Forex Headlines That Matter Today:
Investors anticipate Fed Chair Jay Powell's speech for U.S. rate hike insights.
Soft jobs data suggests possible peak in interest rates.
Markets speculate on potential rate cut as early as May.
Central bank officials across Europe scheduled to speak.
ECB's Lagarde and others to address inflation, policy coordination.
German consumer inflation and Eurozone retail sales data awaited.
Powell to speak at Federal Reserve research conference.
Oil prices fall due to demand concerns in U.S. and China.
GBP awaits cues from BoE Governor Bailey.
CAD eyes BoC's rate path deliberations.
Please note that this analysis is based on the current market conditions. Constant monitoring of the market is required, as forex markets are highly volatile and influenced by global events.
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For forex and commodities traders, monitoring the DXY Dollar Index is essential—it's a key indicator of U.S. dollar strength, shaping our trading strategies for USD pairs.
Today's Intraday Forex Signals
Intraday Forex Signal for Gold (XAUUSD)
Pair: XAUUSD
Trade Direction: BEARISH
Given that the trend over the last three days has been bearish, and looking at the provided chart where the price appears to be trending downwards, we suggest a bearish outlook for the day.
Trade Probability: Approximately 65% - This probability takes into account the recent bearish trend but also acknowledges market volatility and potential fluctuations.
Yesterday's Trend: The trend has been bearish over the past three days.
Pivot Point: The pivot point is at 1967.45.
Indicators:
Volatility: The market has shown increasing volatility with wider Bollinger Bands, indicating strong movements in price.
Moving Average (MA): Price is currently below the short-term moving average, suggesting a continued bearish trend.
Ichimoku: If the price is below the cloud, it would suggest bearish sentiment.
RSI: If the RSI is trending towards or below 30, it would indicate an oversold market, which could sometimes precede a reversal. However, continued reading below 30 can indicate strong bearish momentum.
Bollinger Bands: If the price is moving towards the lower band, it indicates bearish momentum.
🎯 Targets for Taking Profits:
Sell: Suggest targets at the
1st Support level: 1958.00
2nd Support level: 1947.17
3rd Support level: 1937.72
❌ Stop Loss Guidelines:
Sell: If going short, set the stop loss just above the 1st Resistance level at 1978.28.
Suggestion: Based on the indicators, it is advisable to enter a short position with targets set at the mentioned support levels.
Monitor the trade closely due to the increased volatility and set a firm stop loss to protect against any sudden shift in the trend.
Intraday Forex Signal for WTI Crude Oil (WTI/USD)
Pair: WTI/USD
Trade Direction: BEARISH
Given the recent price action with the downward trend and the closing price being at the lower end of the trading range, a bearish direction is suggested.
Trade Probability: Approximately 70% - This rating reflects the strong bearish trend evident in the provided chart and the accompanying indicators.
Yesterday's Trend: The trend for the previous session was strongly bearish, with the closing price near the day's low.
Pivot Point: Assuming the central pivot point for the current session to be around the 78.06 mark based on the provided high, low, and closing prices.
Indicators:
Volatility: Increasing, as suggested by the widening of the Bollinger Bands and the large price candles.
Moving Average (MA): Price is trading below the short-term moving average, supporting the bearish view.
Ichimoku: If the price is below the Ichimoku cloud, it indicates bearish sentiment.
RSI: The RSI is trending downward, which can suggest ongoing bearish momentum.
🎯 Targets for Taking Profits:
Sell: Targets can be placed at the following support levels:
1st Support level: Around 76.63
2nd Support level: Near 75.90
3rd Support level: Potentially at 74.47
❌ Stop Loss Guidelines:
Sell: A reasonable stop loss could be set above the last minor high, which could be around the 80.22 level, ensuring a buffer above the resistance in case of a sudden upward price movement.
Suggestion: With the market sentiment leaning bearish and the indicators supporting a downward trend, initiating a short position could be considered. Target profit-taking at the identified support levels and maintain a strict stop-loss policy to manage risks, especially given the volatile nature of crude oil markets.
Intraday Forex Signal for EUR/USD
Pair: EUR/USD
Trade Direction: BEARISH
Trade Probability: 60%
Yesterday's Trend: The EUR/USD pair showed a bearish reversal pattern yesterday, closing near its lows after testing higher levels.
