top of page

Technical Analysis: Intraday Forex Signals, November 1, 2023

Forex Headlines That Matter Today:


forex factory calendar
GMT Times

Forex Market

  • USD Bullish: Outperforms most major pairs.

  • JPY Bearish: Suffers after BOJ's minor policy adjustments.

  • NZD Downturn: Employment data disappoints, causing sharp drop.

Commodities

  • Oil Bearish: Prices decline; Middle East conflict static.

  • Gold Bearish: Investor caution ahead of Fed decision.

Federal Reserve

  • Rate Hold Likely: 98% market consensus.

  • Post-Decision Watch: Statement and press conference crucial.

Additional Data

  • US Yields Stable: 10-year at 4.875%, 2-year at 5.071%.

  • US Jobs: ADP Non-farm and JOLTS data due.

Intraday forex signals presented here are derived using the previous close's pivot point, complemented by RSI and Ichimoku Cloud indicators to define the trading signal range.


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 gauges the U.S. dollar's value against a basket of foreign currencies.

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

📈 Pair: XAUUSD (Gold) - Preferred Direction: BULLISH


Indicators:

  • Vol: Seems stable.

  • MA: Gold is trading above its moving average, indicating a bullish trend.

  • Ichimoku: The chart shows a bullish Kumo breakout with price above the cloud.

  • RSI: Approaching overbought territory but not there yet.

  • Bollinger: Price is nearing the upper Bollinger band, showing potential for a pullback.

  • Pivot Point: Identified in the chart, acting as a potential support.

🎯 Targets:

  • Buy:

    1. 1st Resistance: 2000.22

    2. 2nd Resistance: 2026.87

    3. 3rd Resistance: Aiming beyond current chart data, watch for new highs.

  • Sell:

    1. 1st Support: 1973.57

    2. 2nd Support: 1963.50

    3. 3rd Support: 1946.92


Stop Loss:

  • Buy: Use 1946.92 (3rd Support) as a stop loss.

  • Sell: Consider using 2026.87 (2nd Resistance) as a stop loss.


Sugg: The current indicators suggest a bullish trend for XAUUSD. Consider entering a buy position while keeping an eye on RSI and the Bollinger bands for potential 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

Pair: WTI/USD


Direction: BEARISH


Indicators:

  • Volume (Vol): The volume bars show mixed signals with both buying and selling pressure present in recent times.

  • Moving Averages (MA): The WTI price is below its moving average, indicating bearish momentum.

  • Ichimoku Cloud: The price is below the Ichimoku cloud, suggesting a bearish sentiment.

  • RSI: The RSI is fluctuating but is currently below the 50 level, indicating a lack of strong momentum in either direction. However, since it's below 50, there's a slight bearish bias.

  • Bollinger Bands: WTI price is moving near the lower Bollinger band, suggesting that the price might be in an oversold territory. This could potentially signal a short-term pullback or a reversal, but the main trend remains bearish.

  • Pivot Point: The price is below the pivot point, which is a bearish sign.

🎯 Targets:

  • Buy:

    • 1st Resistance: 82.62

    • 2nd Resistance: 84.21

    • 3rd Resistance: 85.06

  • Sell:

    • 1st Support: 80.18

    • 2nd Support: 79.33

    • 3rd Support: 77.74


❌ Stop Loss:

  • Buy: Use Support at 79.33.

  • Sell: Use Resistance at 82.62.


Suggestion: Given the current technical setup, traders might consider a short position with a target towards the first and second support levels.


However, always be wary of potential reversals or pullbacks, especially given that the price is nearing the lower Bollinger band which can indicate oversold conditions.


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

Pair: EURUSD


Direction: The chart depicts a sideways pattern, but recent bullish candles indicate a possible bullish trend.


Indicators:

Vol: Volume seems relatively consistent, with some increasing spikes during bullish movements.

MA: The currency pair is below the moving average, signaling a bearish sentiment but has potential for an upward breakout.

Ichimoku: Price is currently interacting with the cloud, showing indecision in the market.

RSI: The RSI is trending upwards but is still below the 50 mark, indicating that the pair might be coming out of the oversold territory.

Bollinger: Price is near the lower Bollinger band, suggesting potential for a price rise or a continuation of the current range.


Pivot: The identified pivot point is around the 1.0576 level.


