Forex
Dollar Weakens: Emerging Asian currencies, including the Thai baht and South Korean won, experience an uptick as the U.S. dollar shows signs of softening.
Gold
Awaiting Direction: Gold markets relatively stable; investors watching currency and geopolitical shifts closely for signs of safe-haven demand.
Oil
Cautious Optimism: Oil prices nudge higher to $85.68 per barrel, as Israel-Hamas tensions temporarily stabilise.
US Futures
Positive Traction: US equity futures rise following the stabilization of Treasury yields, hinting at a modestly bullish start for the session.
Today's Financial Events:
Get Ready for Market Swings Today is set to be a whirlwind for traders, thanks to major data releases and central bank news.
Keep an eye on UK jobless claims, Eurozone PMI figures, and comments from RBA Governor Michelle Bullock.
"Intraday forex signals presented here are derived using the previous close's pivot point, complemented by RSI and Ichimoku Cloud indicators to define the trading signal range."
Forex Signals
🟢 XAU/USD (Gold) Technical Breakdown
Pivot Point: 1973.45
Ichimoku Cloud:
Gold is trading above the cloud, suggesting a bullish bias.
RSI:
Current value at 69, edging towards the overbought territory (70). Indicates strong buying momentum, but watch for potential reversals.
🎯 Take Profit Targets:
1st Resistance: 1982.39
2nd Resistance: 1991.63
3rd Resistance: 2000.57
❌ Stop Loss Targets:
1st Support: 1964.21
2nd Support: 1955.27
3rd Support: 1946.03
📊 Trading Suggestion: Given the bullish trend supported by the Ichimoku cloud and the strong RSI momentum, initiating a long position with an eye on the mentioned resistance levels could be an option. However, ensure you set stop losses at the given supports to manage risk.
🟢 WTI Crude Oil (Oil) Technical Breakdown
Pivot Point: 86.47 USD
Ichimoku Cloud:
Oil is trading below its recent peak, suggesting a bearish bias.
RSI:
Current value at 56, indicating a moderate momentum. While not in the overbought or oversold territories, it signals caution.
🎯 Take Profit Targets for Shorting:
1st Support (Profit Target): 84.74 USD
2nd Support (Profit Target): 83.01 USD
3rd Support (Profit Target): 81.28 USD
❌ Stop Loss Targets for Shorting:
1st Resistance (Stop Loss): 88.20 USD
2nd Resistance (Stop Loss): 89.93 USD
3rd Resistance (Stop Loss): 91.66 USD
📊 Trading Suggestion: Given the bearish trend highlighted by the recent price movements and moderate RSI, considering a short position might be prudent. Monitor the support levels for profit-taking opportunities and always set stop losses at the mentioned resistance levels to manage risk.
🟢 EUR/USD Technical Breakdown
Pivot Point: 1.0678
Ichimoku Cloud:
EUR/USD is currently trading above the Ichimoku cloud, indicating a bullish bias in the market.
RSI:
The RSI stands at 74.95, approaching the overbought territory (80). This suggests a strong buying momentum. Traders should exercise caution as we are nearing potential overbought conditions.
🎯 Take Profit Targets:
1st Resistance: 1.0708
2nd Resistance: 1.0746
3rd Resistance: 1.0814
❌ Stop Loss Targets:
1st Support: 1.0640
2nd Support: 1.0602
3rd Support: 1.0534
📊 Trading Suggestion: Considering the bullish trend evident by the position above the Ichimoku cloud and the mounting RSI momentum, traders might consider entering a long position.
Nonetheless, given the proximity of the RSI to the overbought range, caution is advised.
Make sure to set stop-losses at the mentioned support levels to prudently manage risk.
🟢 GBP/USD Technical Breakdown 🟢
Pivot Point: 1.2279
Ichimoku Cloud:
The pair is hovering near its latest highs, indicating a bullish stance.
RSI:
Positioned at 53, it shows a neutral to bullish momentum. Though not in overbought or oversold zones, caution is advised.
🎯 Take Profit Targets for Long Positions:
1st Resistance (Profit Target): 1.2330
2nd Resistance (Profit Target): 1.2390
3rd Resistance (Profit Target): 1.2450
❌ Stop Loss Targets for Long Positions:
1st Support (Stop Loss): 1.2210
2nd Support (Stop Loss): 1.2150
3rd Support (Stop Loss): 1.2100
📊 Trading Suggestion: Given the bullish signs from recent trends and the neutral RSI, exploring a long position could be wise.
🟢 USD/JPY Technical Breakdown
Direction: Bullish
Pivot Point: 149.757 JPY
Ichimoku Cloud:
The USD/JPY pair is currently trading within the Ichimoku cloud, hinting at a neutral to slightly bullish sentiment. The recent price action shows consolidation with an uptrend possibility.
RSI:
The RSI stands at approximately 53.34, suggesting a neutral momentum. There's no clear sign of it being in the overbought or oversold zone, making the immediate direction a bit uncertain.
