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Intraday Forex Signals: Technical Analysis, November 13, 2023

Forex Headlines That Matter Today:


  • Market Outlook: Positive Start Expected

    • Global financial markets poised for a strong start following upbeat US stock market performance last Friday.

    • Key gains: Nasdaq up 2.05%, S&P rose 1.56%, Dow added 1.15%.

    • Bond market shows stability; mixed Treasury yields.

    • Dollar slightly weaker against major currencies.


  • US Markets in Spotlight

    • Investors' attention centered on the US for market sentiment and direction.

    • Speculations about the end of the tightening cycle pushing optimism.

    • Upcoming critical data: CPI, PPI, Retail Sales, and Fed updates.

    • Expected market volatility around these key data releases.


  • Quiet Trading Day Ahead

    • APAC markets likely to follow Wall Street's positive lead.

    • Limited significant events on the day's calendar.

    • Chinese Loan data release midday might add some volatility.

    • Anticipation of later-week data releases to drive market sentiment.



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🕵️‍♂️Please note that this analysis is based on the current market conditions. Constant monitoring of the market is required.


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  • Dollar Index (DXY): Slight decline post US unemployment claims data, but rebounded after Powell's hawkish remarks.

    • DXY ends US session around 105.95, with expectations of further monetary tightening.


DXY/Dollar Index  Bar chart showing forex and commodities prices, green/red candles depict daily trading trends. Includes moving average, Bollinger bands, and RSI.
The Dollar Steady

Today's Intraday Forex Signals


Gold, XAU/USD Bar chart showing forex and commodities prices, green/red candles depict daily trading trends. Includes moving average, Bollinger bands, and RSI.
🟢 XAU/USD (Gold) Technical Breakdown

Intraday Forex Signal for XAUUSD - November 13, 2023


Pair: XAUUSD


Trade Direction: BEARISH


Trade Probability: 65%


Friday's Trend: The trend was downward as indicated by the declining price action towards the end of the chart.


Pivot Point Analysis:

  • Pivot Point: 1943.72

The price is trading below the pivot point, reinforcing the bearish outlook.

Indicators:

  • Volatility: The Bollinger Bands are wide but starting to converge, indicating a possible decrease in volatility.

  • Moving Average: Price is trading below the 20-period Simple Moving Average (SMA), confirming a bearish trend.

  • Ichimoku Cloud: Price is below the cloud, indicating a bearish sentiment.

  • RSI (14): The RSI is around 45, suggesting neither overbought nor oversold conditions.

  • Bollinger Bands: Price is approaching the lower band, which could act as a dynamic support level.

🎯 Targets for Taking Profits:

  • 1st Resistance Level: 1954.44 (not applicable for bearish trade)

  • 2nd Resistance Level: 1971.45 (not applicable for bearish trade)

  • 3rd Resistance Level: 1982.17 (not applicable for bearish trade)

  • Sell Target 1: 1926.71

  • Sell Target 2: 1915.99

  • Sell Target 3: 1898.98

❌ Stop Loss Guidelines:

  • Sell Stop Loss: A conservative stop loss can be placed above the pivot point at 1950.00, which is just below the 1st Resistance level.

Suggestion: Given the bearish outlook indicated by the price being below the pivot point and SMA, along with the Ichimoku cloud analysis, a short position is recommended.


Monitor the Bollinger Bands closely as a narrowing could signal reduced volatility and a potential reversal point. Adjust the stop loss according to the late

WTI, Crude oil, Bar chart showing forex and commodities prices, green/red candles depict daily trading trends. Includes moving average, Bollinger bands, and RSI.
West Texas Intermediate (WTI) crude oil

Intraday Forex Signal for WTI - November 13, 2023


Commodity: WTI Crude Oil


Trade Direction: BEARISH


Trade Probability: 70%


Friday's Trend: The chart shows a clear downtrend with a strong bearish movement in recent days.

