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Intraday Forex Signals: Technical Analysis, November 14, 2023

Forex Headlines That Matter Today:


  • Federal Reserve Speakers in Focus:

  • Federal Reserve Vice Chair Philip Jefferson and Chicago Fed President Austan Goolsbee are scheduled to speak at separate events on Tuesday.

  • Their remarks may provide further insights into the Federal Reserve's rate path decisions.


key economic calendar events today, shown on Forex Factory
GMT Times, all eyes on CPI

  • Anticipation for CPI Data Release:

  • Wall Street economists predict a slowdown in the headline Consumer Price Index (CPI) for October to 0.1%, down from 0.4% in September.

  • Core inflation rate is expected to remain steady at 0.3%, the same as in September.


  • General Market Analysis:

  • Global markets experienced a quiet period, with investors waiting for the latest CPI data from the US.

  • US stock indices closed near flat: Dow up 0.16%, S&P down 0.08%, Nasdaq dropped 0.22%.

  • Benchmark 10-year Treasury yield hit a one-week high at 4.696%.

  • Currencies stayed within a range; USDJPY reached new highs before retreating.

  • Oil and Gold prices increased but face longer-term pressure.


  • Inflation Data as a Key Market Mover:

  • Markets anticipate a 0.3% increase in the monthly core CPI and a 0.1% increase in the overall CPI.

  • Year-on-year CPI expected to drop to 3.3% from 3.7%.

  • Any deviation from these expectations could significantly impact market trends.


  • A Day of Anticipation Ahead of CPI Data:

  • Markets remain cautious ahead of the US CPI release.

  • NAB Business Confidence data and major UK employment data releases could influence the markets before the US session.

  • High volatility expected around the CPI announcement.


  • Comments from Market Experts:

  • Eugenia Victorino, head of Asia strategy at Skandinaviska Enskilda Banken AB, notes that market positioning is light ahead of the US CPI data release.

  • Expectations of limited market movement until the CPI data is released.



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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

Pair: XAUUSD


Trade Direction: BEARISH


Given the current price is below the pivot point and indicators such as the Ichimoku cloud and Moving Average suggest a downward trend, the sentiment for today is bearish for XAUUSD.


Trade Probability: Approximately 65% based on the convergence of technical indicators.

Yesterday's Trend: The trend was bearish, with the price closing below the pivot point.


Pivot Point: 1942.44


Indicators:

  • Volatility: Decreasing as indicated by the narrowing Bollinger Bands.

  • Moving Average (MA): Price trading below the 20-period SMA suggests bearish momentum.

  • Ichimoku: Price below the cloud indicates a bearish outlook.

  • RSI: Below 50, confirming bearish momentum.

  • Bollinger Bands: Price below the middle band with narrowing bands suggests decreased volatility with potential for a breakout to the downside.

🎯 Targets for Taking Profits:

  • Sell:

    • 1st target at 1st Support level (1936.19)

    • 2nd target at 2nd Support level (1926.04)

    • 3rd target at 3rd Support level (1919.79)


Stop Loss Guidelines:

  • Sell: Set the stop loss just above the pivot point or at the 1st Resistance level (1952.59) to mitigate risk.

Suggestion: Based on the bearish indicators, a short position could be initiated near the pivot point with a stop loss at the 1st Resistance level. Profit targets should be set at the identified support levels, monitoring the trade closely for any changes in the volatility or trend reversals which may be signaled by the Bollinger Bands or a shift in the RSI.

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

Today's Intraday Forex Signal for WTI Crude Oil (WTI):


Pair: WTI


Trade Direction: BULLISH


The chart shows the price moving above the pivot point, and though the RSI is close to the oversold area, the recent uptick suggests a potential reversal to the upside. Additionally, the price is approaching the lower boundary of the Bollinger Bands, which often indicates a potential bounce back.


Trade Probability: 60%


Yesterday's Trend: The trend was bullish with price closing above the pivot point, indicating continued upward potential.


Pivot Point: 77.95


Indicators:

  • Volatility: Appears to be increasing as the Bollinger Bands are wide.

  • Moving Average (MA): Price is near the 20-period SMA, indicating a potential shift in momentum.

