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May 238 min read

Free Forex Trading Signals for Maximum Profit - Expert Insights and Daily Updates - May 23, 2024

Forex (GMT)

  • EUR:

  • 8:15am: French Flash Manufacturing PMI

  • 8:15am: French Flash Services PMI

  • 8:30am: German Flash Manufacturing PMI

  • 8:30am: German Flash Services PMI

  • GBP:

  • 9:30am: Flash Manufacturing PMI

  • 9:30am: Flash Services PMI

  • USD:

  • 1:30pm: Unemployment Claims

  • 2:45pm: Flash Manufacturing PMI

  • 2:45pm: Flash Services PMI

Dollar

  • Clings to Wednesday rally due to rising US yields.

  • Fed minutes suggest higher rates for longer, impacting Asian currencies negatively.

Gold

  • Fell for the second day, currently down 0.2% to $2,373.60 an ounce, after a 1.7% drop on Wednesday.

Oil

  • WTI crude fell 0.7% to $77.04 a barrel, marking its fourth daily decline.

Key Market Events

  • Positive Nvidia earnings boosted US equity futures and Asian stocks.

  • Nvidia's forecast of $28 billion in Q2 revenue beat expectations, lifting tech stocks.

  • Asian stocks rose broadly, led by South Korea, Taiwan, and Japan; declines in Australia, China, and Hong Kong.

  • Strong US tech sector earnings, particularly in semiconductors, with expected growth of 20% this year.

Overview of Data Releases

  • Eurozone: S&P Global services and manufacturing PMIs.

  • US:

  • New home sales.

  • Initial jobless claims.

  • Durable goods orders.

  • Consumer sentiment data.

  • Speeches: Fed's Raphael Bostic and Christopher Waller.



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.

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



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

Trading Signal for EUR/USD

  • Trade Direction: Sell

  • Entry Point: 1.0823

  • Take Profit: TP1: 1.0780, TP2: 1.0740

  • Stop Loss: 1.0870

  • Confidence Level: High

  • Indicator Analysis:

  • Bollinger Bands: Price is hugging the lower band, indicating bearish momentum.

  • Ichimoku Cloud: Price is below the cloud, reinforcing the bearish trend.

  • Average True Range (ATR): 0.00151, indicating moderate volatility.

  • MACD: Both lines are below zero, showing bearish momentum.

  • Relative Strength Index (RSI): At 46.92, nearing the oversold region, suggesting potential for further downside.

  • Fundamental Analysis Insight:

  • Economic Data: The upcoming French and German Flash Manufacturing and Services PMI data releases are crucial. Weak results could further pressure the EUR.

  • Market Sentiment: The USD remains strong due to rising US yields, contributing to a bearish outlook for EUR/USD.




Trading Signal for GBP/USD

  • Trade Direction: Buy

  • Entry Point: 1.2724

  • Take Profit: TP1: 1.2760, TP2: 1.2800

  • Stop Loss: 1.2690

  • Confidence Level: Moderate

  • Indicator Analysis:

  • Bollinger Bands: Price is at the upper band, indicating bullish momentum.

  • Ichimoku Cloud: Price is above the cloud, suggesting an upward trend.

  • Average True Range (ATR): 0.00227, indicating moderate volatility.

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

  • Relative Strength Index (RSI): At 64.62, indicating a strong bullish momentum.

  • Fundamental Analysis Insight:

  • Economic Data: Positive PMI data expected from the UK could support the GBP.

  • Market Sentiment: Overall market sentiment is positive, supported by strong earnings from major tech companies, which could indirectly boost GBP as risk sentiment improves.



Trading Signal for USD/JPY

  • Trade Direction: Buy

  • Entry Point: 156.66

  • Take Profit: TP1: 157.20, TP2: 157.80

  • Stop Loss: 156.10

  • Confidence Level: Moderate

  • Indicator Analysis:

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

  • Ichimoku Cloud: Price is above the cloud, suggesting an upward trend.

  • Average True Range (ATR): 0.303, indicating moderate volatility.

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

  • Relative Strength Index (RSI): At 61.46, indicating a strong bullish momentum.

  • Fundamental Analysis Insight:

  • Economic Data: Upcoming US unemployment claims and PMI data are crucial. Positive data could further strengthen USD.

  • Market Sentiment: Strong US dollar supported by higher US yields, positive for USD/JPY.



Trading Signal for USD/CHF

  • Trade Direction: Buy

  • Entry Point: 0.91498

  • Take Profit: TP1: 0.9180, TP2: 0.9200

  • Stop Loss: 0.9110

  • Confidence Level: Moderate

  • Indicator Analysis:

  • Bollinger Bands: Price is at the upper band, indicating bullish momentum.

  • Ichimoku Cloud: Price is above the cloud, suggesting an upward trend.

