top of page

Intraday Forex Signals: Technical Analysis, November 6, 2023

Forex Headlines That Matter Today:

  • Forex Fluctuations: The US dollar hits a six-week low following softer jobs data, raising questions about future Federal Reserve rate hikes.

  • Oil Oscillations: WTI crude stabilises above $80 as the dollar weakens, with investors eyeing global economic cues for direction.

  • Gold Glimmers: Gold revisits the $2,000/oz mark before retreating, as market volatility heightens investor appetite for safe havens.

  • Equities Energised: Nasdaq surges 1.4% on hopes that the Fed's rate-hiking cycle may be nearing its end after disappointing jobs data.

  • Yen in the Spotlight: BOJ Governor's press conference anticipated to spark volatility for the Yen at the start of a critical trading week.

  • Commodities in Focus: Saudi Arabia and Russia’s commitment to oil supply curbs contributes to a slight uptick in oil prices in Asia amidst fluctuating market sentiment.

 

For forex and commodities traders, monitoring the DXY Dollar Index is essential—it's a key indicator of U.S. dollar strength, shaping our trading strategies for USD pairs.




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 Weakens

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)

📈 Trade Direction: BULLISH


Friday's


Trend: Gold exhibited an upward momentum, closing near the higher end of the day's range, suggesting a prevailing bullish sentiment.


Pivot Point: $1992.91


Indicators Analysis:

  • Volatility: There has been an increase in volatility, as evidenced by the wider Bollinger Bands, which may lead to more pronounced price movements.

  • Moving Average (MA): The pair is trading above the short-term moving averages, indicating a bullish trend.

  • Ichimoku: The price is above the Ichimoku cloud, signaling bullish conditions.

  • RSI: The RSI is trending upward towards the overbought region but has not yet crossed the 70 thresholds, indicating that there might still be room for upward movement.

  • Bollinger Bands: The price is approaching the upper Bollinger Band, showing bullish momentum but also suggesting caution as it could signal an overextended market.

🎯 Targets for Taking Profits:

  • Buy:

    • 1st Target: $2003.33 (1st Resistance Level)

    • 2nd Target: $2014.31 (2nd Resistance Level)

    • 3rd Target: $2024.73 (3rd Resistance Level)


❌ Stop Loss Guidelines:

  • Buy: Set the stop loss just below the 1st Support Level at $1981.93.

Emphasis Trade Probability: 70%

Considering the current momentum and technical indicators, the likelihood of the trade's success is estimated at 70%.


However, traders should remain vigilant for any signs of a trend reversal and adjust their positions accordingly.


Suggestion:

Given the bullish indicators and the market positioning above the pivot point, traders might consider entering a long position with the stop loss set below the 1st Support Level.


Profits could be taken incrementally at the specified resistance levels, managing risk appropriately with the possibility of increased market volatility.

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 Crude Oil



Pair: WTI/USD


Trade Direction: BEARISH


Emphasis Trade Probability: 65%


Friday's Trend: The trend appears to be on a decline as indicated by the recent price action which has been consistently below the moving average.


Pivot Point: $81.40

Indicators Analysis:

  • Volatility: The volatility is increasing, as seen by the wider Bollinger Bands, suggesting strong price movements.

  • Moving Average (MA): WTI is trading below the Moving Average, reinforcing the BEARISH direction.

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

  • RSI: The Relative Strength Index is trending downwards, which could indicate an oversold market but also supports the bearish momentum.

  • Bollinger Bands: Price is trending towards the lower Bollinger Band, which usually indicates a continuation of the downtrend.

🎯 Targets for Taking Profits:

  • Sell:

    • 1st Target (1st Support Level): $79.21

    • 2nd Target (2nd Support Level): $77.90

    • 3rd Target (3rd Support Level): $75.71


❌ Stop Loss Guidelines:

  • Sell: If going short, set the stop loss at $82.71 (slightly above the 1st Resistance level) to minimize potential loss if the price unexpectedly rises.

