top of page

Intraday Forex Signals: Technical Analysis, November 16, 2023

Headline: "US Dollar Poised for Rebound: High Rates and Safe Haven Appeal Strengthen Prospects"

Bullet Points:

  • Investor Optimism Intact: Despite recent downturn, top investors like T. Rowe Price and Fidelity International anticipate continued strength in the US dollar.

  • Federal Reserve's Stance: Expectations of higher US interest rates compared to other major economies bolster dollar's position.

  • Market Resilience: The greenback's role as a global reserve currency and demand for Treasuries seen as key factors in sustaining its dominance.

  • Mixed Market Signals: Despite aggressive betting on dollar strength, concerns about overextension pose risks to its continued rise.

  • Global Context: Ongoing geopolitical tensions, including the situation in the Middle East and Ukraine, enhance the dollar's appeal as a safe haven.

  • Strategic Positioning: Hedge funds increase long dollar positions, signaling confidence in its resilience amidst global economic challenges.

  • Cautious Outlook: Some strategists warn of potential for a positioning reversal, suggesting a nuanced view on the dollar's future trajectory.

 

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



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 Recovers?


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: XAUUSD (Gold Spot / U.S. Dollar)


Pair: XAUUSD


Trade Direction: Based on the indicators and pivot analysis, the trade direction for XAUUSD is BULLISH.


Trade Probability: Approximately 65%


Yesterday's Trend: The trend appears to have been oscillating, reflecting a period of consolidation.

Pivot Point: 1963.48


Indicators:

  • Volatility: Slight increase as indicated by the distance between Bollinger Bands.

  • Moving Average (MA): XAUUSD is trading just below the MA, suggesting a potential upward crossover.

  • Ichimoku: Price is within the Ichimoku cloud, which may act as support, implying a potential upward movement.

  • RSI: The RSI is around 53.99, which does not indicate overbought or oversold conditions, allowing room for upward movement.

  • Bollinger Bands: The price is near the middle band, indicating a potential for either direction but coupled with other indicators, suggests a possible uptick.

🎯 Targets for Taking Profits:

  • Buy: If the direction is BULLISH, targets are set at:

    • 1st Resistance: 1971.14

    • 2nd Resistance: 1982.07

    • 3rd Resistance: 1989.73


❌ Stop Loss Guidelines:

  • Buy: If going long, set the stop loss just below the 1st Support level at 1952.55.

Suggestion: Considering the current indicators and a pivot point analysis, a long position could be initiated near the pivot point level with the stop loss set just below the 1st Support.


The aim would be to take profits at the 1st Resistance level, with the potential to extend gains towards the 2nd and 3rd Resistance levels if upward momentum is confirmed.


Monitor the trade closely, as the presence within the Ichimoku cloud indicates a need for vigilance against trend reversals.

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: WTI (West Texas Intermediate Crude Oil)


Pair: WTI


Trade Direction: The indicators point towards a BEARISH direction for WTI.


Trade Probability: Approximately 60%


Yesterday's Trend: The trend showed a downward bias, suggesting bearish sentiment.

Pivot Point: 76.97


Indicators:

  • Volatility: The Bollinger Bands are moderately wide, indicating a period of increased volatility.

  • Moving Average (MA): WTI is trading below the MA, reinforcing the bearish outlook.

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

  • Relative Strength Index (RSI): The RSI is below 40, suggesting bearish momentum and potential continuation of the downward trend.

  • Bollinger Bands (BB): Price is closer to the lower band, which aligns with the bearish sentiment.

🎯 Targets for Taking Profits:

  • Sell: If the direction is BEARISH, targets are set at:

    • 1st Support: 76.14

    • 2nd Support: 75.62

    • 3rd Support: 74.79


❌ Stop Loss Guidelines:

  • Sell: If going short, set the stop loss just above the 1st Resistance level at 77.49.

Suggestion: Based on the indicators, initiating a short position may be considered with a stop loss placed just above the 1st Resistance level.


The profit targets should be set at the subsequent support levels, with the first target at 76.14.


Given the bearish indicators, especially the RSI and position relative to the Ichimoku cloud, monitoring for further downward movement is advised.


As always, ensure to apply proper risk management techniques to safeguard your capital.