Pivot Point Analysis:

  • Pivot Point: 76.74

The price is currently just below the pivot point, which supports the bearish sentiment.

Indicators:

  • Volatility: The Bollinger Bands are expanding, indicating increased volatility. The price is nearing the lower band, suggesting a strong bearish trend.

  • Moving Average: The price has consistently stayed below the moving averages, which supports a bearish outlook.

  • Ichimoku Cloud: Not visible on the provided chart, but typically if the price is below the cloud, it would indicate a bearish trend.

  • RSI (14): The RSI is trending downwards and is below 50, which points to bearish momentum.

  • Bollinger Bands: The price is approaching the lower Bollinger Band, indicating that it is in a potentially oversold area, but still bearish.

🎯 Targets for Taking Profits:

  • 1st Support Level: 75.74

  • 2nd Support Level: 74.32

  • 3rd Support Level: 73.32

❌ Stop Loss Guidelines:

  • Sell Stop Loss: Place the stop loss just above the pivot point, around 77.00, to protect against any reversal in trend.

Suggestion: Given the bearish indicators and price action below the pivot point, initiating a short position could be considered. Traders should watch the Bollinger Bands for signs of further downtrend continuation or potential reversal if the price consolidates near the lower band.


It is also crucial to keep an eye on any potential news that could affect oil prices and to adjust the stop loss and take profit levels accordingly to manage risk effectively.


EUR/USD Bar chart showing forex and commodities prices, green/red candles depict daily trading trends. Includes moving average, Bollinger bands, and RSI.
🟢 EUR/USD

Intraday Forex Signal for EURUSD - November 13, 2023


Pair: EURUSD


Trade Direction: BULLISH


Trade Probability: 60%


Friday's Trend: The trend appears to be moderately bullish with the price moving upwards.

Pivot Point Analysis:

  • Pivot Point: 1.068

The price is slightly above the pivot point, which could indicate potential for a continued bullish movement.

Indicators:

  • Volatility: The Bollinger Bands are moderately wide, suggesting a steady level of volatility. The price is near the upper band, indicating bullish momentum.

  • Moving Average: The price is above the moving average, aligning with a bullish trend.

  • Ichimoku Cloud: The price is within the Ichimoku Cloud, suggesting some indecision, but the upward movement is a positive sign.

  • RSI (14): The RSI is above 50, leaning towards a bullish momentum, although it is not in the overbought territory.

  • Bollinger Bands: Price action touching the upper band could signal overbought conditions, but currently, it suggests the momentum is bullish.

🎯 Targets for Taking Profits:

  • Buy Target 1: 1.070 (1st Resistance Level)

  • Buy Target 2: 1.072 (2nd Resistance Level)

  • Buy Target 3: 1.074 (3rd Resistance Level)

❌ Stop Loss Guidelines:

  • Buy Stop Loss: Place the stop loss just below the pivot point, around 1.066, to minimize potential loss if the market reverses.

Suggestion: Considering the current price position above the pivot point and the bullish indicators, entering a long position may be favorable. Monitor the Bollinger Bands and RSI for signs of overbought conditions that could precede a pullback.

GBP/USD Bar chart showing forex and commodities prices, green/red candles depict daily trading trends. Includes moving average, Bollinger bands, and RSI.
🟢 GBP/USD

Intraday Forex Signal for GBPUSD - November 13, 2023


Pair: GBPUSD


Trade Direction: BULLISH


Trade Probability: 60%


Friday's Trend: The price action shows some bullish momentum, with the recent candlesticks forming above the previous ones.

Pivot Point Analysis:

  • Pivot Point: 1.222

The price is slightly above the pivot point, indicating a potential for a continued upward movement.

Indicators:

  • Volatility: The Bollinger Bands indicate moderate volatility, with the price currently in the upper half of the bands.

  • Moving Average: The price has crossed above the short-term moving average, supporting a bullish outlook.

  • Ichimoku Cloud: The price is above the Ichimoku Cloud, suggesting bullish sentiment.

