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Daily Forex Signals & Market Insights: Jan 24 - Key Trends in Major Currency Pairs

1. Asian Markets React to US Highs: Muted sentiment in Asia follows record highs in S&P 500 and Nasdaq 100.

2. Anticipation Around Federal Reserve: Asian markets eye potential benefits from the Fed's expected easing.

3. Wall Street's Rate Cut Scepticism: Shift in US swaps traders' outlook reduces expectations for a March rate cut.

4. Dollar's Steady Performance: Maintains levels after two consecutive days of gains.

5. BOJ Rate Hike Expectations: Japanese swap markets show increased probability of a rate hike in April.

6. Nikkei Vulnerability Insights: Analysts comment on Nikkei's sensitivity to adverse news.

7. US Equities Surge: Gains led by Netflix and Texas Instruments ahead of key company reports.

8. Bitcoin's Recovery: Cryptocurrency rebounds after recent slump.

9. Oil Market Equilibrium: Balancing lower US inventories and Middle East tensions against increased supply expectations.


- Key Upcoming Events:

  • Canada rate decision

  • Eurozone S&P Global Services & Manufacturing PMI

  • US S&P Global Services & Manufacturing PMI


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


A trading chart displaying the asset with two main indicators. The top panel shows Bollinger Bands overlaid on candlestick price action with a 20-day Simple Moving Average (SMA). Below, two sub-panels present the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD), respectively. The RSI is within the neutral range, neither overbought nor oversold. The MACD shows the signal line and the MACD line close together, indicating no strong momentum in either direction. The lower section of the image features a separate price action chart without indicators for comparison.
🟢 EUR/USD

Intraday Forex Signal - January 24, 2024


Pair: EURUSD


Pivot Point: 1.086


Trade Direction: BEARISH


Trade Probability: 65%


Yesterday's Trend

The EURUSD exhibited a corrective trend after peaking, indicating a potential shift in market sentiment.


Market Trend Analysis


- Volatility: Decreasing, suggesting a consolidation phase.

- Moving Average (MA): EURUSD is below the MA, implying a bearish outlook.

- Ichimoku Cloud: The price is below the cloud, supporting the bearish bias.

- RSI: The RSI is trending downwards, nearing the oversold territory, which may signal an upcoming reversal.

- Bollinger Bands: The price is hugging the lower band, which often indicates a strong downward trend.

- MACD: The MACD line is below the signal line and declining, further confirming bearish momentum.

- Volume: Low volume could mean less conviction in the current downward trend, signaling potential for reversal.


🎯 Profit Targets

- Sell:

- 1st Target (1st Support): 1.081

- 2nd Target (2nd Support): 1.077

- 3rd Target (3rd Support): 1.072


❌ Stop Loss Guidelines

- Sell: Set the stop loss at 1.091 (just above the recent peak).


Suggestion

Based on the indicators, a sell position is suggested, targeting the 1st Support level at 1.081, with a stop loss set at 1.091. If the price breaks below 1.081, traders may consider holding until the 2nd or 3rd Support levels, monitoring for any signs of a reversal as RSI approaches oversold conditions.



Intraday Forex Signal - January 24, 2024


Pair: GBPUSD


Pivot Point: 1.274


Trade Direction: BULLISH


Trade Probability: 60%


Yesterday's Trend

The GBPUSD showed a consolidation which could signal a change in the market's direction.


Market Trend Analysis

- Volatility: Increasing, indicating a potential for more significant price movements.

- Moving Average (MA): GBPUSD is above the MA, suggesting a bullish trend.

- Ichimoku Cloud: Price is above the Ichimoku cloud, hinting at a potential upward trend continuation.

- RSI: The RSI is oscillating mid-range, suggesting there is room for either direction, but with a slight edge to the bulls.

- Bollinger Bands: Price is trading near the upper Bollinger Band, signaling strong upward momentum.

- MACD: The MACD line is above the signal line but showing signs of convergence, indicating the bullish momentum may be waning.

- Volume: Adequate volume accompanies the current price movement, giving credibility to the recent bullish action.


🎯 Profit Targets

- Buy:

- 1st Target (1st Resistance): 1.279

- 2nd Target (2nd Resistance): 1.284

- 3rd Target (3rd Resistance): 1.290 (Estimated beyond the current range)


❌ Stop Loss Guidelines

- Buy: Set the stop loss at 1.264 (just below the recent low).


Suggestion

Based on the current indicators, a buy position is recommended, aiming for the 1st Resistance level at 1.279. Should the upward momentum continue, the next targets could be 1.284 and potentially higher. A stop loss should be placed at 1.264 to mitigate the risk in case of a trend reversal.