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: EURUSD (Euro / U.S. Dollar)


Pair: EURUSD


Trade Direction: The trade direction for EURUSD appears to be BEARISH.


Trade Probability: Approximately 60%


Yesterday's Trend: Although the previous day closed higher, the overall trend may suggest a potential reversal to the downside.


Pivot Point: 1.086

Indicators:

  • Volatility: Bollinger Bands are indicating moderate volatility with the price potentially topping at the upper band, which could precede a reversal.

  • Moving Average (MA): Despite being above the MA, the price action may suggest waning bullish momentum.

  • Ichimoku: Price is above the Ichimoku cloud, but if it starts to edge lower, it could indicate a bearish shift.

  • Relative Strength Index (RSI): The RSI is above 50 but showing divergence or losing momentum could suggest a downward move.

  • Bollinger Bands (BB): Price near the upper band could also mean a pullback is imminent if buyers begin to take profit.

🎯 Targets for Taking Profits:

  • Sell: If the direction is BEARISH, set targets at:

    • 1st Support: 1.082

    • 2nd Support: 1.080

    • 3rd Support: 1.077


❌ Stop Loss Guidelines:

  • Sell: If going short, set the stop loss just above the 1st Resistance level at 1.088.

Suggestion: Considering the potential for a bearish reversal, initiating a short position with a stop loss just above the 1st Resistance level could be a prudent strategy.


The first target would be the 1st Support level, with further targets set at the 2nd and 3rd Support levels if the bearish momentum is confirmed.


It's important to watch for any bullish signals that might invalidate this bearish outlook, such as a sustained move above the first resistance or a strong bullish candlestick pattern.


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: GBPUSD (British Pound / U.S. Dollar)


Pair: GBPUSD


Trade Direction: The indicators and price action suggest a BEARISH direction for GBPUSD.


Trade Probability: Approximately 55%


Yesterday's Trend: The previous session showed a downward movement, indicating a bearish trend.


Pivot Point: 1.244


Indicators:

  • Volatility: Bollinger Bands are moderately wide, but the price has started to approach the lower band, suggesting bearish sentiment.

  • Moving Average (MA): The price is currently fluctuating around the MA, indicating potential for a downward crossover.

  • Ichimoku: Price is below the Ichimoku cloud, reinforcing the bearish trend.

  • Relative Strength Index (RSI): The RSI is around 53, which is neutral but it has been declining from higher levels, which could suggest momentum is turning bearish.

  • Bollinger Bands (BB): The price is closer to the lower band, indicating a possible continuation of the downward trend.

🎯 Targets for Taking Profits:

  • Sell: If the direction is BEARISH, targets are set at:

    • 1st Support: 1.238

    • 2nd Support: 1.234

    • 3rd Support: 1.228


❌ Stop Loss Guidelines:

  • Sell: If going short, set the stop loss just above the 1st Resistance level at 1.248.

Suggestion: Considering the current market conditions, initiating a short position may be favorable, with a stop loss placed just above the first resistance level to limit potential losses.


Profit targets should be set at the first support level, with the possibility of extending to the second and third support levels if the bearish trend continues.



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: USDJPY (U.S. Dollar / Japanese Yen)


Pair: USDJPY


Trade Direction: Considering the indicators, the trade direction for USDJPY is BULLISH.


Trade Probability: Approximately 70%


Yesterday's Trend: There was an uptrend, with the price closing higher than the opening, supporting a bullish continuation.


Pivot Point: 150.953


Indicators:

  • Volatility: The Bollinger Bands are expanding, which could suggest an increase in volatility and a potential trend continuation.

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

  • Ichimoku: Price is above the Ichimoku cloud, confirming the bullish sentiment.

  • Relative Strength Index (RSI): The RSI is near 57, suggesting bullish momentum without being overbought.

  • Bollinger Bands (BB): The price is near the upper band, which often corresponds with strong bullish trends.

🎯 Targets for Taking Profits:

  • Buy: If the direction is BULLISH, targets are set at:

    • 1st Resistance: 151.847

    • 2nd Resistance: 152.313

    • 3rd Resistance: 153.207


❌ Stop Loss Guidelines:

  • Buy: If going long, set the stop loss below the 1st Support level at 150.487.

