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Technical Analysis:Your Daily Dose of Market Insights, May 12, 2023

US equity futures rise as investors weigh a cooling American jobs market and efforts to repair ties between Washington and Beijing. However, with U.S. interest rates likely to stay higher for longer investors may avoid risk-heavy assets.

  • Turkish currency hits record low as elections loom read on

  • Oil struggles to recover as economic outlook darkens read on

  • Is Gold a Buy at US$2,000? read on

  • Is Google Stock A Buy Amid Artificial Intelligence Battleground? read more

  • Tesla raises prices for all vehicles except Model 3 read more

  • Check out the Investing Trends for 2023 read more

Key events today.

  • US University of Michigan consumer sentiment

  • Fed Governor Philip Jefferson and St. Louis Fed President James Bullard participate in panel discussion on monetary policy at Stanford University

“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: 101.84

Our preference:

Above 101.84 look for further upside with 102.37 & 102.69 & 103.22 as targets.


Alternative scenario:

Short positions below 101.84 with targets at 101.52 & 100.99 & 100.67 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: Bearish


Pivot: 2022.57


Our preference:

Below 2022.57 look for further downside with 2003.94 & 1992.65 & 1974.02 as targets.


Alternative scenario:

Long positions above 2022.57 with targets at 2033.86 & 2052.49 & 2063.78 in extension.


Comment:

Looking at the H4 chart, our overall bias for XAU/USD is bearish as the current price has now headed below the Ichimoku cloud in a downtrend. The RSI shows further downward momentum.

Gold XAU/USD 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: Bearish

Pivot: 134.39

Our preference:

Short positions below 134.39 look for further downside with 133.93 & 133.31 & 132.85 as targets.


Alternative scenario:

Long above 134.39 with targets at 135.01 & 135.47 & 136.09 in extension.


Comment:

Looking at the H4 chart, our overall bias for USDJPY is bearish as the current price is currently below the Ichimoku cloud indicating a downtrend, even though a continuation of the consolidation cannot be ruled out, its extent should be limited. . RSI is neutral.

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: 0.6729


Our preference:

Short below 0.6729 look for further downside with 0.6661 & 0.6621 & 0.6553 as targets.


Alternative scenario:

Long positions above 0.6729 with targets at 0.6769 & 0.6837 & 0.6877 in extension.


Comment:

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

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: 71.13


Our preference:

Short positions below 71.13 look for further downside with 70.37 & 69.88 & 69.12 as targets.


Alternative scenario:

Long positions above 71.13 with targets at 71.62 & 72.38 & 72.87 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.

Crude Oil (WTI)‎ West Texas Intermediate  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: 1.3450


Our preference:

Long positions above 1.3450 with targets at 1.3538 & 1.3585 & 1.3673 in extension.


Alternative scenario:

Short positions below 1.3450 look for downside with 1.3403 & 1.3315 & 1.3268 as targets.


Comment:

Looking at the H4 chart, our overall bias for USDCAD is bullish, as the current price is now 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 (choppy)

Pivot: 1.094

Our preference:

Short positions below 1.094 look for downside with 1.088 & 1.084 & 1.078 as targets.


Alternative scenario:

Long positions above 1.094 with targets at 1.098 & 1.104 & 1.108 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. The RSI is neutral. Intraday technical indicators are mixed and calls for caution.

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: 1.255

Our preference:

Short positions below 1.255 with targets at 1.246 & 1.240 & 1.231 in extension.


Alternative scenario:

Long positions above 1.255 look for further upside with 1.260 & 1.269 & 1.275 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. 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:

13,369

Our preference:

Long positions above 13,369 with targets at 13,432 & 13,474 & 13,537 in extension.


Alternative scenario:

Below 13,369 look for further downside with 13,326 & 13,263 & 13,221 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. Even though a continuation of the consolidation cannot be ruled out, its extent should be limited. The RSI indicates further upward momentum.

Nasdaq 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 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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