Intraday Forex Signal - January 24, 2024


Pair: USDJPY


Pivot Point: 149.060


Trade Direction: BULLISH


Trade Probability: 70%


Yesterday's Trend

The USDJPY continued its recent uptrend, reinforcing the bullish sentiment in the market.


Market Trend Analysis

- Volatility: Increasing, suggesting a stronger trend and larger price moves.

- Moving Average (MA): USDJPY is above the MA, indicating a bullish trend.

- Ichimoku Cloud: Price is above the cloud, providing a bullish signal.

- RSI: The RSI is approaching overbought territory, indicating strong buying interest but also the potential for a pullback.

- Bollinger Bands: The price is approaching the upper band, which often signals overextended bullish conditions.

- MACD: The MACD is above the signal line and rising, which supports the bullish momentum.

- Volume: Increasing volume aligns with the uptrend, suggesting it has strong backing.


🎯 Profit Targets

- Buy:

- 1st Target (1st Resistance): 149.740

- 2nd Target (2nd Resistance): 150.770

- 3rd Target (3rd Resistance): 151.500 (Estimated beyond the current range)

❌ Stop Loss Guidelines


- Buy: Set the stop loss at 147.350 (below recent support).


Suggestion

Given the indicators, a buy position is recommended with the initial target set at the 1st Resistance level of 149.740. If the momentum persists, traders may aim for the 2nd Resistance at 150.770. It's advisable to set a stop loss at 147.350 to manage the risk, especially as the RSI suggests the market is nearing overbought conditions.



Intraday Forex Signal - January 24, 2024


Pair: USDCHF


Pivot Point: 0.8738


Trade Direction: BULLISH


Trade Probability: 68%


Yesterday's Trend

The USDCHF pair showed signs of an uptrend as it bounced off support levels, hinting at a growing bullish momentum.


Market Trend Analysis

- Volatility: Moderately increasing, suggesting a strengthening trend.

- Moving Average (MA): USDCHF is above the MA, indicating a bullish trend continuation.

- Ichimoku Cloud: The price is emerging above the cloud, a bullish signal for potential upward movement.

- RSI: The RSI is above 50, indicating bullish momentum without being overbought.

- Bollinger Bands: The price is trading between the middle and upper bands, supporting the current bullish bias.

- MACD: The MACD line is above the signal line and ascending, reinforcing the bullish trend.

- Volume: The rising volume accompanying the price action confirms the strength of the current trend.


🎯 Profit Targets

- Buy:

- 1st Target (1st Resistance): 0.8775

- 2nd Target (2nd Resistance): 0.8819

- 3rd Target (3rd Resistance): 0.8850 (Estimated beyond the current range)


❌ Stop Loss Guidelines

- Buy: Set the stop loss at 0.8657 (below recent support).


Suggestion

Considering the market indicators, a buy position is suggested, with the initial target at the 1st Resistance level of 0.8775. If the price maintains its momentum, the next target could be 0.8819. It's recommended to place a stop loss at 0.8657 to limit potential downside risk.



Intraday Forex Signal - January 24, 2024


Pair: NZDUSD


Pivot Point: 0.6127


Trade Direction: BULLISH


Trade Probability: 62%


Yesterday's Trend

The NZDUSD pair experienced a mild uptrend, suggesting a cautious bullish sentiment among traders.


Market Trend Analysis

- Volatility: Slightly increasing, hinting at possible upward price momentum.

- Moving Average (MA): NZDUSD is just above the MA, providing a tentative bullish signal.

- Ichimoku Cloud: The price is within the cloud, indicating a potential trend change or consolidation.

- RSI: The RSI is hovering around the 50 mark, indicating a neutral to slightly bullish momentum.

- Bollinger Bands: The price is near the middle band, suggesting the trend is not strongly defined yet.

- MACD: The MACD line is below the signal line but is starting to curve upwards, hinting at a possible bullish crossover.

- Volume: Moderate volume accompanies the recent price action, which doesn't strongly confirm the trend.


🎯 Profit Targets

- Buy:

- 1st Target (1st Resistance): 0.6151

- 2nd Target (2nd Resistance): 0.6183

- 3rd Target (3rd Resistance): 0.6200 (Estimated beyond the current range)


❌ Stop Loss Guidelines

- Buy: Set the stop loss at 0.6071 (below recent swing low).


