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Intraday Forex Signals: Technical Analysis, November 17, 2023

"Alibaba's Decline Impacts Asian Markets; Oil Stabilises Amid Bearish Trends"

Key Points:

  1. Alibaba Group's Setback: Alibaba's significant drop of 10%, its largest in a year, has negatively impacted Hong Kong and mainland benchmarks. The company's decision to cancel its $11 billion cloud unit listing due to US chip export restrictions has raised concerns among investors.

  2. Oil Market Dynamics: Oil is facing its fourth consecutive weekly loss, now stabilizing around $73 per barrel. This trend follows a 20% decrease from its September peak, influenced by ample supplies and growing stockpiles, despite OPEC+ efforts to manage the decline.

  3. US Economic Data Influence: Soft US economic indicators have led to steady Treasury yields. There's growing optimism that the Federal Reserve may pause its aggressive interest rate hikes, as evidenced by the recent rise in continuing US unemployment benefit applications.

  4. US Stock Market Outlook: The US stock market, specifically the S&P 500, shows signs of recovery. This is attributed to short covering and underinvestment in stocks by both institutional and retail investors, with expectations of further growth towards the year's end.

  5. China's Financial Maneuvers: China has instructed select banks to limit interbank funding rates, coinciding with significant cash injections to stabilize the market. This follows last month's liquidity crunch.

  6. Global Investment Moves: Warren Buffett's Berkshire Hathaway engaged in its second Japanese bond deal of the year, hinting at potential increased investment in Japan's stock market.

  7. India's Consumer Loan Regulations: To counteract the rise in risky debt, Indian regulators have directed banks to bolster buffers for certain consumer loans.

  8. Money-Market Funds Surge: Money-market fund assets have reached an all-time high for the second consecutive week, driven by high interest rates and volatility in fixed-income markets.

  9. Gold's Incremental Rise: Following a significant surge in the previous session, gold prices have continued to rise modestly.

  10. Upcoming Market Influencers: Key upcoming events include US housing starts data, a federal spending measure deadline, and several Federal Reserve officials' speeches, which could impact market trends.

 

🕵️‍♂️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 Index


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


Trade Direction: BULLISH


Yesterday's Trend: The chart indicates a recent uptick in price, suggesting a short-term bullish trend.


Pivot Point Analysis:

  • Pivot Point: 1975.62

  • Current Price: Above Pivot Point, indicating bullish sentiment.

Indicators:

  • Volatility: Bollinger Bands show a moderate width, suggesting a steady level of volatility.

  • Moving Average (MA): Price is above the 20 SMA, confirming a BULLISH outlook.

  • Ichimoku: The price is above the cloud, indicating a potential continuation of the uptrend.

  • RSI: Around 59, indicating neither overbought nor oversold conditions.

  • Bollinger Bands: The price is moving towards the upper band, which often signals upward momentum.

🎯 Targets for Taking Profits:

  • Buy (Long Position):

    • 1st Target: 1994.40 (1st Resistance)

    • 2nd Target: 2006.47 (2nd Resistance)

    • 3rd Target: 2025.25 (3rd Resistance)


❌ Stop Loss Guidelines:

  • Buy (Long Position): Set the stop loss at 1963.55 (1st Support), just below the recent swing low and the pivot point.

Trade Probability: Approximately 70% success rate considering the current trend and technical indicators.

Trade Suggestion:

  • Entry point should be as close to the pivot point as possible to maximize the risk-reward ratio.

  • Monitor the RSI for signs of divergence which may indicate a potential price reversal.

  • Keep an eye on the upper Bollinger Band; if the price touches or crosses it, consider taking partial profits to mitigate risk.

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


Trade Direction: BEARISH


Yesterday's Trend: The chart shows a downward trend, with the price recently breaking below a significant support level.


Pivot Point Analysis:

  • Pivot Point: 73.75

  • Current Price: Below Pivot Point, reinforcing the BEARISH sentiment.

Indicators:

  • Volatility: Bollinger Bands are expanding, indicating increased volatility and potential continuation of the trend.

  • Moving Average (MA): Price is below the 20 SMA, confirming a BEARISH outlook.

  • Ichimoku: Price is below the cloud, which typically signals bearish momentum.

  • RSI: At approximately 31, nearing oversold territory. Watch for potential retracement.

