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Forex Signals: Technical Analysis, December 5, 2023

  • Asian Stocks at Three-Week Low Amid U.S. Rate Cut Speculations

  • Australian Dollar Falls Post-Rate Decision; Focus on Future Data

  • Gold Steadies Above $2,000 After Record High Fluctuations

  • U.S. Treasuries and Rate Cut Expectations Adjusted by Traders

  • Futures Indicate Potential 125 bps U.S. Rate Cut in 2024

  • ANZ Predicts Continued Hawkish Fed Stance Despite Inflation Trends

  • Hong Kong Stocks Hit Year Low, Mixed Global Stock Performance

  • Dollar Sees Slight Recovery After Major Monthly Decline

  • Brent Crude Stable Amid OPEC+ Cut Speculations

  • Saudi Arabia Confirms OPEC+ Cut Compliance, Eyes Extension

  • Chicago Wheat Prices Surge After Major Sale to China

  • Markets Await U.S. Job Data for Economic Indicators

  • Treasuries in Asia Rebound, Labour Data Key for Market Direction

  • Gold Prices Marginally Up, Fed Rate and Jobs Data in Focus


DXY Dollar Index, A financial chart depicting the with technical indicators including candlesticks, Bollinger Bands, Ichimoku Cloud, and volume bars. The chart also features an RSI indicator below, signalling recent market volatility.
Dollar Sees Slight Recovery After Major Monthly Decline



Today's Forex Signals


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Intraday Forex Signal: XAUUSD


Pair: XAUUSD


Trade Direction: Considering the uptrend shown in the chart, with the price above the pivot point and moving averages suggesting a bullish trend, the trade direction is BULLISH.


Trade Probability: The likelihood of the trade's success seems high, given the trend and recent price action, around 75%.


Yesterday's Trend: The chart indicates a strong uptrend with recent price action.

Pivot Point: $2,057.510


Indicators:

  • Volatility: Appears to be increasing as indicated by the widening Bollinger Bands.

  • Moving Average (MA): Price is trading above the MA, implying a bullish trend.

  • Ichimoku: (Not visible on the provided chart, cannot provide analysis).

  • RSI: Approaching overbought territory, which may indicate a strong bullish momentum but also a potential pullback.

  • Bollinger Bands: Price is near the upper band, which could suggest the market is overextended to the upside.

🎯 Targets for Taking Profits:

  • Buy: Targets at the

  • 1st Resistance level ($2,093.770),

  • 2nd Resistance level ($2,153.690),

  • 3rd Resistance level ($2,189.950).

Stop Loss Guidelines:

  • Buy: Set the stop loss below the 1st Support level ($1,997.590) to mitigate risk in case of a trend reversal.

Suggestion: Based on the bullish indicators and price action above the pivot point, consider a long position with a stop loss below the 1st support level and taking profits at the identified resistance levels, adjusting as the market moves. Keep an eye on the RSI for potential signs of overbought conditions which could precede a price pullback.


Intraday Forex Signal: WTI (Crude Oil)


Pair: WTI (West Texas Intermediate Crude Oil)


Trade Direction: The chart indicates a downward trend with the price currently below the pivot point, suggesting a BEARISH direction.


Trade Probability: Given the downtrend on the chart, the trade success probability is estimated at 65%.


Yesterday's Trend: The trend has been bearish with lower highs and lower lows.


Pivot Point: $73.46


Indicators:

  • Volatility: The widening of the Bollinger Bands suggests increasing volatility.

  • Moving Average (MA): Price is trading below the MA, which supports a bearish outlook.

  • Ichimoku: (Not visible on the provided chart, cannot provide analysis).

  • RSI: Currently indicates bearish momentum but not yet oversold.

  • Bollinger Bands: Price is near the lower band, indicating a strong bearish trend.

🎯 Targets for Taking Profits:

  • Sell: Targets at the

  • 1st Support level ($72.2100),

  • 2nd Support level ($71.38), and

  • 3rd Support level ($70.13).

