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Forex Signals: Technical Analysis, December 6, 2023

  • Gold stable below $2,020; recently peaked at record $2,135.40.

  • Crude oil at five-month low; Brent at $77.12/barrel, WTI at $72.19/barrel.

  • Japanese Yen: Dollar rose to 147.265 yen.

  • Markets expect Fed rate cut by March; global rate peak anticipated.

  • Bitcoin stable around $43,850; reached 20-month peak.

  • Asia-Pacific Index rose, led by Japan; U.S. and European stock futures positive.

  • Australian Dollar among G10 gainers; economy slows.

  • U.S. Dollar index around 103.95; up 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


Today's Forex Signals


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Intraday Forex Signal: XAUUSD


Pair: XAUUSD


Trade Direction: BULLISH


Trade Probability: 65%


Yesterday's Trend: The trend was upward, as indicated by the sharp spike in price.


Pivot Point: 2,023.173


Indicators Analysis:

  • Volatility: Increased, as observed from the widening of the Bollinger Bands.

  • Moving Average (MA): The pair is trading above the Moving Average, indicating a BULLISH trend continuation.

  • Ichimoku: The price is above the cloud, suggesting a bullish outlook.

  • RSI: The RSI is heading towards the overbought region, showing strong buying momentum.

  • Bollinger Bands: The price has moved towards the upper band, signifying that the market is considered overbought. Caution is advised as prices may stabilize or reverse.

🎯 Targets for Taking Profits:

  • Buy:

    • 1st Resistance: 2,036.637

    • 2nd Resistance: 2,054.383

    • 3rd Resistance: 2,067.847


❌ Stop Loss Guidelines:

  • Buy: If going long, set the stop loss below the 1st Support level at 2,005.427.

Suggestion: Given the current bullish momentum and the indicators pointing towards an uptrend continuation, a long position could be initiated at current levels or on a minor pullback towards the pivot point.

Monitor the price action closely as it approaches the first resistance, and be prepared to adjust the stop loss to break even once the price moves in your favour to protect against any sudden reversals.


Intraday Forex Signal: WTI (Crude Oil)


Pair: WTI Crude Oil


Trade Direction: BEARISH


Trade Probability: 60%


Yesterday's Trend: The trend was downward, which is consistent with the current price movement below the pivot point.


Pivot Point: 72.89


Indicators Analysis:

  • Volatility: The volatility seems to be contracting, as the Bollinger Bands are narrowing, suggesting a potential breakout.

  • Moving Average (MA): Price is trading below the Moving Average, indicating a BEARISH trend.

  • Ichimoku: The price is likely below the Ichimoku cloud (not visible in the chart), which would suggest bearish momentum.

  • RSI: The RSI appears to be in the middle range, leaning towards the oversold territory, indicating that there could be a continuation of the bearish trend or potential for a reversal if it reaches oversold conditions.

  • Bollinger Bands: Price is nearing the lower Bollinger Band, which often acts as a dynamic support level. Watch for a potential bounce or further confirmation of a bearish trend if it breaks through this level.

🎯 Targets for Taking Profits:

  • Sell:

    • 1st Support: 71.6533

    • 2nd Support: 70.99

    • 3rd Support: 69.75


❌ Stop Loss Guidelines:

  • Sell: If going short, set the stop loss just above the 1st Resistance level at 73.55.

Suggestion: Considering the downward trend and the bearish indicators, initiating a short position could be considered with a target of the first support level.


It's advisable to place a stop loss just above the first resistance to manage risk. As with any trading decision, it's essential to monitor the trade closely and be ready to exit if the market shows signs of reversing, especially given the contracting Bollinger Bands which may indicate an upcoming increase in volatility.


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


Pair: EURUSD


Trade Direction: NEUTRAL to BULLISH bias


Trade Probability: 55%


Yesterday's Trend: The price appears to be fluctuating within a range, indicating a consolidation phase.


Pivot Point: 1.081


Indicators Analysis:

  • Volatility: The Bollinger Bands on the chart suggest moderate volatility with some contraction, indicating a potential buildup to a more significant price movement.

  • Moving Average (MA): The pair is trading slightly above the Moving Average, showing a tentative bullish bias.

  • Ichimoku: (Not visible on the chart) If the price is above the Ichimoku cloud, it would reinforce the bullish sentiment.

  • RSI: The RSI is trending towards the upper half of the range, indicating a bullish momentum but not yet overbought, which could sustain further upside movement.

  • Bollinger Bands: The price is moving towards the upper middle band, suggesting some bullish momentum; however, watch for price action near the band for potential resistance or breakout.

🎯 Targets for Taking Profits:

  • Buy:

    • 1st Resistance: 1.084

    • 2nd Resistance: 1.0880

    • 3rd Resistance: 1.0912


❌ Stop Loss Guidelines:

  • Buy: If going long, set the stop loss just below the 1st Support level at 1.0768.