🎯 Take Profit Targets for Long Positions:
1st Resistance (Profit Target): 149.953 JPY
2nd Resistance (Profit Target): 150.197 JPY
3rd Resistance (Profit Target): 150.393 JPY
❌ Stop Loss Targets for Long Positions:
1st Support (Stop Loss): 149.513 JPY
2nd Support (Stop Loss): 149.317 JPY
3rd Support (Stop Loss): 149.073 JPY
📊 Trading Suggestion:
Given the position within the Ichimoku cloud and the neutral RSI, traders might consider a wait-and-see approach.
Those who anticipate a bullish move might consider going long, but they should keep an eye on the aforementioned resistance levels for profit-taking opportunities.
It's always wise to set stop losses at the mentioned support levels to mitigate risks.
🟢 USD/CHF Technical Breakdown
Pivot Point: 0.8925 CHF
Ichimoku Cloud:
The USD/CHF pair seems to be trading below the Ichimoku cloud, pointing towards a bearish sentiment. A continuous trend below the cloud suggests further downward movement unless there's a breakout above the cloud.
RSI:
The RSI is hovering around 34.65, nearing the oversold territory. This could indicate potential buying opportunities soon, but traders should watch out for further confirmation.
🎯 Take Profit Targets for Short Positions:
1st Resistance (Profit Target): 0.8892 CHF
2nd Resistance (Profit Target): 0.8872 CHF
3rd Resistance (Profit Target): 0.8839 CHF
❌ Stop Loss Targets for Short Positions:
1st Support (Stop Loss): 0.8945 CHF
2nd Support (Stop Loss): 0.8978 CHF
3rd Support (Stop Loss): 0.8998 CHF
📊 Trading Suggestion:
Given the bearish sentiment signalled by the Ichimoku cloud and the RSI nearing the oversold zone, traders might consider shorting. However, it's crucial to look for additional bearish confirmations. Using the provided stop losses can help mitigate potential risks.
🟢 NZD/USD Technical Breakdown
Pivot Point: 0.5837
Ichimoku Cloud:
The NZD/USD pair is trading above its pivot point and nearing the resistance level at 0.5920, indicating a bullish sentiment. Traders should watch out for potential bearish reversals if the pair starts moving below its pivot point.
RSI:
Currently, there's no RSI data provided, but traders are advised to keep an eye on the RSI level for any signs of divergence or potential oversold/overbought conditions.
🎯 Take Profit Targets for Long Positions:
1st Resistance (Profit Target): 0.5889
2nd Resistance (Profit Target): 0.5905
3rd Resistance (Profit Target): 0.5920
❌ Stop Loss Targets for Long Positions:
1st Support (Stop Loss): 0.5816
2nd Support (Stop Loss): 0.5795
3rd Support (Stop Loss): 0.5764
📊 Trading Suggestion:
Given the bullish sentiment reflected in the current trend, traders might consider taking long positions. However, always be on the lookout for potential reversals, especially as the pair nears the resistance at 0.5920. Implement stop losses at the defined levels to ensure risk management.
🟢 AUD/USD Technical Breakdown
Pivot Point: 0.63750
Ichimoku Cloud:
The AUD/USD pair is currently trading above its pivot point, hinting at bullish sentiment. As the pair approaches the resistance level at 0.6423, traders should be vigilant for potential bearish reversals, especially if the price dips below the pivot.
RSI:
The RSI stands at 63.92, inching closer to the overbought territory. While not entirely there, traders should be aware of the potential overbought signals and any signs of divergence.
🎯 Take Profit Targets for Long Positions:
1st Resistance (Profit Target): 0.6386
2nd Resistance (Profit Target): 0.6409
3rd Resistance (Profit Target): 0.6423
❌ Stop Loss Targets for Long Positions:
1st Support (Stop Loss): 0.6357
2nd Support (Stop Loss): 0.6334
3rd Support (Stop Loss): 0.6301
📊 Trading Suggestion:
Considering the prevalent bullish sentiment, traders might ponder initiating long positions. However, vigilance is key, especially as the pair edges closer to the 0.6423 resistance level. It's paramount to set stop losses at the recommended points to manage risk efficiently.
🟢 USD/CAD Technical Overview
Pivot Point: 1.3699
Ichimoku Cloud:
Currently, the USD/CAD pair is moving in the vicinity of its pivotal mark of 1.3699. The bearish trend indicated suggests that traders should be on the lookout for potential drops and establish their strategies accordingly.
Relative Strength Index (RSI):
With no specific RSI provided, it's always crucial for traders to check this metric. A high RSI could indicate overbought conditions, while a low one might suggest the currency is oversold. Keeping an eye on the RSI can offer hints on potential reversals or continuation of the trend.
🎯 Take Profit Objectives for Bearish Trades:
1st Support (Profit Target): 1.3659
2nd Support (Profit Target): 1.3627
3rd Support (Profit Target): 1.3587
❌ Stop Loss Recommendations for Bearish Trades:
1st Resistance (Stop Loss): 1.3731
2nd Resistance (Stop Loss): 1.3771
3rd Resistance (Stop Loss): 1.3803
📊 Trade Proposition:
Given the prevailing bearish trend, traders should consider entering short positions, capitalizing on potential drops.
Monitoring crucial support and resistance levels will be instrumental in refining entry and exit points. As with any trading decision, it's essential to combine technical analysis with other indicators and fundamental news.
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 Chump Profit.