Suggestion: Given the current BEARISH trend and the analysis of the indicators, a short position is recommended, targeting the first support level for initial profit-taking and setting a stop loss just above the first resistance level to protect against any sudden reversal in price movement.


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 –


Pair: EURUSD


Friday's Trend: The pair closed with bullish sentiment, suggesting an upward trend.

Pivot Point: Identified at 1.065, signaling a pivotal area for the day's sentiment.


Trade Direction: BULLISH


Trade Probability: 70%


Indicators:

  • Volatility: Increasing, as the Bollinger Bands diverge, hinting at a stronger trend formation.

  • Moving Average: EURUSD is trading above the MA, indicating a bullish trend continuation.

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

  • RSI: Trending upwards above the mid-line, reinforcing bullish momentum.

  • Bollinger Bands: Price breaching the upper band could signify potential continuation or pullback; monitor for stability.

🎯 Targets for Taking Profits:

  • Buy Target 1 (R1): 1.078

  • Buy Target 2 (R2): 1.083

  • Buy Target 3 (R3): 1.091

❌ Stop Loss Guidelines:

  • For Buy: Set the stop loss at 1.057, just below a key support level to mitigate risk.

Suggestion: Considering the bullish indicators, initiating a long position could be favorable. Aim for the first resistance level for profit-taking and set a stop loss at 1.057 to manage potential downside. Maintain vigilance for volatility or indicator shifts that may impact the trade.


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 –


Pair: GBPUSD


Friday's Trend: The GBPUSD experienced an upward trend, closing near the day's highs.

Pivot Point: Currently sits at 1.232, this will serve as our baseline for determining trade direction.


Trade Direction: BULLISH


Trade Probability: 75%


Indicators:

  • Volatility: Increasing, indicated by the recent expansion of Bollinger Bands on the daily chart.

  • Moving Average (MA): The GBPUSD is trading above the MA, suggesting a bullish trend.

  • Ichimoku Cloud: The price is above the cloud; a bullish trend is indicated.

  • RSI (Relative Strength Index): The RSI is ascending towards the overbought territory, signaling strong bullish momentum.

  • Bollinger Bands: The price is pushing against the upper band, indicating continued bullish pressure.

🎯 Targets for Taking Profits:

  • Buy Target 1 (R1): 1.245

  • Buy Target 2 (R2): 1.253

  • Buy Target 3 (R3): 1.266

❌ Stop Loss Guidelines:

  • For Buy: Set the stop loss at 1.225, just below the identified pivot point and recent support levels, to protect against any sudden downturns.

Suggestion: Given the current bullish indicators and the positive momentum, entering a long position may be beneficial. Targets are set at subsequent resistance levels, and a stop loss just below the recent support level ensures a balanced risk-reward ratio.


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 -


Pair: USDJPY


Trade Direction: BEARISH


📉 Trade Probability: 65%


Friday's Trend: The pair showed signs of reversal after reaching new highs, closing lower than the opening, indicating potential bearish momentum.


Pivot Point: The pivot point for the current session lies at 149.710, which can act as the first level of support if the price moves down.


Indicators:

Volatility: It appears to be increasing as evidenced by the wider Bollinger Bands and larger candlestick bodies.

Moving Average (MA): The pair is trading just above the moving average, signaling a tentative uptrend. However, a close below the MA could confirm a bearish reversal.

Ichimoku: The price is hovering near the Ichimoku cloud, suggesting indecision. A move below the cloud would support the bearish bias.

RSI: The Relative Strength Index has retreated from the overbought territory, indicating a loss in the bullish momentum.

Bollinger Bands: The price has started to close towards the lower band, suggesting downward pressure.


🎯 Targets for Taking Profits:

Sell:

  • 1st Support (Target 1): 149.710

  • 2nd Support (Target 2): 148.900

  • 3rd Support (Target 3): 148.420

❌ Stop Loss Guidelines:

Sell: Set the stop loss just above the pivot point at around 150.190 to protect against a reversal back into the bullish trend.