  • Bollinger Bands: Price is approaching the lower band, which could suggest oversold conditions soon.

🎯 Targets for Taking Profits:

  • Sell (Short Position):

    • 1st Target: 71.31 (1st Support)

    • 2nd Target: 69.71 (2nd Support)

    • 3rd Target: 67.27 (3rd Support)


❌ Stop Loss Guidelines:

  • Sell (Short Position): Set the stop loss just above the pivot point at 75.35 (1st Resistance) to protect against a potential reversal.

Trade Probability: Approximately 65% success rate given the strong bearish indicators and trend.

Trade Suggestion:

  • Consider entering a short position if the price retraces back to or near the pivot point.

  • If the RSI shows divergence by moving upwards while the price continues to fall, a trend reversal could be imminent, warranting caution.

  • Monitor the lower Bollinger Band closely; a price rebound from this level could indicate a short-term reversal.


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


Trade Direction: BULLISH


Yesterday's Trend: The trend appears to be inclining upwards with recent candles closing higher.


Pivot Point Analysis:

  • Pivot Point: 1.086

  • Current Price: Above Pivot Point, suggesting bullish momentum.

Indicators:

  • Volatility: Bollinger Bands are moderately wide, indicating reasonable market volatility.

  • Moving Average (MA): Price is above the 20 SMA, which supports a bullish outlook.

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

  • RSI: At around 65, suggesting some bullish momentum without being overbought.

  • Bollinger Bands: The price is trending towards the upper band, signaling potential continuation of the uptrend.

🎯 Targets for Taking Profits:

  • Buy (Long Position):

    • 1st Target: 1.089 (1st Resistance)

    • 2nd Target: 1.093 (2nd Resistance)

    • 3rd Target: 1.096 (3rd Resistance)


❌ Stop Loss Guidelines:

  • Buy (Long Position): Set the stop loss at 1.082 (1st Support), below the pivot point to minimize potential loss.

Trade Probability: Approximately 75% success rate considering the bullish indicators and the current price action.


Trade Suggestion:

  • Look for entry points around the pivot point for a better risk-reward ratio.

  • Monitor the RSI for signs of divergence that might indicate a weakening of the current trend.

  • Adjust the take-profit levels if the price action shows signs of reversal before hitting the suggested targets.


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


Trade Direction: BULLISH


Yesterday's Trend: The chart shows that the price is in a short-term uptrend, with the latest candles indicating continued bullish movement.


Pivot Point Analysis:

  • Pivot Point: 1.242

  • Current Price: As the current price is near the pivot point, it's indicative of potential for either direction, but the bullish trend suggests an upward bias.

Indicators:

  • Volatility: Bollinger Bands show moderate width, suggesting a stable level of volatility.

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

  • Ichimoku: Price is above the Ichimoku cloud, supporting the bullish bias.

  • RSI: At around 55, it is neither overbought nor oversold, leaving room for further price increase.

  • Bollinger Bands: The price is trending towards the upper band, suggesting bullish momentum may continue.

🎯 Targets for Taking Profits:

  • Buy (Long Position):

    • 1st Target: 1.245 (1st Resistance)

    • 2nd Target: 1.250 (2nd Resistance)

    • 3rd Target: 1.253 (3rd Resistance)


❌ Stop Loss Guidelines:

  • Buy (Long Position): Set the stop loss at 1.237 (1st Support), which is just below the pivot point to minimize potential losses.

Trade Probability: Approximately 70% success rate based on the bullish indicators and recent price action.


Trade Suggestion:

  • An entry point around the pivot point would be ideal to maximize the potential reward while minimizing risk.

  • Monitor the RSI for any signs of divergence as an indicator for potential trend reversal.

  • Adjust the stop loss and take profit orders according to any new price action that might develop throughout the trading session.


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


Trade Direction: BEARISH


Yesterday's Trend: The chart displays a recent downtrend with the price moving below the previous day's close.


Pivot Point Analysis:

  • Pivot Point: 150.830

  • Current Price: Below the Pivot Point, indicating bearish pressure.

Indicators:

  • Volatility: Bollinger Bands are relatively wide, suggesting high volatility and potential for strong price movements.

  • Moving Average (MA): Price is nearing the 20 SMA, but the downward trend suggests it may act as dynamic resistance.

