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Daily Forex Signals & Market Insights: Jan 22 - Intraday Focus

- Fed officials in blackout before January meeting.

- No rate changes expected in Canada and Norway's bank meetings.

- Chances of a March Fed rate cut reduced to 49%.

- U.S. economic reports this week may impact rate decisions.

- Predicted U.S. Q4 GDP at 2%, core PCE price index may fall to 3.0% in December.

- Surge in Treasury yields to 4.12% driven by strong data.

- Dollar pulls back from five-week high, gold prices drop.

- Oil market weighs global demand against Middle East supply issues.

- Bank of Japan likely to hold steady on policy.

- Brent crude dips to $78, dollar retreats against major currencies.



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 Index

Forex Trade Signals





Intraday Forex Signal for XAUUSD – January 22, 2024


Pair: XAUUSD (Spot Gold)


Pivot Point: 2029.45


Trade Direction: BULLISH


Emphasis Trade Probability: The likelihood of the bullish trend continuing is around 60%, considering the current technical outlook.


Friday's Trend

Friday, XAUUSD demonstrated a stable trend, with the price action hovering around significant support and resistance levels, suggesting a balanced market sentiment.


Market Trend Analysis

- Bollinger Bands: The XAUUSD is currently testing the upper Bollinger Band, which can often precede a price retracement or consolidation.

- Moving Averages: The pair is trading above a key moving average, signaling a maintained bullish momentum.

- RSI (Relative Strength Index): The RSI is positioned around the midpoint, indicating a neutral sentiment but leaning towards a bullish bias given the price above the moving average.

- Ichimoku Cloud: The proximity of the price to the Ichimoku Cloud suggests a potential breakout. The trend direction will be further clarified by the behavior of the price in relation to the cloud.

- MACD (Moving Average Convergence Divergence): The MACD is hovering near the signal line above zero, which could be indicative of a bullish trend continuation.

- Volume: The volume has been moderate, suggesting a consistent interest in the market without any significant overbought or oversold conditions.

🎯 Targets for Taking Profits

- Buy:

- 1st Target (1st Resistance): 2039.31

- 2nd Target (2nd Resistance): 2049.14

- 3rd Target (3rd Resistance): 2059.00

❌ Stop Loss Guidelines

- Buy: Place the stop loss slightly below the 1st Support level at 2019.62, to safeguard against potential downtrends.


Suggestion

Indicators are favouring a bullish stance for XAUUSD. Traders might consider a long position aiming for the 1st Resistance as an initial target. It is advisable to set a stop loss below the first support level to manage potential risks.



Intraday Forex Signal for WTI – January 22, 2024


Pair: WTI (West Texas Intermediate Crude Oil) Trading as CL-Oil


Pivot Point: 73.84


Trade Direction: BEARISH



Trade Probability: 60%


Friday's Trend

WTI showed signs of a downtrend, closing near its low, indicating bearish pressure.


Market Trend Analysis

  • Volatility: Moderate, but a downtick may increase volatility.

  • Bollinger Bands: WTI is trading near the upper band, but a move towards the middle band suggests a potential downtrend.

  • Moving Averages: Price below the MA could confirm a bearish trajectory.

  • RSI: Approaching the midpoint, could indicate weakening buying momentum.

  • Ichimoku Cloud: If the price moves below the cloud, it would signal a stronger bearish trend.

  • MACD: MACD line below the signal line points to bearish momentum.

  • Volume: Sustained volume with downward price action indicates bearish confirmation.


🎯 Profit Targets

  • Sell:

  • 1st Target (1st Support): 72.76

  • 2nd Target (2nd Support): 72.12

  • 3rd Target (3rd Support): 71.04


❌ Stop Loss Guidelines

  • Sell: Set stop loss just above the pivot point at 73.84 to protect against a reversal.


Suggestion

Consider initiating a short position, aiming for the first support target at 72.76, with potential to reach further support levels if the downtrend persists. Place a stop loss above the pivot to minimize potential losses.





Intraday Forex Signal for EURUSD – January 22, 2024


Pair: EURUSD


Pivot Point: 1.089


Trade Direction: BULLISH


Trade Probability: 60%


Friday's Trend

The trend for EURUSD was stable, with the pair showing resilience above key support levels, hinting at underlying bullish sentiment.


Market Trend Analysis

- Volatility: Showing signs of increase as the pair tests key resistance.

- Bollinger Bands: Price is near the upper band, suggesting bullish momentum.

- Moving Averages: The pair is trading above the MA, supporting the bullish outlook.

- RSI: Hovering around the mid-point, indicating room for potential upside.

- Ichimoku Cloud: Not visible in the data provided, but typically, price above the cloud supports a bullish trend.

- MACD: Slightly above the signal line, which could indicate a strengthening bullish trend.

- Volume: Not specified, but consistent volume with bullish price action is a positive sign.


