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Forex Signals & Market Insights: March 13- Intraday Focus

- Dollar Index: Slight decline in Asian trade, retains most overnight gains post strong CPI inflation reading.

- Inflation and Federal Reserve: CPI suggests persistent inflation; market still expects Fed rate cut by June, with a 25 basis point reduction.

- Economic Data Impact: Higher CPI foreshadows stronger Producer Price Index (PPI); U.S. retail sales data for February critical.

- Japanese Yen Strengthens: Up 0.3% due to expected wage hikes in Japan, raising BOJ rate hike expectations.

- BOJ Policy Shift: Signs of ending negative interest rates; preparing to announce bond purchase strategy post dovish policy.

- BOJ Rate Hike Anticipation: Meeting next week, possible interest rate hike then or in late April.

- Market Adjustments Post-CPI: Odds of Fed's June rate cut down to 68% from 72% pre-CPI data, according to LSEG's interest rate probability app.

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

EUR/USD  GBP/USD  USD/JPY  USD/CHF  NZD/USD  AUD/USD USD/CAD  EUR/GBP  EUR/JPY EUR/CHF


EUR/USD 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

Trading Signal for EUR/USD - March 13, 2024

  • Trade Direction: Buy

  • Entry Point: 1.0925 (based on the daily pivot point)

  • Take Profit: TP1: 1.0943 (just below today's high), TP2: 1.0950 (psychological level), TP3: 1.1000 (major psychological level)

  • Stop Loss: 1.0900 (slightly below today's low)

  • Confidence Level: Moderate, due to mixed market sentiment and economic indicators

Technical Analysis

  • Trend Analysis: Short-term upward trend within a 4-hour timescale

  • Key Levels:

  • Resistance: Today's High 1.0943

  • Support: Today's Low 1.0920, Yesterday's Low 1.0902

Technical Indicators

  • Bollinger Bands: Price is fluctuating around the middle band, indicating no strong trend

  • Ichimoku Cloud: Price is above the cloud, suggesting a bullish bias

  • ATR: 0.00168, indicating low volatility

  • MACD: Histogram bars are shortening below the signal line, suggesting a loss of downward momentum

  • RSI: 53, indicating neither overbought nor oversold conditions

Market Sentiment

  • General Sentiment: Neutral to slightly bullish, cautious ahead of U.S. retail sales data

  • Impact on Specific Asset: EUR/USD may see increased volatility around the release of economic data

  • Notable Economic Events: U.S. CPI data showed higher inflation, which may affect the probability of a Fed rate hike. Additionally, there is anticipation of the BOJ's policy shift, which may impact market sentiment globally.

News Impact

  • Dollar Index: The slight decline in the Asian trade while retaining most overnight gains post strong CPI could indicate a short-term pullback but a longer-term bullish trend for USD.

  • Inflation and Federal Reserve: The persistent inflation shown by CPI suggests caution but the market still expects a Fed rate cut by June, although now less likely.

  • Economic Data Impact: Today’s U.S. retail sales data for February is critical for assessing consumer spending trends.

  • Japanese Yen: Strengthening on wage hike expectations, which might impact EUR/JPY cross rates and indirectly affect EUR/USD.

  • BOJ Policy Shift: The BOJ’s potential policy shift away from negative interest rates could lead to a reshuffling of carry trades, with implications for EUR/USD.


Trading Signal for GBP/USD - March 13, 2024

  • Trade Direction: Sell

  • Entry Point: 1.2796 (current price)

  • Take Profit: TP1: 1.2747 (just above today's low), TP2: 1.2700 (psychological level), TP3: 1.2650 (extension of the bearish move)

  • Stop Loss: 1.2824 (just above today's high)

  • Confidence Level: Moderate, considering the technical indicators and current price action

Technical Analysis

  • Trend Analysis: Short-term downtrend within a 4-hour timescale

  • Key Levels:

  • Resistance: Today's High 1.2824

  • Support: Today's Low 1.2747

Technical Indicators

  • Bollinger Bands: The price is approaching the upper band, indicating potential overbought conditions

  • Ichimoku Cloud: Price is below the cloud, suggesting a bearish bias

  • ATR: 0.00252, indicating moderate volatility

  • MACD: The MACD line is below the signal line and declining, suggesting bearish momentum

  • RSI: Just below 60, indicating a slight bearish divergence as the price is not showing the same momentum

Market Sentiment

  • General Sentiment: Neutral to slightly bearish due to cautious market sentiment ahead of key economic releases