Stop Loss Guidelines:

  • Sell: Place the stop loss just above the pivot point at $73.46 to manage risk in case of a trend reversal.

Suggestion: Based on the bearish indicators and the price action below the pivot point, consider a short position with a stop loss just above the pivot point and taking profits at the identified support levels, adjusting as needed according to market movements. Monitor the RSI and be cautious of any potential reversals if the index approaches oversold conditions.


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Intraday Forex Signal: EURUSD (Euro / U.S. Dollar)


Pair: EURUSD


Trade Direction: The chart shows a recent decline with the price moving towards the pivot point, suggesting a potential reversal or consolidation.


Given the current positioning near the pivot, the direction is not strongly indicated. However, for the purpose of this analysis, the trade direction is NEUTRAL to BULLISH on the basis of the price testing the pivot point from above.


Trade Probability: The probability of success is moderate, around 60%, due to the lack of a clear trend direction and the price being near the pivot point, indicating a possible consolidation or reversal phase.


Yesterday's Trend: There was a downward movement towards the pivot point.


Pivot Point: $1.085


Indicators:

  • Volatility: The Bollinger Bands suggest moderate volatility as they are not extremely wide.

  • Moving Average (MA): Price is currently at the MA, which does not provide a clear bullish or bearish indication.

  • Ichimoku: (Not visible on the provided chart, cannot provide analysis).

  • RSI: Nearing the mid-level, which typically suggests a lack of clear momentum in either direction.

  • Bollinger Bands: The price is approaching the middle band, suggesting the market is in equilibrium.

🎯 Targets for Taking Profits:

  • Buy: If the direction confirms bullish, targets at the

  • 1st Resistance level ($1.089),

  • 2nd Resistance level ($1.0939),

  • 3rd Resistance level (not provided).

Stop Loss Guidelines:

  • Buy: If going long, set the stop loss just below the pivot point at $1.085 to minimize potential losses should the market move downward.

Suggestion: Wait for a clearer signal for the trend direction. If entering a long position, consider the pivot point as a key level for stop loss placement and take profits at the provided resistance levels. Monitor the RSI for momentum changes and be prepared to adjust the strategy if the price moves below the pivot point, indicating a stronger bearish sentiment.



Intraday Forex Signal: GBPUSD (British Pound / U.S. Dollar)


Pair: GBPUSD


Trade Direction: The chart indicates a bullish trend with the price above the pivot point. Thus, the trade direction is BULLISH.


Trade Probability: Given the bullish trend and the position of the price relative to the pivot point, the trade's success probability is around 70%.


Yesterday's Trend: The pair displayed a bullish trend, maintaining above the pivot.


Pivot Point: $1.2654


Indicators:

  • Volatility: The Bollinger Bands show moderate volatility with the price trading towards the upper band.

  • Moving Average (MA): Price is trading above the MA, reinforcing the bullish outlook.

  • Ichimoku: (Not visible on the provided chart, cannot provide analysis).

  • RSI: The RSI is in the upper half of the range, indicating bullish momentum.

  • Bollinger Bands: The price is closer to the upper band, which could indicate bullish strength but also a potential for a pullback if it becomes overextended.

🎯 Targets for Taking Profits:

  • Buy: Targets at the

  • 1st Resistance level ($1.2705),

  • 2nd Resistance level ($1.2775), and

  • 3rd Resistance level ($1.2826).

Stop Loss Guidelines:

  • Buy: Set the stop loss below the pivot point at $1.2654 to mitigate risk.

Suggestion: Considering the bullish indicators, entering a long position may be favorable. Place a stop loss below the pivot to protect against any potential reversal and set profit targets at the identified resistance levels. Keep an eye on the RSI for overbought signals which may indicate a short-term price correction.



Intraday Forex Signal: USDJPY


Pair: USDJPY


Trade Direction: The chart shows the price approaching the pivot point from above, which might indicate a potential for a bearish reversal. However, as the price is still above the pivot point, the immediate bias remains BULLISH.