  • Ichimoku: Price is approaching the cloud, suggesting indecision but potential for bullish momentum if it breaks above.

  • RSI: Moving away from oversold territory, indicating a possible increase in buying pressure.

  • Bollinger Bands: The price near the lower band indicates oversold conditions, which may lead to a rebound.

🎯 Targets for Taking Profits:

  • Buy:

    • 1st target at 1st Resistance level (78.84)

    • 2nd target at 2nd Resistance level (79.43)

    • 3rd target at 3rd Resistance level (80.32)


Stop Loss Guidelines:

  • Buy: If going long, set the stop loss just below the 1st Support level (77.36) to protect against any unexpected downturns.

Suggestion: A long position may be considered given the current bullish indicators. Entry could be around the pivot point, with a stop loss set below the 1st Support level, and profits could be taken at the mentioned resistance levels, adjusting the stop loss accordingly as the price moves in favor of the position.


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

Today's Intraday Forex Signal for EURUSD:


Pair: EURUSD


Trade Direction: NEUTRAL to BULLISH


The price action on the EURUSD is currently within the Ichimoku cloud, indicating a neutral to bullish bias as it’s in the transition phase. The RSI is above 50, which could imply a slight bullish momentum, but caution is warranted.


Trade Probability: 55%


Yesterday's Trend: The trend was neutral with the close inside the Ichimoku cloud.


Pivot Point: 1.069


Indicators:

  • Volatility: Moderate as indicated by the Bollinger Bands being in a normal range without significant expansion or contraction.

  • Moving Average (MA): Price is just above the 20-period SMA, suggesting a potential bullish bias.

  • Ichimoku: Price within the cloud indicates a neutral trend but could turn bullish if the price breaks above the cloud.

  • RSI: Slightly above 50, suggesting a cautious bullish outlook.

  • Bollinger Bands: Price is within the bands, indicating stable volatility.

🎯 Targets for Taking Profits:

  • Buy:

    • 1st target at 1st Resistance level (1.072)

    • 2nd target at 2nd Resistance level (1.074)

    • 3rd target at 3rd Resistance level (1.077)


Stop Loss Guidelines:

  • Buy: A stop loss can be placed just below the 1st Support level (1.067) to protect the trade against a bearish reversal.

Suggestion: Given the neutral to slightly bullish indicators, traders could consider a cautious long position if the price stays above the pivot point, setting a tight stop loss below the 1st Support level.


Targets should be set at the identified resistance levels, while continuously monitoring for any breakout above the Ichimoku cloud for increased bullish confirmation.

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

Today's Intraday Forex Signal for GBPUSD:


Pair: GBPUSD



Trade Direction: BULLISH

The price is currently above the Ichimoku cloud and the pivot point, and the RSI is trending upwards towards the 50 level, which suggests increasing bullish momentum.


Trade Probability: 60%


Yesterday's Trend: The trend was bullish, closing above the pivot point.


Pivot Point: 1.226

Indicators:

  • Volatility: Appears to be moderate as indicated by the Bollinger Bands, with the price moving towards the upper band, suggesting bullish momentum.

  • Moving Average (MA): Price above the 20-period SMA indicates a bullish trend.

  • Ichimoku: Price above the cloud is bullish.

  • RSI: Approaching 50 from below, suggesting increasing momentum.

  • Bollinger Bands: Price is approaching the upper band, indicating an increase in bullish momentum.

🎯 Targets for Taking Profits:

  • Buy:

    • 1st target at 1st Resistance level (1.231)

    • 2nd target at 2nd Resistance level (1.233)

    • 3rd target at 3rd Resistance level (1.238)


Stop Loss Guidelines:

  • Buy: Set the stop loss just below the pivot point or at the 1st Support level (1.223) to minimize potential losses.

Suggestion: Consider a long position due to the bullish indicators, with entry points above the pivot level. Stop losses should be set conservatively below the 1st Support level to protect the position, with profit targets placed at the subsequent resistance levels.


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

Today's Intraday Forex Signal for USDJPY:


Pair: USDJPY


Trade Direction: BULLISH


The current chart shows USDJPY trading above the Ichimoku cloud and the pivot point, with the RSI trending upwards, which indicates bullish momentum.


