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Intraday Forex Signals: Technical Analysis, November 7, 2023

Forex Headlines That Matter Today:


Reserve Bank of Australia's Cash Rate Increase and Hawkish Stance

  • RBA Update: Increased cash rate by 25 basis points to 4.35%.

  • Market Reaction: AUD fell to a low of 0.6431, expected to stay low for the day.

  • Implication for Sessions: Hawkish RBA could impact European and US sessions, influencing AUD trades.

Dollar Index (DXY) Projections

  • Event: FOMC Member Waller Speaks.

  • DXY Today: Waller’s speech could signal monetary policy direction, influencing DXY movement.

Gold Market Outlook

  • Event: FOMC Member Waller Speaks.

  • Gold Projection: Neutral remarks from Waller may boost gold as a bearish signal for USD.

Australian Dollar (AUD) Forecast

  • RBA Statement: Rate hike and a hawkish outlook.

  • AUD Projection: Expected to remain under pressure for the day.

New Zealand Dollar (NZD) Forecast

  • Influence: RBA's rate hike may impact NZD movement.

  • NZD Projection: Possible strong movement influenced by AUD trends.

Japanese Yen (JPY) Forecast

  • Market Movement: USD/JPY bullish, reaching 150.29 in the Asian session.

  • JPY Projection: Anticipated continued bullish trend without major news events.

Euro (EUR) Forecast

  • Event: Germany Industrial Production data release.

  • EUR Projection: Decline in production could weigh on the Euro, showing bearish tendencies.

Swiss Franc (CHF) Outlook

  • Event: Foreign Currency Reserves data release.

  • CHF Projection: Decrease in reserves may strengthen the CHF against the USD.

British Pound (GBP) Forecast

  • GBP Movement: Potential bearish trend approaching a support level.

  • GBP Projection: Watching for a break in pullback support for directional cues.

Canadian Dollar (CAD) Outlook

  • Event: Trade Balance report.

  • CAD Projection: Positive trade surplus may lift CAD and impact USD/CAD pair.

Oil Market Expectations

  • Event: API Weekly Crude Oil Stock.

  • Oil Projection: Declines in stockpile could signal increased demand and lift prices.

 

Please note that this analysis is based on the current market conditions. Constant monitoring of the market is required, as forex markets are highly volatile and influenced by global events.

 

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 for Gold (XAUUSD)


📉 Trade Direction: BEARISH

  • Yesterday's Trend: The trend for the previous day shows a decline in prices, closing below the pivot point, which supports a bearish outlook.

  • Pivot Point: 1981.55. The price is currently below this level, further reinforcing the bearish bias.

Indicators:

  • Volatility: Appears to be increasing as suggested by the widening Bollinger Bands, indicating a potential strengthening of the current trend.

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

  • Ichimoku Cloud: (Not visible in the chart provided) Generally, if the price is below the cloud, it confirms a bearish trend.

  • RSI: The Relative Strength Index is moving downward, nearing the 50 level, which might signal the continuation of a bearish trend if it crosses below 50.

  • Bollinger Bands: The price is moving towards the lower band, which can be indicative of a downward trend.

🎯 Targets for Taking Profits:

  • Sell: Since the direction is BEARISH, the targets for taking profits could be set near the following support levels:

    • 1st Target (1st Support): 1970.09

    • 2nd Target (2nd Support): 1963.54

    • 3rd Target (3rd Support): 1952.08


Stop Loss Guidelines:

  • Sell: If going short, a prudent stop loss can be placed slightly above the pivot point or the first resistance level to limit potential losses. For a conservative approach, the stop loss can be set just above the 1st Resistance at 1988.10.

Suggestion: Given the bearish indicators and the price action below the pivot point, initiating a short position could be considered. The trade seems to have a higher likelihood of continuing the bearish momentum, so entering a sell trade with a stop loss above the first resistance level and taking profits at the identified support levels might be a strategic move.


Trade Probability: Approximately 65-75%, based on the current indicators and market movement below the pivot point.

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 Crude Oil (WTI/USD)


📈 Trade Direction: BEARISH

  • Yesterday's Trend: WTI closed on a bearish note with a strong move to the downside, breaking past the previous support level.

  • Pivot Point: The pivot point based on the given information is at $81.51.