Trade Probability: Given the proximity to the pivot point, there's a higher uncertainty, so the success probability might be around 65%.


Yesterday's Trend: The trend was slightly bearish as the price closed lower than it opened.

Pivot Point: 146.98


Indicators:

  • Volatility: The Bollinger Bands are moderately wide, indicating a steady level of volatility.

  • Moving Average (MA): The price is above the MA, suggesting a bullish trend.

  • Ichimoku: (Not visible on the provided chart, cannot provide analysis).

  • RSI: It is trending downwards towards the mid-level, indicating weakening momentum.

  • Bollinger Bands: The price is close to the middle band, pointing to potential consolidation.

🎯 Targets for Taking Profits:

  • Buy: Targets at the

  • 1st Resistance level (147.73),

  • 2nd Resistance level (148.2433), and

  • 3rd Resistance level (148.99).

Stop Loss Guidelines:

  • Buy: Set the stop loss just below the pivot point at 146.98 to limit risk.

Suggestion: The current setup may be suited for a cautious bullish position with tight stop-loss controls due to the potential for a reversal indicated by the RSI and the price's proximity to the pivot point. Monitor the price action closely around the pivot point, as it will be a critical level for determining the market's direction.



Intraday Forex Signal: USDCHF


Pair: USDCHF


Trade Direction: The price is below the pivot point and the moving averages, which indicates a BEARISH trend.


Trade Probability: Given the bearish trend, the probability of success for a bearish trade might be around 70%.


Yesterday's Trend: The trend was bearish, with the price closing lower.


Pivot Point: 0.8717


Indicators:

  • Volatility: The Bollinger Bands are moderately wide, suggesting some degree of volatility.

  • Moving Average (MA): Price is below the MA, confirming the bearish trend.

  • Ichimoku: (Not visible on the provided chart, cannot provide analysis).

  • RSI: Heading downwards, further supporting the bearish momentum.

  • Bollinger Bands: The price is towards the lower band, which may suggest overselling, but the trend remains down.

🎯 Targets for Taking Profits:

  • Sell: Targets at the

  • 1st Support level (0.8677),

  • 2nd Support level (0.8626), and

  • 3rd Support level (0.8586).

Stop Loss Guidelines:

  • Sell: Set the stop loss just above the pivot point at 0.8717 to manage risk.

Suggestion: Considering the bearish trend, entering a short position could be favorable. Set a stop loss above the pivot point to protect against any potential reversal and set profit-taking targets at the identified support levels. Monitor the RSI for any signs of divergence which could indicate a potential reversal.


Intraday Forex Signal: NZDUSD


Pair: NZDUSD


Trade Direction: The price is above the pivot point, suggesting a BULLISH trend continuation.


Trade Probability: Considering the current trend and position above the pivot, the success probability of a bullish trade might be around 70%.


Yesterday's Trend: The trend was bullish, with the price moving upwards.


Pivot Point: 0.6180


Indicators:

  • Volatility: The Bollinger Bands indicate a moderate level of volatility, as they are neither too narrow nor excessively wide.

  • Moving Average (MA): Price is above the MA, which supports the bullish trend.

  • Ichimoku: (Not visible on the provided chart, cannot provide analysis).

  • RSI: The RSI is above the 50 level, which is typically a bullish signal.

  • Bollinger Bands: The price is closer to the upper band, suggesting bullish momentum. However, watch for potential pullbacks as prices near the upper band can sometimes signal overextended moves.

🎯 Targets for Taking Profits:

  • Buy: Targets at the 1st Resistance level (0.6209), 2nd Resistance level (0.6253), and 3rd Resistance level (0.6282).

Stop Loss Guidelines:

  • Buy: Set the stop loss below the pivot point at 0.6180 to limit risk.

Suggestion: Given the bullish indicators, consider a long position with the stop loss set below the pivot point to minimize potential losses. Profit targets should be set at the resistance levels provided, with adjustments based on the market's reaction to these price points. Keep an eye on the RSI for any signs of divergence or overbought conditions which might suggest taking profits earlier.



