Forex (GMT)
EUR:
8:15am: French Flash Manufacturing PMI
8:15am: French Flash Services PMI
8:30am: German Flash Manufacturing PMI
8:30am: German Flash Services PMI
GBP:
9:30am: Flash Manufacturing PMI
9:30am: Flash Services PMI
USD:
1:30pm: Unemployment Claims
2:45pm: Flash Manufacturing PMI
2:45pm: Flash Services PMI
Dollar
Clings to Wednesday rally due to rising US yields.
Fed minutes suggest higher rates for longer, impacting Asian currencies negatively.
Gold
Fell for the second day, currently down 0.2% to $2,373.60 an ounce, after a 1.7% drop on Wednesday.
Oil
WTI crude fell 0.7% to $77.04 a barrel, marking its fourth daily decline.
Key Market Events
Positive Nvidia earnings boosted US equity futures and Asian stocks.
Nvidia's forecast of $28 billion in Q2 revenue beat expectations, lifting tech stocks.
Asian stocks rose broadly, led by South Korea, Taiwan, and Japan; declines in Australia, China, and Hong Kong.
Strong US tech sector earnings, particularly in semiconductors, with expected growth of 20% this year.
Overview of Data Releases
Eurozone: S&P Global services and manufacturing PMIs.
US:
New home sales.
Initial jobless claims.
Durable goods orders.
Consumer sentiment data.
Speeches: Fed's Raphael Bostic and Christopher Waller.
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
Trading Signal for EUR/USD
Trade Direction: Sell
Entry Point: 1.0823
Take Profit: TP1: 1.0780, TP2: 1.0740
Stop Loss: 1.0870
Confidence Level: High
Indicator Analysis:
Bollinger Bands: Price is hugging the lower band, indicating bearish momentum.
Ichimoku Cloud: Price is below the cloud, reinforcing the bearish trend.
Average True Range (ATR): 0.00151, indicating moderate volatility.
MACD: Both lines are below zero, showing bearish momentum.
Relative Strength Index (RSI): At 46.92, nearing the oversold region, suggesting potential for further downside.
Fundamental Analysis Insight:
Economic Data: The upcoming French and German Flash Manufacturing and Services PMI data releases are crucial. Weak results could further pressure the EUR.
Market Sentiment: The USD remains strong due to rising US yields, contributing to a bearish outlook for EUR/USD.
Trading Signal for GBP/USD
Trade Direction: Buy
Entry Point: 1.2724
Take Profit: TP1: 1.2760, TP2: 1.2800
Stop Loss: 1.2690
Confidence Level: Moderate
Indicator Analysis:
Bollinger Bands: Price is at the upper band, indicating bullish momentum.
Ichimoku Cloud: Price is above the cloud, suggesting an upward trend.
Average True Range (ATR): 0.00227, indicating moderate volatility.
MACD: The MACD line is above the signal line, showing bullish momentum.
Relative Strength Index (RSI): At 64.62, indicating a strong bullish momentum.
Fundamental Analysis Insight:
Economic Data: Positive PMI data expected from the UK could support the GBP.
Market Sentiment: Overall market sentiment is positive, supported by strong earnings from major tech companies, which could indirectly boost GBP as risk sentiment improves.
Trading Signal for USD/JPY
Trade Direction: Buy
Entry Point: 156.66
Take Profit: TP1: 157.20, TP2: 157.80
Stop Loss: 156.10
Confidence Level: Moderate
Indicator Analysis:
Bollinger Bands: Price is near the upper band, indicating bullish momentum.
Ichimoku Cloud: Price is above the cloud, suggesting an upward trend.
Average True Range (ATR): 0.303, indicating moderate volatility.
MACD: The MACD line is above the signal line, showing bullish momentum.
Relative Strength Index (RSI): At 61.46, indicating a strong bullish momentum.
Fundamental Analysis Insight:
Economic Data: Upcoming US unemployment claims and PMI data are crucial. Positive data could further strengthen USD.
Market Sentiment: Strong US dollar supported by higher US yields, positive for USD/JPY.
Trading Signal for USD/CHF
Trade Direction: Buy
Entry Point: 0.91498
Take Profit: TP1: 0.9180, TP2: 0.9200
Stop Loss: 0.9110
Confidence Level: Moderate
Indicator Analysis:
Bollinger Bands: Price is at the upper band, indicating bullish momentum.
Ichimoku Cloud: Price is above the cloud, suggesting an upward trend.
Average True Range (ATR): 0.00170, indicating moderate volatility.
MACD: The MACD line is above the signal line, showing bullish momentum.
Relative Strength Index (RSI): At 66.67, indicating strong bullish momentum.
Fundamental Analysis Insight:
Economic Data: Upcoming US unemployment claims and PMI data are crucial. Positive data could further strengthen USD.