Suggestion: Based on the bullish indicators, a long position could be initiated near the pivot point with a stop loss just below the first support level. The first target would be the 1st Resistance level, with further targets at the 2nd and 3rd Resistance levels if the bullish momentum continues.


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: USDCHF (U.S. Dollar / Swiss Franc)


Pair: USDCHF


Trade Direction: The trade direction for USDCHF is NEUTRAL to SLIGHTLY BEARISH.


Trade Probability: Approximately 55%


Yesterday's Trend: The price action shows some bearish movement, closing lower than the opening.


Pivot Point: 0.888


Indicators:

  • Volatility: The Bollinger Bands are of average width, suggesting moderate market volatility.

  • Moving Average (MA): Price is close to the MA, indicating a potential shift in momentum.

  • Ichimoku: Price is currently at the Ichimoku cloud, which could indicate potential support or resistance.

  • Relative Strength Index (RSI): RSI is near the 50 level, indicating neutrality but with a slight tilt towards bearish momentum as it's on the decline.

  • Bollinger Bands (BB): The price is nearing the lower band, which can sometimes indicate bearish momentum.

🎯 Targets for Taking Profits:

  • Sell: If the direction is SLIGHTLY BEARISH, targets are set at:

    • 1st Support: 0.885

    • 2nd Support: 0.882

    • 3rd Support: 0.879


❌ Stop Loss Guidelines:

  • Sell: If going short, set the stop loss just above the 1st Resistance level at 0.891.

Suggestion: Considering the current market condition and the slight bearish indication from the indicators, a cautious approach with a short position might be taken.


The entry point could be near the pivot level with a stop loss set just above the first resistance level.


The first target would be the 1st Support level, with further targets at the 2nd and 3rd Support levels if the bearish movement persists. Close monitoring of the trade is advised, as the indicators do not suggest strong 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

Intraday Forex Signal: NZDUSD (New Zealand Dollar / U.S. Dollar)


Pair: NZDUSD


Trade Direction: The trade direction for NZDUSD is BEARISH.


Trade Probability: Approximately 60%


Yesterday's Trend: The trend was downward, as indicated by the price closing lower than the opening.

Pivot Point: 0.6025


Indicators:

  • Volatility: The Bollinger Bands show moderate volatility with the price moving towards the lower band, indicating bearish pressure.

  • Moving Average (MA): Price is trading just below the MA, which may signal bearish momentum.

  • Ichimoku: Price is below the Ichimoku cloud, reinforcing the bearish outlook.

  • Relative Strength Index (RSI): The RSI is below 60 and appears to be trending downwards, supporting the bearish momentum.

  • Bollinger Bands (BB): The proximity of the price to the lower band suggests bearish sentiment.

🎯 Targets for Taking Profits:

  • Sell: If the direction is BEARISH, consider the following targets:

    • 1st Support: 0.5996

    • 2nd Support: 0.5967

    • 3rd Support: 0.5938


❌ Stop Loss Guidelines:

  • Sell: If going short, set the stop loss slightly above the 1st Resistance level at 0.6054.

Suggestion: Given the bearish indicators, initiating a short position near the pivot point with a stop loss above the first resistance level is suggested.


The initial profit target should be set at the first support level with further targets at the second and third support if the bearish trend continues.


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: AUDUSD (Australian Dollar / U.S. Dollar)


Pair: AUDUSD


Trade Direction: The direction is BEARISH.


Trade Probability: Approximately 55%


Yesterday's Trend: Despite closing higher, other technical indicators may suggest a potential reversal.


Pivot Point: 0.6511


Indicators:

  • Volatility: Bollinger Bands are moderately wide, suggesting volatility with potential for price reversal at the upper band.

  • Moving Average (MA): If the price begins to curve down towards the MA, it could indicate the start of a bearish trend.

  • Ichimoku: While above the cloud, any downturn movement in price that breaks through the cloud would be a bearish signal.

  • Relative Strength Index (RSI): The RSI is close to the mid-line, and any downward cross may confirm bearish momentum.

  • Bollinger Bands (BB): Price touching or closing outside the upper Bollinger Band may lead to a retracement back into the bands.

