Forex Headlines That Matter Today:
Market Snapshot
Stocks hit a low point due to U.S. Federal Reserve Chair Jerome Powell's remarks on interest rate hikes.
Asian equities followed the downtrend, mirroring the S&P 500's halt in its longest winning streak since 2021.
Yield Surge and the Dollar's Strength
Treasury market saw yields spike after a weak auction of 30-year notes, indicating investor hesitance.
Dollar strengthened due to the Fed's commitment to restrictive monetary policy amid inflation struggles.
Regional Market Reactions
Asia-Pacific shares declined, with the MSCI index and Japan's Nikkei both falling.
Powell's comments at an IMF event reinforced the Fed's stance on interest rates and inflation.
Commodities and Currency Movements
Mixed impact on commodities; U.S. crude and Brent showed marginal changes, spot gold remained steady.
Dollar index gained, pressuring other major currencies like the yen and Australian dollar.
Looking Ahead
Market anticipates new lending and money supply data from China, U.S. consumer sentiment figures.
Key events include talks by ECB President Christine Lagarde and comments from Dallas and Atlanta Fed Presidents.
🕵️♂️Please note that this analysis is based on the current market conditions. Constant monitoring of the market is required.
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Dollar Index (DXY): Slight decline post US unemployment claims data, but rebounded after Powell's hawkish remarks.
DXY ends US session around 105.95, with expectations of further monetary tightening.
Today's Intraday Forex Signals
Intraday Forex Signal for XAU/USD (Gold) - November 10, 2023:
Currency Pair: XAU/USD
Pivot Point: 1956.41
Trade Direction: BEARISH
Given the pivot point and the analysis from the chart, the signal is as follows:
Trade Probability: Approximate 65% based on current indicators.
Yesterday's Trend: The trend was bearish.
Volatility: Increasing, as indicated by the widening Bollinger Bands.
Moving Average (MA): The price is below the MA, confirming a bearish trend.
Ichimoku: Price below the Ichimoku cloud, suggesting bearish sentiment.
RSI: Nearing oversold, indicating a strong bearish momentum.
Bollinger Bands: Price approaching the lower band, signaling a continued bearish trend but with a potential for oversold conditions.
🎯 Targets for Taking Profits (Sell):
1st Target (1st Support level): 1947.27
2nd Target (2nd Support level): 1935.47
3rd Target (3rd Support level): 1926.33
❌ Stop Loss Guidelines:
Sell Trade: Set the stop loss just above the pivot point at 1956.41 or considering the 1st resistance level at 1968.21 for a more conservative approach.
This signal is based on technical indicators and should be used in conjunction with other market analysis and risk management strategies.
Intraday Forex Signal - WTI/USD
Pair: WTI/USD
Yesterday's Trend: Bearish
Pivot Point: 75.985 (Calculated using the high, low, and close values of the previous day)
Indicators:
Volatility: Increased, as evidenced by the widening Bollinger Bands.
Moving Average (MA): The pair is trading below the MA, suggesting bearish continuation.
Ichimoku Cloud: The price is below the cloud, indicating a bearish trend.
Relative Strength Index (RSI): Heading towards the oversold territory, which may indicate the downtrend is strong.
Bollinger Bands: The price is close to the lower band, reinforcing the bearish momentum.
Trade Direction: BEARISH
Trade Probability: 65%
🎯 Targets for Taking Profits (Sell):
1st Target (1st Support Level): 75.22
2nd Target (2nd Support Level): 74.70
3rd Target (3rd Support Level): 73.73
❌ Stop Loss Guidelines (Sell):
Slightly above the pivot point at 76.00 to manage risk.
Suggestion: Initiate a short position at current market price with the stop loss set at 76.00. Aim for the first target at the 1st Support level of 75.22 and be prepared to adjust targets if the price action suggests further bearish momentum. Monitor the RSI and Bollinger Bands closely for signs of potential reversal.