🎯 Targets:

Buy:

  • 1st Resistance: 1.065

  • 2nd Resistance: 1.072

  • 3rd Resistance: 1.077

Sell:

  • 1st Support: 1.053

  • 2nd Support: 1.049

  • 3rd Support: 1.041

❌ Stop Loss:

Buy: Use Support at 1.049 Sell: Use Resistance at 1.077


Suggestion: Considering the potential bullish signals from the RSI and the Bollinger Bands, traders might consider a buy position with a target set at the first or second resistance.



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

📈 Pair: GBPUSD


Direction: Considering the recent sideways movement and slight uptrend in the latest candles, we would go with 'BULLISH'.


Trade Probability: 6/10


Indicators:

  • Volume (Vol): Appears to be relatively consistent with some spikes, suggesting a moderate interest in the pair.

  • Moving Average (MA): The pair seems to be trading below the moving average but is trying to move upwards, which could indicate a potential upward momentum.

  • Ichimoku: The GBPUSD is trading close to the cloud, suggesting a potential trend change or continuation.

  • RSI: The RSI is around the mid-level, neither overbought nor oversold, suggesting a neutral stance.

  • Bollinger Bands: The pair is trading within the bands, and there isn’t any squeeze noticed, suggesting that there might not be any significant volatility expected in the immediate future.

  • Pivot Point: As marked on the chart.

🎯 Targets:


Buy:

  • 1st Resistance: 1.224

  • 2nd Resistance: 1.228

  • 3rd Resistance: 1.234 (estimated based on current trend)

Stop Loss:


Buy: Use Support at 1.203.


Suggestion: Given the current indicators, consider a bullish position with the targets mentioned above, but be cautious and always use a stop loss to minimize potential losses.

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

📈 Pair: USDJPY


Direction: BULLISH


Trade Probability: 8/10

Indicators:

  • Volume (Vol): Appears to be increasing.

  • Moving Average (MA): The USDJPY is trading above its moving average, indicating bullish momentum.

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

  • Relative Strength Index (RSI): Nearing overbought territory, indicating strong buying activity.

  • Bollinger Bands: Price is nearing the upper band, suggesting potential for a slight pullback.

  • Pivot Point: Identified on the chart.

🎯 Targets:

  • Buy:

    • 1st Resistance: 152.583

    • 2nd Resistance: 153.497

    • 3rd Resistance: 155.273


  • Sell:

    • 1st Support: 150.807

    • 2nd Support: 149.893

    • 3rd Support: 148.117


Stop Loss:

  • Buy: Use Support at 148.117

  • Sell: Use Resistance at 155.273

Suggestion: Considering the indicators and the bullish direction, entering a buy trade is recommended. However, keep a close eye on the RSI and Bollinger Bands for potential changes in momentum. Always set a stop loss to mitigate potential risks.


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 Signals: USDCHF

Pair: USDCHF


Trade Direction: BULLISH


Trade Probability: 8/10

Indicators:

  • Volatility: It seems to be slightly increasing based on the recent wider price fluctuations.

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

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

  • RSI: RSI is trending upwards, indicating a continuation of the bullish momentum.

  • Bollinger Bands: The pair is moving towards the upper band, showing strength in the bullish trend.

Pivot Point: Noted on the chart.


🎯 Targets for Taking Profits:

  • Buy:

  • Target 1: 0.914 (1st Resistance),

  • Target 2: 0.917 (2nd Resistance),

  • Target 3: 0.924 (3rd Resistance).

❌ Stop Loss Guidelines:

  • Buy: Set the stop loss at 0.898, which is just below a previous support level.

Suggestion: Given the bullish indicators, especially the price being above the Moving Average and the upward-trending RSI, traders might consider taking a long position on USDCHF.


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 Signals for NZDUSD


Pair: NZDUSD


Trade Direction: BEARISH


Trade Probability: 7/10


Indicators:

  • Volatility: There has been a notable increase in volatility recently, indicated by the widening Bollinger Bands.

  • Moving Average (MA): The pair is trading below the MA, suggesting a potential downtrend in the short term.

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

  • RSI: The RSI is below 50, which typically suggests that the asset may be oversold, but also points to a current bearish momentum.

  • Bollinger Bands: The pair is approaching the lower Bollinger Band, indicating it may be oversold.