Indicators:

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

  • Moving Average (MA): The price is currently below the moving average lines, indicating bearish momentum.

  • Ichimoku Cloud: (Not visible in the chart provided) A break below the cloud would support the bearish bias.

  • RSI: The RSI is trending downward and is currently below the midline (50), reinforcing bearish sentiment.

  • Bollinger Bands: The price has breached the lower band, suggesting an extension of the bearish move.

🎯 Targets for Taking Profits:

  • Sell: Targets for taking profits could be set at the following support levels, given the bearish direction:

    • 1st Target (1st Support): $79.61

    • 2nd Target (2nd Support): $78.39

    • 3rd Target (3rd Support): $76.49


❌ Stop Loss Guidelines:

  • Sell: A stop loss for a short position could be set just above the nearest resistance level to mitigate risk. Thus, a stop loss could be placed around the $82.73 level.

✅ Suggestion: The current market conditions and technical indicators suggest a continuation of the bearish trend for WTI. A sell order could be considered, with profit targets set at the defined support levels and a stop loss just above the nearest resistance level. Maintain vigilance for any price action that might indicate a reversal, such as a strong bullish candlestick pattern or news events that could affect oil prices.


Trade Probability: Approximately 70%, considering the strong bearish indicators and price action below the pivot point.


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 EUR/USD


📊 Pair: EUR/USD


📈 Trade Direction: BEARISH

🔍 Analysis:

  • Yesterday's Trend: The pair was exhibiting a downward movement.

  • Pivot Point: Around 1.0730.

📈 Indicators:

  • Volatility: Appears to be decreasing as the Bollinger Bands are contracting.

  • Moving Average (MA): The pair is currently trading below the MA, indicating a bearish momentum.

  • Ichimoku: The price has dropped below the Ichimoku cloud, suggesting bearish conditions.

  • RSI: The RSI is trending downwards, but it’s not in the oversold territory, which supports the bearish direction without immediate reversal signals.

  • Bollinger Bands: The price is near the lower band, indicating a strong bearish move with potential for continuation.

🎯 Targets for Taking Profits (Sell):

  • 1st Target: 1.0700 (1st Support level)

  • 2nd Target: 1.0690 (Slightly below 1st Support)

  • 3rd Target: 1.0660 (2nd Support level)

❌ Stop Loss Guidelines (Sell):

  • Set the stop loss around 1.0750, just above the recent minor resistance level, to mitigate risk.


📈 Suggestion:

Considering the bearish indicators, a sell position could be taken around the pivot point of 1.0730 with a first target at 1.0700, following with the next targets at 1.0690 and 1.0660. Maintain a strict stop loss at 1.0750 to protect against any sudden upward moves that go against the trade direction.


📉 Trade Probability: 70%


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 GBP/USD:


📈 Trade Direction: BEARISH


After a recent uptrend as observed in the Ichimoku cloud, the GBP/USD pair shows signs of a potential reversal, with the price moving below the blue Kijun-sen line, indicating bearish momentum.


Trade Probability: 65%


The probability is given a cautious optimistic rate due to the current position within the Ichimoku cloud and the RSI nearing overbought territory.


Yesterday's Trend: The trend for the previous day was strongly bullish, but the current setup suggests a pullback or trend reversal may be imminent.


Pivot Point: Based on the provided numbers, the pivot point for the current analysis is at 1.237.


Indicators:

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

  • Moving Average (MA): Price is moving below the short-term MA, indicating bearish implications.

  • Ichimoku: Price is breaking below the Kijun-sen line, suggesting a bearish outlook.

  • RSI: Is trending downwards toward the 50 level, showing weakening momentum.

  • Bollinger Bands: Price is starting to move toward the lower band, which may signal a continuation of a downward trend.

🎯 Targets for Taking Profits:

Sell:

  1. First Target (1st Support level): 1.231

  2. Second Target (2nd Support level): 1.228

  3. Third Target (3rd Support level): 1.222

Stop Loss Guidelines:

Sell: If going short, set the stop loss slightly above the recent high at around 1.246, which coincides with the upper Bollinger band and acts as a resistance level.


Suggestion: Given the bearish indicators and the potential for a trend reversal, a cautious sell position could be considered.


Monitoring the RSI for further confirmation of weakening momentum and the Bollinger Bands for volatility changes would be advisable.