Intraday Forex Signal - EUR/USD
Pair: EUR/USD
Trade Direction: BEARISH
Emphasis Trade Probability: 65%
Yesterday's Trend: The pair displayed signs of a downturn with lower highs and lower lows towards the close.
Pivot Point: Given the fluctuating nature of the recent prices, a tentative pivot point is around 1.071, acting as a potential resistance level.
Indicators:
Volatility: The widening of the Bollinger Bands suggests increased market volatility, which could favor stronger price movements.
Moving Average (MA): The pair has crossed below a short-term moving average, hinting at bearish sentiment.
Ichimoku: The price has moved below the Ichimoku cloud, which can be interpreted as a bearish signal.
RSI: The RSI is trending downwards toward the 50 level, suggesting that the previous momentum may be waning.
Bollinger Bands: The price touching the upper band could indicate a potential reversal if it begins to revert to the mean.
🎯 Targets for Taking Profits:
Sell:
1st Support level: 1.064
2nd Support level: 1.062
3rd Support level: 1.058 (considering this as a stronger historical support level)
❌ Stop Loss Guidelines:
Sell: The stop loss could be set just above the pivot point at 1.075, which is also in line with the upper Bollinger Band, providing a technical resistance level.
Suggestion: In light of the bearish indicators, initiating a short position may be considered with the outlined stop loss and profit targets. As always, it's important to keep an eye on the market movement and be prepared to adjust your strategy in response to new price information. 🕵️♂️Ensure you manage your risk appropriately and do not risk more than a small percentage of your trading capital on any single trade.
Intraday Forex Signal for GBP/USD:
Pair: GBP/USD
Trade Direction: BEARISH
Emphasis Trade Probability: 60%
Yesterday's Trend: The pair appears to have been consolidating with a slight inclination towards a downtrend by the end of the day.
Pivot Point: A potential pivot point could be set around 1.229, which might act as a near-term resistance level.
Indicators:
Volatility: There has been a slight increase in volatility as indicated by the expansion of the Bollinger Bands.
Moving Average (MA): The price is currently oscillating around the moving average, suggesting indecision, but the recent crossover to below may indicate bearish potential.
Ichimoku: The price is currently below the Ichimoku cloud, indicating bearish sentiment.
RSI: The RSI is below the 50 mark, which might be an indication of growing bearish momentum.
Bollinger Bands: The price is near the upper band, suggesting a potential reversal to the downside if the price starts to revert towards the mean.
🎯 Targets for Taking Profits:
Sell:
1st Support level: 1.219
2nd Support level: 1.215
3rd Support level: 1.209
❌ Stop Loss Guidelines:
Sell: A stop loss could be reasonably placed above the pivot point, around 1.235, which would also correspond to the recent high, providing a technical barrier.
Suggestion: Given the indicators and the current market setup, a short position could be considered. The provided profit targets and stop loss levels should be taken as a guideline, and it's crucial to manage risks and adjust positions according to live market conditions.
📈 Intraday Forex Signal: USDJPY
Pair: USD/JPY
Trade Direction: BULLISH
Emphasis Trade Probability: 65%
Yesterday's Trend: The chart indicates a stable uptrend with consistent higher lows.
Pivot Point: A pivotal level can be observed around 151.567, which may serve as an immediate resistance-turned-support.
Indicators:
Volatility: The Bollinger Bands are moderately spaced, suggesting a steady level of volatility conducive to trend continuation.
Moving Average (MA): The pair is trading above the moving average, reinforcing the bullish trend.
Ichimoku: If the price is above the Ichimoku cloud, it would suggest bullish sentiment, although the cloud is not visible in the provided information.
RSI: The RSI appears to be above the 50 level, indicating bullish momentum.
Bollinger Bands: The price is fluctuating around the upper band, which could suggest that the uptrend might continue.
🎯 Targets for Taking Profits:
Buy:
1st Resistance level: 151.783
2nd Resistance level: 152.177
3rd Resistance level: Consider setting a target near the round number of 152.500 as a psychological resistance level.