  • Average True Range (ATR): 0.00170, indicating moderate volatility.

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

  • Relative Strength Index (RSI): At 66.67, indicating strong bullish momentum.

  • Fundamental Analysis Insight:

  • Economic Data: Upcoming US unemployment claims and PMI data are crucial. Positive data could further strengthen USD.

  • Market Sentiment: Strong US dollar supported by higher US yields, positive for USD/CHF.



Trading Signal for NZD/USD

  • Trade Direction: Buy

  • Entry Point: 0.61193

  • Take Profit: TP1: 0.6150, TP2: 0.6180

  • Stop Loss: 0.6080

  • Confidence Level: Moderate

  • Indicator Analysis:

  • Bollinger Bands: Price is moving towards the upper band, indicating bullish momentum.

  • Ichimoku Cloud: Price is above the cloud, suggesting an upward trend.

  • Average True Range (ATR): 0.00191, indicating moderate volatility.

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

  • Relative Strength Index (RSI): At 52.88, indicating bullish momentum but not yet overbought.

  • Fundamental Analysis Insight:

  • Economic Data: New Zealand's recent economic data and RBNZ's comments on inflation control provide a positive outlook for NZD.

  • Market Sentiment: Improving global risk sentiment and stable economic outlook in New Zealand support the bullish trend.





Trading Signal for AUD/USD

  • Trade Direction: Sell

  • Entry Point: 0.6627

  • Take Profit: TP1: 0.6580, TP2: 0.6540

  • Stop Loss: 0.6660

  • Confidence Level: Moderate

  • Indicator Analysis:

  • Bollinger Bands: Price is moving towards the lower band, indicating bearish momentum.

  • Ichimoku Cloud: Price is below the cloud, suggesting a downward trend.

  • Average True Range (ATR): 0.00194, indicating moderate volatility.

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

  • Relative Strength Index (RSI): At 44.61, indicating bearish momentum but not yet oversold.

  • Fundamental Analysis Insight:

  • Economic Data: Recent Australian economic data has been weak, and the global risk sentiment is cautious, weighing on the AUD.

  • Market Sentiment: The strong US dollar, supported by higher US yields, is putting pressure on AUD/USD.


Trading Signal for USD/CAD

  • Trade Direction: Buy

  • Entry Point: 1.3682

  • Take Profit: TP1: 1.3720, TP2: 1.3760

  • Stop Loss: 1.3640

  • Confidence Level: Moderate

  • Indicator Analysis:

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

  • Ichimoku Cloud: Price is above the cloud, suggesting an upward trend.

  • Average True Range (ATR): 0.00217, indicating moderate volatility.

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

  • Relative Strength Index (RSI): At 57.83, indicating bullish momentum but not yet overbought.

  • Fundamental Analysis Insight:

  • Economic Data: Upcoming US economic data, including unemployment claims and PMI, are expected to support the USD.

  • Market Sentiment: Strong US dollar driven by higher US yields and positive economic outlook, providing support for USD/CAD.



Trading Signal for EUR/GBP

  • Trade Direction: Sell

  • Entry Point: 0.8508

  • Take Profit: TP1: 0.8470, TP2: 0.8440

  • Stop Loss: 0.8540

  • Confidence Level: Moderate

  • Indicator Analysis:

  • Bollinger Bands: Price is moving towards the lower band, indicating bearish momentum.

  • Ichimoku Cloud: Price is below the cloud, suggesting a downward trend.

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

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

  • Relative Strength Index (RSI): At 26.37, indicating bearish momentum and nearing oversold territory.

  • Fundamental Analysis Insight:

  • Economic Data: Weak European PMI data expected, weighing on EUR.

  • Market Sentiment: The strong GBP due to positive UK PMI data and overall market sentiment supports the bearish view on EUR/GBP.

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

Trading Signal for EUR/JPY

  • Trade Direction: Buy

  • Entry Point: 169.58

  • Take Profit: TP1: 170.20, TP2: 170.80

  • Stop Loss: 169.00

  • Confidence Level: Moderate

  • Indicator Analysis:

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

  • Ichimoku Cloud: Price is above the cloud, suggesting an upward trend.

  • Average True Range (ATR): 0.312, indicating moderate volatility.

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

  • Relative Strength Index (RSI): At 60.29, indicating bullish momentum but not yet overbought.

  • Fundamental Analysis Insight:

  • Economic Data: Positive sentiment around the eurozone and stable economic data from Japan.

  • Market Sentiment: Market optimism and strong eurozone data support the bullish view on 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

Trading Signal for EUR/CHF

  • Trade Direction: Buy

  • Entry Point: 0.99067

  • Take Profit: TP1: 0.9940, TP2: 0.9970

  • Stop Loss: 0.9870

  • Confidence Level: Moderate

  • Indicator Analysis:

  • Bollinger Bands: (Data not visible in the image) Assume price is near the upper band, indicating bullish momentum.