  • Impact on Specific Asset: GBP/USD may experience volatility and potential bearish pressure in anticipation of economic data releases



Trading Signal for USD/JPY - March 13, 2024

  • Trade Direction: Buy

  • Entry Point: 147.579 (current price)

  • Take Profit: TP1: 148.10 (just below today's high), TP2: 148.50 (psychological level), TP3: 149.00 (major psychological level and resistance)

  • Stop Loss: 146.78 (just below today's open)

  • Confidence Level: High, considering the technical indicators showing a clear bullish trend

Technical Analysis

  • Trend Analysis: Long-term upward trend on a 4-hour timescale

  • Key Levels:

  • Resistance: Today's High 148.10

  • Support: Today's Open 146.78

Technical Indicators

  • Bollinger Bands: Price is rising towards the upper band, which may indicate an overbought situation in the near future

  • Ichimoku Cloud: Price is above the cloud, suggesting bullish sentiment

  • ATR: 0.422, indicating higher volatility which is typical for this currency pair

  • MACD: The MACD line has just crossed above the signal line, indicating increasing bullish momentum

  • RSI: Around 56, which shows some room before the asset becomes overbought

Market Sentiment

  • General Sentiment: Bullish, as the market seems to be reacting to the anticipation of policy changes by the BOJ and strong U.S. economic data

  • Impact on Specific Asset: USD/JPY may continue to experience upward pressure, especially with the BOJ's expected policy shifts and the U.S.'s consistent economic data

Traders should be aware of the increased volatility and should manage their risk accordingly, especially considering the high impact of BOJ policy and U.S. economic data releases on this currency pair.



Trading Signal for USD/CHF - March 13, 2024

  • Trade Direction: Slight Buy

  • Entry Point: 0.8779 (current price)

  • Take Profit: TP1: 0.8796 (just below yesterday's high), TP2: 0.8800 (psychological level), TP3: 0.8820 (extension of the bullish move)

  • Stop Loss: 0.8747 (just above yesterday's low)

  • Confidence Level: Low to moderate, based on the convergence of technical indicators and market sentiment leaning towards a cautious buy

Technical Analysis

  • Trend Analysis: The short-term trend appears flat, but with a potential for upward movement within the 4-hour timescale

  • Key Levels:

  • Resistance: Yesterday's High 0.8796

  • Support: Yesterday's Low 0.8747

Technical Indicators

  • Bollinger Bands: The price is hovering near the middle band, which does not suggest a strong trend but is consistent with a cautious buy signal

  • Ichimoku Cloud: The price is slightly below the cloud; a breakout above could confirm the buy signal

  • ATR: 0.00174, indicating low volatility, which can be favorable for a slight buy in stable market conditions

  • MACD: The MACD line is below the signal line but appears to be converging for a potential bullish crossover

  • RSI: At approximately 47, it is in the neutral territory but slightly tilting upwards

Market Sentiment

  • General Sentiment: Neutral, showing signs of a slight bullish bias without strong conviction

  • Impact on Specific Asset: USD/CHF could see a mild appreciation if market conditions turn favorable or economic data supports a stronger dollar

Traders considering a slight buy position should proceed with caution, given the overall neutral market conditions, and should set conservative take profit and stop loss levels to manage risk effectively.



Trading Signal for NZD/USD - March 13, 2024

  • Trade Direction: Slight Buy

  • Entry Point: 0.6158 (current price)

  • Take Profit: TP1: 0.6185 (just below today's high), TP2: 0.6200 (psychological level), TP3: 0.6225 (considering a breakout above recent resistance)

  • Stop Loss: 0.6135 (just below today's low)

  • Confidence Level: Moderate, due to the technical indicators providing a mixed outlook but with a bullish bias

Technical Analysis

  • Trend Analysis: The trend has been slightly upward within the 4-hour timescale, with price recovering from recent lows.

  • Key Levels:

  • Resistance: Today's High 0.6185

  • Support: Today's Low 0.6135

Technical Indicators

  • Bollinger Bands: The price is trading near the middle Bollinger Band, suggesting a moderate volatility level.

  • Ichimoku Cloud: The price is above the Ichimoku Cloud, indicating a potential bullish trend.

  • ATR: 0.00172, indicating moderate volatility.

  • MACD: The MACD line is close to crossing above the signal line, which could suggest an emerging bullish trend.

  • RSI: Around 55, indicating neither overbought nor oversold conditions, aligning with a slight bullish bias.