Trade Probability: 65%


Yesterday's Trend: The trend was bullish with a close above the pivot point.


Pivot Point: 151.623

Indicators:

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

  • Moving Average (MA): The price is above the 20-period SMA, indicating a bullish trend.

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

  • RSI: Trending upwards above 50, indicating increasing bullish momentum.

  • Bollinger Bands: The price is moving towards the upper band, suggesting the potential for a continuation of the upward trend.

🎯 Targets for Taking Profits:

  • Buy:

    • 1st target at 1st Resistance level (152.037)

    • 2nd target at 2nd Resistance level (152.353)

    • 3rd target at 3rd Resistance level (152.767)


Stop Loss Guidelines:

  • Buy: If going long, place the stop loss below the pivot point, around the 1st Support level (151.307) to mitigate risk.

Suggestion: A long position is suggested based on the bullish indicators. Entry could be made around current levels with a stop loss placed below the first support level.


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


Today's Intraday Forex Signal for USDCHF:


Pair: USDCHF


Trade Direction: NEUTRAL to BULLISH


The USDCHF is currently hovering around the Ichimoku cloud, suggesting a neutral trend. However, the RSI is just above 50, which could hint at a slight bullish momentum if sustained.


Trade Probability: 55%


Yesterday's Trend: Neutral, as the price ended around the middle of the Bollinger Bands and within the Ichimoku cloud.


Pivot Point: 0.903


Indicators:

  • Volatility: There's moderate volatility with the Bollinger Bands at a standard width.

  • Moving Average (MA): The price is at the 20-period SMA, indicating a neutral stance.

  • Ichimoku: The price within the cloud suggests a neutral market state but could turn bullish if it consistently breaks above the cloud.

  • RSI: Slightly above 50, indicating a potential for bullish momentum.

  • Bollinger Bands: Price is in the middle of the bands, which aligns with a neutral outlook.

🎯 Targets for Taking Profits:

  • Buy:

    • 1st target at 1st Resistance level (0.905)

    • 2nd target at 2nd Resistance level (0.908)

    • 3rd target at 3rd Resistance level (0.910)


Stop Loss Guidelines:

  • Buy: Set a stop loss slightly below the pivot point, around the 1st Support level (0.900) to minimize potential losses.

Suggestion: Given the neutral to slight bullish indicators, a cautious approach would be to wait for a clear break above the Ichimoku cloud before initiating a long position. If proceeding, set a tight stop loss below the pivot point and aim for incremental profit targets at the identified resistance levels. Keep an eye on the RSI for any signs of increasing momentum


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


Today's Intraday Forex Signal for NZDUSD:


Pair: NZDUSD


Trade Direction: BEARISH


The NZDUSD pair is trading below the Ichimoku cloud and the pivot point, with the RSI trending downward, which indicates bearish momentum.


Trade Probability: 60%


Yesterday's Trend: Bearish, with the price closing below the pivot point.


Pivot Point: 0.5883


Indicators:

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

  • Moving Average (MA): Price is below the 20-period SMA, indicating a bearish trend.

  • Ichimoku: The price is below the cloud, which is bearish.

  • RSI: Below 50, supporting the bearish momentum.

  • Bollinger Bands: Price is towards the lower band, indicating bearish pressure.

🎯 Targets for Taking Profits:

  • Sell:

    • 1st target at 1st Support level (0.5863)

    • 2nd target at 2nd Support level (0.5850)

    • 3rd target at 3rd Support level (0.5830)


Stop Loss Guidelines:

  • Sell: Set the stop loss just above the pivot point, around the 1st Resistance level (0.5896) to minimize potential losses.

Suggestion: A short position may be considered given the bearish indicators, with entry points below the pivot level. Place a stop loss above the pivot point to protect the position, with profit targets set at the specified support levels. Monitor the trade closely for any potential reversal signals that could be indicated by the RSI or a breakout above the Bollinger Bands.


