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Free Forex Trading Signals for Maximum Profit - Expert Insights and Daily Updates - May 22, 2024

Forex Trading Signals For:

EUR/USD  GBP/USD  USD/JPY  USD/CHF  NZD/USD  AUD/USD USD/CAD  EUR/GBP  EUR/JPY EUR/CHF USD/SEK XAU/USD (Gold)  WTI (CL-Oil)  BRENT CRUDE (UKOUSD) BTC/USD


  • Currency Market Highlights:

  • Pound Sterling: The pound has pushed higher following the inflation data, trading 0.2% higher against the dollar at about $1.2740. The higher-than-expected inflation figures put pressure on the BOE to maintain a hawkish stance.

  • New Zealand Dollar: The NZD jumped 0.6% to 0.6127 following the Reserve Bank of New Zealand's hawkish stance, indicating potential interest rate cuts later in 2025. Government bond yields also rose.

  • Global Markets Overview:

  • Asian Markets: Mixed performance with the MSCI Asia Pacific index trading in a narrow range. Japan’s 10-year bond yield reached 1% for the first time since 2013.

  • US Markets: S&P 500 futures little changed ahead of Nvidia's earnings. Treasury yields ticked lower as the market anticipates Fed minutes for further guidance.

  • Commodities:

  • Gold: Held near record levels for a second day.

  • Oil: Extended losses following reports of increased stockpiles.

  • Key Events Today:

  • Fed Minutes Release: Investors await the minutes of the Federal Reserve’s latest meeting for insights into future monetary policy.

  • Nvidia Earnings: High expectations for Nvidia's earnings report, particularly in its data-center business.

  • US Existing Home Sales: Economic data to watch later today.



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.
The U.S. 🟢 Dollar Index, pivotal for forex traders, comprises six key currencies: EUR, JPY, GBP, CAD, SEK, and 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

  • Trade Direction: Buy

  • Entry Point: 1.0856

  • Take Profit: TP1: 1.0890, TP2: 1.0920

  • Stop Loss: 1.0830

  • Confidence Level: Moderate

  • Indicator Analysis:

  • Bollinger Bands: The price is currently trading near the middle of the Bollinger Bands, indicating moderate volatility with no clear breakout direction.

  • Ichimoku Cloud: The price is above the Ichimoku cloud, which signals a potential bullish trend, but the distance from the cloud is not significant, indicating possible range-bound movement.

  • ATR (Average True Range): ATR is at 0.00144, suggesting a relatively low level of volatility.

  • MACD (Moving Average Convergence Divergence): The MACD line is slightly above the signal line, indicating a weak bullish momentum.

  • RSI (Relative Strength Index): RSI is at 52.66, showing neutral momentum without overbought or oversold conditions.

  • Fundamental Analysis Insight:

  • UK Inflation Data: Higher-than-expected inflation figures in the UK put pressure on the BOE to maintain a hawkish stance, supporting a stronger GBP against the USD.

  • Fed Minutes Release: Investors are awaiting the minutes of the Federal Reserve’s latest meeting for insights into future monetary policy, which could impact USD strength.



Trading Signal for GBP/USD

  • Trade Direction: Buy

  • Entry Point: 1.2746

  • Take Profit: TP1: 1.2780, TP2: 1.2820

  • Stop Loss: 1.2710

  • Confidence Level: High

  • Indicator Analysis:

  • Bollinger Bands: The price is near the upper band, indicating a potential continuation of the bullish trend.

  • Ichimoku Cloud: The price is above the Ichimoku cloud, reinforcing the bullish outlook.

  • ATR (Average True Range): ATR is at 0.00226, suggesting moderate volatility.

  • MACD (Moving Average Convergence Divergence): The MACD line is above the signal line, showing bullish momentum.

  • RSI (Relative Strength Index): RSI is at 73.94, indicating a strong bullish momentum but nearing overbought territory.

  • Fundamental Analysis Insight:

  • UK Inflation Data: Higher-than-expected inflation figures in the UK put pressure on the BOE to maintain a hawkish stance, supporting a stronger GBP.

  • Market Sentiment: The overall market sentiment is positive, with a high risk appetite as indicated by recent data.



Trading Signal for USD/JPY

  • Trade Direction: Buy

  • Entry Point: 156.44

  • Take Profit: TP1: 156.80, TP2: 157.20

  • Stop Loss: 155.85

  • Confidence Level: Moderate

  • Indicator Analysis:

  • Bollinger Bands: The price is near the upper band, indicating potential continuation of the bullish trend.

