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Intraday Forex Signals: Technical Analysis, November 3, 2023

Forex Headlines That Matter Today:


In today's trading signals, we turn the spotlight on market reactions following the BoE's decision and anticipate the ripple effects of US economic indicators as traders gear up for the NFP release.


Major data releases and impact today;


  • BoE's steady rate decision sends the Pound on a fleeting rally before the dollar's resurgence pressures it downward.

  • Surging US unemployment claims hint at potential labor market cooling, yet the dollar recovers, hinting at complex market sentiment.

  • Asian session caution is palpable with traders braced for the NFP report, likely to influence the forex dance.

  • DXY shows resilience amidst economic uncertainties, with today's NFPs and ISM Services PMI being pivotal for its trajectory.

  • Central Bank signals steadiness, but upcoming data will shape policy, with implications for forex, gold, and broader financial markets.

 

The DXY Dollar Index is vital for forex traders to gauge overall U.S. dollar strength, informing trading strategies and signals across various USD forex 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 Index dropped after the latest FED meeting

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 Signals for XAUUSD (Gold)

Pair: XAUUSD


Trade Direction: BULLISH


Trade Probability: Given the recent bullish trend and the support-resistance levels, there's an 80% likelihood of the bullish trend continuing.


Yesterday's Trend: Gold has been showing a bullish trend, moving steadily upwards.


Pivot Point: 1984.89


Indicators:

  • Volatility: Increasing, indicated by the expansion of Bollinger Bands.

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

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

  • RSI: The RSI is above 50 but not overbought, supporting the bullish trend.

  • Bollinger Bands: Price is converging toward the upper band, indicating a potential upward movement.

🎯 Targets for Taking Profits:

Buy:

  • 1st Resistance: 1990.87

  • 2nd Resistance: 1996.86

  • 3rd Resistance: 2002.84

Stop Loss Guidelines:

Buy: If going long, set the stop loss at the nearest Support level: 1978.90.


Suggestion: Given the bullish indicators and the current direction, it is recommended to buy XAUUSD with a target at the next resistance levels.


Monitor the RSI and the Bollinger Bands closely to ensure the trend remains intact. If the price drops below the pivot point, reassess the market conditions before proceeding.

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 (West Texas Intermediate)


Trade Direction: BULLISH


Trade Probability: Given the recent bullish trend, the probability for continued upward movement seems to be approximately 65%.


Yesterday's Trend: Observing the chart, WTI showed a bullish trend.


Pivot Point: Based on the data provided, the pivot point seems to be around 82.51.


Indicators:

  • Volatility: The price fluctuation indicates that volatility might be increasing.

  • Moving Average (MA): WTI is trading above its MA, indicating a bullish trend. When a commodity trades above its moving average, it's generally seen as a positive sign.

  • Ichimoku: Without specific Ichimoku lines provided, it's challenging to make a detailed analysis. However, trading above the cloud suggests a bullish sentiment.

  • RSI: The RSI is hovering around the 50 mark, which doesn't indicate overbought or oversold conditions. This suggests a neutral momentum.

  • Bollinger Bands: WTI is trading within the Bollinger Bands, suggesting it's not in a volatile state.

🎯 Targets for Taking Profits:

  • Buy:

    • 1st Resistance: 83.45

    • 2nd Resistance: 84.45

    • 3rd Resistance: 86.06


Stop Loss Guidelines:

  • Buy: If going long, set the stop loss at 78.23, which is a recent support level.

Suggestion: Based on the current indicators and bullish trend, it might be a good opportunity to consider a long position in WTI, targeting the resistance levels mentioned above. Always ensure to set a stop loss to mitigate potential losses.


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 Signals for EURUSD


Pair: EURUSD


Trade Direction: NEUTRAL to MILDLY BULLISH


Trade Probability: 55%


Yesterday's Trend: Sideways movement with a slight bullish inclination.


Pivot Point: 1.062

Indicators Analysis:

  • Volatility: Moderate, as seen from the Bollinger Bands.

  • Moving Average (MA): The pair is trading near the MA, suggesting a balance between buying and selling pressure.

  • Ichimoku: The pair is close to breaking through the cloud, indicating a potential bullish sentiment.

  • RSI: Neutral momentum with the index around the 50 mark.

  • Bollinger Bands: The price is oscillating around the middle, indicating a potential continuation of the current trend.

🎯 Targets for Taking Profits:


Buy:

  • 1st Resistance: 1.067

  • 2nd Resistance: 1.072

  • 3rd Resistance: 1.077

Sell:

  • 1st Support: 1.057

  • 2nd Support: 1.052

  • 3rd Support: 1.047

Stop Loss Guidelines:

Buy: Set the stop loss at 1.057 (1st Support). Sell: Set the stop loss at 1.067 (1st Resistance).


