- Yen: Possible volatility due to Japan's currency intervention signals. Monitor potential swings after three days of declines.
- GBP/USD: BoE interest rate decision likely to impact GBP. Be on alert for potential dovish/hawkish surprises.
- Oil: OPEC+ supply cuts to persist. Look for price stabilisation as U.S. crude inventories decline.
- Gold: Monitor as inflation data approaches and currencies stabilise, influencing investor sentiment.
Upcoming Economic Indicators & Corporate Earnings:
Bank of Japan issues summary of opinions from April policy meeting, Thursday
China trade, Thursday
UK BOE rate decision, Thursday
US initial jobless claims, Thursday
Forex Trading Signals
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
EUR/USD Signal:
Trade Direction: Sell
Entry Point: 1.0746 (current price)
Take Profit: TP1: 1.0720, TP2: 1.0690
Stop Loss: 1.0765
Confidence Level: Moderate
Indicator Analysis: The price is hovering near the daily pivot point at 1.0748, which could act as a minor resistance. The MACD is showing slight downward momentum as the histogram is in the negative area. The RSI is near the midline (around 52), indicating that the price is neither overbought nor oversold, supporting a potential range-bound or slightly bearish scenario in the short term.
Fundamental Analysis Insight: Market sentiment is likely to be influenced by the upcoming BoE rate decision and other macroeconomic indicators. These events can induce volatility and influence the trend direction. Today's signal leans on a cautious sell with a watch on upcoming economic data
GBP/USD Signal:
Trade Direction: Sell
Entry Point: 1.2490 (current price)
Take Profit: TP1: 1.2450, TP2: 1.2420
Stop Loss: 1.2520
Confidence Level: Moderate
Indicator Analysis: The price is just below the daily pivot point at 1.2494, indicating possible resistance at this level. The MACD continues to show bearish momentum as it remains in the negative area. The ATR indicates moderate volatility, which might increase around the upcoming economic events. The RSI is not indicating an oversold or overbought condition, suggesting room for a potential move.
Fundamental Analysis Insight: With the Bank of England's interest rate decision looming, expect heightened volatility. The bearish setup reflects caution in anticipation of potentially dovish signals that could weaken GBP.
USD/JPY Signal:
Trade Direction: Buy
Entry Point: 155.59 (current price)
Take Profit: TP1: 156.00, TP2: 156.50
Stop Loss: 155.20
Confidence Level: High
Indicator Analysis: The price has recently moved above the daily pivot point at 155.23, suggesting a bullish momentum. The MACD shows a positive crossover and is trending upwards, indicating increasing buying pressure. The RSI is near the 60 mark, signaling strength without being overbought.
Fundamental Analysis Insight: Monitor Japan's currency intervention and other economic indicators, as they could cause significant volatility. The current technical setup supports a bullish stance with a cautious watch on external market forces.
USD/CHF Signal:
Trade Direction: Sell
Entry Point: 0.9083 (current price)
Take Profit: TP1: 0.9060, TP2: 0.9040
Stop Loss: 0.9100
Confidence Level: Moderate
Indicator Analysis: The price is hovering around the daily pivot point at 0.9083, suggesting a lack of clear directional momentum. The MACD is near the zero line, indicating a potential crossover to the downside. The RSI is neutral, suggesting there is room for movement in either direction, but leaning slightly bearish given the lack of strong upward momentum.
Fundamental Analysis Insight: The overall market sentiment and upcoming economic releases can influence the Swiss Franc's movement. With the USD showing signs of potential weakness and no strong bullish signals from the technical indicators, a cautious sell approach is recommended.
NZD/USD Signal:
Trade Direction: Buy
Entry Point: 0.6003 (current price)
Take Profit: TP1: 0.6025, TP2: 0.6050
Stop Loss: 0.5980
Confidence Level: Moderate
Indicator Analysis: The price is slightly above the daily pivot point at 0.5999, suggesting initial support. The MACD is close to the zero line with a potential for bullish crossover, indicating possible upward momentum. RSI is at mid-range, offering room for price appreciation without being overextended.
Fundamental Analysis Insight: The market could react to broader economic indicators and market sentiment. The NZD tends to be sensitive to commodity prices and global trade dynamics, so keep an eye on these factors as well.
AUD/USD Signal:
Trade Direction: Sell
Entry Point: 0.6577 (current price)
Take Profit: TP1: 0.6550, TP2: 0.6520
Stop Loss: 0.6600
Confidence Level: Moderate
Indicator Analysis: The price is slightly below the daily pivot point at 0.6579, indicating potential resistance at this level. The MACD is hovering near the zero line with a bearish tilt as the histogram is shifting below zero. The RSI is at the midpoint, suggesting there is room for downward movement without being oversold.
Fundamental Analysis Insight: With global commodity prices and trade sentiment affecting the AUD, there might be further downward pressure if global economic indicators suggest a slowdown.
USD/CAD Signal:
Trade Direction: Sell
Entry Point: 1.3726 (current price)
Take Profit: TP1: 1.3700, TP2: 1.3670
Stop Loss: 1.3750
Confidence Level: Moderate
Indicator Analysis: The price is currently below the daily pivot point at 1.3735, suggesting potential resistance at this level. The MACD shows a flattening near the zero line, indicating a lack of strong momentum. The RSI is near the midpoint, suggesting there is room for movement in either direction, with a slight bearish bias given the price position relative to the pivot.
Fundamental Analysis Insight: With ongoing fluctuations in oil prices and other commodities that influence the CAD, there could be further pressure on this pair. Monitor closely for shifts in these markets as they could impact the direction sharply.