📈 Suggestion:

For traders looking to take a bearish position on USDJPY, consider entering a short position with the anticipation of a move lower. The increasing volatility and indicators suggest a potential shift towards bearish momentum.


It's crucial to monitor the price as it interacts with the moving average and the Ichimoku cloud to confirm the direction. Keep an eye on the RSI and Bollinger Bands for signs of continued bearish momentum. Remember to set a stop loss to manage risk effectively.


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


Pair: USDCHF


Trade Direction: BEARISH


Emphasis Trade Probability: 65%


Fridays Trend: The USDCHF pair showed bearish momentum yesterday, closing lower.


Pivot Point: 0.901


Indicators:

  • Volatility: Volatility appears to be increasing, as indicated by the widening Bollinger Bands, suggesting a strengthening trend.

  • Moving Average (MA): The pair is trading just below the Moving Average, implying a potential downtrend continuation.

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

  • RSI: The RSI is trending downwards towards the midline, which may indicate a loss of bullish momentum.

  • Bollinger Bands: The price is approaching the lower Bollinger Band, which could act as a dynamic support level.

🎯 Targets for Taking Profits:

  • Sell:

    • 1st Target: 0.895

    • 2nd Target: 0.890

    • 3rd Target: 0.883


❌ Stop Loss Guidelines:

  • Sell: If going short, set the stop loss just above the pivot point at 0.901.

Suggestion: Given the current indicators and bearish momentum, a short position could be considered with the stop loss placed at 0.901, taking profits at the specified support levels.


Monitor the pair closely for any shifts in momentum that could invalidate this bearish outlook.


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


📊 Pair Analysis for NZDUSD

  • Trade Direction: BULLISH

  • Friday's Trend: The NZDUSD pair showed a significant bullish trend yesterday.

  • Pivot Point: 0.5910

Indicators:

  • Volatility: The recent large candlestick and increasing volume indicate heightened volatility.

  • Moving Average (MA): The pair is currently trading above the Moving Average, signaling bullish momentum.

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

  • RSI: The RSI is approaching the overbought territory, indicating strong buying pressure.

  • Bollinger Bands: The price is moving towards the upper Bollinger Band, which could mean an overextension in the short term.

🎯 Targets for Taking Profits:

  • Buy:

    • 1st Resistance level: 0.6029

    • 2nd Resistance level: 0.6076

    • 3rd Resistance level: 0.6148


Stop Loss Guidelines:

  • Buy: Set the stop loss slightly below the pivot point and nearest support level, around 0.5910.

Suggestion: Based on the current bullish momentum and indicator analysis, an actionable trade recommendation would be to enter a long position (buy) with a stop loss at 0.5910, targeting the first resistance level at 0.6029.


Ensure to monitor the trade closely as the RSI indicates the approach to overbought conditions, which could precede a pullback or consolidation in the near term.


📈 Trade Probability: 70% The bullish signals across the indicators provide a relatively high probability of continued upward movement, however, caution is warranted due to the overbought RSI which may suggest a nearing retracement or temporary price correction.


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


Pair: AUDUSD


Trade Direction: BULLISH


The AUD/USD pair is showing a bullish momentum as indicated by the recent candlestick patterns above the Ichimoku cloud and the moving average line. Additionally, the RSI is trending upwards, indicating increased buying pressure.


Friday's Trend: The trend was bullish as the price was above the pivot point and moving average, signaling an uptrend continuation.


Pivot Point: 0.6484


Indicators Analysis:

  • Volatility: Increasing, evident from the wider Bollinger Bands and larger candlesticks.

  • Moving Average (MA): The pair is trading above the MA, suggesting bullish momentum.

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

  • RSI (Relative Strength Index): The RSI is above 50 and trending towards overbought territory, showing strong buying interest.

  • Bollinger Bands: The price has breached the upper band, indicating a continuation of the bullish trend.