  • Pivot Point: Marked in the image, acting as a key level of support or resistance for the day.

🎯 Targets for Taking Profits:

  • Sell:

    • 1st Target: 0.5799 (1st Support level)

    • 2nd Target: 0.5774 (2nd Support level)

    • 3rd Target: 0.5744 (3rd Support level)


❌ Stop Loss Guidelines:

  • Sell: If going short, set the stop loss at 0.5909 (Resistance level).

Suggestion: Given the current indicators and the bearish momentum, traders could consider a short position on the NZDUSD pair, targeting the mentioned support levels. It's crucial to keep an eye on key economic data and geopolitical events that could influence the 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

Pair: AUDUSD


Trade Direction: Given the chart, the AUDUSD seems to be consolidating and trading in a narrow range recently. However, observing the RSI, there seems to be a slight upward momentum. I'd suggest a BULLISH bias for the intraday trade.


Trade Probability: 6/10


Indicators Analysis:

Volatility: Appears to be decreasing as the pair has been trading in a tight range.

Moving Average (MA): The pair is trading near the MA, which indicates a potential trend change.

Ichimoku: The chart doesn't display the Ichimoku cloud, so no analysis can be provided.

RSI: The RSI is moving upwards, which indicates buying momentum.

Bollinger Bands: The pair is trading within the middle of the bands, indicating neutral momentum.

Pivot Point: Marked on the chart, it serves as an immediate support level.


🎯 Targets for Taking Profits:Buy:

  • 1st Resistance: 0.6372

  • 2nd Resistance: 0.6406

  • 3rd Resistance: 0.6435

Stop Loss Guidelines:Buy: If going long, set the stop loss at 0.6280 (Support level).


Suggestion: Given the slight bullish momentum from the RSI and the fact that the pair is trading near the moving average, an intraday long position can be considered.


However, traders should be cautious and use the suggested stop loss and take profit levels as guidelines.


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 for USDCAD


📈 Pair: USDCAD


Trade Direction: BULLISH


Trade Probability: 7/10


📊 Indicators:


Volatility: Increasing as evidenced by the expansion of the Bollinger Bands.

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

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

RSI: The RSI is above 50 and heading towards the overbought region, indicating strong bullish momentum but be cautious as it may approach overbought conditions soon.

Bollinger Bands: Price is close to the upper Bollinger Band, suggesting that the market is in a bullish phase. However, traders should be cautious as the price might face resistance soon.

Pivot Point: The marked pivot point on the chart can be used as a reference for trade setups.


🎯 Targets for Taking Profits:

Buy:

  • 1st Resistance: 1.3909

  • 2nd Resistance: 1.3942

  • 3rd Resistance: 1.3989

Stop Loss Guidelines:


Buy: If going long, set the stop loss at the 1.3829 level (support).


Suggestion: Based on the bullish momentum and the technical indicators, consider entering a long position near the current price with targets at the mentioned resistance levels.


However, always be prepared for possible pullbacks and set stop losses accordingly. Remember to keep an eye on RSI as it approaches the overbought zone.


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


Pair: EURGBP


Trade Direction: Based on the recent bullish momentum and the EURGBP pair trading above its Moving Average, the current direction seems to be BULLISH.


Trade Probability: 7/10


Indicators:

Volatility: The volatility appears to be increasing, indicated by the broader Bollinger Bands.

Moving Average (MA): The EURGBP is trading above its MA, suggesting bullish momentum in the short term.

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

RSI: The RSI is above 50 but hasn't reached the overbought level, suggesting there's room for further upward movement.

Bollinger Bands: The price is moving closer to the upper band, indicating strength in the bullish trend.

Pivot Point: As marked on the chart.


🎯 Targets for Taking Profits:

Buy:

  • 1st Resistance level: 0.874

  • 2nd Resistance level: 0.877

  • 3rd Resistance level: 0.879

Stop Loss Guidelines:


Buy: Set the stop loss at the 1st Support level of 0.868.


Suggestion: Given the bullish indicators, especially the price trading above the MA and the RSI suggesting room for upward movement, consider a long position targeting the mentioned resistance levels.


Ensure to keep a close watch on key resistance zones and adjust positions accordingly.


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 Chump Profit.


Comments


Commenting has been turned off.
bottom of page