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Intraday Forex Signals: Technical Analysis, November 9, 2023

Forex Headlines That Matter Today:


  • Mixed signals from Federal Reserve impact USD stability.

  • Dollar index shows volatility after initial gains.

  • Forex and commodities prices react to central bank cues; technical indicators critical.

  • Markets await Jerome Powell's speech for direction on interest rate policy.

  • Hawkish tone from Fed could strengthen USD; dovish tone may boost equities and gold.

  • Equity market gains suggest anticipation of a pause in Fed rate hikes.

  • U.S. jobless claims to offer insights into labor market health, influencing Fed decisions.

  • Oil prices reflect global economic health; recent lows raise demand sustainability questions.

  • Gold's value affected by stronger dollar and interest rate expectations.


Key events this Today:


BOE chief economist Huw Pill speaks on the economy

US initial jobless claims 1:30pm GMT

Fed Chair Jerome Powell participates in panel on monetary policy challenges 7:00pm GMT

Atlanta Fed President Raphael Bostic and his Richmond counterpart Tom Barkin speak

 

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


For live update follow us on Telegram https://t.me/VIPSignalsForexChampProfit

 

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 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

Intraday Forex Signal: XAUUSD - Gold Spot / U.S. Dollar


📈 Trade Direction: BEARISH


Trade Probability: 65%


Yesterday's Trend:

  • The price action from the previous day shows a downward movement, suggesting a bearish momentum.

Pivot Point Analysis:

  • The current price is below the pivot point of 1956.15, which favors a bearish outlook.

Indicators Analysis:

  • Volatility: Bollinger Bands are widening, indicating an increase in volatility that could benefit trend-following trades.

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

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

  • RSI: The RSI is trending downwards, nearing the oversold region, but still indicates bearish momentum.

  • Bollinger Bands: The price is approaching the lower band, highlighting a strong bearish move but also warning of potential oversold conditions.

🎯 Targets for Taking Profits (Sell):

  • 1st Target (1st Support level): 1941.42

  • 2nd Target (2nd Support level): 1932.06

  • 3rd Target (3rd Support level): 1917.33

❌ Stop Loss Guidelines (Sell):

  • Stop Loss: Place the stop loss just above the 1st Resistance level at 1965.51 to minimize potential loss if the trend reverses.

Suggestion:

Given the current bearish trend and the confirmation from various indicators, consider entering a short position with a target at the first support level of 1941.42. Monitor the trade closely as the RSI approaches oversold conditions, which might signal a potential reversal or pullback. Adjust the stop loss and take profit levels as the market evolves.

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

Pair: WTI Crude Oil


Trade Direction: BEARISH


The analysis of the chart indicates a downward trend as the price has been moving below the Ichimoku cloud recently and has broken past the last pivot low, suggesting bearish momentum.


Yesterday's Trend: The trend was downward as indicated by the recent price action moving below key support levels.


Pivot Point: The pivot point based on the provided data is 75.82.


Indicators:

  • Volatility: The Bollinger Bands are widening, which suggests an increase in volatility.

  • Moving Average (MA): The price is trading below the moving average, indicating a bearish trend.

  • Ichimoku: The price is below the cloud, which in Ichimoku trading is a bearish signal.

  • RSI: The Relative Strength Index (RSI) is trending downwards, indicating that the momentum is with the bears.

🎯 Targets for Taking Profits:

Given the BEARISH direction, targets for taking profits could be set at:

  • 1st Support: 74.42

  • 2nd Support: 73.50

  • 3rd Support: 72.10

❌ Stop Loss Guidelines:

For a BEARISH trade, a stop loss can be placed at the first significant resistance level above the current price to minimize potential loss if the market were to reverse.

  • Stop Loss: 76.74 (1st Resistance level)

Suggestion:

Short positions could be considered with the current bearish trend, setting take profit targets at the specified support levels. The stop loss should be tight due to the increased volatility, placed above the recent pivot high to protect against potential price spikes.


Trade Probability:

Given the technical indicators and the current market structure, the probability of the trade's success may be rated at around 65%, considering the strong bearish signals from the chart.

Always remember to perform your due diligence and consider the economic calendar for potential market-moving events before placing trades.


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 - EUR/USD


Pair: EUR/USD Technical Analysis Summary:

  • Trend: Bullish

  • Volatility: Decreasing as Bollinger Bands converge.

  • Moving Average: Price action above the middle Bollinger Band suggests bullish sentiment.

  • Ichimoku Cloud: Price above the cloud indicates a bullish outlook, with caution advised as the cloud thickness suggests potential upcoming volatility.

  • RSI: Currently bullish momentum with a reading above 50 but below the overbought threshold.

  • Bollinger Bands: Price is fluctuating between the middle and upper bands, indicating a stabilizing trend.

Trade Direction: BULLISH


Emphasis Trade Probability: 60% - The indicators show a bullish trend, yet there is some indecisiveness given the market's recent actions.


Yesterday's Trend: The trend was relatively bullish with some retracement.


Pivot Point: Not explicitly shown, but would typically be calculated based on the previous trading session's high, low, and close prices.