🎯 Targets for Taking Profits:

  • Buy (1st Resistance): 0.6548

  • Buy (2nd Resistance): 0.6584

  • Buy (3rd Resistance): 0.6648

❌ Stop Loss Guidelines:

  • Buy: Set the stop loss just below the first support level at 0.6448 to mitigate risk.

Trade Probability: Approximately 70% considering the current momentum and indicator readings.


Suggestion: Enter a long position (buy) with a stop loss at 0.6448, aiming for the resistance targets starting at 0.6548. Adjust the stop loss to break even or secure profits as the price moves in favor of the position.


Remember to manage risk effectively and adjust your positions according to market changes or as new information becomes available.

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

Pair: USDCAD


Trade Direction: BEARISH


Emphasis Trade Probability: 70%


Friday's Trend: The USDCAD showed a downward trend yesterday, indicating a bearish momentum.


Pivot Point: The pivot point stands at 1.3620.


Indicators:


Volatility: Appears to be increasing as evidenced by the widening of the Bollinger Bands, indicating larger price movements may be expected.

Moving Average (MA): The pair is trading below the Moving Average, suggesting a continued bearish trend.

Ichimoku: The price is below the Ichimoku cloud, which typically suggests a bearish sentiment.

RSI: The Relative Strength Index is below the 50 mark, leaning towards the oversold territory, which may signal a continuation of the bearish trend or potential for a reversal if a bounce occurs.

Bollinger Bands: The recent price has touched the lower Bollinger Band, which often acts as a dynamic support level; a bounce could happen, but the current stance is bearish.


🎯 Targets for Taking Profits for Sell Position:


1st Target: 1.3581

2nd Target: 1.3511

3rd Target: Consider setting a trailing stop to capture further downside movement beyond the 3rd support.


❌ Stop Loss Guidelines for Sell Position:


Set the stop loss slightly above the first Resistance level, around 1.3690, to manage risk effectively.

Suggestion:


Based on the indicators and the current market position below the pivot point and moving averages, and considering the bearish trend from the previous day, a sell position is recommended.


Enter the trade with a stop loss at 1.3690, targeting the first profit level at 1.3581. Monitor the trade for potential volatility spikes and adjust the stop loss accordingly to protect from any sudden reversals.


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 Signals for EURGBP


Pair: EURGBP


Trade Direction: BEARISH


Friday's Trend: The EURGBP showed a bearish trend with a decline evident in the last candlestick on the chart.


Pivot Point: Based on the figures provided, the pivot point can be estimated around 0.868.


Indicators Analysis:

Volatility: The Bollinger Bands indicate an increase in volatility as the bands are diverging.

Moving Average (MA): The pair is trading below the moving average, suggesting a bearish trend.

Ichimoku: The price action is below the Ichimoku cloud, which aligns with a bearish outlook.

RSI: The Relative Strength Index (RSI) is trending downward toward the midline, indicating a loss of bullish momentum and possible bearish reversal.

Bollinger Bands: The last candlestick closed near the lower Bollinger Band, which may signal that the price is in a potentially oversold region and could indicate either a continuation of the downtrend or a possible short-term reversal if it bounces back.


🎯 Targets for Taking Profits:

  • 1st Support Level: 0.864

  • 2nd Support Level: 0.862

  • 3rd Support Level: 0.858


❌ Stop Loss Guidelines:

Sell: If going short, set the stop loss just above the first significant Resistance level, which could be around 0.871.


Emphasis Trade Probability: Given the confluence of bearish signals from the Bollinger Bands, moving averages, and Ichimoku cloud, I would rate the likelihood of the trade's success at approximately 65-70%.


Suggestion: Considering the indicators, initiating a sell position with a target at the first support level of 0.864 could be considered, with a secondary target at 0.862 and a final target at 0.858 if the bearish momentum continues.


Ensure to place a stop loss at 0.871 to mitigate potential losses should the market move against the position.


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

 

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.


Vantage Markets bonus offer sales banner

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