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Technical Analysis:Your Daily Dose of Market Insights, May 18, 2023

European shares look poised to rally after a wave of optimism that a U.S. debt ceiling deal could be reached as soon as the weekend, which lifted stocks on Wall Street and in Asia.

Key events today.

  • US initial jobless claims, Conference Board leading index, existing home sales

“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: 102.84

Our preference:

Above 102.84 look for further upside with 103.15 & 103.41 & 103.72 as targets.


Alternative scenario:

Short positions below 102.84 with targets at 102.58 & 102.27 & 102.01 in extension.


Comment:

Looking at the Daily Chart, our overall bias for Dollar Index is bullish as the price is now heading above the Ichimoku cloud indicating an upward trend. The RSI shows further upward momentum.

 "A bar chart displaying forex currency and commodities prices with green and red candles representing trading trends over a daily time frame. The chart includes indicators such as moving average and Bollinger bands, along with the Relative Strength Indicator (RSI)."


Gold Intraday: Bearish


Pivot: 1983.15


Our preference:

Below 1983.15 look for further downside with 1973.34 & 1965.17 & 1955.36 as targets.


Alternative scenario:

Long positions above 1983.15 with targets at 1991.32 & 2001.13 & 209.30 in extension.


Comment:

Looking at the Daily Chart, our overall bias for XAU/USD is bearish as the current price is now heading into the Ichimoku cloud in a downtrend. The RSI shows further downward momentum.

Gold XAU/USD  "A bar chart displaying forex currency and commodities prices with green and red candles representing trading trends over a daily time frame. The chart includes indicators such as moving average and Bollinger bands, along with the Relative Strength Indicator (RSI)."

USD/JPY Intraday: Bullish

Pivot: 137.24

Our preference:

Long above 137.24 with targets at 138.16 & 138.64 & 139.56 in extension.


Alternative scenario:

Short positions below 137.24 look for further downside with 136.76 & 135.84 & 135.36 as targets.


Comment:

Looking at the Daily Chart, our overall bias for USDJPY is bullish as the current price is above the Ichimoku cloud indicating an uptrend. While further consolidation may occur, its scope will likely be restricted. The RSI indicates further upside momentum.

USD/JPY  "A bar chart displaying forex currency and commodities prices with green and red candles representing trading trends over a daily time frame. The chart includes indicators such as moving average and Bollinger bands, along with the Relative Strength Indicator (RSI)."

AUD/USD Intraday: Bearish

Pivot: 0.6654


Our preference:

Short below 0.6654 look for further downside with 0.6633 & 0.6608 & 0.6587 as targets.


Alternative scenario:

Long positions above 0.6654 with targets at 0.6679 & 0.6700 & 0.6725 in extension.


Comment:

Looking at the Daily Chart, our overall bias for AUDUSD is bearish as the price is below the Ichimoku cloud. The RSI shows renewed downward momentum.

AUD/USD  "A bar chart displaying forex currency and commodities prices with green and red candles representing trading trends over a daily time frame. The chart includes indicators such as moving average and Bollinger bands, along with the Relative Strength Indicator (RSI)."

Crude Oil (WTI)‎ West Texas Intermediate: : Choppy


Brokers note:

Currently, the influence of fundamental news on oil prices is greater than that of technical analysis.


Pivot: 72.37


Our preference:

Short positions below 72.37 look for further downside with 71.47 & 70.12 & 69.22 as targets.


Alternative scenario:

Long positions above 72.37 with targets at 73.72 & 74.62 & 75.97 in extension.


Comment:

Looking at the Daily Chart, our overall bias for WTI is bearish as the price is below the Ichimoku cloud. While further consolidation may occur, its scope will likely be restricted. The RSI is neutral.

Crude Oil (WTI)‎ West Texas Intermediate  "A bar chart displaying forex currency and commodities prices with green and red candles representing trading trends over a daily time frame. The chart includes indicators such as moving average and Bollinger bands, along with the Relative Strength Indicator (RSI)."

