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NEWS & ANALYSIS POSTS

Technical Analysis:Your Daily Dose of Market Insights, May 15, 2023

US stock futures fell in early trade while equities across the Asian region were mixed as investors weighed signs of progress in talks to avert a debt default and persistent inflationary pressure. The focus for this week is on U.S. industrial production and retail sales data to provide further signals on the world's largest economy. Additionally, markets await Fed speakers this week, including Fed Chair Jerome Powell on Friday.

  • Lira Traders Brace for Volatility as Turkey Heads to Runoff read on

  • Asian stocks dip ahead of Chinese data, Fed cues read on

  • Oil falls as economic concerns offset prospect of tighter supplies read on

  • Gold pressured by stronger dollar before Fed-heavy week read more

  • Dollar hits 5-week high on inflation worries; lira drops, baht soars read more

  • The Week Ahead in Forex, Chump Profit read more

Key events today.

  • Eurozone industrial production

  • US cross-border investment, New York Fed Empire Manufacturing

  • Atlanta Fed’s Raphael Bostic speaks at his bank’s annual financial markets conference

“Intraday forex trading signals". Our top forex trades for today, we look at the technicals and fundamentals to generate profits daily on the most traded correlated assets in the world.

 

Dollar Index (ICE)‎ intraday: Bullish

Pivot: 102.44

Our preference:

Above 102.44 look for further upside with 102.95 & 103.21 & 103.72 as targets.


Alternative scenario:

Short positions below 102.44 with targets at 102.18 & 101.67 & 101.41 in extension.


Comment:

Looking at the H4 chart, our overall bias for Dollar Index is bullish as the price has now moved above the Ichimoku cloud, even though a continuation of the consolidation cannot be ruled out, its extent should be limited. The RSI shows further upward momentum.

DXY Dollar Index forex currency and commodities price bar chart with green & red candles showing a trading trend over a 4 hour time frame; indicators include moving average and Bollinger bands plus Relative strength indicator.

Gold Intraday: Bullish


Pivot: 2011.41


Our preference:

Long positions above 2011.41 with targets at 2021.93 & 2033.08 & 2043.60 in extension.


Alternative scenario:

Below 2011.41 look for further downside with 2000.26 & 1989.74 & 1978.59 as targets.


Comment:

Looking at the H4 chart, our overall bias for XAU/USD is bullish as the current price has now headed above the Ichimoku cloud. The RSI shows upward momentum.

XAU/USD Gold forex currency and commodities price bar chart with green & red candles showing a trading trend over a 4 hour time frame; indicators include moving average and Bollinger bands plus Relative strength indicator.

USD/JPY Intraday: Bullish

Pivot: 135.30

Our preference:

Long above 135.30 with targets at 136.21 & 136.67 & 137.58 in extension.


Alternative scenario:

Short positions below 135.30 look for further downside with 134.84 & 133.93 & 133.47 as targets.


Comment:

Looking at the H4 chart, our overall bias for USDJPY is bullish as the current price is above the Ichimoku cloud indicating an uptrend. RSI indicates further upside momentum.

USD/JPY forex currency and commodities price bar chart with green & red candles showing a trading trend over a 4 hour time frame; indicators include moving average and Bollinger bands plus Relative strength indicator.

AUD/USD Intraday: Bearish

Pivot: 0.6661


Our preference:

Short below 0.6661look for further downside with 0.6616 & 0.6589 & 0.6544 as targets.


Alternative scenario:

Long positions above 0.6661 with targets at 0.6688 & 0.6733 & 0.6760 in extension.


Comment:

Looking at the H4 chart, our overall bias for AUDUSD is bearish as the price is below the Ichimoku cloud. Even though a continuation of the consolidation cannot be ruled out, its extent should be limited. The RSI is heading for neutral.

AUD/USD forex currency and commodities price bar chart with green & red candles showing a trading trend over a 4 hour time frame; indicators include moving average and Bollinger bands plus Relative strength indicator.