🎯 Profit Targets

- Buy:

- 1st Target (1st Resistance): 1.091

- 2nd Target (2nd Resistance): 1.092

- 3rd Target (3rd Resistance): 1.094


❌ Stop Loss Guidelines

- Buy: Set stop loss just below the 1st Support level at 1.087.


Suggestion

The current setup favors a long position, aiming for the first resistance target at 1.091, with the potential to extend gains towards the second and third resistance if the bullish momentum continues.




Intraday Forex Signal for GBPUSD – January 22, 2024


Pair: GBPUSD


Pivot Point: 1.269


Trade Direction: BULLISH


Trade Probability: 60%


Friday's Trend

The GBPUSD showed resilience, maintaining levels above key support zones, indicating a bullish undertone.


Market Trend Analysis

- Volatility: Appears stable with potential for increase if key resistance is tested.

- Bollinger Bands: Price near the upper band suggests bullish momentum could persist.

- Moving Averages: GBPUSD is trading above the Moving Average, reinforcing the bullish signal.

- RSI: Near mid-level, suggesting neither overbought nor oversold, but room for upside exists.

- MACD: Slightly above the signal line, hinting at continued bullish sentiment.

- Volume: Not available in the data, but consistent volume with bullish price action would confirm strength.


🎯 Profit Targets

- Buy:

- 1st Target (1st Resistance): 1.273

- 2nd Target (2nd Resistance): 1.275

- 3rd Target (3rd Resistance): 1.278


❌ Stop Loss Guidelines

- Buy: Set stop loss just below the 1st Support level at 1.267.


Suggestion

Consider entering a long position near the pivot point with the initial target at 1.273 and subsequent targets at 1.275 and 1.278 if the bullish momentum continues.



Intraday Forex Signal for USDJPY – January 22, 2024


Pair: USDJPY


Pivot Point: 148.267


Trade Direction: BULLISH


Trade Probability: 65%


Friday's Trend

USDJPY showed an uptrend, closing near the high of the day, suggesting strong bullish momentum.


Market Trend Analysis

- Volatility: Moderate, with signs of increasing as the pair tests resistance.

- Bollinger Bands: The price is pushing towards the upper band, indicating a bullish trend.

- Moving Averages: The pair is trading above the MA, reinforcing the bullish signal.

- RSI: Above the midpoint and rising, indicating increasing buying pressure.

- MACD: Above the signal line, confirming the bullish trend.

- Volume: Not specified, but increased volume with bullish price action would confirm the trend.


🎯 Profit Targets

- Buy:

- 1st Target (1st Resistance): 148.693

- 2nd Target (2nd Resistance): 149.237

- 3rd Target (3rd Resistance): 149.663


❌ Stop Loss Guidelines

- Buy: Set stop loss just below the 1st Support level at 147.723.


Suggestion

Entering a long position near the pivot point could be favorable, with the initial target at 148.693. If the bullish momentum is sustained, further targets at 149.237 and 149.663 are viable, with a stop loss below the first support to manage risk.



Intraday Forex Signal for USDCHF – January 22, 2024


Pair: USDCHF


Pivot Point: 0.868


Trade Direction: BULLISH


Trade Probability: 65%


Friday's Trend

USDCHF's trend was bullish, with a strong close near the day's high, indicating the potential for continued upward momentum.


Market Trend Analysis

- Volatility: Currently moderate, but may increase if the pair approaches higher resistance levels.

- Bollinger Bands: Price is near the upper band, suggesting a continuation of the bullish trend.

- Moving Averages: The pair is trading above the MA, confirming the bullish trend.

- RSI: Slightly above 50, indicating potential for further bullish movement.

- MACD: Above the signal line, reinforcing the bullish trend.

- Volume: Not specified, but high volume would further confirm the bullish signal.


🎯 Profit Targets

- Buy:

- 1st Target (1st Resistance): 0.870

- 2nd Target (2nd Resistance): 0.872

- 3rd Target (3rd Resistance): 0.874


❌ Stop Loss Guidelines

- Buy: Set stop loss at 0.866, just below the 1st Support level.


Suggestion

A long position near the pivot point of 0.868 could capitalize on the bullish trend, with a first profit target at 0.870. Should the uptrend continue, subsequent targets at 0.872 and 0.874 may be considered, with a stop loss placed just below the first support level to manage risk.



Intraday Forex Signal for NZDUSD – January 22, 2024


Pair: NZDUSD


Pivot Point: 0.6112


Trade Direction: BULLISH


Trade Probability: 60%


Friday's Trend

The NZDUSD pair showed a bullish trend, ending the session near its highs, which suggests a continued upward momentum.


Market Trend Analysis

- Volatility: Seems to be increasing, indicating dynamic market movement.

- Bollinger Bands: The pair is currently trading near the middle band, which points to a potential move towards the upper band in a continuation of the bullish trend.

- Moving Averages: The pair is above the Moving Average, providing further bullish confirmation.

- RSI: The RSI is above the 50 mark, showing bullish momentum.