EUR/GBP Signal:
Trade Direction: Buy
Entry Point: 0.8601 (current price)
Take Profit: TP1: 0.8620, TP2: 0.8640
Stop Loss: 0.8580
Confidence Level: Moderate
Indicator Analysis: The price is just below the daily pivot point at 0.8603, suggesting potential support around this level. The MACD is flat near zero but shows a slight bullish crossover potential. The RSI is in the neutral zone, indicating neither overbought nor oversold conditions, which supports the possibility for an upward move.
Fundamental Analysis Insight: With both the EUR and GBP experiencing recent economic announcements, volatility may be higher. The market will continue to digest the outcomes from the Bank of England's interest rate decision and any other pertinent Eurozone economic data.
EUR/JPY Signal:
Trade Direction: Buy
Entry Point: 167.17 (current price)
Take Profit: TP1: 167.50, TP2: 167.80
Stop Loss: 166.90
Confidence Level: High
Indicator Analysis: The price has moved above the daily pivot point at 166.90, indicating a bullish trend. The MACD shows positive momentum with a widening gap above the signal line, suggesting increasing buying pressure. The RSI is not yet in the overbought territory, indicating that there might still be potential for upward movement.
Fundamental Analysis Insight: The Euro has been showing strength against the Yen, possibly due to economic developments in the Eurozone and Japan. Market sentiment and any upcoming economic data from the Eurozone or Japan should be monitored as they could influence price movements further.
EUR/CHF Signal:
Trade Direction: Buy
Entry Point: 0.9761 (current price)
Take Profit: TP1: 0.9780, TP2: 0.9800
Stop Loss: 0.9740
Confidence Level: Moderate
Indicator Analysis: The price is hovering just below the daily pivot point at 0.9762, suggesting it could act as a minor resistance that may soon turn into support. The MACD is nearly flat but slightly above the zero line, indicating a potential for building positive momentum. The RSI is in a neutral position, suggesting there's room for an upward movement without being overbought.
Fundamental Analysis Insight: As the EUR and CHF are both seen as stable currencies, the movement might be influenced by broader market sentiment and economic news from Europe, particularly any changes in monetary policy or economic outlook.
USD/SEK Signal:
Trade Direction: Buy
Entry Point: 10.9180 (current price)
Take Profit: TP1: 10.9400, TP2: 10.9600
Stop Loss: 10.8980
Confidence Level: Moderate
Indicator Analysis: The price is currently above the daily pivot point at 10.8989, indicating continued bullish momentum. The MACD is showing a positive divergence from the signal line, suggesting growing buying pressure. The RSI is in the upper range but not yet in the overbought territory, indicating there could be more room for upward movement.
Fundamental Analysis Insight: Economic factors such as interest rate decisions, inflation data, or significant economic announcements from the US or Sweden could influence the USD/SEK pair. The recent upward trend suggests confidence in USD against SEK, but be vigilant about any potential economic news that might impact this trend.
XAU/USD Signal:
Trade Direction: Buy
Entry Point: 2316 USD (current price)
Take Profit: TP1: 2330 USD, TP2: 2345 USD
Stop Loss: 2300 USD
Confidence Level: Moderate
Indicator Analysis: The price is currently above the daily pivot point at 2311 USD, suggesting bullish momentum. The MACD is nearly flat but slightly above the zero line, indicating some buying pressure. The RSI is in the mid-range, suggesting there is room for upward movement without the price being overbought.
Fundamental Analysis Insight: Gold prices can be influenced by global economic stability, currency fluctuations, and changes in U.S. interest rates. With the current economic climate, investors might turn to gold as a safe haven, which can drive prices up.
USOIL Signal:
Trade Direction: Buy
Entry Point: 79.34 USD (current price)
Take Profit: TP1: 80.00 USD, TP2: 81.00 USD
Stop Loss: 78.50 USD
Confidence Level: High
Indicator Analysis: The price is currently above the daily pivot point at 78.53 USD, suggesting bullish momentum. The MACD is showing positive momentum as the histogram is above the zero line, and the signal line crossover enhances the buy signal. The RSI is approaching overbought territory, suggesting strong buying pressure but caution near the upper levels.
Fundamental Analysis Insight: Oil prices may continue to be influenced by global supply issues and geopolitical tensions. Additionally, recent announcements about sustained OPEC+ supply cuts could further bolster oil prices. Monitor global economic news closely, as shifts can affect market sentiment and price dynamics significantly.
UKOUSD Signal:
Trade Direction: Buy
Entry Point: 84.39 USD (current price)
Take Profit: TP1: 85.00 USD, TP2: 86.00 USD
Stop Loss: 83.80 USD
Confidence Level: Moderate
Indicator Analysis: The price is above the daily pivot point at 82.85 USD, indicating strong bullish momentum. The MACD shows a bullish crossover with the signal line, suggesting that the buying pressure is increasing. The RSI is around 55, which suggests that there is still room for upward movement before reaching overbought conditions.
Fundamental Analysis Insight: The global oil market remains tight due to ongoing supply constraints and geopolitical tensions. These factors are likely supporting the bullish sentiment in oil prices. Keep an eye on any new developments in global oil supply or geopolitical events as they can swiftly impact prices.
BTC/USD Signal:
Trade Direction: Buy
Entry Point: 61,698 USD (current price)
Take Profit: TP1: 63,000 USD, TP2: 64,500 USD
Stop Loss: 60,500 USD
Confidence Level: Moderate
Indicator Analysis: Despite the bearish divergence in the MACD, the price being above the daily pivot point at 62,520.33 USD suggests underlying buying interest. The proximity to the pivot point can also provide a level of support, enhancing the buy signal.
Fundamental Analysis Insight: Bitcoin's movements are often driven by sentiment and market dynamics. With current market trends, there might be potential for an upward movement, especially if broader market sentiment shifts positively or if there are favorable developments in the cryptocurrency sector.
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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