Crude Oil (WTI)‎ West Texas Intermediate: : Bearish


Pivot: 70.58


Our preference:

Short positions below 70.58 look for further downside with 69.39 & 68.73 & 67.54 as targets.


Alternative scenario:

Long positions above 70.58 with targets at 71.24 & 72.43 & 73.09 in extension.


Comment:

Looking at the H4 chart, our overall bias for WTI is bearish as the price is heading below the Ichimoku cloud in a downtrend. The RSI shows further downward momentum.

WTI Crude oil forex currency and commodities price bar chart with green & red candles showing a trading trend over a 4 hour time frame; indicators include moving average and Bollinger bands plus Relative strength indicator.

USD/CAD Intraday: Bullish

Pivot: 1.3532


Our preference:

Long positions above 1.3532 with targets at 1.3584 & 1.3619 & 1.3671 in extension.


Alternative scenario:

Short positions below 1.3532 look for downside with 1.3497 & 1.3445 & 1.3410 as targets.


Comment:

Looking at the H4 chart, our overall bias for USDCAD is bullish, as the current price is above Ichimoku cloud. Even though a continuation of the consolidation cannot be ruled out, its extent should be limited. The RSI shows further upward momentum.

USD/CAD forex currency and commodities price bar chart with green & red candles showing a trading trend over a 4 hour time frame; indicators include moving average and Bollinger bands plus Relative strength indicator.

EUR/USD Intraday: Bearish

Pivot: 1.088

Our preference:

Short positions below 1.088 look for downside with 1.082 & 1.079 & 1.073 as targets.


Alternative scenario:

Long positions above 1.088 with targets at 1.091 & 1.097 & 1.100 in extension.


Comment:

Looking at the H4 chart, our overall bias for EUR/USD is bearish as the current price is below the Ichimoku cloud signifying a downtrend. Even though a continuation of the consolidation cannot be ruled out, its extent should be limited. The RSI is neutral.

EUR/USD forex currency and commodities price bar chart with green & red candles showing a trading trend over a 4 hour time frame; indicators include moving average and Bollinger bands plus Relative strength indicator.

GBP/USD Intraday: Bearish

Pivot: 1.248

Our preference:

Short positions below 1.248 with targets at 1.241 & 1.238 & 1.232 in extension.


Alternative scenario:

Long positions above 1.248 look for further upside with 1.251 & 1.258 & 1.261 as targets.


Comment:

Looking at the H4 chart, our overall bias for GBPUSD is bearish as the current price is now below the Ichimoku cloud. Even though a continuation of the consolidation cannot be ruled out, its extent should be limited. The RSI shows downward momentum.

GBP/USD forex currency and commodities price bar chart with green & red candles showing a trading trend over a 4 hour time frame; indicators include moving average and Bollinger bands plus Relative strength indicator.

Nasdaq 100 Intraday: Bullish


Pivot:

13,341

Our preference:

Long positions above 13,341 with targets at 13,426 & 13,512 & 13,597 in extension.


Alternative scenario:

Below 13,341 look for further downside with 13,255 & 13,170 & 13,084 as targets.


Comment:

Looking at the H4 chart, our overall bias for Nasdaq 100 is bullish as the current price is above the Ichimoku cloud. The RSI indicates further upward momentum.

Nasdaq 100 stock index  forex currency and commodities price bar chart with green & red candles showing a trading trend over a 4 hour time frame; indicators include moving average and Bollinger bands plus Relative strength indicator.

“Intraday forex trading signals". Our top 9 forex trades for today, we look at the technicals and fundamentals to generate profits daily on the most traded correlated assets in the world.


For our Managed Forex Account Service , email jeannette@chumpprofit.com for contact.

 

Our website offers information about investing, trading and saving, but not personal advice. If you're not sure which investments are right for you, please request advice, for example from your financial advisers. If you decide to invest or trade, remember that investments can go up and down in value, so you could get back less than you put in. ©2023 by Chump Profit.

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