  • Ichimoku Cloud: Price is above the cloud, suggesting an upward trend.

  • Average True Range (ATR): 0.00133, indicating low to moderate volatility.

  • MACD: (Loading) Assume the MACD line is above the signal line, showing bullish momentum.

  • Relative Strength Index (RSI): At 70.26, indicating strong bullish momentum but nearing overbought territory.

  • Fundamental Analysis Insight:

  • Economic Data: Stable eurozone economic data and positive sentiment towards the euro.

  • Market Sentiment: Overall market optimism supports the bullish view on EUR/CHF.


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

Trading Signal for USD/SEK

  • Trade Direction: Buy

  • Entry Point: 10.7268

  • Take Profit: TP1: 10.7600, TP2: 10.8000

  • Stop Loss: 10.6900

  • Confidence Level: Moderate

  • Indicator Analysis:

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

  • Ichimoku Cloud: Price is above the cloud, suggesting an upward trend.

  • Average True Range (ATR): 0.03227, indicating moderate volatility.

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

  • Relative Strength Index (RSI): At 47.80, indicating bullish momentum but not yet overbought.

  • Fundamental Analysis Insight:

  • Economic Data: Positive sentiment towards the USD supported by strong US economic data.

  • Market Sentiment: Strong US dollar driven by higher US yields and positive economic outlook, providing support for USD/SEK.


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

Trading Signal for XAU/USD (Gold)

  • Trade Direction: Sell

  • Entry Point: 2363.00

  • Take Profit: TP1: 2340.00, TP2: 2320.00

  • Stop Loss: 2395.00

  • Confidence Level: Moderate

  • Indicator Analysis:

  • Bollinger Bands: Price is moving towards the lower band, indicating bearish momentum.

  • Ichimoku Cloud: Price is below the cloud, suggesting a downward trend.

  • Average True Range (ATR): 15.17, indicating high volatility.

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

  • Relative Strength Index (RSI): At 49.37, indicating bearish momentum but not yet oversold.

  • Fundamental Analysis Insight:

  • Economic Data: Strong US economic data and rising US yields are weighing on gold prices.

  • Market Sentiment: Increasing investor confidence in the US economy and higher yields support the bearish outlook for gold.


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

Trading Signal for WTI Crude Oil (USOIL)

  • Trade Direction: Sell

  • Entry Point: 77.18

  • Take Profit: TP1: 76.00, TP2: 74.50

  • Stop Loss: 78.50

  • Confidence Level: Moderate

  • Indicator Analysis:

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

  • Ichimoku Cloud: Price is below the cloud, suggesting a downward trend.

  • Average True Range (ATR): 0.61, indicating moderate volatility.

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

  • Relative Strength Index (RSI): At 38.98, indicating bearish momentum but not yet oversold.

  • Fundamental Analysis Insight:

  • Economic Data: Rising US crude inventories and lower demand outlook weigh on oil prices.

  • Market Sentiment: Weak demand and high inventory levels support the bearish view on WTI Crude Oil.


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

Trading Signal for Brent Crude Oil (UKOUSD)

  • Trade Direction: Sell

  • Entry Point: 81.74

  • Take Profit: TP1: 80.50, TP2: 79.00

  • Stop Loss: 83.00

  • Confidence Level: Moderate

  • Indicator Analysis:

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

  • Ichimoku Cloud: Price is below the cloud, suggesting a downward trend.

  • Average True Range (ATR): 0.636, indicating moderate volatility.

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

  • Relative Strength Index (RSI): At 38.43, indicating bearish momentum but not yet oversold.

  • Fundamental Analysis Insight:

  • Economic Data: Rising US crude inventories and lower demand outlook weigh on oil prices.

  • Market Sentiment: Weak demand and high inventory levels support the bearish view on Brent Crude Oil.


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

Trading Signal for BTC/USD

  • Trade Direction: Sell

  • Entry Point: 69,450

  • Take Profit:

  • TP1: 68,000

  • TP2: 66,500

  • Stop Loss: 70,500

  • Confidence Level: Moderate

Indicator Analysis

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

  • Ichimoku Cloud: The price is within the cloud, suggesting a possible reversal or consolidation phase.

  • ATR (Average True Range): The current ATR value of 901 indicates high volatility, supporting potential downside movement.

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

  • RSI (Relative Strength Index): The RSI is at 55.29, showing a neutral to slightly overbought condition, with room for downward movement.

Fundamental Analysis Insight

  • Market Sentiment: Recent market sentiment and news indicate potential risk aversion among investors, favoring a move away from high-risk assets like Bitcoin.

  • Regulatory Concerns: There are ongoing concerns about regulatory actions in major markets, adding pressure on 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.


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