Suggestion

Given the mixed signals, a cautious buy position could be considered, targeting the 1st Resistance level of 0.6151. If the pair breaks this level with confidence, the next target would be 0.6183. A stop loss at 0.6071 is recommended to safeguard against any sudden downward movements.



Intraday Forex Signal - January 24, 2024


Pair: AUDUSD


Pivot Point: 0.6612


Trade Direction: BEARISH


Trade Probability: 64%


Yesterday's Trend

The AUDUSD pair exhibited a downtrend, signaling a bearish market sentiment.


Market Trend Analysis

- Volatility: Moderately increasing, indicating potential for continued downward movement.

- Moving Average (MA): AUDUSD is below the MA, suggesting a bearish trend.

- Ichimoku Cloud: The price is below the Ichimoku cloud, which typically indicates a bearish trend.

- RSI: The RSI is below 50 and heading downwards, signaling bearish momentum.

- Bollinger Bands: The price is near the lower Bollinger Band, supporting the bearish sentiment.

- MACD: The MACD line is below the signal line and descending, confirming the bearish momentum.

- Volume: Trading volume is relatively high on down days, suggesting a strong bearish conviction.


🎯 Profit Targets

- Sell:

- 1st Target (1st Support): 0.6550

- 2nd Target (2nd Support): 0.6519

- 3rd Target (3rd Support): 0.6488


❌ Stop Loss Guidelines

- Sell: Set the stop loss at 0.6612 (around the pivot point).


Suggestion

Given the technical indicators, a sell position is suggested, targeting the 1st Support level at 0.6550. If the downtrend persists, the subsequent targets could be 0.6519 and 0.6488. It's prudent to place a stop loss at 0.6612 to manage risk in the event of a trend reversal.



Intraday Forex Signal - January 24, 2024


Pair: USDCAD


Pivot Point: 1.349


Trade Direction: BULLISH


Trade Probability: 63%


Yesterday's Trend

The USDCAD pair demonstrated a slight bullish trend, indicating a potential for continued upward momentum.


Market Trend Analysis

- Volatility: Steadily increasing, which may suggest a continuation of the current trend.

- Moving Average (MA): USDCAD is above the MA, signifying a bullish trend.

- Ichimoku Cloud: The price is above the cloud, confirming the bullish sentiment.

- RSI: The RSI is just above 50, which points to a moderate bullish momentum.

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

- MACD: The MACD line is above the signal line and trending upwards, supporting the bullish movement.

- Volume: There is an increasing volume supporting the recent price action, indicating stronger buyer interest.


🎯 Profit Targets

- Buy:

- 1st Target (1st Resistance): 1.351

- 2nd Target (2nd Resistance): 1.353

- 3rd Target (3rd Resistance): 1.355 (Estimated beyond the current range)


❌ Stop Loss Guidelines

- Buy: Set the stop loss at 1.345 (just below the pivot point).


Suggestion

The current market analysis suggests entering a buy position with the first target at 1.351. Should the bullish momentum maintain, the next objective could be 1.353. Placing a stop loss at 1.345 is advisable to mitigate the risk in case the market moves against the position.



Intraday Forex Signal - January 24, 2024


Pair: EURGBP


Pivot Point: 0.86


Trade Direction: BEARISH


Trade Probability: 58%


Yesterday's Trend

The EURGBP pair showed a declining trend, signaling bearish pressure.


Market Trend Analysis

- Volatility: Is currently stable, indicating a potential for continuation of the current trend.

- Moving Average (MA): EURGBP is below the MA, which typically suggests a bearish trend.

- Ichimoku Cloud: The price is below the Ichimoku cloud, further confirming the bearish sentiment.

- RSI: The RSI is below 50, pointing towards bearish momentum.

- Bollinger Bands: The price is near the lower Bollinger Band, suggesting that the bearish trend is strong.

- MACD: The MACD line is below the signal line and trending downwards, indicating bearish momentum.

- Volume: The volume is moderate, which may not strongly confirm the bearish trend but still suggests a lack of buying interest.


🎯 Profit Targets

- Sell:

- 1st Target (1st Support): 0.8546

- 2nd Target (2nd Support): 0.85

- 3rd Target (3rd Support): 0.8470 (Estimated beyond the current range)


❌ Stop Loss Guidelines

- Sell: Set the stop loss at 0.86 (at the pivot point).


Suggestion

The indicators suggest that taking a sell position could be beneficial, with a target of 0.8546 for the first level of support. If the bearish trend persists, the next target would be 0.85. It is advisable to set a stop loss at the pivot point of 0.86 to protect against potential trend reversals.


 

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.


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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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