Suggestion: Given the mixed indicators and the proximity to the Ichimoku cloud, traders might consider taking a cautiously bullish position.


However, monitor the price movement closely, especially its interaction with the Ichimoku cloud and the MA. Adjust positions accordingly and always trade with proper risk management.


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 Signals for GBPUSD


Pair: GBPUSD


Trade Direction: BULLISH


Yesterday's Trend: The GBPUSD showed a steady climb, with periodic pullbacks, and is currently hovering above the support line, indicating a bullish trend.


Pivot Point: The recent pivot point is evident around the 1.2200 level.


Indicators Analysis:

  • Volatility: Trading volume has been relatively steady with slight increases, suggesting stability in the upward trend.

  • Moving Average (MA): The GBPUSD is currently trading above its Moving Average, indicating a possible continuation of the bullish trend.

  • Ichimoku: The pair is positioned above the Ichimoku cloud, suggesting a bullish outlook.

  • RSI: The RSI is in the middle range, neither overbought nor oversold, suggesting neutral momentum.

  • Bollinger Bands: GBPUSD is trading within the Bollinger Bands' range, with potential to reach the upper band, supporting the bullish perspective.

🎯 Targets for Taking Profits:

  • Buy:

    • 1st Resistance Level: 1.224

    • 2nd Resistance Level: 1.228

    • 3rd Resistance Level: 1.233


❌ Stop Loss Guidelines:

  • Buy: If going long, set the stop loss at 1.210, which is an appropriate Support level.

Suggestion: Considering the indicators and the current bullish position of the GBPUSD, traders might consider a long position with the provided targets for taking profits and the stop loss guideline to mitigate potential risks. Always remember to conduct your own research and consult with a financial advisor before making any trading decisions.


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 Signals for USDJPY


Pair: USDJPY


Trade Direction: Based on the latest patterns observed, the USDJPY is consolidating around the 150.5 mark. Considering the Ichimoku cloud, the current price is below the cloud, suggesting a potential BEARISH momentum.


Trade Probability: 70%


Yesterday's Trend: The USDJPY showed a consolidation pattern, trading sideways within a range.


Pivot Point: The pivot point is around 150.5, which the pair is currently hovering around.


Indicators Analysis:

  • Volatility: Comparatively low as evident by the reduced distance between Bollinger Bands.

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

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

  • RSI: The RSI is below the 50 mark but not oversold, indicating there's room for the pair to move lower.

  • Bollinger Bands: The pair is trading within the bands, with no sharp pull towards the upper or lower band. The bands are not expanding significantly, indicating steady volatility.





🎯 Targets for Taking Profits:


Sell:

1st Target: 149.887

2nd Target: 149.303

3rd Target: 148.767


❌ Stop Loss Guidelines:

Sell: Set the stop loss at 151.543, which is a recent high, to protect against potential reversals.


Suggestion: Based on the indicators and the recent consolidation pattern, traders might consider a short position for the USDJPY with targets set at the aforementioned support levels. As always, consider your risk tolerance and market events before placing a trade.


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 for USDCHF


Pair: USDCHF


Trade Direction: BEARISH


Emphasis Trade Probability: 72%

Yesterday's Trend: The pair has been trading in a bearish trend for the last few days, with a significant downtrend before a brief consolidation.


Pivot Point: 0.905


Indicators:


Volatility: Decreasing volatility as seen by the contracting Bollinger Bands.

Moving Average (MA): USDCHF is trading below the moving average, signaling a potential continuation of the bearish trend.

Ichimoku: The price is below the cloud, further confirming the bearish sentiment.

RSI: The Relative Strength Index (RSI) is below the 50 mark, indicating bearish momentum.

Bollinger Bands: The pair is trading near the lower Bollinger Band, which could indicate oversold conditions or a strong bearish trend.


🎯 Targets for Taking Profits:

Sell:

  • 1st target: 0.903

  • 2nd target: 0.899

  • 3rd target: 0.896

Stop Loss Guidelines:

Sell: If going short, set the stop loss at 0.912 (Resistance level).


Suggestion: Given the bearish indicators and the recent trend, it would be prudent to consider a short position on USDCHF, with the aforementioned profit targets and stop-loss guideline.


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 NZDUSD


Pair: NZDUSD


Yesterday's Trend: The NZDUSD pair showcased an upward trend, following a series of green candles.