  • Ichimoku Cloud: The price is above the Ichimoku cloud, reinforcing the bullish outlook.

  • ATR (Average True Range): ATR is at 0.341, suggesting moderate volatility.

  • MACD (Moving Average Convergence Divergence): The MACD line is above the signal line, showing bullish momentum.

  • RSI (Relative Strength Index): RSI is at 60.96, indicating bullish momentum without overbought conditions.

  • Fundamental Analysis Insight:

  • US Markets: S&P 500 futures are little changed ahead of Nvidia's earnings, and Treasury yields ticked lower, indicating a relatively stable USD.

  • Risk Appetite: Goldman Sachs’ measure of risk appetite hit its highest since 2021, driven by optimism around economic growth and monetary policy.



Trading Signal for USD/CHF

  • Trade Direction: Buy

  • Entry Point: 0.9122

  • Take Profit: TP1: 0.9150, TP2: 0.9180

  • Stop Loss: 0.9090

  • Confidence Level: Moderate

  • Indicator Analysis:

  • Bollinger Bands: The price is near the upper band, indicating potential continuation of the bullish trend.

  • Ichimoku Cloud: The price is above the Ichimoku cloud, reinforcing the bullish outlook.

  • ATR (Average True Range): ATR is at 0.00167, suggesting moderate volatility.

  • MACD (Moving Average Convergence Divergence): The MACD line is above the signal line, showing bullish momentum.

  • RSI (Relative Strength Index): RSI is at 67.50, indicating bullish momentum but approaching overbought territory.

  • Fundamental Analysis Insight:

  • US Markets: S&P 500 futures are little changed ahead of Nvidia's earnings, and Treasury yields ticked lower, indicating a relatively stable USD.

  • Market Sentiment: Positive sentiment with high risk appetite driven by optimism around economic growth and monetary policy.



Trading Signal for NZD/USD

  • Trade Direction: Buy

  • Entry Point: 0.6119

  • Take Profit: TP1: 0.6150, TP2: 0.6180

  • Stop Loss: 0.6080

  • Confidence Level: High

  • Indicator Analysis:

  • Bollinger Bands: The price is near the upper band, indicating potential continuation of the bullish trend.

  • Ichimoku Cloud: The price is above the Ichimoku cloud, reinforcing the bullish outlook.

  • ATR (Average True Range): ATR is at 0.00188, suggesting moderate volatility.

  • MACD (Moving Average Convergence Divergence): The MACD line is above the signal line, showing bullish momentum.

  • RSI (Relative Strength Index): RSI is at 60.68, indicating bullish momentum without overbought conditions.

  • Fundamental Analysis Insight:

  • New Zealand Dollar: The NZD jumped following the Reserve Bank of New Zealand's hawkish stance, indicating potential interest rate cuts later in 2025.

  • Global Sentiment: Optimism around economic growth and monetary policy is driving positive sentiment in the markets.





Trading Signal for AUD/USD

  • Trade Direction: Sell

  • Entry Point: 0.6661

  • Take Profit: TP1: 0.6620, TP2: 0.6580

  • Stop Loss: 0.6690

  • Confidence Level: Moderate

  • Indicator Analysis:

  • Bollinger Bands: The price is near the middle band, indicating potential downward movement.

  • Ichimoku Cloud: The price is below the Ichimoku cloud, suggesting a bearish trend.

  • ATR (Average True Range): ATR is at 0.00183, suggesting moderate volatility.

  • MACD (Moving Average Convergence Divergence): The MACD line is below the signal line, indicating bearish momentum.

  • RSI (Relative Strength Index): RSI is at 47.77, indicating bearish momentum without oversold conditions.

  • Fundamental Analysis Insight:

  • Commodity Prices: Weakness in commodity prices is likely to weigh on the AUD.

  • Market Sentiment: Risk-off sentiment may further pressure AUD.



Trading Signal for USD/CAD

  • Trade Direction: Buy

  • Entry Point: 1.3650

  • Take Profit: TP1: 1.3680, TP2: 1.3720

  • Stop Loss: 1.3620

  • Confidence Level: Moderate

  • Indicator Analysis:

  • Bollinger Bands: The price is near the middle band, indicating potential upward movement.

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

  • ATR (Average True Range): ATR is at 0.00216, suggesting moderate volatility.

  • MACD (Moving Average Convergence Divergence): The MACD line is above the signal line, showing bullish momentum.

  • RSI (Relative Strength Index): RSI is at 56.14, indicating bullish momentum without overbought conditions.