Intraday Forex Signal for AUD/USD

Pair: AUD/USD


Trade Direction: BEARISH


Trade Probability: 60%


Yesterday's Trend: The pair showed a downward movement, closing near the lows of the day.

Pivot Point: 0.6639


Indicators:

  • Volatility: Increasing, as indicated by the widening of Bollinger Bands.

  • Moving Average (MA): The pair is trading below the moving average, suggesting a bearish trend.

  • Ichimoku: The price is below the cloud, indicating bearish sentiment.

  • RSI: The RSI is trending downwards, approaching the oversold territory, signaling potential continuation of the downtrend.

  • Bollinger Bands: The price is touching the lower band, which may indicate an oversold condition; however, the widening bands suggest increased volatility and potential for continued downtrend.

🎯 Targets for Taking Profits:

  • Sell:

    • 1st Target (T1): 0.6551

    • 2nd Target (T2): 0.6520

    • 3rd Target (T3): 0.6498


Stop Loss Guidelines:

  • Sell: Set the stop loss just above the daily pivot point at 0.6650.

Suggestion: Considering the bearish indicators, initiating a short position may be favorable. Watch for a potential bounce back if the price approaches the lower Bollinger Band too closely, as it may signal a temporary oversold condition.



Intraday Forex Signal for USD/CAD


Pair: USD/CAD


Trade Direction: BEARISH


Trade Probability: 55%


Yesterday's Trend: The pair showed a slight recovery but is still within a downtrend.


Pivot Point: 1.3574


Indicators:

  • Volatility: The Bollinger Bands are beginning to contract, suggesting a decrease in volatility and a potential for a breakout.

  • Moving Average (MA): The pair is trading below the moving average, signifying a bearish trend.

  • Ichimoku: The price is below the Ichimoku cloud, confirming the bearish bias.

  • RSI: The RSI is below 50 and trending downward, indicating bearish momentum.

  • Bollinger Bands: The price is near the lower Bollinger Band, which could mean an oversold condition; however, the bearish trend is still dominant.

🎯 Targets for Taking Profits:

  • Sell:

    • 1st Target (T1): 1.3443

    • 2nd Target (T2): 1.3406

    • 3rd Target (T3): 1.3380


Stop Loss Guidelines:

  • Sell: Set the stop loss just above the pivot point at 1.3600.

Suggestion: The current indicators support a bearish outlook. Consider entering a short position, but monitor the lower Bollinger Band closely for signs of a potential reversal due to oversold conditions.



Intraday Forex Signal for EUR/GBP

Pair: EUR/GBP


Trade Direction: BEARISH


Trade Probability: 58%


Yesterday's Trend: The pair continued its downward trend, closing near the lower end of the daily range.


Pivot Point: 0.8591


Indicators:

  • Volatility: Increasing as the Bollinger Bands are expanding, indicating a stronger trend may be establishing.

  • Moving Average (MA): The pair is trading below the moving average, reinforcing the bearish trend.

  • Ichimoku: Price remains below the cloud, suggesting bearish momentum.

  • RSI: The RSI is trending down and is below the 50 mark, confirming the bearish momentum.

  • Bollinger Bands: The price is approaching the lower band, suggesting the market is becoming oversold, which may lead to a temporary pullback.

🎯 Targets for Taking Profits:

  • Sell:

    • 1st Target (T1): 0.8546

    • 2nd Target (T2): 0.8533

    • 3rd Target (T3): 0.8520


Stop Loss Guidelines:

  • Sell: Set the stop loss just above the pivot point at 0.8600.

Suggestion: The bearish indicators suggest that a short position could be considered. However, be cautious of potential rebounds or retracements due to the approaching oversold conditions.

 

Disclaimer: These trading signals is based on the current chart and market conditions. Always conduct your own analysis and consider risk management strategies before entering any trade. Markets are dynamic, and conditions can change rapidly.



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.



Forex signals ,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.



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