🎯 Targets for Taking Profits:

  • Buy:

    • 1st Resistance: 1.075

    • 2nd Resistance: 1.079

    • 3rd Resistance: 1.082 (beyond the chart's current display)


Stop Loss Guidelines:

  • Buy: Set the stop loss around the 1.068 level, which is acting as recent support.

Suggestion: Considering the bullish indicators, a buy order could be considered with a stop loss placed at the recent support level of 1.068. Take profits could be staggered at the resistance levels of 1.075, 1.079, and 1.082, adjusting according to real-time market movements.


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: BULLISH


Trade Probability: 65%


Yesterday's Trend: The GBP/USD showed a bullish trend yesterday, indicated by the closing price being higher than the opening price.


Pivot Point: 1.2281


Indicators:

  • Volatility: Given the narrowing of the Bollinger Bands, volatility is decreasing, suggesting a potential breakout.

  • Moving Average (MA): The pair is trading above the middle Bollinger Band, a typical moving average, indicating a bullish trend.

  • Ichimoku: The price appears to be above the Ichimoku cloud, suggesting bullish sentiment.

  • RSI: The RSI is above 50, which supports the bullish bias.

  • Bollinger Bands: Price breaking above the middle Bollinger Band suggests bullish momentum.

🎯 Targets for Taking Profits:

  • Buy: If the direction is BULLISH, consider taking profits at:

    • 1st Resistance: 1.234

    • 2nd Resistance: 1.238

    • 3rd Resistance: 1.240+ (based on the previous high resistance areas)


❌ Stop Loss Guidelines:

  • Buy: If going long, a prudent stop loss could be set just below the pivot point, at approximately:

    • 1st Support: 1.225 (as an initial stop loss level)


Suggestion: Considering the indicators, a BULLISH position is suggested for GBP/USD. Traders might look to enter a long position near the pivot point at 1.2281, with a stop loss set at 1.225. Profit targets could be set at 1.234, 1.238, and further resistance levels as the price moves favorably.


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 pair showed a bullish reversal pattern, indicated by the last green candle on the daily chart overcoming prior red candles.


🎯 Pivot Point: 150.510


Indicators Analysis:

  • Volatility: It appears to be stable as the Bollinger Bands are parallel, without significant contraction or expansion.

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

  • Ichimoku Cloud: Price is above the cloud, suggesting bullish sentiment in the market.

  • RSI (Relative Strength Index): The RSI is near the midpoint, around 50, indicating room for potential upside before being considered overbought.

  • Bollinger Bands: The price is closer to the upper band, consistent with the bullish trend, but traders should be cautious about potential pullbacks.

🎯 Targets for Taking Profits:

  • Buy: Given the bullish signal, consider setting targets at:

    • 1st Resistance Level: 151.260

    • 2nd Resistance Level: 151.540

    • 3rd Resistance Level: 152.010


Stop Loss Guidelines:

  • Buy: A prudent stop loss could be placed just below the pivot point at 150.510, or for a more conservative approach, below the 1st Support level at 150.040.

📈 Trade Suggestion: Enter a long position above the pivot point of 150.510, targeting 151.260, 151.540, and 152.010, respectively, for profit-taking. Set a stop loss to manage risk, possibly below 150.040.

The trade probability is moderately high, estimated at around 65%, due to the price being above both the MA and the Ichimoku Cloud, suggesting strong current bullish momentum.


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: BULLISH


The USDCHF pair exhibits a bullish potential as it is currently trading above the key moving average, signaling upward momentum.


Emphasis Trade Probability: 70%


Yesterday's Trend: The USDCHF pair showed bullish tendencies.


Pivot Point: 0.897

Indicators:

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

  • Moving Average (MA): The pair is trading above the moving average, suggesting a BULLISH trend.

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

  • RSI: The RSI is neither overbought nor oversold, providing room for potential upside.

  • Bollinger Bands: The price is towards the upper band, supporting the BULLISH trend.

🎯 Targets for Taking Profits:

  • Buy: Target the 1st Resistance level at 0.902, 2nd at 0.905, and 3rd at 0.907.

Stop Loss Guidelines:

  • Buy: Set the stop loss slightly below the pivot point, around the 0.895 level.

Suggestion: Based on the above indicators and the trading above the moving average, a BULLISH position could be considered. Entry after a retest of the pivot point at 0.897 might provide a good risk-reward ratio, aiming for the specified resistance levels while maintaining a disciplined stop loss to protect the capital.


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: NZD/USD


Pair: NZDUSD


Trade Direction: BULLISH


Trade Probability: 65%


Yesterday's Trend: The NZD/USD trend has shown signs of reversing towards an uptrend.


Pivot Point: The current pivot point is at 0.5920.

Indicators Analysis:

  • Volatility: Bollinger Bands suggest that although there's an increase in volatility, the price is pushing towards the upper band, hinting at potential bullish momentum.

  • Moving Average (MA): If the pair has recently crossed above a key moving average, it indicates a potential shift to bullish momentum.

  • Ichimoku: A breakout above the Ichimoku cloud would signal bullish conditions; if the price is hovering around the cloud's upper boundary, it may indicate a bullish trend forming.