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


Pair: USDJPY Trade Direction: BULLISH


Yesterday's Trend: The trend was upwards as indicated by the previous session's closing above the opening price.


Pivot Point: 150.357


Indicators:

  • Volatility: Appears to be moderate, with no extreme spikes in the Bollinger Bands width.

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

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

  • RSI: The RSI is heading towards the overbought territory but is not there yet, supporting the bullish momentum.

  • Bollinger Bands: Price is moving towards the upper band, which can indicate a continuation of the bullish trend.

🎯 Targets for Taking Profits:

  • Buy:

    • 1st Resistance level: 150.643

    • 2nd Resistance level: 151.197

    • 3rd Resistance level: Beyond 151.197, considering the ATR for potential target estimation.


❌ Stop Loss Guidelines:

  • Buy: If going long, set the stop loss just below the pivot point at 150.357 or at the most recent swing low at 149.803 for more conservative traders.

Trade Probability: 70% - This trade recommendation considers the current bullish indicators but also acknowledges the inherent risks in forex trading.


Suggestion: The current analysis suggests a bullish outlook for USDJPY.


Traders might consider entering a long position with a stop loss below the pivot point or recent swing low and taking profits at the identified resistance levels.


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: USD/CHF


Pair: USDCHF


Trade Direction: BULLISH


Trade Probability: 65%

Yesterday's Trend: The USD/CHF pair was trending downwards yesterday but has shown signs of reversal to an upward trend in the last few candles.


Pivot Point: The pivot point is around the 0.901 level.


Indicators:

  • Volatility: It is slightly decreasing as the Bollinger Bands are beginning to contract, indicating a potential accumulation phase before a new trend.

  • Moving Average (MA): The pair is currently trading above the short-term moving average, suggesting a bullish bias in the near term.

  • Ichimoku: The pair is testing the Ichimoku cloud from below; if it breaks above, it could indicate a strong bullish trend.

  • RSI: The RSI is around the 50 level, which indicates neutrality, but the upward tick suggests increasing bullish momentum.

  • Bollinger Bands: The price is pushing towards the upper band, hinting at a strengthening bullish sentiment.

🎯 Targets for Taking Profits:

  • Buy: If the direction is BULLISH, consider setting take-profit targets near:

    • 1st Resistance: 0.903

    • 2nd Resistance: 0.906

    • 3rd Resistance: 0.908 (considering a likely resistance beyond the given levels)


❌ Stop Loss Guidelines:

  • Buy: If going long, set the stop loss just below the recent swing low, which could be around the 0.897 level to protect against a reversal back into the bearish trend.

Suggestion: Based on the technical analysis, entering a long position may be favorable with the expectation of the price testing the upper Bollinger Band and potential resistance levels.


Watch for a confirmed break above the Ichimoku cloud for additional confirmation of bullish 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 for NZD/USD

Pair: NZD/USD


Trade Direction: BEARISH


Trade Probability: 65%


Yesterday's Trend: The trend was upward but showed signs of reversal towards the end.


Pivot Point Analysis:

  • Pivot Point: 0.5975

Indicators:

  • Volatility: Appears to be increasing as seen by the larger candlestick sizes and wider Bollinger Bands.

  • Moving Average (MA): Price is trading below the MA, indicating a potential downtrend continuation.

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

  • RSI: Trending downwards towards the 50 level, signaling a loss of bullish momentum.

  • Bollinger Bands: The price is moving towards the lower band, suggesting increased selling pressure.

🎯 Targets for Taking Profits (Sell):

  • 1st Support Level: 0.5947

  • 2nd Support Level: 0.5931

  • 3rd Support Level: 0.5903

❌ Stop Loss Guidelines (Sell):

  • Set the stop loss just above the pivot point at around 0.5980 - 0.5990 for a conservative approach to account for volatility and potential wicks.

Suggestion:

Given the bearish indicators and the price's position relative to the pivot point and the moving averages, initiating a short position could be considered.


The Bollinger Bands and increased volatility suggest that the price could move to the lower support levels.


A careful watch on the RSI is advised as it approaches the midline, which could indicate potential shifts in 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 AUD/USD


Pair: AUDUSD Trade Direction: BEARISH


The Australian Dollar against the US Dollar shows a downtrend in the latest bars on the 4-hour chart, which suggests a bearish sentiment.