  • RSI (14): The RSI is above 50, indicating some bullish momentum but not overbought.

  • Bollinger Bands: The price near the upper Bollinger Band suggests strong buying pressure but watch for potential resistance or pullbacks.

🎯 Targets for Taking Profits:

  • Buy Target 1: 1.225 (1st Resistance Level)

  • Buy Target 2: 1.227 (2nd Resistance Level)

  • Buy Target 3: 1.230 (3rd Resistance Level)

❌ Stop Loss Guidelines:

  • Buy Stop Loss: Place the stop loss just below the pivot point and recent swing low, around 1.220, to protect against a bearish reversal.

Suggestion: Given the bullish indicators, a long position could be considered. Traders should remain cautious of any potential reversal signals, such as a price movement towards the lower Bollinger Band or a drop in the RSI below 50.


USD/JPY Bar chart showing forex and commodities prices, green/red candles depict daily trading trends. Includes moving average, Bollinger bands, and RSI.
🟢 USD/JPY

Intraday Forex Signal for USDJPY - November 13, 2023


Pair: USDJPY


Trade Direction: BULLISH


Trade Probability: 65%


Friday's Trend: The chart indicates an uptrend with the price consistently making higher highs and lows.

Pivot Point Analysis:

  • Current Price: 151.748

  • Pivot Point: 151.453

The price is trading above the pivot point, suggesting bullish sentiment in the market.

Indicators:

  • Volatility: The Bollinger Bands are moderately wide, suggesting a reasonable level of volatility. The price is hovering near the upper band, signaling bullish momentum.

  • Moving Average: The price is above the moving average, typically indicative of a bullish trend.

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

  • RSI (14): The RSI is above 50 but not yet in overbought territory, indicating that there might be room for upward movement.

  • Bollinger Bands: The price is near the upper Bollinger Band, suggesting that the market is in a bullish phase, but also that it could be approaching overbought conditions.

🎯 Targets for Taking Profits:

  • Buy Target 1: 151.687 (1st Resistance Level)

  • Buy Target 2: 151.853 (2nd Resistance Level)

  • Buy Target 3: 152.087 (3rd Resistance Level)

❌ Stop Loss Guidelines:

  • Buy Stop Loss: A stop loss can be placed just below the pivot point, around 151.250, to mitigate risk in case of a trend reversal.

Suggestion: Given the bullish trend and the price above the pivot point, taking a long position could be considered. Traders should monitor the Bollinger Bands and RSI for signs of overbought conditions which may signal a potential pullback or reversal.


USD/CHF Bar chart showing forex and commodities prices, green/red candles depict daily trading trends. Includes moving average, Bollinger bands, and RSI.
🟢 USD/CHF


Intraday Forex Signal for USDCHF - November 13, 2023


Pair: USDCHF


Trade Direction: NEUTRAL to SLIGHTLY BULLISH


Trade Probability: 55%


Friday's Trend: The price action on the chart shows some consolidation, with recent movements hovering around the same level.

Pivot Point Analysis:

  • Pivot Point: 0.902

The price is just above the pivot point, suggesting a slight bullish bias but with caution due to the nearness to the pivot point indicating potential for range-bound movement.

Indicators:

  • Volatility: The Bollinger Bands show moderate volatility with the price near the middle band.

  • Moving Average: The price is near the moving average, indicating a potential trend continuation but with no strong momentum.

  • Ichimoku Cloud: Not visible on the provided chart, but if the price is within the cloud, this would indicate a lack of trend strength.

  • RSI (14): The RSI is around 50, reinforcing the neutral stance but leaning slightly bullish.

🎯 Targets for Taking Profits:

  • Buy Target 1 (TP1): 0.905 (near the 1st Resistance Level)

  • Buy Target 2 (TP2): 0.907 (near the 2nd Resistance Level)

  • Buy Target 3 (TP3): 0.910 (near the 3rd Resistance Level)

❌ Stop Loss Guidelines:

  • Buy Stop Loss (SL): Set the stop loss just below the nearest support level, which can be around 0.900, to protect against the downside risk.