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

  • RSI: At around 52, neither overbought nor oversold, giving room for further downward movement.

  • Bollinger Bands: The price is currently near the middle band; a push below could signal further bearish momentum.

🎯 Targets for Taking Profits:

  • Sell (Short Position):

    • 1st Target: 150.190 (1st Support)

    • 2nd Target: 149.650 (2nd Support)

    • 3rd Target: 149.010 (3rd Support)


❌ Stop Loss Guidelines:

  • Sell (Short Position): Set the stop loss at 151.370 (1st Resistance), just above the pivot point to mitigate risk in case of a trend reversal.

Trade Probability: Approximately 65% success rate based on the bearish indicators and pivot point analysis.


Trade Suggestion:

  • Monitor for a potential retest of the pivot point, which could serve as an optimal entry point for a short position.

  • Keep an eye on the RSI and Bollinger Bands for signs of oversold conditions that might precede a bullish pullback.

  • Adjust the stop loss and take profit targets if the market shows signs of increased bullish activity or if there are significant economic announcements affecting either currency.


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


Trade Direction: BEARISH


Yesterday's Trend: The chart indicates a downward movement, with the price closing below the previous day's level.


Pivot Point Analysis:

  • Pivot Point: 0.888

  • Current Price: Just below the Pivot Point, suggesting a continuation of the bearish trend.

Indicators:

  • Volatility: Bollinger Bands are moderately wide, indicating some volatility.

  • Moving Average (MA): The price is below the 20 SMA, confirming a bearish outlook.

  • Ichimoku: Price is below the Ichimoku cloud, suggesting bearish momentum.

  • RSI: At around 37, nearing oversold territory but still indicating a downward potential.

  • Bollinger Bands: The price is closer to the lower band, signaling bearish sentiment.

🎯 Targets for Taking Profits:

  • Sell (Short Position):

    • 1st Target: 0.885 (1st Support)

    • 2nd Target: 0.881 (2nd Support)

    • 3rd Target: 0.879 (3rd Support)


❌ Stop Loss Guidelines:

  • Sell (Short Position): Set the stop loss slightly above the pivot point at 0.891 (1st Resistance) to protect against potential reversals.

Trade Probability: Approximately 60% success rate given the bearish technical indicators and proximity to the pivot point.


Trade Suggestion:

  • Consider opening a short position if the price retests and respects the pivot point as resistance.

  • Monitor the RSI closely as it approaches the oversold region, which may signal a potential short-term price reversal.

  • Be ready to adjust stop loss and take profit levels in response to changes in market volatility or economic news that could affect the currency pair.


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


Trade Direction: BULLISH


Yesterday's Trend: The price action shows a rebound from a dip, indicating a potential upward movement.


Pivot Point Analysis:

  • Pivot Point: 0.5988

  • Current Price: Above the Pivot Point, signaling bullish momentum.

Indicators:

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

  • Moving Average (MA): Price is around the 20 SMA, which could act as dynamic support.

  • Ichimoku: Price is below the Ichimoku cloud; however, the recent price movement suggests a potential breakout to the upside.

  • RSI: Near 45, which is relatively neutral, indicating room for an upward price movement.

  • Bollinger Bands: Price is between the middle and upper band, suggesting some bullish bias.

🎯 Targets for Taking Profits:

  • Buy (Long Position):

    • 1st Target: 0.6014 (1st Resistance)

    • 2nd Target: 0.6056 (2nd Resistance)

    • 3rd Target: 0.6082 (3rd Resistance)


❌ Stop Loss Guidelines:

  • Buy (Long Position): Set the stop loss at 0.5946 (1st Support), below the pivot point to minimize potential losses.

Trade Probability: Approximately 70% success rate based on the recent bounce from support and the bullish indicators.


Trade Suggestion:

  • Entry could be optimized if the price retests the pivot point, confirming it as support.

  • Watch the RSI for any signs of divergence with price which could indicate weakening momentum.

  • Adjust the stop loss and take profit orders in response to changes in market volatility or fundamental news affecting the currency pair.

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


Trade Direction: BULLISH


Yesterday's Trend: The chart indicates an upward movement with the price closing near the day's high, suggesting bullish sentiment.


Pivot Point Analysis:

  • Pivot Point: 0.6484

  • Current Price: Above the Pivot Point, indicating potential for continued bullish momentum.