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

Today's Intraday Forex Signal for AUDUSD:


Pair: AUDUSD


Trade Direction: BEARISH


The AUDUSD pair is trading below the Ichimoku cloud, with the RSI below 50, suggesting bearish momentum.


Trade Probability: 65%


Yesterday's Trend: The trend was bearish, with the price closing below the pivot point.


Pivot Point: 0.6373


Indicators:

  • Volatility: The Bollinger Bands are moderately wide, which could suggest some level of market volatility.

  • Moving Average (MA): Price is below the 20-period SMA, indicating a bearish trend.

  • Ichimoku: Price below the cloud confirms a bearish bias.

  • RSI: Trending below 50, supporting the bearish sentiment.

  • Bollinger Bands: Price is closer to the lower band, indicating bearish pressure.

🎯 Targets for Taking Profits:

  • Sell:

    • 1st target at 1st Support level (0.6354)

    • 2nd target at 2nd Support level (0.6330)

    • 3rd target at 3rd Support level (0.6311)


Stop Loss Guidelines:

  • Sell: Place the stop loss just above the pivot point, around the 1st Resistance level (0.6397) to minimize potential losses.

Suggestion: A short position is recommended based on the bearish indicators. Entry should be below the pivot level, with a stop loss above the first resistance level to manage risk. Profit targets should be set at the specified support levels, with the position being closely monitored for any signs of a trend reversal, such as a breakout above the Ichimoku cloud or an RSI moving above 50.


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

Today's Intraday Forex Signal for USDCAD:


Pair: USDCAD


Trade Direction: BULLISH


The USDCAD pair is currently above the Ichimoku cloud and the pivot point, and the RSI is above 50, which indicates bullish momentum.


Trade Probability: 65%


Yesterday's Trend: The trend was bullish with a close above the pivot point.


Pivot Point: 1.3731

Indicators:

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

  • Moving Average (MA): Price is above the 20-period SMA, indicating a bullish trend.

  • Ichimoku: Price above the cloud confirms a bullish trend.

  • RSI: Above 50, which supports the bullish sentiment.

  • Bollinger Bands: Price is moving towards the upper band, indicating bullish pressure.

🎯 Targets for Taking Profits:

  • Buy:

    • 1st target at 1st Resistance level (1.3772)

    • 2nd target at 2nd Resistance level (1.3869)

    • 3rd target at 3rd Resistance level (1.3951)


Stop Loss Guidelines:

  • Buy: Place the stop loss just below the pivot point, around the 1st Support level (1.3674) to minimize potential losses.

Suggestion: Considering the bullish indicators, initiating a long position with entry points above the pivot level may be advisable. Stop losses should be set just below the pivot point for risk management, and profit targets should be aimed at the specified resistance levels.


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

Today's Intraday Forex Signal for EURGBP:


Pair: EURGBP


Trade Direction: NEUTRAL to BULLISH


The EURGBP is trading just at the Ichimoku cloud, suggesting indecision, but the RSI is slightly above 50, indicating a slight bullish momentum if sustained.


Trade Probability: 55%


Yesterday's Trend: The trend was neutral, closing around the pivot point.


Pivot Point: 0.873


Indicators:

  • Volatility: Moderate volatility is suggested by the Bollinger Bands' standard width.

  • Moving Average (MA): Price is near the 20-period SMA, indicating a neutral stance.

  • Ichimoku: Price at the edge of the cloud suggests a neutral state but could turn bullish if it consistently breaks above.

  • RSI: Just above 50, indicating a potential for slight bullish momentum.

  • Bollinger Bands: Price is near the middle of the bands, supporting a neutral outlook.

🎯 Targets for Taking Profits:

  • Buy:

    • 1st target at 1st Resistance level (0.875)

    • 2nd target at 2nd Resistance level (0.879)

    • 3rd target at 3rd Resistance level (0.881)


Stop Loss Guidelines:

  • Buy: Set a stop loss slightly below the pivot point, around the 1st Support level (0.869) to minimize potential losses.

Suggestion: Given the neutral to slight bullish indicators, traders might wait for a clear signal above the Ichimoku cloud before considering a long position. If opting for a trade, set a conservative stop loss below the pivot point and aim for the resistance levels as profit targets.


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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