Pivot Point: 1.0700 (Approximate based on visual inspection of the chart)
Indicators:
Volatility: The Bollinger Bands are expanding, indicating increasing volatility.
Moving Average (MA): The pair is currently trading below the 50-period MA, suggesting bearish implications.
Ichimoku: The price action is below the Ichimoku cloud, indicating bearish sentiment.
RSI: The Relative Strength Index is descending towards the 50 level, signaling growing bearish momentum.
Bollinger Bands: The price is near the upper band, which often acts as a dynamic resistance level.
🎯 Targets for Taking Profits:
Sell: (BEARISH trade)
1st Target: 1.0670 (First Support)
2nd Target: 1.0630 (Second Support)
3rd Target: 1.0600 (Third Support)
❌ Stop Loss Guidelines:
Sell: If going short, set the stop loss just above the recent swing high, which could be around the 1.0760 - 1.0790 region, considering it as a dynamic resistance area.
Suggestion: Given the current trend and indicator readings, a bearish bias is suggested. Traders might consider entering a short position with a stop loss set above the recent high, taking profits at the indicated support levels.
It is also important to monitor any fundamental news that could affect the currency pair as this analysis is based solely on the technicals provided in the chart.
Intraday Forex Signal for GBP/USD:
Pair: GBPUSD
Trade Direction: BEARISH
The analysis indicates a BEARISH outlook on GBPUSD for the following reasons:
The price is currently below the Ichimoku cloud, suggesting a bearish sentiment.
A recent crossover of the moving averages may be interpreted as a bearish signal.
The RSI is heading towards the oversold territory but is not there yet, indicating there may still be momentum for a downward move.
The Bollinger Bands are wide, showing increased market volatility and potential for significant price movement.
Yesterday's Trend: The trend was downwards as indicated by the bearish candlestick from the previous day, confirming the bearish bias.
Pivot Point: Based on the provided data, the pivot point can be considered at around 1.230.
🎯 Targets for Taking Profits (Sell):
1st Target (TP1): 1.226 (Just above the first support level)
2nd Target (TP2): 1.221 (Second support level)
3rd Target (TP3): 1.216 (Third support level)
❌ Stop Loss Guidelines (Sell): Place the stop loss at 1.244, just above the most recent resistance level to protect the trade against a sudden upward price reversal.
Trade Probability: 65% - The indicators give a relatively strong bearish signal, but market conditions can change rapidly, and traders should watch for any news or events that might affect the GBP/USD pair.
Suggestion: Based on the analysis, traders may consider opening a short position at the current level with the stop loss set at 1.244 and taking profits at the aforementioned support levels, adjusting their strategy in response to any new market developments. It is crucial to monitor the trade closely due to the increased market volatility.
📊 Intraday Forex Signal: USDJPY
USDJPY Intraday Analysis
📈 Trade Direction: BULLISH
Given that the price is above the pivot point and nearing the first resistance level, the market sentiment appears to be bullish.
📊 Trade Probability: 70%
The current setup shows a strong uptrend, but caution is warranted as prices approach resistance levels.
🔙 Yesterday's Trend: The trend appears to have been bullish as well, given the price closed above the opening and is currently higher than yesterday's pivot point.
📍 Pivot Point Analysis: The pivot point for the current session is at 150.337. The price is currently above this level, indicating bullish sentiment.
Indicators:
Volatility: Volatility seems to be moderate, which may provide good trading opportunities without excessive risk.
Moving Average (MA): The price is trading above the Moving Average, confirming the bullish trend.
Ichimoku: The price is above the cloud, suggesting a bullish scenario.
RSI: The RSI is below 70, which means the market is not yet overbought, allowing room for upward movement.
Bollinger Bands: The price is near the upper band, indicating strength in the current trend but also a potential for a retracement if it becomes overextended.
🎯 Targets for Taking Profits:
Buy:
1st Target (R1): 150.733
2nd Target (R2): 151.097
3rd Target (R3): 151.493
❌ Stop Loss Guidelines:
Buy: If going long, set the stop loss just below the recent swing low or a suitable support level, which could be around the pivot point of 150.337.