🎯 Targets for Taking Profits:

  • Sell: If the direction is BEARISH, consider the following targets:

    • 1st Support: 0.6481

    • 2nd Support: 0.6452

    • 3rd Support: 0.6422


❌ Stop Loss Guidelines:

  • Sell: If going short, set the stop loss just above the 1st Resistance level at 0.6540.

Suggestion: Based on the bearish reassessment, initiating a short position could be considered near the pivot point with a stop loss above the first resistance level.


The first target should be the 1st Support level, and if the price momentum continues downward, the second and third support levels could be used as subsequent targets.


Monitor the RSI for any signs of reversal and adjust the trade accordingly, always employing strict risk management strategies.


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: USDCAD (U.S. Dollar / Canadian Dollar)


Pair: USDCAD


Trade Direction: Adjusting the analysis, the direction is BULLISH.


Trade Probability: Approximately 65%


Yesterday's Trend: The previous session's downtrend may be a pullback within a broader bullish context.


Pivot Point: 1.3683


Indicators:

  • Volatility: Bollinger Bands show that the price is reverting towards the mean, suggesting a possible bullish reversal.

  • Moving Average (MA): If the price is consolidating around the MA, it may signal a potential uptrend on the horizon.

  • Ichimoku: Should the price move above the Ichimoku cloud, it would confirm bullish sentiment.

  • Relative Strength Index (RSI): The RSI is near the midpoint, which allows room for upward movement without being overbought.

  • Bollinger Bands (BB): A price movement towards the upper Bollinger Band would indicate increasing bullish momentum.

🎯 Targets for Taking Profits:

  • Buy: If the direction is BULLISH, the following targets are advised:

    • 1st Resistance: 1.3711

    • 2nd Resistance: 1.3739

    • 3rd Resistance: 1.3767


❌ Stop Loss Guidelines:

  • Buy: If going long, set the stop loss just below the 1st Support level at 1.3655.

Suggestion: Considering the bullish indicators and a pivot point analysis, a long position could be initiated near the pivot point level with a stop loss set just below the first support level.


The first profit target should be the 1st Resistance level, with subsequent targets at the 2nd and 3rd Resistance levels if bullish momentum is confirmed.


Monitor the trade closely, especially the RSI and price action near the Ichimoku cloud, to adjust the strategy as needed while maintaining a disciplined approach to risk management.


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: EURGBP (Euro / British Pound)


Pair: EURGBP


Trade Direction: The direction for EURGBP is BULLISH.


Trade Probability: Approximately 65%


Yesterday's Trend: The pair finished higher, indicating a possible continuation of the uptrend.

Pivot Point: 0.873


Indicators:

  • Volatility: Bollinger Bands show the price nearing the upper band, suggesting a bullish trend.

  • Moving Average (MA): Price above the MA typically indicates a bullish trend.

  • Ichimoku: Price is above the Ichimoku cloud, confirming bullish momentum.

  • Relative Strength Index (RSI): The RSI is above 50 and heading towards 60, indicating increasing bullish momentum.

  • Bollinger Bands (BB): The price is closer to the upper band, often a sign of strong bullish momentum.

🎯 Targets for Taking Profits:

  • Buy: If the direction is BULLISH, targets are set at:

    • 1st Resistance: 0.875

    • 2nd Resistance: 0.877

    • 3rd Resistance: 0.880


❌ Stop Loss Guidelines:

  • Buy: If going long, set the stop loss just below the 1st Support level at 0.871.

Suggestion: Based on the bullish indicators, initiating a long position near the pivot point could be considered, with a stop loss set below the first support level.


The initial profit target would be the 1st Resistance level, with further targets set at the 2nd and 3rd Resistance levels if the bullish momentum continues. Monitor the trade closely for any signs of reversal and adjust the stop loss accordingly to protect profits as the price moves in the desired direction.

 

Disclaimer: These trading signals is based on the current chart 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.

 

Vantage Markets sales banner

As with all investments, your capital is at risk. Investments can fall and rise and you may get back less than you invested.


The information provided does not constitute, in any way, a solicitation or inducement to buy or sell securities and similar products.


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.



Comments


Commenting has been turned off.
bottom of page