Yesterday's Trend: The currency pair was in an uptrend but recently encountered resistance, causing a reversal.


Pivot Point Analysis:

  • Current Price: 0.64240

  • Pivot Point: 0.6500

The price is trading below the pivot point, indicating that sellers are currently in control.


Indicators Analysis:

  • Volatility: The expansion of the Bollinger Bands indicates an increase in volatility.

  • Moving Average (MA): The price is below the moving average, supporting the bearish bias.

  • Ichimoku: The price has moved below the Ichimoku cloud, signaling a bearish trend continuation.

  • RSI: The RSI is trending downwards, nearing the oversold territory, but still suggests downward momentum.

  • Bollinger Bands: Price is near the lower Bollinger Band, indicating a strong downward move but also caution for potential bounce back.

🎯 Targets for Taking Profits:

  • Sell: Since the direction is BEARISH, targets could be set at the following support levels:

    • 1st Target (Minor Support): 0.6435

    • 2nd Target (Intermediate Support): 0.6400 (approximation since it's not provided, typically a round number)

    • 3rd Target (Major Support): 0.6350 (approximation based on historical levels)


Stop Loss Guidelines:

  • Sell: If going short, set the stop loss slightly above the nearest resistance, which could be around the pivot point at 0.6500.

Trade Probability: Given the current indicators and trend analysis, the probability of success for this bearish trade could be around 70%.


Suggestion: Based on the technical indicators, taking a short position could be recommended. Monitor the Bollinger Bands and RSI for signs of a potential pullback or oversold conditions that might signal a trade exit or tightening of stop loss.


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: BULLISH


Emphasis Trade Probability: 65%


Yesterday's Trend: The pair showed an upward trend towards the end of the observed period.


Pivot Point: 1.3727


Indicators Analysis:

  • Volatility: Volatility seems to be moderate, as evidenced by the Bollinger Bands width and recent price movement staying within the bands.

  • Moving Average (MA): The currency pair is trading above the moving average, indicating a BULLISH signal.

  • Ichimoku: The price has recently crossed above the Ichimoku cloud, suggesting a potential upward momentum.

  • RSI: The RSI is around 60, which is more towards the overbought territory but still has room before reaching the typical overbought threshold of 70.

  • Bollinger Bands: The price is trading towards the upper band, supporting the BULLISH direction, indicating the momentum might continue.

🎯 Targets for Taking Profits:

  • Buy:

    • 1st Resistance level: 1.3755

    • 2nd Resistance level: 1.3803

    • 3rd Resistance level: 1.3850 (estimated beyond the provided levels for extended target)


Stop Loss Guidelines:

  • Buy: Set the stop loss just below the pivot point or at the next appropriate support level, which would be around 1.3651.

Suggestion: Considering the above analysis, a BULLISH position could be taken with the stop loss at 1.3651, taking profit at 1.3755, 1.3803, and considering a third extended target around 1.3850 if the upward momentum continues.


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: EUR/GBP


Trade Direction: BULLISH


The EUR/GBP pair is currently exhibiting a bullish trend. After a brief period of consolidation below the Ichimoku cloud, the pair has broken above the cloud indicating potential for further upside movements.


Trade Probability: 65%


Yesterday's Trend:

The pair displayed consolidation with a bearish undertone as it traded below the Ichimoku cloud, suggesting resistance ahead.


Pivot Point

The pivot point for the current trend seems to have been established around the 0.866 level.


Indicators:

  • Volatility: The Bollinger Bands show decreasing volatility with a potential squeeze, indicating a possible breakout to the upside.

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

  • Ichimoku: The price has just crossed above the Ichimoku cloud, indicating a change in sentiment to bullish.

  • RSI: The Relative Strength Index is ascending towards the mid-line, showing increasing momentum.

🎯 Targets for Taking Profits:

  • Buy:

    • 1st Resistance level: 0.867

    • 2nd Resistance level: 0.870

    • 3rd Resistance level: 0.872


❌ Stop Loss Guidelines:

  • Buy: Set the stop loss just below the recent pivot at 0.866 for a conservative approach.

Suggestion:

Given the bullish indicators and the break above the Ichimoku cloud, a long position could be initiated. The stop loss should be placed just below the pivot point to mitigate risk, while the profit targets are set at the indicated resistance levels.


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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