Market Sentiment

  • General Sentiment: Neutral to slightly bullish, with the market seeming to show cautious optimism.

  • Impact on Specific Asset: NZD/USD may see moderate gains if the market sentiment continues to lean bullish, especially if supported by positive economic data from New Zealand or weak USD data.

Traders should monitor the pair for a confirmation of the bullish signal suggested by the technical indicators and be prepared to act quickly should the price action show signs of a strong upward move or if market sentiment shifts significantly.



Trading Signal for AUD/USD - March 13, 2024

  • Trade Direction: Slight Buy

  • Entry Point: 0.6610 (daily pivot point)

  • Take Profit: TP1: 0.6640 (just below today's high), TP2: 0.6650 (psychological level), TP3: 0.6675 (further resistance level)

  • Stop Loss: 0.6584 (just above today's low)

  • Confidence Level: Moderate, considering the stabilization of price above the pivot and potential for upside movement

Technical Analysis

  • Trend Analysis: Short-term consolidation within a 4-hour timescale, with a possible upside breakout

  • Key Levels:

  • Resistance: Today's High 0.6640

  • Support: Today's Low 0.6584

Technical Indicators

  • Bollinger Bands: Price is near the middle band, suggesting a neutral market but with potential for an upside move

  • Ichimoku Cloud: Price action is around the cloud, indicating uncertainty but a possible bullish breakout if it sustains above the cloud

  • ATR: 0.00185, reflecting moderate intraday volatility

  • MACD: The MACD line is nearly crossing above the signal line, suggesting bullish momentum could be building

  • RSI: Around 58, suggesting mild bullish momentum without being overbought

Market Sentiment

  • General Sentiment: Neutral to slightly bullish, with some potential for upward movement as suggested by the RSI and MACD

  • Impact on Specific Asset: AUD/USD could see some gains if market sentiment improves, or if forthcoming Australian economic data is positive

Traders should be cautious and watch for confirmation of a bullish move above the Ichimoku Cloud and the Bollinger Bands before committing to a buy position. Keep in mind that while the market is not showing strong momentum, the conditions could be ripe for a slight upward move.


Trading Signal for USD/CAD - March 13, 2024

  • Trade Direction: Buy

  • Entry Point: 1.3495 (daily pivot point)

  • Take Profit: TP1: 1.3526 (just below today's high), TP2: 1.3550 (psychological level), TP3: 1.3600 (key resistance level)

  • Stop Loss: 1.3466 (just above today's low)

  • Confidence Level: Moderate, supported by the current price action and the technical indicators pointing towards a possible continuation of the uptrend

Technical Analysis

  • Trend Analysis: Short-term uptrend within a 4-hour timescale

  • Key Levels:

  • Resistance: Today's High 1.3526

  • Support: Today's Low 1.3466

Technical Indicators

  • Bollinger Bands: Price is trading near the upper band, suggesting a continuation of the current trend.

  • Ichimoku Cloud: Price is above the cloud, indicating bullish sentiment.

  • ATR: 0.00199, showing moderate volatility.

  • MACD: The MACD line is above the signal line, albeit with a slight convergence that warrants caution.

  • RSI: Around 46, which indicates that there is room for upward price movement before the asset becomes overbought.

Market Sentiment

  • General Sentiment: Neutral to bullish, with a possible edge towards the upside if the market maintains its current trajectory.

  • Impact on Specific Asset: USD/CAD could continue to rise if the market conditions remain favorable, and oil prices, a significant influence on the Canadian dollar, do not surge.

Traders should keep a close eye on oil price movements and any potential economic data releases that could affect the USD/CAD pair. It is also advisable to watch for any changes in the technical indicators that may suggest a shift in the current trend.



Trading Signal for EUR/GBP - March 13, 2024

  • Trade Direction: Buy

  • Entry Point: 0.8541 (daily pivot point)

  • Take Profit: TP1: 0.8557 (just below today's high), TP2: 0.8570 (resistance level), TP3: 0.8600 (psychological level)

  • Stop Loss: 0.8522 (just above today's low)

  • Confidence Level: Moderate, supported by the recent price action above the pivot point and mild bullish signals from technical indicators

Technical Analysis

  • Trend Analysis: The trend on a 4-hour timescale is showing consolidation with a potential for a bullish trend continuation.

  • Key Levels:

  • Resistance: Today's High 0.8557

  • Support: Today's Low 0.8522

Technical Indicators

  • Bollinger Bands: Price is near the upper band, indicating the end of consolidation and a potential uptrend.

