward momentum.

  2. Ichimoku Cloud: Price is below the cloud, suggesting a bearish trend.

  3. ATR (Average True Range): ATR is at 0.03217, indicating high volatility.

  4. MACD: MACD line is below the signal line, showing bearish momentum.

  5. RSI (Relative Strength Index): RSI at 41.14, indicating selling pressure.

Fundamental Analysis Insight:

  • General Market Sentiment: Currently, there are no major economic events specific to SEK today. The pair's movement will likely be influenced by broader market sentiment and risk appetite.


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 Trading Signal

Key Information:

  • Daily Pivot: 2,428.33

  • Current Price: 2,415.55

Trade Direction: Sell

Entry Point: 2,415.55 (current price)

Take Profit:

  • TP1: 2,400.00 (lower Bollinger Band)

  • TP2: 2,380.00 (previous support level)

Stop Loss: 2,430.00 (above the daily pivot and recent high)

Confidence Level: High

Indicator Analysis:

  1. Bollinger Bands: Price is near the middle band, moving towards the lower band.

  2. Ichimoku Cloud: Price is above the cloud but showing signs of potential downward movement.

  3. ATR (Average True Range): ATR is at 14.96, indicating high volatility.

  4. MACD: MACD line is above the signal line, but momentum is weakening.

  5. RSI (Relative Strength Index): RSI at 66.66, indicating potential overbought conditions and a reversal.

Fundamental Analysis Insight:

  • General Market Sentiment: Commodities like gold remain near all-time highs, but the market sentiment may shift due to Nvidia earnings anticipation and broader economic factors.


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

Key Information:

  • Daily Pivot: 79.85

  • Current Price: 78.74

Trade Direction: Sell

Entry Point: 78.74 (current price)

Take Profit:

  • TP1: 78.00 (lower Bollinger Band)

  • TP2: 77.00 (previous support level)

Stop Loss: 80.00 (above the daily pivot and recent high)

Confidence Level: Moderate

Indicator Analysis:

  1. Bollinger Bands: Price is moving towards the lower band, indicating downward pressure.

  2. Ichimoku Cloud: Price is below the cloud, suggesting a bearish trend.

  3. ATR (Average True Range): ATR is at 0.60, indicating moderate volatility.

  4. MACD: MACD line is below the signal line, showing bearish momentum.

  5. RSI (Relative Strength Index): RSI at 52.70, showing potential for further downside.

Fundamental Analysis Insight:

  • General Market Sentiment: Oil prices are near $83, with a potential weakening market outlook affecting oil-linked currencies. Anticipation of Nvidia earnings and broader market sentiment could impact crude 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 Signal

  • Trade Direction: Sell

  • Entry Point: 83.31

  • Take Profit: TP1: 82.50, TP2: 82.00

  • Stop Loss: 84.00

  • Confidence Level: Moderate

  • Indicator Analysis:

  • Bollinger Bands: The price is near the lower band, indicating potential continuation of downward movement.

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

  • ATR: 0.562, showing moderate volatility.

  • MACD: Negative crossover, indicating bearish momentum.

  • RSI: 45.07, suggesting mild bearish sentiment.

  • Fundamental Analysis Insight: Similar to WTI, Brent prices are affected by global economic concerns, geopolitical tensions, and OPEC's production decisions.


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

BTC/USD Intraday Signal

Trade Direction: Sell

Entry Point: 71,186

Take Profit: TP1: 69,500, TP2: 68,000

Stop Loss: 72,500

Confidence Level: High

Indicator Analysis:

  • Bollinger Bands: The price is nearing the upper Bollinger Band, indicating overbought conditions and potential for a pullback.

  • Ichimoku Cloud: The price is well above the cloud, suggesting a strong uptrend, but it is also an indicator of a possible correction due to overextension.

  • ATR: The ATR value is at 944, indicating increased volatility.

  • MACD: The MACD shows bullish momentum, but the histogram indicates a possible peak and potential bearish crossover.

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

Fundamental Analysis Insight:

  • Market Sentiment: Bitcoin recently experienced a significant rally, driven by positive market sentiment and increasing institutional interest. However, this rapid increase often leads to short-term corrections.

  • Macroeconomic Factors: Investors are seeking alternative assets like Bitcoin due to concerns over inflation and economic uncertainty globally.

  • Regulatory Environment: Mixed signals from regulators worldwide create both opportunities and risks for Bitcoin. Recent positive news might have driven the current rally, but potential regulatory crackdowns could trigger a sell-off.

  • Adoption and Usage: Increased adoption of Bitcoin for transactions and as an investment by both retail and institutional investors continues to support its price. However, high volatility remains a concern.

  • Technical Development: Advancements in Bitcoin's network, such as the implementation of the Lightning Network for faster transactions, enhance its usability but also lead to speculative price movements.

 

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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