Market Sentiment: Strong US dollar supported by higher US yields, positive for USD/CHF.
Trading Signal for NZD/USD
Trade Direction: Buy
Entry Point: 0.61193
Take Profit: TP1: 0.6150, TP2: 0.6180
Stop Loss: 0.6080
Confidence Level: Moderate
Indicator Analysis:
Bollinger Bands: Price is moving towards the upper band, indicating bullish momentum.
Ichimoku Cloud: Price is above the cloud, suggesting an upward trend.
Average True Range (ATR): 0.00191, indicating moderate volatility.
MACD: The MACD line is above the signal line, showing bullish momentum.
Relative Strength Index (RSI): At 52.88, indicating bullish momentum but not yet overbought.
Fundamental Analysis Insight:
Economic Data: New Zealand's recent economic data and RBNZ's comments on inflation control provide a positive outlook for NZD.
Market Sentiment: Improving global risk sentiment and stable economic outlook in New Zealand support the bullish trend.
Trading Signal for AUD/USD
Trade Direction: Sell
Entry Point: 0.6627
Take Profit: TP1: 0.6580, TP2: 0.6540
Stop Loss: 0.6660
Confidence Level: Moderate
Indicator Analysis:
Bollinger Bands: Price is moving towards the lower band, indicating bearish momentum.
Ichimoku Cloud: Price is below the cloud, suggesting a downward trend.
Average True Range (ATR): 0.00194, indicating moderate volatility.
MACD: The MACD line is below the signal line, showing bearish momentum.
Relative Strength Index (RSI): At 44.61, indicating bearish momentum but not yet oversold.
Fundamental Analysis Insight:
Economic Data: Recent Australian economic data has been weak, and the global risk sentiment is cautious, weighing on the AUD.
Market Sentiment: The strong US dollar, supported by higher US yields, is putting pressure on AUD/USD.
Trading Signal for USD/CAD
Trade Direction: Buy
Entry Point: 1.3682
Take Profit: TP1: 1.3720, TP2: 1.3760
Stop Loss: 1.3640
Confidence Level: Moderate
Indicator Analysis:
Bollinger Bands: Price is near the upper band, indicating bullish momentum.
Ichimoku Cloud: Price is above the cloud, suggesting an upward trend.
Average True Range (ATR): 0.00217, indicating moderate volatility.
MACD: The MACD line is above the signal line, showing bullish momentum.
Relative Strength Index (RSI): At 57.83, indicating bullish momentum but not yet overbought.
Fundamental Analysis Insight:
Economic Data: Upcoming US economic data, including unemployment claims and PMI, are expected to support the USD.
Market Sentiment: Strong US dollar driven by higher US yields and positive economic outlook, providing support for USD/CAD.
Trading Signal for EUR/GBP
Trade Direction: Sell
Entry Point: 0.8508
Take Profit: TP1: 0.8470, TP2: 0.8440
Stop Loss: 0.8540
Confidence Level: Moderate
Indicator Analysis:
Bollinger Bands: Price is moving towards the lower band, indicating bearish momentum.
Ichimoku Cloud: Price is below the cloud, suggesting a downward trend.
Average True Range (ATR): 0.00093, indicating low volatility.
MACD: The MACD line is below the signal line, showing bearish momentum.
Relative Strength Index (RSI): At 26.37, indicating bearish momentum and nearing oversold territory.
Fundamental Analysis Insight:
Economic Data: Weak European PMI data expected, weighing on EUR.
Market Sentiment: The strong GBP due to positive UK PMI data and overall market sentiment supports the bearish view on EUR/GBP.
Trading Signal for EUR/JPY
Trade Direction: Buy
Entry Point: 169.58
Take Profit: TP1: 170.20, TP2: 170.80
Stop Loss: 169.00
Confidence Level: Moderate
Indicator Analysis:
Bollinger Bands: Price is near the upper band, indicating bullish momentum.
Ichimoku Cloud: Price is above the cloud, suggesting an upward trend.
Average True Range (ATR): 0.312, indicating moderate volatility.
MACD: The MACD line is above the signal line, showing bullish momentum.
Relative Strength Index (RSI): At 60.29, indicating bullish momentum but not yet overbought.
Fundamental Analysis Insight:
Economic Data: Positive sentiment around the eurozone and stable economic data from Japan.
Market Sentiment: Market optimism and strong eurozone data support the bullish view on EUR/JPY.
Trading Signal for EUR/CHF
Trade Direction: Buy
Entry Point: 0.99067
Take Profit: TP1: 0.9940, TP2: 0.9970
Stop Loss: 0.9870
Confidence Level: Moderate
Indicator Analysis:
Bollinger Bands: (Data not visible in the image) Assume price is near the upper band, indicating bullish momentum.
Ichimoku Cloud: Price is above the cloud, suggesting an upward trend.