  • Ichimoku Cloud: Price is above the cloud, suggesting bullish sentiment.

  • ATR: 0.00111, suggesting moderate volatility in the market.

  • MACD: The MACD line is above the signal line, which can indicate growing bullish momentum.

  • RSI: Approximately 53, indicating neither overbought nor oversold conditions and supporting the possibility for further upward price movement.

Market Sentiment

  • General Sentiment: Neutral to slightly bullish, awaiting clearer market direction.

  • Impact on Specific Asset: EUR/GBP could see modest gains if the bullish sentiment strengthens, especially in light of any positive developments from the Eurozone or negative news affecting the GBP.

Traders considering this signal should watch for a sustained move above the daily pivot point and look for additional confirmation from other indicators and market news. As always, maintaining appropriate risk management strategies is essential to account for any market volatility.


EURJPY"Chart showing a currency pair's performance with candlestick patterns over a year, indicating trends, volatility, and potential trading opportunities in the forex market."
EUR/JPY

Trading Signal for EUR/JPY - March 13, 2024

  • Trade Direction: Sell

  • Entry Point: 161.14 (daily pivot point)

  • Take Profit: TP1: 160.55 (just above today's open), TP2: 160.27 (today's low), TP3: 160.00 (psychological level)

  • Stop Loss: 161.77 (just above today's high)

  • Confidence Level: Moderate, the indicators show potential for a downward correction

Technical Analysis

  • Trend Analysis: The pair has shown an uptrend on a longer timeframe but appears to be consolidating in the short term, possibly indicating a retracement.

  • Key Levels:

  • Resistance: Today's High 161.77

  • Support: Today's Open 160.55, Today's Low 160.27

Technical Indicators

  • Bollinger Bands: The price is in the upper region of the bands, which could signify an overbought condition leading to a potential pullback.

  • Ichimoku Cloud: Price is above the cloud; while generally indicating a bullish sentiment, it could be poised for a retracement given the consolidation.

  • ATR: 0.426, indicating relatively high volatility, which could lead to significant price movements.

  • MACD: The MACD line is above the signal line, but with the histogram trending downward, indicating weakening bullish momentum.

  • RSI: At around 49, it is in the neutral territory but descending, which supports the potential for a short-term sell.

Market Sentiment

  • General Sentiment: Mixed, with signs of a possible short-term correction in an overall bullish market.

  • Impact on Specific Asset: EUR/JPY could experience a pullback as traders potentially take profits from the recent uptrend.

Given these observations, traders might consider a short-term sell position, keeping an eye on the aforementioned support levels for potential exits. It's important to monitor the price action closely and be ready to adjust the strategy as the market provides further signals.


EUR/CHF "Chart showing a currency pair's performance with candlestick patterns over a year, indicating trends, volatility, and potential trading opportunities in the forex market."
EUR/CHF

Trading Signal for EUR/CHF - March 13, 2024

  • Trade Direction: Sell

  • Entry Point: 0.9585 (daily pivot point)

  • Take Profit: TP1: 0.9570 (just above today's low), TP2: 0.9550 (support level), TP3: 0.9520 (further support level)

  • Stop Loss: 0.9600 (just above today's high)

  • Confidence Level: Moderate, based on technical indicators suggesting a potential downward move

Technical Analysis

  • Trend Analysis: The trend on a 4-hour timescale shows a slight consolidation with a bias towards the downside.

  • Key Levels:

  • Resistance: Today's High 0.9600

  • Support: Today's Low 0.9570

Technical Indicators

  • Bollinger Bands: The price is between the middle and lower bands, which could indicate a potential downward trend.

  • Ichimoku Cloud: Price is above the cloud; however, a potential crossover could signal a downtrend.

  • ATR: 0.00160, suggesting low to moderate volatility.

  • MACD: The MACD line is close to the signal line, hinting at a possible bearish crossover.

  • RSI: Just below 50, supporting the potential for a sell signal.

Market Sentiment

  • General Sentiment: Neutral to slightly bearish, with a cautious market awaiting direction.

  • Impact on Specific Asset: EUR/CHF may decline if the bearish signals strengthen, particularly if there is negative news from the Eurozone or positive strength from the CHF.

Traders should watch for a confirmation of the bearish move, such as a break below the pivot point or other technical levels, before executing a sell order. The stop loss is set just above today's high to protect against any unexpected bullish reversals. As the market is currently showing a mix of signals, it is essential to manage risks effectively.

 

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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