  • Fundamental Analysis Insight:

  • Oil Prices: Weakness in oil prices can negatively impact the Canadian dollar, supporting USD/CAD strength.

  • Market Sentiment: Stable US economic indicators support the USD.


Trading Signal for EUR/GBP

  • Trade Direction: Sell

  • Entry Point: 0.8513

  • Take Profit: TP1: 0.8480, TP2: 0.8450

  • Stop Loss: 0.8540

  • Confidence Level: High

  • Indicator Analysis:

  • Bollinger Bands: The price is near the lower band, indicating potential continuation of the bearish trend.

  • Ichimoku Cloud: The price is below the Ichimoku cloud, suggesting a bearish trend.

  • ATR (Average True Range): ATR is at 0.00101, suggesting low volatility.

  • MACD (Moving Average Convergence Divergence): The MACD line is below the signal line, indicating bearish momentum.

  • RSI (Relative Strength Index): RSI is at 20.31, indicating strong bearish momentum and oversold conditions.

  • Fundamental Analysis Insight:

  • UK Inflation Data: Higher-than-expected UK inflation supports a stronger GBP against the EUR.

  • Market Sentiment: Risk-off sentiment further pressures EUR against GBP.

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

  • Trade Direction: Buy

  • Entry Point: 169.82

  • Take Profit: TP1: 170.20, TP2: 170.60

  • Stop Loss: 169.20

  • Confidence Level: High

  • Indicator Analysis:

  • Bollinger Bands: The price is near the upper band, indicating potential continuation of the bullish trend.

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

  • ATR (Average True Range): ATR is at 0.336, suggesting moderate volatility.

  • MACD (Moving Average Convergence Divergence): The MACD line is above the signal line, showing bullish momentum.

  • RSI (Relative Strength Index): RSI is at 63.75, indicating bullish momentum without overbought conditions.

  • Fundamental Analysis Insight:

  • Market Sentiment: Positive sentiment around economic growth and monetary policy is driving optimism.

  • Japanese Yen: Weaker JPY due to relatively stable US and European economic indicators supports the bullish trend in EUR/JPY.

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

  • Trade Direction: Buy

  • Entry Point: 0.9907

  • Take Profit: TP1: 0.9930, TP2: 0.9960

  • Stop Loss: 0.9870

  • Confidence Level: High

  • Indicator Analysis:

  • Bollinger Bands: The price is near the upper band, indicating potential continuation of the bullish trend.

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

  • ATR (Average True Range): ATR is at 0.00145, suggesting low volatility.

  • MACD (Moving Average Convergence Divergence): The MACD line is above the signal line, showing bullish momentum.

  • RSI (Relative Strength Index): RSI is at 74.73, indicating strong bullish momentum but approaching overbought territory.

  • Fundamental Analysis Insight:

  • Euro Strength: Strong economic indicators in the Eurozone are supporting the EUR.

  • Market Sentiment: Positive sentiment driven by optimism around economic growth and stability in the Eurozone.

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

Trading Signal for USD/SEK

  • Trade Direction: Sell

  • Entry Point: 10.6912

  • Take Profit: TP1: 10.6600, TP2: 10.6300

  • Stop Loss: 10.7100

  • Confidence Level: Moderate

  • Indicator Analysis:

  • Bollinger Bands: The price is near the lower band, indicating potential continuation of the bearish trend.

  • Ichimoku Cloud: The price is below the Ichimoku cloud, suggesting a bearish trend.

  • ATR (Average True Range): ATR is at 0.03110, suggesting moderate volatility.

  • MACD (Moving Average Convergence Divergence): The MACD line is below the signal line, indicating bearish momentum.

  • RSI (Relative Strength Index): RSI is at 44.27, indicating bearish momentum without oversold conditions.

  • Fundamental Analysis Insight:

  • US Dollar: Recent economic data suggests a potential weakening of the USD.

  • Swedish Krona: The SEK may benefit from a relative increase in risk appetite in European markets.

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

Trading Signal for XAU/USD (Gold)

  • Trade Direction: Sell

  • Entry Point: 2415.86

  • Take Profit: TP1: 2400.00, TP2: 2380.00

  • Stop Loss: 2430.00

  • Confidence Level: Moderate

  • Indicator Analysis:

  • Bollinger Bands: The price is near the middle band, indicating potential downward movement.

  • Ichimoku Cloud: The price is testing the support level of the Ichimoku cloud, indicating potential bearish trend if the support is broken.