Suggestion: Consider entering a long position with the current bullish momentum, ensuring to set a stop loss to protect the trade from any sudden shifts in market sentiment.
Monitor the resistance levels closely for potential profit-taking points or signs of a trend reversal.
Intraday Forex Signal: USD/CHF
Pair: USD/CHF
Trade Direction: NEUTRAL to BULLISH
Trade Probability: 65%
Yesterday's Trend: The USD/CHF pair has shown an inclination towards a bullish recovery from recent dips, suggesting a possible continuation of the uptrend observed in the past days.
Pivot Point: 0.9000
Indicators:
Volatility: There has been notable intraday volatility as evidenced by the size of the daily trading ranges and the relatively wide Bollinger Bands.
Moving Average (MA): The pair is trading slightly above the Moving Average, indicating a bullish bias in the short term.
Ichimoku: The price is within the Ichimoku cloud, suggesting a neutral to mildly bullish sentiment as the market seeks direction.
RSI: The Relative Strength Index (RSI) is hovering around the mid-line, neither in the overbought nor the oversold territory, which supports a neutral to slightly bullish outlook.
Bollinger Bands: Price is oscillating near the upper Bollinger Band, indicating a potential resistance level. Watch for the price to stay above the middle band to maintain a bullish stance.
🎯 Targets for Taking Profits:
Buy: If the direction leans more towards bullish, consider setting targets at:
1st Resistance Level: 0.902
2nd Resistance Level: 0.904
3rd Resistance Level: 0.906
❌ Stop Loss Guidelines:
Buy: If going long, a prudent stop loss could be placed just below the pivot point at around 0.898 to protect against a downturn.
Suggestion: While the market sentiment is not distinctly in favour of bulls or bears, a cautious bullish entry could be considered with close monitoring of the resistance levels for profit-taking and a tight stop loss to manage risk.
Keep an eye on global economic news and market sentiment, as these could significantly influence the pair's movement throughout the trading day.
Intraday Forex Signal for NZD/USD
Pair: NZDUSD
Trade Direction: BEARISH
Trade Probability: 65%
Yesterday's Trend: The pair showed a bearish trend with the closing price lower than the opening, suggesting a downward momentum.
Pivot Point: Based on the provided charts, the pivot point would need to be calculated as it is not directly indicated.
Indicators Analysis:
Volatility: The recent expansion of the Bollinger Bands suggests increasing volatility, which could imply stronger price movements.
Moving Average (MA): The price appears to be trading below a significant moving average, reinforcing the bearish outlook.
Ichimoku: Price is currently below the Ichimoku cloud, which aligns with a bearish market sentiment.
RSI: The Relative Strength Index is trending downwards but has not reached the oversold area, indicating that there might still be room for downward movement.
🎯 Targets for Taking Profits (Sell):
1st Target: 0.5906 (1st Support level based on the chart provided)
2nd Target: 0.5877 (2nd Support level based on the chart provided)
3rd Target: 0.5844 (3rd Support level based on the chart provided)
❌ Stop Loss Guidelines:
Sell: A prudent stop loss could be set above the recent high at around 0.5968, which could serve as an appropriate Resistance level.
Suggestion: Given the bearish trend and the indicators suggesting a continuation of the downward movement, selling opportunities may be considered, targeting the identified support levels.
A stop loss above 0.5968 can help manage risk.
The expansion of the Bollinger Bands and a bearish RSI trajectory support this direction, but traders should remain vigilant for any signs of a trend reversal or decrease in volatility, which could indicate consolidation or a potential pullback.
📈 Intraday Forex Signal for AUD/USD
Pair: AUDUSD
Trade Direction: BEARISH
Trade Probability: 60%
Yesterday's Trend: The trend was bearish as indicated by the price closing lower after testing higher levels.
Pivot Point: 0.6447 (Since the price is below the pivot point, it confirms the bearish sentiment.)
Indicators Analysis:
Volatility: With the recent narrowing of the Bollinger Bands, we might be seeing a decrease in market volatility, which often precedes a strong directional movement.
Moving Average (MA): The pair is trading below a key moving average, supporting the bearish outlook.
Ichimoku: The pair is trading below the Ichimoku cloud, indicating that bearish momentum is currently prevailing.