Suggestion: The current neutral to bullish outlook suggests a cautious approach to trading. Traders may consider taking long positions near the pivot point with a tight stop loss, aiming for the first resistance as an initial target.


If the price breaks and holds above the first resistance, further bullish positions could be considered, moving the stop loss to the entry point to manage risk.


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


Pair: GBPUSD


Trade Direction: BULLISH


Trade Probability: 60%


Yesterday's Trend: The trend was slightly bullish, as indicated by the price closing above the opening level.


Pivot Point: 1.2609


Indicators Analysis:

  • Volatility: There is moderate volatility, indicated by the spacing of the Bollinger Bands.

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

  • Ichimoku: (Not visible on the chart) If the price is above the Ichimoku cloud, it would indicate bullish momentum.

  • RSI: The RSI is in the upper half of its range but not overbought, which supports the potential for further upside.

  • Bollinger Bands: The price is toward the upper band, indicating a strong upward trend but also caution near potential resistance levels.

🎯 Targets for Taking Profits:

  • Buy:

    • 1st Resistance: 1.2641

    • 2nd Resistance: 1.2686

    • 3rd Resistance: 1.2718


❌ Stop Loss Guidelines:

  • Buy: If going long, set the stop loss just below the 1st Support level at 1.2564.

Suggestion: Considering the bullish indicators, traders may look to enter long positions, with an initial target set at the first resistance level. If the price action confirms the bullish momentum by breaking through the first resistance, the target could be adjusted to the second resistance level.


As always, use a stop loss to manage risk, and keep an eye on the volatility and price action for any signs of reversal.



Intraday Forex Signal: USDJPY


Pair: USDJPY


Trade Direction: BEARISH


Trade Probability: 58%


Yesterday's Trend: The pair showed a downward movement, closing lower than the opening, indicating bearish sentiment.


Pivot Point: 147.03


Indicators Analysis:

  • Volatility: The Bollinger Bands indicate increased volatility, with the price currently at the lower band suggesting a strong bearish trend.

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

  • Ichimoku: (Not visible on the chart) If the price is below the Ichimoku cloud, it would confirm the bearish momentum.

  • RSI: The RSI is trending downwards towards the oversold territory, suggesting a strong bearish momentum but also the possibility of an upcoming reversal if it enters oversold conditions.

  • Bollinger Bands: The price touching the lower band could indicate an oversold condition, and traders should watch for a potential rebound.

🎯 Targets for Taking Profits:

  • Sell:

    • 1st Support: 146.6767

    • 2nd Support: 146.20

    • 3rd Support: 145.85


❌ Stop Loss Guidelines:

  • Sell: If going short, set the stop loss just above the 1st Resistance level at 147.51.

Suggestion: With the current bearish indicators, entering a short position could be considered, targeting the first support level for taking profits. Should the price action confirm further bearish momentum, consider adjusting the target to the second support level.


It's crucial to set a stop loss above the first resistance to manage risk. Keep an eye on the RSI as it approaches oversold levels, which could signal a potential short-term reversal.



Intraday Forex Signal: USDCHF


Pair: USDCHF


Trade Direction: BEARISH


Trade Probability: 57%


Yesterday's Trend: The trend was bearish, with the price ending lower than it started, suggesting continued downward pressure.


Pivot Point: 0.8744


Indicators Analysis:

  • Volatility: Volatility appears to be moderate, with the Bollinger Bands showing a consistent width.

  • Moving Average (MA): The price is below the Moving Average, indicating a bearish trend.

  • Ichimoku: (Not visible on the chart) If the price is below the Ichimoku cloud, this would further confirm the bearish outlook.

  • RSI: The RSI is trending downward towards the oversold area, which could indicate strong bearish momentum or a potential upcoming reversal if it reaches oversold conditions.

  • Bollinger Bands: The price is at the lower Bollinger Band, which can sometimes act as a support level; however, if the price breaks below, it may indicate a continuation of the bearish trend.

🎯 Targets for Taking Profits:

  • Sell:

    • 1st Support: 0.8720

    • 2nd Support: 0.8690

    • 3rd Support: 0.8666


❌ Stop Loss Guidelines:

  • Sell: If going short, set the stop loss just above the 1st Resistance level at 0.8774.

Suggestion: Given the bearish indicators, entering a short position could be considered with a target at the first support level. If the bearish momentum is confirmed by the market, the target can be extended to the second support level.


A stop loss should be set above the first resistance level to manage risk effectively.



Intraday Forex Signal: NZDUSD


Pair: NZDUSD


Trade Direction: BULLISH


Trade Probability: 62%


Yesterday's Trend: The trend appears to have been bullish, with the price closing higher than the opening, indicating continued buying pressure.


Pivot Point: 0.6143


Indicators Analysis:

  • Volatility: The Bollinger Bands are moderately wide, suggesting a stable level of volatility.

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

  • Ichimoku: (Not visible on the chart) If the price is above the Ichimoku cloud, it would confirm the bullish momentum.