  • RSI: An RSI pointing upwards towards the 50 level could indicate building bullish momentum.

  • Bollinger Bands: Price rebounding off the lower band and heading towards the middle or upper band may suggest a bullish reversal.

🎯 Targets for Taking Profits:

  • Buy:

    • 1st Target (T1): 0.5934

    • 2nd Target (T2): 0.5957

    • 3rd Target (T3): 0.5971


Stop Loss Guidelines:

  • Buy: If going long, set the stop loss at a prudent support level below the pivot point, such as 0.5897, to manage risk.

🔔 Suggestion: Considering the bullish indicators, entering a long position near the pivot point of 0.5920 could be advantageous.


Targets are set at subsequent resistance levels, with a stop loss placed below the nearest support to protect the position. Always be mindful of the price action and adjust your trade strategy accordingly.


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: AUD/USD

Pair: AUDUSD


Trade Direction: BULLISH


Trade Probability: 70%


Yesterday's Trend: There was a fluctuation with a slight upward momentum towards the end of the period.


Pivot Point: The pivot point for AUD/USD appears to be around the 0.6416 mark.


Indicators Analysis:

  • Volatility: The Bollinger Bands are moderately wide, suggesting a decent level of volatility. The recent candlesticks are closer to the upper band, which aligns with a bullish view.

  • Moving Average (MA): The price is currently above the moving average lines, further supporting the bullish sentiment.

  • Ichimoku: If we consider the Ichimoku Cloud, the price seems to be breaking through, which would indicate a bullish signal.

  • RSI: The RSI is above 50 and trending upwards, indicating growing bullish momentum.

  • Bollinger Bands: With the price near the upper band, it suggests the market is favoring the bullish scenario.

🎯 Targets for Taking Profits:

  • Buy:

    • 1st Target (T1): 0.6436 (First Resistance Level)

    • 2nd Target (T2): 0.6470 (Second Resistance Level)

    • 3rd Target (T3): 0.6490 (Third Resistance Level)


Stop Loss Guidelines:

  • Buy: A stop loss could be set at 0.6382, slightly below the first support level, to mitigate risk in case of a reversal.

🔔 Suggestion: Given the current bullish indicators and trend analysis, initiating a long position may be favorable. Targets for profit are set near the resistance levels as the market is showing bullish signals. A stop loss is recommended below the first support level to protect the trade against any sudden bearish movements.


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


The current price action on the USDCAD pair indicates a potential for a downward trend, as suggested by the recent candles that are closing below the Ichimoku cloud and the Moving Average line.


Trade Probability: 65%


The probability is assessed considering the position relative to the Moving Average and Ichimoku cloud, alongside the current market volatility.


Yesterday's Trend: The trend was downward, as evidenced by the price closing lower than the opening, aligning with the bearish outlook.


Pivot Point Analysis: The pivot point is at 1.3789


Indicators:

  • Volatility: Appears to be decreasing, as the Bollinger Bands are contracting, which often suggests a consolidation phase.

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

  • Ichimoku Cloud: The price is below the Ichimoku cloud, which generally signifies a bearish market environment.

  • RSI: The RSI is trending downwards towards the mid-line, showing a loss of bullish momentum.

  • Bollinger Bands: The price is moving towards the lower Bollinger Band, indicating a continuation of the bearish trend.

🎯 Targets for Taking Profits:

  • Sell Target 1: 1.3760 (1st Support Level)

  • Sell Target 2: 1.3726 (2nd Support Level)

  • Sell Target 3: 1.3697 (3rd Support Level)

❌ Stop Loss Guidelines:

  • Sell: If going short, set the stop loss just above the first Resistance level at 1.3823 to mitigate the risk.

Suggestion: Considering the downward trend and the current position below the Ichimoku cloud and MA, a bearish stance seems favorable. Traders may consider entering a short position with the targets and stop loss outlined above. As always, it's important to consider the impact of news events and monitor the trade for any market condition changes.


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


Trade Probability: 65%


Yesterday's Trend: The EUR/GBP showed consolidation with a slight bullish bias.


Pivot Point: 0.8710


Indicators:

  • Volatility: Appears moderate as reflected by the Bollinger Bands width.

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

  • Ichimoku: The price is above the Ichimoku cloud, indicating a potential upward momentum.

  • RSI (Relative Strength Index): Around 60, indicating some bullish momentum without being overbought.

  • Bollinger Bands: The price is approaching the upper band, signaling that the market is considering higher prices.

🎯 Targets for Taking Profits:

  • Buy:

    • 1st Resistance Level: 0.8740

    • 2nd Resistance Level: 0.8750

    • 3rd Resistance Level: 0.8780


❌ Stop Loss Guidelines:

  • Buy: If going long, set the stop loss just below the recent swing low at 0.8690.

✅ Suggestion: Based on the current indicators and market position above the MA and Ichimoku cloud, a BULLISH entry could be considered, aiming for the resistance targets provided. Set a tight stop loss to manage risk effectively.


Keep an eye on the RSI for any signs of divergence that might indicate a weakening in the current trend.


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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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.


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