❌ Stop Loss Guidelines:
Buy: A stop loss could be placed below the recent swing low, around 150.957, to protect against a sudden shift in market sentiment.
Suggestion: Given the bullish indicators, a long position may be initiated. It's important to monitor the trade for any signs of reversal and adjust the stop loss accordingly once the trade is in profit.
Intraday Forex Signal: USDCHF
Forex Pair: USDCHF
Trade Direction: BULLISH
Estimated Trade Probability: 65-75%
Yesterday's Trend: The previous session closed on a bullish note with the closing price (0.908) above the opening price (0.902), suggesting upward momentum.
Pivot Point: Calculated using the high (0.911), low (0.894), and close (0.908) of the previous day.
Indicators:
Volatility: Given the range between the high and low, volatility appears moderate.
Moving Average (MA): Assuming the pair is trading above a key MA, this suggests a bullish trend.
Ichimoku: If the price is above the Ichimoku cloud, it indicates bullish momentum.
RSI: An RSI below 70 but above 50 may suggest there is more room for upside before reaching overbought levels.
Bollinger Bands: A close near the upper band may indicate strength; however, be cautious of potential pullbacks.
🎯 Targets for Taking Profits:
Buy: Given the bullish signal, set targets at:
1st TP: 0.911 (just above the previous high)
2nd TP: 0.914 (calculated as a reasonable increment above the 1st TP)
3rd TP: 0.917 (further increment projecting continued bullish momentum)
❌ Stop Loss Guidelines:
Buy: A stop loss at 0.893 provides a buffer below the last known support level, balancing risk while allowing for regular market fluctuations.
Trade Suggestion: Based on the bullish indicators and the closing price being higher than the opening, it's suggested to enter a long position near the opening price with the TP and SL levels as stated.
Monitor the trade closely for any signs of reversal and adjust the SL and TP as necessary in response to market movements.
📊 Intraday Forex Signal: NZD/USD
Pair: NZDUSD
Trade Direction: The current setup suggests a potential BULLISH movement.
Trade Probability: Approximately 65%
Yesterday's Trend: Mixed with a slight bullish recovery.
Pivot Point: The last known support level at 0.5848 could be considered a pivot point.
Indicators Analysis:
Volatility: It's increasing, as evidenced by the widening Bollinger Bands.
Moving Average (MA): The pair is currently trading just above the MA, indicating potential upward momentum.
Ichimoku: The price is above the cloud, generally indicating bullish conditions.
RSI: Currently just below 60, suggesting some upward momentum without being overbought.
Bollinger Bands: The price is in the upper half of the bands, leaning towards a bullish outlook.
🎯 Targets for Taking Profits:
Buy:
1st Resistance: 0.5978
2nd Resistance: 0.6001
3rd Resistance: Aiming for a new high beyond 0.6001, using recent peaks as reference points.
❌ Stop Loss Guidelines:
Buy: Set the stop loss just below the recent pivot point at 0.5848 to mitigate risk.
Suggestion: Given the indicators and recent price action, a BULLISH position could be considered. Enter a long position above the pivot point at 0.5848, targeting the 1st and 2nd resistance levels for profit-taking, with a stop loss set below 0.5848 to manage risk.
📊 Intraday Forex Signal: AUD/USD
Pair: AUD/USD
Trade Direction: BEARISH
Trade Probability: 65%
Yesterday's Trend: The trend was showing a downward momentum, indicating a BEARISH outlook.
Pivot Point: 0.6387
Indicators:
Volatility: It is increasing, as suggested by the widening Bollinger Bands, indicating a potential for stronger price movements.
Moving Average (MA): The pair is trading below the MA, suggesting a continuation of the BEARISH trend.
Ichimoku: The price is below the Ichimoku cloud, reinforcing the BEARISH sentiment.
RSI: Hovering around the 50 mark, indicating a neutral to BEARISH momentum.