  • RSI: The RSI is in the upper half of the range, suggesting bullish momentum without being overbought.

  • Bollinger Bands: The price is towards the upper band, indicating bullish momentum but caution is warranted as it approaches potential resistance.

🎯 Targets for Taking Profits:

  • Buy:

    • 1st Resistance: 0.6160

    • 2nd Resistance: 0.6193

    • 3rd Resistance: 0.6210


❌ Stop Loss Guidelines:

  • Buy: If going long, set the stop loss just below the 1st Support level at 0.6110.

Suggestion: Considering the bullish indicators, traders might consider taking long positions, with an initial target set at the first resistance level. If the price action confirms the bullish momentum by breaking through the first resistance, the target could be adjusted to the second resistance level.


It's important to set a stop loss to manage risk, and keep an eye on the price action for any signs of reversal.



Intraday Forex Signal for AUD/USD


Pair: AUDUSD


Trade Direction: BULLISH


Trade Probability: 60%


Yesterday's Trend: The trend showed a slight bearish inclination, but the overall context seems to be in a range or a mild uptrend.


Pivot Point: 0.6573


Indicators Analysis:

  • Volatility: There is moderate volatility present, as indicated by the Bollinger Bands’ spacing.

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

  • Ichimoku: (Not visible in the chart) If the price is above the Ichimoku cloud, it would confirm bullish sentiment.

  • RSI: The RSI is above the midpoint but not yet in the overbought zone, indicating some bullish momentum.

  • Bollinger Bands: The price is closer to the upper Bollinger Band, pointing to some buying pressure.

🎯 Targets for Taking Profits:

  • Buy:

    • 1st Resistance: 0.6601

    • 2nd Resistance: 0.6652

    • 3rd Resistance: 0.6680


❌ Stop Loss Guidelines:

  • Buy: If going long, set the stop loss just below the 1st Support level at 0.6522.

Suggestion: Given the bullish momentum, initiating a long position with a target at the first resistance level could be considered.


If the price breaks through the first resistance convincingly, targets can be moved to the second and third resistance levels progressively.


It's advisable to set a stop loss below the first support level to manage risk effectively.



Intraday Forex Signal for USD/CAD


Pair: USDCAD


Trade Direction: BEARISH


Trade Probability: 59%


Yesterday's Trend: The trend appears to be bearish, with the closing price lower than the opening, which might indicate the continuation of a downward trend.


Pivot Point: 1.3575


Indicators Analysis:

  • Volatility: The Bollinger Bands suggest moderate volatility with the price near the lower band.

  • Moving Average (MA): The price is below the Moving Average, supporting a bearish trend indication.

  • Ichimoku: (Not visible on the chart) If the price is below the Ichimoku cloud, it would confirm the bearish sentiment.

  • RSI: The RSI is trending downwards towards the oversold territory, indicating bearish momentum but also the possibility of a near-term reversal if it becomes oversold.

  • Bollinger Bands: The current price near the lower band may suggest an oversold condition or strengthening of the bearish trend.

🎯 Targets for Taking Profits:

  • Sell:

    • 1st Support: 1.3552

    • 2nd Support: 1.3512

    • 3rd Support: 1.3489


❌ Stop Loss Guidelines:

  • Sell: If going short, set the stop loss just above the 1st Resistance level at 1.3615.

Suggestion: Given the bearish momentum, initiating a short position with a target at the first support level could be considered. If the market confirms the bearish trend, the target could be extended to the second or third support levels.


A stop loss should be placed above the first resistance level to mitigate risk.



Intraday Forex Signal for EUR/GBP


Pair: EURGBP


Trade Direction: NEUTRAL to BEARISH bias


Trade Probability: 55%


Yesterday's Trend: The trend seems to have been bearish, with the pair closing lower, indicating potential continuation of the downward movement.


Pivot Point: 0.8576


Indicators Analysis:

  • Volatility: The Bollinger Bands are moderately wide, suggesting a normal level of market volatility.

  • Moving Average (MA): The price is below the Moving Average, indicating a bearish trend.

  • Ichimoku: (Not visible on the chart) If the price is below the Ichimoku cloud, this would confirm the bearish momentum.

  • RSI: The RSI is heading towards the oversold territory, which could indicate bearish momentum, but it also signals caution for a potential reversal if it becomes too oversold.

  • Bollinger Bands: The price nearing the lower band suggests bearish momentum but also a potential oversold condition that might lead to a pullback.

🎯 Targets for Taking Profits:

  • Sell:

    • 1st Support: 0.8564

    • 2nd Support: 0.8552

    • 3rd Support: 0.8540


❌ Stop Loss Guidelines:

  • Sell: If going short, set the stop loss just above the 1st Resistance level at 0.8588.

Suggestion: Given the current bias and indicators, a conservative short position might be considered, with targets set at the successive support levels.


It's essential to keep the stop loss tight due to the proximity of the current price to the pivot point and the potential for a quick reversal.

 

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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