  • ATR (Average True Range): ATR is at 13.69, suggesting high volatility.

  • MACD (Moving Average Convergence Divergence): The MACD line is above the signal line, but the histogram shows weakening bullish momentum, indicating a possible bearish reversal.

  • RSI (Relative Strength Index): RSI is at 55.28, indicating weakening bullish momentum and potential bearish trend.

  • Fundamental Analysis Insight:

  • Gold Demand: While gold prices remain near record levels, profit-taking and short-term corrections are likely amid high volatility.

  • Market Sentiment: Uncertainty in the market and profit-taking might lead to a short-term bearish movement.

CL Oil "Chart showing a currency pair's performance with candlestick patterns over a year, indicating trends, volatility, and potential trading opportunities in the forex market."
🟢 WTI Light Crude Oil

Trading Signal for WTI Crude Oil (USOIL)

  • Trade Direction: Sell

  • Entry Point: 77.67

  • Take Profit: TP1: 76.50, TP2: 75.00

  • Stop Loss: 78.50

  • Confidence Level: High

  • Indicator Analysis:

  • Bollinger Bands: The price is near the lower band, indicating potential continuation of the bearish trend.

  • Ichimoku Cloud: The price is below the Ichimoku cloud, suggesting a bearish trend.

  • ATR (Average True Range): ATR is at 0.62, suggesting moderate volatility.

  • MACD (Moving Average Convergence Divergence): The MACD line is below the signal line, indicating bearish momentum.

  • RSI (Relative Strength Index): RSI is at 37.06, indicating bearish momentum without oversold conditions.

  • Fundamental Analysis Insight:

  • Oil Supply: Reports of increased stockpiles are exerting downward pressure on oil prices.

  • Market Sentiment: Risk-off sentiment in the market is likely to further weigh on oil prices.


CL Oil "Chart showing a currency pair's performance with candlestick patterns over a year, indicating trends, volatility, and potential trading opportunities in the forex market."
🟢 Brent Crude Oil

Trading Signal for Brent Crude Oil (UKOUSD)

  • Trade Direction: Sell

  • Entry Point: 81.98

  • Take Profit: TP1: 80.50, TP2: 78.00

  • Stop Loss: 83.50

  • Confidence Level: High

  • Indicator Analysis:

  • Bollinger Bands: The price is near the lower band, indicating potential continuation of the bearish trend.

  • Ichimoku Cloud: The price is below the Ichimoku cloud, suggesting a bearish trend.

  • ATR (Average True Range): ATR is at 0.641, suggesting moderate volatility.

  • MACD (Moving Average Convergence Divergence): The MACD line is below the signal line, indicating bearish momentum.

  • RSI (Relative Strength Index): RSI is at 35.72, indicating bearish momentum without oversold conditions.

  • Fundamental Analysis Insight:

  • Oil Supply: Increased stockpiles and weaker demand expectations are putting downward pressure on oil prices.

  • Market Sentiment: Risk-off sentiment in the market is likely to further weigh on oil prices.


CL Oil "Chart showing a currency pair's performance with candlestick patterns over a year, indicating trends, volatility, and potential trading opportunities in the forex market."
🟢 BTCUSD Bitcoin

BTC/USD Intraday Trading Signal

  • Trade Direction: Sell

  • Entry Point: 69,761

  • Take Profit: TP1: 68,800, TP2: 67,500

  • Stop Loss: 71,200

  • Confidence Level: Moderate

Indicator Analysis:

  1. Bollinger Bands: The price is currently testing the upper band, indicating a potential pullback or correction.

  2. Ichimoku Cloud: The price is above the cloud, but the Tenkan-sen (conversion line) is turning down, suggesting potential bearish momentum.

  3. ATR (Average True Range): The current ATR is 951, indicating a moderate level of volatility.

  4. MACD (Moving Average Convergence Divergence): The MACD line is crossing below the signal line, indicating bearish momentum.

  5. RSI (Relative Strength Index): The RSI is at 61.01, indicating the price is exiting the overbought territory, which may suggest a potential downtrend.

Fundamental Analysis Insight: Bitcoin has been trading within a range, but recent technical indicators suggest a bearish reversal. The market sentiment is cautious ahead of key economic events, which could lead to increased volatility. Additionally, any negative news surrounding the cryptocurrency market could amplify the downside move.


 

Disclaimer: These Forex Trading 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.


Forex & Commodities trading signals, comments and analysis created and reflect the views forex368.com at any given time and are subject to change at any time. ©2024 by forex368.com.


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