Suggestion: The slightly bullish forex signals stance is suggested by the price being above the pivot point. However, the proximity to the pivot point means that there is not a strong directional bias, so caution is warranted.


NZD/USD Bar chart showing forex and commodities prices, green/red candles depict daily trading trends. Includes moving average, Bollinger bands, and RSI.
🟢 NZD/USD


Intraday Forex Signal for NZDUSD - November 13, 2023


Pair: NZDUSD


Trade Direction: BULLISH


Trade Probability: 60%


Friday's Trend: The chart shows a recovery trend with the price moving up from recent lows.

Pivot Point Analysis:

  • Pivot Point: 0.5896

The price is slightly below the pivot point, indicating a need for caution, but the recent uptick in price suggests a potential bullish outlook.

Indicators:

  • Volatility: The Bollinger Bands are of average width, which implies normal market volatility.

  • Moving Average: The price seems to be attempting to recover above the moving average, suggesting a potential upward trend.

  • Ichimoku Cloud: The price is below the cloud, which typically indicates bearishness, but if it's recovering towards the cloud, it could suggest a changing trend.

  • RSI (14): The RSI is close to the midpoint at 50, which is neutral, but a move above 50 could confirm a bullish momentum.

  • Bollinger Bands: The price is between the middle and lower bands, indicating that it may be finding support and could move higher.

🎯 Targets for Taking Profits:

  • Buy Target 1 (TP1): 0.5914 (just above 1st Resistance Level)

  • Buy Target 2 (TP2): 0.5939 (just above 2nd Resistance Level)

  • Buy Target 3 (TP3): 0.5957 (just above 3rd Resistance Level)

❌ Stop Loss Guidelines:

  • Buy Stop Loss (SL): A stop loss for a long position could be set just below the 1st Support Level at 0.5871 to protect against a decline below this point.

Suggestion: Based on the slightly bullish bias, a trader might consider a long position with the stop loss and take profit levels as outlined above. It's important to monitor the price action as it approaches the pivot point, as moving above this level could further confirm bullish momentum.


AUD/USD  "A bar chart displaying forex currency and commodities prices with green and red candles representing trading trends over a daily time frame. The chart includes indicators such as moving average and Bollinger bands, along with the Relative Strength Indicator (RSI)."
🟢 AUD/USD

Intraday Forex Signal for AUDUSD - November 13, 2023


Pair: AUDUSD


Trade Direction: BULLISH


Trade Probability: 60%


Friday's Trend: The price shows recovery from recent lows and is attempting to establish an uptrend.

Pivot Point Analysis:

  • Pivot Point: 0.6357

The price is slightly above the pivot point, indicating a potential for a continued upward movement.

Indicators:

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

  • Moving Average: The price is attempting to rise above the moving averages, indicating a potential bullish trend.

  • Ichimoku Cloud: If the price is above the Ichimoku Cloud, it indicates bullishness; if it's below, it indicates bearishness.

  • RSI (14): The RSI is around 50, which is neutral, but an upward cross above 50 could suggest increasing bullish momentum.

  • Bollinger Bands: The price is near the upper band, which could indicate strong buying pressure.

🎯 Targets for Taking Profits:

  • Buy Target 1 (TP1): 0.6376 (near 1st Resistance Level)

  • Buy Target 2 (TP2): 0.6392 (near 2nd Resistance Level)

  • Buy Target 3 (TP3): 0.6411 (near 3rd Resistance Level)

❌ Stop Loss Guidelines:

  • Buy Stop Loss (SL): Place the stop loss just below the 1st Support Level at 0.6341 to protect against a decline below this point.

Suggestion: Considering the slight bullish trend indicated by the price being above the pivot point, traders might look to enter a long position. However, it is crucial to monitor the price action for any signs of reversal, especially since the RSI is at a neutral point.