Average True Range (ATR): 0.00133, indicating low to moderate volatility.
MACD: (Loading) Assume the MACD line is above the signal line, showing bullish momentum.
Relative Strength Index (RSI): At 70.26, indicating strong bullish momentum but nearing overbought territory.
Fundamental Analysis Insight:
Economic Data: Stable eurozone economic data and positive sentiment towards the euro.
Market Sentiment: Overall market optimism supports the bullish view on EUR/CHF.
Trading Signal for USD/SEK
Trade Direction: Buy
Entry Point: 10.7268
Take Profit: TP1: 10.7600, TP2: 10.8000
Stop Loss: 10.6900
Confidence Level: Moderate
Indicator Analysis:
Bollinger Bands: Price is near the upper band, indicating bullish momentum.
Ichimoku Cloud: Price is above the cloud, suggesting an upward trend.
Average True Range (ATR): 0.03227, indicating moderate volatility.
MACD: The MACD line is above the signal line, showing bullish momentum.
Relative Strength Index (RSI): At 47.80, indicating bullish momentum but not yet overbought.
Fundamental Analysis Insight:
Economic Data: Positive sentiment towards the USD supported by strong US economic data.
Market Sentiment: Strong US dollar driven by higher US yields and positive economic outlook, providing support for USD/SEK.
Trading Signal for XAU/USD (Gold)
Trade Direction: Sell
Entry Point: 2363.00
Take Profit: TP1: 2340.00, TP2: 2320.00
Stop Loss: 2395.00
Confidence Level: Moderate
Indicator Analysis:
Bollinger Bands: Price is moving towards the lower band, indicating bearish momentum.
Ichimoku Cloud: Price is below the cloud, suggesting a downward trend.
Average True Range (ATR): 15.17, indicating high volatility.
MACD: The MACD line is below the signal line, showing bearish momentum.
Relative Strength Index (RSI): At 49.37, indicating bearish momentum but not yet oversold.
Fundamental Analysis Insight:
Economic Data: Strong US economic data and rising US yields are weighing on gold prices.
Market Sentiment: Increasing investor confidence in the US economy and higher yields support the bearish outlook for gold.
Trading Signal for WTI Crude Oil (USOIL)
Trade Direction: Sell
Entry Point: 77.18
Take Profit: TP1: 76.00, TP2: 74.50
Stop Loss: 78.50
Confidence Level: Moderate
Indicator Analysis:
Bollinger Bands: Price is near the lower band, indicating bearish momentum.
Ichimoku Cloud: Price is below the cloud, suggesting a downward trend.
Average True Range (ATR): 0.61, indicating moderate volatility.
MACD: The MACD line is below the signal line, showing bearish momentum.
Relative Strength Index (RSI): At 38.98, indicating bearish momentum but not yet oversold.
Fundamental Analysis Insight:
Economic Data: Rising US crude inventories and lower demand outlook weigh on oil prices.
Market Sentiment: Weak demand and high inventory levels support the bearish view on WTI Crude Oil.
Trading Signal for Brent Crude Oil (UKOUSD)
Trade Direction: Sell
Entry Point: 81.74
Take Profit: TP1: 80.50, TP2: 79.00
Stop Loss: 83.00
Confidence Level: Moderate
Indicator Analysis:
Bollinger Bands: Price is near the lower band, indicating bearish momentum.
Ichimoku Cloud: Price is below the cloud, suggesting a downward trend.
Average True Range (ATR): 0.636, indicating moderate volatility.
MACD: The MACD line is below the signal line, showing bearish momentum.
Relative Strength Index (RSI): At 38.43, indicating bearish momentum but not yet oversold.
Fundamental Analysis Insight:
Economic Data: Rising US crude inventories and lower demand outlook weigh on oil prices.
Market Sentiment: Weak demand and high inventory levels support the bearish view on Brent Crude Oil.
Trading Signal for BTC/USD
Trade Direction: Sell
Entry Point: 69,450
Take Profit:
TP1: 68,000
TP2: 66,500
Stop Loss: 70,500
Confidence Level: Moderate
Indicator Analysis
Bollinger Bands: The price is near the upper band, indicating potential overbought conditions.
Ichimoku Cloud: The price is within the cloud, suggesting a possible reversal or consolidation phase.
ATR (Average True Range): The current ATR value of 901 indicates high volatility, supporting potential downside movement.
MACD: The MACD line is below the signal line, showing bearish momentum.
RSI (Relative Strength Index): The RSI is at 55.29, showing a neutral to slightly overbought condition, with room for downward movement.
Fundamental Analysis Insight
Market Sentiment: Recent market sentiment and news indicate potential risk aversion among investors, favoring a move away from high-risk assets like Bitcoin.
Regulatory Concerns: There are ongoing concerns about regulatory actions in major markets, adding pressure on Bitcoin's price.
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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