USD/CAD Intraday: Bearish

Pivot: 1.3478


Our preference:

Short positions below 1.3478 look for downside with 1.3417 & 1.3378 & 1.3317 as targets.


Alternative scenario:

Long positions above 1.3478 with targets at 1.3517 & 1.3578 & 1.3617 in extension.


Comment:

Looking at the Daily Chart, our overall bias for USDCAD is bearish, as the current price is now below the Ichimoku cloud. While further consolidation may occur, its scope will likely be restricted. The RSI is neutral.

USD/CAD   "A bar chart displaying forex currency and commodities prices with green and red candles representing trading trends over a daily time frame. The chart includes indicators such as moving average and Bollinger bands, along with the Relative Strength Indicator (RSI)."

EUR/USD Intraday: Bearish (Tight Range)

Pivot: 1.084

Our preference:

Short positions below 1.084 look for downside with 1.081 & 1.078 & 1.074 as targets.


Alternative scenario:

Long positions above 1.084 with targets at 1.087 & 1.091 & 1.094 in extension.


Comment:

Looking at the Daily Chart, our overall bias for EUR/USD is bearish as the current price is heading below the Ichimoku cloud in a downtrend. The RSI shows further downside.

EUR/USD   "A bar chart displaying forex currency and commodities prices with green and red candles representing trading trends over a daily time frame. The chart includes indicators such as moving average and Bollinger bands, along with the Relative Strength Indicator (RSI)."

GBP/USD Intraday: Bearish Bias (Tight Range)

Pivot: 1.247

Our preference:

Short positions below 1.247 with targets at 1.244 & 1.238 & 1.235 in extension.


Alternative scenario:

Long positions above 1.247 look for further upside with 1.253 & 1.256 & 1.262 as targets.


Comment:

Looking at the Daily Chart, our overall bias for GBPUSD is bearish as the current price is heading into the Ichimoku cloud indicating a downtrend. While further consolidation may occur, its scope will likely be restricted. The RSI shows downward momentum.

GBP/USD   "A bar chart displaying forex currency and commodities prices with green and red candles representing trading trends over a daily time frame. The chart includes indicators such as moving average and Bollinger bands, along with the Relative Strength Indicator (RSI)."

EUR/GBP Intraday: Bearish (Tight Range)

Pivot: 0.8690

Our preference:

Short positions below 0.8690 with targets at 0.8659 & 0.8637 & 0.8606 in extension.


Alternative scenario:

Long positions above 0.8690 look for further upside with 0.8712 & 0.8743 & 0.8765 as targets.


Comment:

Looking at the Daily Chart, our overall bias for EURGBP is bearish as the current price is below the Ichimoku cloud indicating a downtrend. While further consolidation may occur, its scope will likely be restricted. The RSI is neutral.

EUR/GBP  "A bar chart displaying forex currency and commodities prices with green and red candles representing trading trends over a daily time frame. The chart includes indicators such as moving average and Bollinger bands, along with the Relative Strength Indicator (RSI)."

Nasdaq 100 Intraday: Bullish


Brokers note:

The resolution of the debt ceiling crisis will have a significant and immediate positive impact on stock prices, causing them to surge rapidly.


Pivot:

13,538

Our preference:

Long positions above 13,538 with targets at 13,658 & 13,727 & 13,847 in extension.


Alternative scenario:

Below 13,538 look for further downside with 13,469 & 13,350 & 13,280 as targets.


Comment:

Looking at the Daily Chart, our overall bias for Nasdaq 100 is bullish as the current price is above the Ichimoku cloud in an uptrend. The RSI indicates further upward momentum.

Nasdaq 100 stock price index   "A bar chart displaying forex currency and commodities prices with green and red candles representing trading trends over a daily time frame. The chart includes indicators such as moving average and Bollinger bands, along with the Relative Strength Indicator (RSI)."

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