USD/CAD  "A bar chart displaying forex currency and commodities prices with green and red candles representing trading trends over a daily time frame. The chart includes indicators such as moving average and Bollinger bands, along with the Relative Strength Indicator (RSI)."
🟢 USDCAD

Intraday Forex Signal for USDCAD - November 13, 2023


Pair: USDCAD


Trade Direction: BEARISH


Trade Probability: 55%


Friday's Trend: The chart shows a recent high, with the price starting to pull back, suggesting a potential bearish reversal.


Pivot Point Analysis:

  • Pivot Point: 1.3817

The price is just below the pivot point, indicating that bearish momentum may be starting to develop.

Indicators:

  • Volatility: The Bollinger Bands are of moderate width, suggesting a standard level of volatility for the pair.

  • Moving Average: The price action is near the moving average, hinting at possible indecision in the trend.

  • Ichimoku Cloud: Not visible on the chart, but if the price is below the cloud, it suggests bearishness; if it's above, it suggests bullishness.

  • RSI (14): The RSI is near 50, which is a neutral zone; however, a downward trend in the RSI could confirm the bearish momentum.

  • Bollinger Bands: The price is closer to the upper band, which sometimes can predict a reversal to the downside.

🎯 Targets for Taking Profits:

  • Sell Target 1 (TP1): 1.3778 (near 1st Support Level)

  • Sell Target 2 (TP2): 1.3752 (near 2nd Support Level)

  • Sell Target 3 (TP3): 1.3713 (near 3rd Support Level)

❌ Stop Loss Guidelines:

  • Sell Stop Loss (SL): A stop loss for a short position could be set just above the 1st Resistance Level at 1.3843 to protect against the price reversing back to a bullish trend.

Suggestion: Given the price's position just below the pivot point and the RSI indicating neutral to bearish momentum, a short position could be considered. Traders should watch for a confirmed break below the pivot point and a declining RSI as additional signals for a bearish move.


EUR/GBP, Bar chart showing forex and commodities prices, green/red candles depict daily trading trends. Includes moving average, Bollinger bands, and RSI.
EUR/GBP

Intraday Forex Signal for EURGBP - November 13, 2023


Pair: EURGBP


Trade Direction: BULLISH


Trade Probability: 60%


Friday's Trend: The price action indicates an uptrend, with recent candles above previous ones.


Pivot Point Analysis:

  • Pivot Point: 0.874

The current price is slightly below the pivot point, but the overall trend suggests bullish potential.

Indicators:

  • Volatility: The Bollinger Bands are of moderate width, indicating a normal level of market volatility.

  • Moving Average: The price is hovering around the moving average, suggesting potential trend continuation.

  • Ichimoku Cloud: If the price is above the cloud, it suggests a bullish trend; if it's below, it indicates bearishness.

  • RSI (14): The RSI is close to 50, indicating a neutral market, but leaning towards bullish as it moves upward.

  • Bollinger Bands: The price is closer to the upper band, typically an indication of an ongoing bullish trend.

🎯 Targets for Taking Profits:

  • Buy Target 1 (TP1): 0.876 (just above 1st Resistance Level)

  • Buy Target 2 (TP2): 0.878 (just above 2nd Resistance Level)

  • Buy Target 3 (TP3): 0.880 (just above 3rd Resistance Level)

❌ Stop Loss Guidelines:

  • Buy Stop Loss (SL): A stop loss for a long position could be set just below the 1st Support Level at 0.872 to protect against a decline below this point.

Suggestion: Given the bullish indicators and price action, traders might consider a long position with the stop loss and take profit levels as outlined above. It's important to monitor the price action as it approaches and potentially moves above the pivot point, which could further confirm bullish momentum.


Disclaimer: Trading forex involves a significant risk of loss. Ensure you fully understand the risks involved and seek independent advice if necessary.

 

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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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