Trade Direction: BULLISH


Trade Probability: 75% - Considering the consistent bullish candles and the confluence of technical indicators.


Pivot Point: 0.5929


Indicators:


Volatility: Increasing - As indicated by the size of the recent green candles and growing trading volume.

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

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

RSI: RSI is above 50 and trending upwards, indicating buying momentum.

Bollinger Bands: The price is nearing the upper Bollinger Band, signaling potential overbought conditions.


🎯 Targets for Taking Profits:

Buy: 1st Resistance: 0.5960 2nd Resistance: 0.6002 3rd Resistance: 0.6025 (estimated beyond the provided data)


Stop Loss Guidelines:

Buy: Set the stop loss at the 0.5856 Support level.


Suggestion: Based on the indicators and the current bullish momentum, it is recommended to enter a long (buy) position for the NZDUSD pair. Make sure to monitor the position closely and adjust stop losses and take profit targets as the market evolves.


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


Trade Probability: 70%


Yesterday's Trend: The AUDUSD showcased a significant bullish momentum yesterday, moving from a low of 0.6359 to a high of 0.6493.


Pivot Point: 0.6426


Indicators:

Volatility: Increasing, evident from the widening of the Bollinger Bands.

Moving Average (MA): AUDUSD is currently trading above the Moving Average, signaling a potential upward trend continuation.

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

RSI: The RSI is above 50, which supports the bullish sentiment but is approaching overbought territory.

Bollinger Bands: Price is moving towards the upper band, indicating strong buying pressure.


🎯 Targets for Taking Profits:

Buy:

  • 1st Resistance: 0.6463

  • 2nd Resistance: 0.6493

  • 3rd Resistance: 0.6530

❌ Stop Loss Guidelines:

Buy: Set the stop loss at 0.6359, which is an appropriate Support level based on recent price action.


Suggestion: Given the current bullish indicators and momentum, it might be a good idea to consider a long position on AUDUSD.


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 Signals for USDCAD


Pair: USDCAD


Yesterday's Trend: The USDCAD pair depicted an upward trajectory, reaching a peak before experiencing a downward pullback.


Trade Direction: BEARISH


Given the recent downturn in the price movement and the closeness to the upper Bollinger Band, there's a potential for a bearish continuation.


Trade Probability: 65%

Considering the observed indicators and the recent trend, there's a 65% likelihood of the bearish trend continuing.


Pivot Point: 1.3821


Indicators:

Volatility: Increasing, evident from the widening of the Bollinger Bands.

Moving Average (MA): The pair is trading below the Moving Average, suggesting potential further downside.

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

RSI: The RSI is trending downwards, signaling a potential continuation of the bearish momentum.

Bollinger Bands: The price is close to the upper Bollinger Band, potentially suggesting a reversal to the downside.


🎯 Targets for Taking Profits:

Sell:

  • 1st Target: 1.3696

  • 2nd Target: 1.3654

  • 3rd Target: 1.3571

❌ Stop Loss Guidelines:

Sell: If going short, set the stop loss at the Resistance level of 1.3946.


Suggestion:

Based on the observed indicators and the recent price movement, the recommendation would be to consider a short position for the USDCAD pair, targeting the mentioned support levels. Ensure to place a stop loss at the specified level to mitigate potential risks.


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


Emphasis Trade Probability: 60%


Yesterday's Trend: The EURGBP displayed a sideways movement, with multiple fluctuations occurring between bullish and bearish trends.


Pivot Point: 0.871


Indicators Analysis:

  • Volatility: The volatility seems moderate, indicated by the relatively close Bollinger Bands.

  • Moving Average (MA): The pair has been trading around the Moving Average, indicating a neutral momentum. Recently, it appears to be below the MA, hinting at a bearish shift.

  • Ichimoku: The cloud suggests a mixed sentiment with some potential bearish undertones, given the recent price movement below the cloud.

  • RSI: The RSI is hovering around the 50 mark, suggesting neither an overbought nor oversold condition.

  • Bollinger Bands: The pair is fluctuating between the middle and the lower band, indicating a potential bearish bias but with caution.


🎯 Targets for Taking Profits:

Sell:

  • 1st Support: 0.868

  • 2nd Support: 0.866

  • 3rd Support: 0.864

❌ Stop Loss Guidelines:

  • Sell: Set the stop loss at the resistance level of 0.873.

Suggestion: Given the current indicators and the recent price action, a short position might be favorable for the EURGBP pair, targeting the mentioned support 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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The information provided does not constitute, in any way, a solicitation or inducement to buy or sell securities and similar products.


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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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