- MACD: The MACD line is above the signal line, indicating bullish sentiment.

- Volume: Not specified, but consistent and increasing volume would support a bullish trend.


🎯 Profit Targets

- Buy:

- 1st Target (1st Resistance): 0.6134

- 2nd Target (2nd Resistance): 0.6150

- 3rd Target (3rd Resistance): 0.6172


❌ Stop Loss Guidelines

- Buy: Set a stop loss at 0.6096, just below the 1st Support level, to mitigate risk.


Suggestion

Entering a long position near the pivot with a first target of 0.6134 is suggested based on current bullish indicators. If the upward trend persists, look towards the 0.6150 and 0.6172 levels for further profit-taking.



Intraday Forex Signal for AUDUSD – January 22, 2024


Pair: AUDUSD


Pivot Point: 0.6588


Trade Direction: BULLISH


Trade Probability: 60%


Friday's Trend

AUDUSD showed a slight uptick, indicating a potential for continuation in the bullish trend.


Market Trend Analysis

- Volatility: The volatility appears to be steady, suggesting a solid trend formation.

- Bollinger Bands: The pair is currently between the middle and upper bands, supporting the possibility of a bullish trend.

- Moving Averages: AUDUSD is hovering around the Moving Average, indicating possible bullish momentum.

- RSI: The RSI is near the midpoint, suggesting room for an upward move.

- MACD: The MACD line is close to the signal line, which could suggest a bullish crossover if it turns upwards.

- Volume: Not available, but if volume is high with this price action, it would lend further support to the bullish case.


🎯 Profit Targets

- Buy:

- 1st Target (1st Resistance): 0.6611

- 2nd Target (2nd Resistance): 0.6625

- 3rd Target (3rd Resistance): 0.6648


❌ Stop Loss Guidelines

- Buy: Set a stop loss at 0.6574, just below the 1st Support level.


Suggestion

Traders could consider a long position near the pivot, with the first profit target at 0.6611. Depending on market reaction, further gains could be targeted at 0.6625 and 0.6648. A stop loss below the first support level would be prudent to protect the trade.



Intraday Forex Signal for USDCAD – January 22, 2024


Pair: USDCAD


Pivot Point: 1.3454


Trade Direction: BULLISH


Trade Probability: 60%


Friday's Trend

The USDCAD pair presented a bullish trend, suggesting a potential continuation of this momentum.


Market Trend Analysis

- Volatility: The volatility is steady, which could indicate a strong trend.

- Bollinger Bands: The price is nearing the upper Bollinger Band, a sign of bullish strength.

- Moving Averages: Price is above the MA, supporting the bullish trend.

- RSI: Above the 50 level, signaling bullish momentum.

- MACD: The MACD line is above the signal line, confirming bullish sentiment.

- Volume: Not specified, but high volume would corroborate the bullish trend.


🎯 Profit Targets

- Buy:

- 1st Target (1st Resistance): 1.3480

- 2nd Target (2nd Resistance): 1.3530

- 3rd Target (3rd Resistance): 1.3556


❌ Stop Loss Guidelines

- Buy: Set stop loss at 1.3404, just below the 1st Support level.


Suggestion

Consider taking a long position near the pivot point, aiming for the first resistance level at 1.3480, with further targets at 1.3530 and 1.3556 if the bullish momentum continues. A stop loss below the first support level would be prudent to manage the risk.



Intraday Forex Signal for EURGBP – January 22, 2024


Pair: EURGBP


Pivot Point: 0.858


Trade Direction: BULLISH


Trade Probability: 55%


Friday's Trend

EURGBP showed signs of recovery, ending higher, which suggests potential for a continued upward trend.


Market Trend Analysis

- Volatility: Steady, indicating consistent interest in this currency pair.

- Bollinger Bands: The price is trading near the middle band, suggesting neutrality with potential for an upward push.

- Moving Averages: The pair is oscillating around the Moving Average, indicating a possible uptrend if it maintains above the MA.

- RSI: The RSI is near the midpoint, showing room for potential price increase.

- MACD: The MACD is close to crossing above the signal line, which could signal the start of a bullish trend.

- Volume: Not visible, but if trading volume increases with an upward price movement, it would support a bullish outlook.


🎯 Profit Targets

- Buy:

- 1st Target (1st Resistance): 0.860

- 2nd Target (2nd Resistance): 0.862

- 3rd Target (3rd Resistance): 0.864


❌ Stop Loss Guidelines

- Buy: Set a stop loss at 0.856, just below the 1st Support level.


Suggestion

Considering the current price action and technical indicators, traders could take a long position near the pivot point. The initial target could be set at 0.860, with further targets at 0.862 and 0.864. The stop loss should be placed just below the first support level to minimize risk.


 

Disclaimer: These Forex Trade Signals are based on the current charts 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 www.champprofit.com at any given time and are subject to change at any time. ©2024 by Champ Profit.


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