Indicators:

  • Volatility: Bollinger Bands are moderately wide, indicating some market movement.

  • Moving Average (MA): The price is above the 20 SMA, supporting the bullish trend.

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

  • RSI: Slightly above 50, which indicates neither overbought nor oversold conditions, leaving room for potential upside.

  • Bollinger Bands: The price is pushing towards the upper band, indicating strength in the current uptrend.

🎯 Targets for Taking Profits:

  • Buy (Long Position):

    • 1st Target: 0.6509 (1st Resistance)

    • 2nd Target: 0.6545 (2nd Resistance)

    • 3rd Target: 0.6570 (3rd Resistance)


❌ Stop Loss Guidelines:

  • Buy (Long Position): Set the stop loss at 0.6448 (1st Support), just below the pivot point, to minimize potential losses.

Trade Probability: Approximately 70-75% success rate considering the current trend and supporting technical indicators.


Trade Suggestion:

  • Look for an entry point near the pivot point or upon a slight retracement to maximize the risk-reward ratio.

  • Monitor the RSI for any signs of divergence which may suggest a weakening in the current trend.

  • Be prepared to adjust stop loss and take profit levels according to real-time market conditions and news releases that may impact the currency pair.


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


Trade Direction: BEARISH


Yesterday's Trend: The chart shows that the price has been moving downward and closed lower than the opening, suggesting bearish momentum.


Pivot Point Analysis:

  • Pivot Point: 1.3738

  • Current Price: Below the Pivot Point, which indicates bearish sentiment.

Indicators:

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

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

  • Ichimoku: Price is below the Ichimoku cloud, indicating bearish momentum.

  • RSI: Around 50, suggesting neutral momentum but leaning towards bearish as it is coming from a higher level.

  • Bollinger Bands: The price is near the lower band, which could indicate that the market is becoming oversold, however, there is still room for downward movement.

🎯 Targets for Taking Profits:

  • Sell (Short Position):

    • 1st Target: 1.3697 (1st Support)

    • 2nd Target: 1.3637 (2nd Support)

    • 3rd Target: 1.3596 (3rd Support)


❌ Stop Loss Guidelines:

  • Sell (Short Position): Set the stop loss at 1.3798 (1st Resistance) above the pivot point to protect against potential reversals.

Trade Probability: Approximately 65% success rate given the bearish indicators and market sentiment.


Trade Suggestion:

  • Consider initiating a short position as the price moves below the pivot point, confirming the bearish trend.

  • Monitor the RSI for any signs of divergence which could indicate a potential reversal.

  • Adjust your trading strategy based on market volatility and any new economic data affecting the USD or CAD.


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


Trade Direction: BULLISH


Yesterday's Trend: The chart indicates that the pair has been on an uptrend, closing higher and approaching the resistance level.


Pivot Point Analysis:

  • Pivot Point: 0.875

  • Current Price: Above the Pivot Point, suggesting a continuation of the uptrend.

Indicators:

  • Volatility: Bollinger Bands are moderately wide, indicating a stable level of volatility.

  • Moving Average (MA): Price is above the 20 SMA, which aligns with the bullish sentiment.

  • Ichimoku: Price is above the Ichimoku cloud, further supporting the bullish outlook.

  • RSI: Around 56, indicating neither overbought nor oversold conditions, providing room for upward momentum.

  • Bollinger Bands: Price is trending towards the upper band, indicating a strong uptrend.

🎯 Targets for Taking Profits:

  • Buy (Long Position):

    • 1st Target: 0.876 (1st Resistance)

    • 2nd Target: 0.878 (2nd Resistance)

    • 3rd Target: 0.880 (3rd Resistance)


❌ Stop Loss Guidelines:

  • Buy (Long Position): Set the stop loss at 0.873 (1st Support), just below the pivot point, to minimize potential losses.

Trade Probability: Approximately 70-75% success rate based on current price action and technical indicators.


Trade Suggestion:

  • Look for buying opportunities as long as the price remains above the pivot point.

  • Monitor the RSI for any signs of divergence or overbought conditions which could suggest a trend reversal.

  • Adjust your stop loss and take profit targets in accordance with any news releases that might affect the EUR or GBP.

 

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.

 

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Forex signals ,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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