RSI: The Relative Strength Index is declining towards the midline, suggesting that the bullish momentum is waning and may transition to bearish.
Bollinger Bands: The price closing near the lower Bollinger Band indicates bearish pressure.
🎯 Targets for Taking Profits (Sell):
1st Target: 0.6392 (1st Support level)
2nd Target: 0.6348 (2nd Support level)
3rd Target: 0.6293 (3rd Support level)
❌ Stop Loss Guidelines:
Sell: Place the stop loss just above the recent swing high at 0.6491, which would act as an appropriate Resistance level.
Suggestion: Based on the bearish indicators and recent price action closing below the pivot point, the recommendation would be to look for selling opportunities, targeting the specified support levels while managing risk with a stop loss above the recent swing high.
Pair: USDCAD
📈 Trade Direction: BULLISH
Given the current trend and technical indicators, the USDCAD pair exhibits a BULLISH stance.
The currency pair is trading near the upper boundary of the Bollinger Bands, which often suggests a strong trend. The Ichimoku Cloud is indicating a positive trend as the price is above the cloud.
The RSI is hovering below the overbought territory, which may allow for some upward movement before becoming overextended.
🎚 Trade Probability: 65%
The trade probability is relatively high due to the price action maintaining above the pivotal Ichimoku cloud and the Moving Average.
However, market volatility and unforeseen economic events should be considered, as they can affect the trade outcome.
🔙 Yesterday's Trend: The trend was slightly bullish, with the price showing an inclination to push higher within the upper range of the Bollinger Bands.
📍 Pivot Point: 1.3709
📊 Indicators:
Volatility: Appears to be increasing as evidenced by the widening of the Bollinger Bands.
Moving Average (MA): The pair is trading above the Moving Average, suggesting bullish momentum.
Ichimoku: The price is above the cloud, indicating a bullish trend in the near term.
RSI: Slightly below 70, suggesting that there's room for an upward move without being overbought.
Bollinger Bands: The price is hugging the upper band, typically a sign of strength.
🎯 Targets for Taking Profits:
1st Resistance Level: 1.3804
2nd Resistance Level: 1.3842
3rd Resistance Level: 1.3899
❌ Stop Loss Guidelines:
Set the stop loss at the 1.3652 support level, below the daily pivot and the last swing low, to protect against any sudden downward moves.
Suggestion: Given the bullish indicators, consider a long position with a stop loss set at 1.3652. Monitor the trade closely for any shifts in momentum indicated by the RSI or a price move outside the Bollinger Bands. Adjust the stop loss and take profit levels as the price moves in favor of the trade.
Intraday Forex Signal: EUR/GBP
Trade Direction: BULLISH
Trade Probability: 65%
Yesterday's Trend: The EUR/GBP exhibited a slight upward trend yesterday, ending the session higher than the opening value.
Pivot Point: Based on the provided data, the pivot point calculation isn't given, but it can be derived from the high, low, and closing prices.
Indicators:
Volatility: The Bollinger Bands on the chart suggest that volatility is relatively stable with the price trading within the upper half of the bands, hinting at a potential continuation of the uptrend.
Moving Average (MA): The pair is trading above the Moving Average, indicating a BULLISH signal.
Ichimoku: The price appears to be above the Ichimoku cloud, which is generally a bullish signal.
RSI: The Relative Strength Index is nearing the overbought territory but hasn't crossed it, suggesting that there might be room for upward movement before the market considers the pair overbought.
Bollinger Bands: The price is close to the upper band, indicating strength, but traders should be cautious as it may also signal a potential pullback if it's seen as overextended.
🎯 Targets for Taking Profits:
Buy: Given the BULLISH signal, consider setting targets at the following Resistance (R) levels:
1st R: 0.871
2nd R: 0.873
3rd R: 0.874
❌ Stop Loss Guidelines:
Buy: If going long, set the stop loss just below the nearest support level, which could be around 0.865 to protect against any sudden downward moves.
📊 Suggestion: The current indicators and trend analysis suggest a BULLISH stance for EUR/GBP.
Consider entering a long position with a stop loss at 0.865 and taking profits at predetermined resistance levels. Keep an eye on the RSI and the Bollinger Bands for signs of overextension, which may necessitate a strategy review.
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.