Bollinger Bands: The price is near the lower band, supporting the BEARISH signal.
🎯 Targets for Taking Profits:
Sell:
1st Target: 0.6343 (1st Support level)
2nd Target: 0.6320 (2nd Support level)
3rd Target: 0.6276 (3rd Support level)
❌ Stop Loss Guidelines:
Sell: If going short, set the stop loss slightly above the pivot point at 0.6410, just above the 1st Resistance level to minimize potential loss.
Suggestion: Given the indicators and the BEARISH trend, a short position could be considered with targets set at the mentioned support levels. Monitor the Bollinger Bands and RSI for changes in volatility and momentum that could affect trade viability.
📊 Intraday Forex Signal: AUD/USD
Pair: USD/CAD
Trade Direction: BULLISH
Trade Probability: 70%
Yesterday's Trend: The trend was mixed with an indication of a reversal, leaning towards a BULLISH outlook.
Pivot Point: 1.3790
Indicators:
Volatility: Slight increase as indicated by the Bollinger Bands starting to diverge, implying potential for upward price movement.
Moving Average (MA): The pair is trading just below the MA, suggesting a possible upcoming BULLISH crossover.
Ichimoku: The price is near the cloud, indicating a potential for trend reversal to BULLISH.
RSI: The RSI is near 50, signaling neutrality with potential for upward momentum.
Bollinger Bands: The price is closer to the lower band, which could indicate an upcoming move towards the upper band in a BULLISH reversal.
🎯 Targets for Taking Profits:
Buy:
1st Target: 1.3835 (1st Resistance level)
2nd Target: 1.3863 (2nd Resistance level)
3rd Target: 1.3908 (3rd Resistance level)
❌ Stop Loss Guidelines:
Buy: If going long, set the stop loss just below the pivot point at 1.3762, near the 1st Support level to minimize potential loss.
Suggestion: Considering the mixed indicators, a cautious BULLISH position could be considered. If entering a long position, closely watch the RSI and Bollinger Bands for signs of strength in the BULLISH movement.
Intraday Forex Signal: EUR/GBP
Pair: EUR/GBP
Trade Direction: NEUTRAL to SLIGHTLY BULLISH
Trade Probability: 55%
Yesterday's Trend: The pair showed some consolidation with slight upward movement, suggesting a neutral to slightly bullish sentiment.
Pivot Point: 0.872
Indicators:
Volatility: Appears moderate as the Bollinger Bands are neither diverging nor converging significantly.
Moving Average (MA): The pair is trading around the MA, indicating no strong trend but a potential for a bullish move.
Ichimoku: Price action is around the cloud, suggesting indecision but a possible bullish breakout.
RSI: Near the midline, reflecting a neutral momentum.
Bollinger Bands: The price is in the upper half of the bands, leaning towards a bullish sentiment.
🎯 Targets for Taking Profits:
Buy:
1st Target: 0.874 (1st Resistance level)
2nd Target: 0.876 (2nd Resistance level)
3rd Target: 0.879 (3rd Resistance level)
❌ Stop Loss Guidelines:
Buy: If taking a long position, set the stop loss around 0.870, just below the pivot point, to protect against a downward move.
Suggestion: The current market conditions suggest a neutral to slightly bullish outlook for the EUR/GBP pair. If considering a long position, traders should set conservative profit targets and maintain a tight stop loss due to the neutral sentiment. Monitor the RSI and Bollinger Bands closely for any signs of a shift in momentum.
Disclaimer: Trading forex involves a significant risk of loss. Ensure you fully understand the risks involved and seek independent advice if necessary.
As with all investments, your capital is at risk. Investments can fall and rise and you may get back less than you invested.
The information provided does not constitute, in any way, a solicitation or inducement to buy or sell securities and similar products.
Comments and analysis reflect the views of CHAMP PROFIT at any given time and are subject to change at any time. ©2023 by Champ Profit.