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Technical Analysis: Intraday Forex Signals, October 24, 2023

Forex

Dollar Weakens: Emerging Asian currencies, including the Thai baht and South Korean won, experience an uptick as the U.S. dollar shows signs of softening.

Gold

Awaiting Direction: Gold markets relatively stable; investors watching currency and geopolitical shifts closely for signs of safe-haven demand.

Oil

Cautious Optimism: Oil prices nudge higher to $85.68 per barrel, as Israel-Hamas tensions temporarily stabilise.

US Futures

Positive Traction: US equity futures rise following the stabilization of Treasury yields, hinting at a modestly bullish start for the session.


Today's Financial Events:

Get Ready for Market Swings Today is set to be a whirlwind for traders, thanks to major data releases and central bank news.

Keep an eye on UK jobless claims, Eurozone PMI figures, and comments from RBA Governor Michelle Bullock.


forex factory economic calendar

 

"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."


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

🟢 XAU/USD (Gold) Technical Breakdown


Pivot Point: 1973.45

Ichimoku Cloud:

  • Gold is trading above the cloud, suggesting a bullish bias.

RSI:

  • Current value at 69, edging towards the overbought territory (70). Indicates strong buying momentum, but watch for potential reversals.

🎯 Take Profit Targets:

  • 1st Resistance: 1982.39

  • 2nd Resistance: 1991.63

  • 3rd Resistance: 2000.57

Stop Loss Targets:

  • 1st Support: 1964.21

  • 2nd Support: 1955.27

  • 3rd Support: 1946.03

📊 Trading Suggestion: Given the bullish trend supported by the Ichimoku cloud and the strong RSI momentum, initiating a long position with an eye on the mentioned resistance levels could be an option. However, ensure you set stop losses at the given supports to manage risk.


WTI, Crude oil, Bar chart showing forex and commodities prices, green/red candles depict daily trading trends. Includes moving average, Bollinger bands, and RSI.

🟢 WTI Crude Oil (Oil) Technical Breakdown


Pivot Point: 86.47 USD


Ichimoku Cloud:

Oil is trading below its recent peak, suggesting a bearish bias.


RSI:

Current value at 56, indicating a moderate momentum. While not in the overbought or oversold territories, it signals caution.


🎯 Take Profit Targets for Shorting:

1st Support (Profit Target): 84.74 USD

2nd Support (Profit Target): 83.01 USD

3rd Support (Profit Target): 81.28 USD


❌ Stop Loss Targets for Shorting:

1st Resistance (Stop Loss): 88.20 USD

2nd Resistance (Stop Loss): 89.93 USD

3rd Resistance (Stop Loss): 91.66 USD


📊 Trading Suggestion: Given the bearish trend highlighted by the recent price movements and moderate RSI, considering a short position might be prudent. Monitor the support levels for profit-taking opportunities and always set stop losses at the mentioned resistance levels to manage risk.


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

🟢 EUR/USD Technical Breakdown


Pivot Point: 1.0678


Ichimoku Cloud:

  • EUR/USD is currently trading above the Ichimoku cloud, indicating a bullish bias in the market.

RSI:

  • The RSI stands at 74.95, approaching the overbought territory (80). This suggests a strong buying momentum. Traders should exercise caution as we are nearing potential overbought conditions.

🎯 Take Profit Targets:

  • 1st Resistance: 1.0708

  • 2nd Resistance: 1.0746

  • 3rd Resistance: 1.0814

❌ Stop Loss Targets:

  • 1st Support: 1.0640

  • 2nd Support: 1.0602

  • 3rd Support: 1.0534

📊 Trading Suggestion: Considering the bullish trend evident by the position above the Ichimoku cloud and the mounting RSI momentum, traders might consider entering a long position.


Nonetheless, given the proximity of the RSI to the overbought range, caution is advised.


Make sure to set stop-losses at the mentioned support levels to prudently manage risk.


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

🟢 GBP/USD Technical Breakdown 🟢


Pivot Point: 1.2279


Ichimoku Cloud:

The pair is hovering near its latest highs, indicating a bullish stance.


RSI:

Positioned at 53, it shows a neutral to bullish momentum. Though not in overbought or oversold zones, caution is advised.


🎯 Take Profit Targets for Long Positions:

1st Resistance (Profit Target): 1.2330

2nd Resistance (Profit Target): 1.2390

3rd Resistance (Profit Target): 1.2450


❌ Stop Loss Targets for Long Positions:

1st Support (Stop Loss): 1.2210

2nd Support (Stop Loss): 1.2150

3rd Support (Stop Loss): 1.2100


📊 Trading Suggestion: Given the bullish signs from recent trends and the neutral RSI, exploring a long position could be wise.


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

🟢 USD/JPY Technical Breakdown


Direction: Bullish


Pivot Point: 149.757 JPY


Ichimoku Cloud:

The USD/JPY pair is currently trading within the Ichimoku cloud, hinting at a neutral to slightly bullish sentiment. The recent price action shows consolidation with an uptrend possibility.


RSI:

The RSI stands at approximately 53.34, suggesting a neutral momentum. There's no clear sign of it being in the overbought or oversold zone, making the immediate direction a bit uncertain.


🎯 Take Profit Targets for Long Positions:

1st Resistance (Profit Target): 149.953 JPY

2nd Resistance (Profit Target): 150.197 JPY

3rd Resistance (Profit Target): 150.393 JPY


❌ Stop Loss Targets for Long Positions:

1st Support (Stop Loss): 149.513 JPY

2nd Support (Stop Loss): 149.317 JPY

3rd Support (Stop Loss): 149.073 JPY


📊 Trading Suggestion:

Given the position within the Ichimoku cloud and the neutral RSI, traders might consider a wait-and-see approach.


Those who anticipate a bullish move might consider going long, but they should keep an eye on the aforementioned resistance levels for profit-taking opportunities.


It's always wise to set stop losses at the mentioned support levels to mitigate 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

🟢 USD/CHF Technical Breakdown


Pivot Point: 0.8925 CHF


Ichimoku Cloud:

The USD/CHF pair seems to be trading below the Ichimoku cloud, pointing towards a bearish sentiment. A continuous trend below the cloud suggests further downward movement unless there's a breakout above the cloud.


RSI:

The RSI is hovering around 34.65, nearing the oversold territory. This could indicate potential buying opportunities soon, but traders should watch out for further confirmation.


🎯 Take Profit Targets for Short Positions:

1st Resistance (Profit Target): 0.8892 CHF

2nd Resistance (Profit Target): 0.8872 CHF

3rd Resistance (Profit Target): 0.8839 CHF


❌ Stop Loss Targets for Short Positions:

1st Support (Stop Loss): 0.8945 CHF

2nd Support (Stop Loss): 0.8978 CHF

3rd Support (Stop Loss): 0.8998 CHF


📊 Trading Suggestion:

Given the bearish sentiment signalled by the Ichimoku cloud and the RSI nearing the oversold zone, traders might consider shorting. However, it's crucial to look for additional bearish confirmations. Using the provided stop losses can help mitigate potential risks.


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

🟢 NZD/USD Technical Breakdown


Pivot Point: 0.5837


Ichimoku Cloud:

The NZD/USD pair is trading above its pivot point and nearing the resistance level at 0.5920, indicating a bullish sentiment. Traders should watch out for potential bearish reversals if the pair starts moving below its pivot point.


RSI:

Currently, there's no RSI data provided, but traders are advised to keep an eye on the RSI level for any signs of divergence or potential oversold/overbought conditions.


🎯 Take Profit Targets for Long Positions:

1st Resistance (Profit Target): 0.5889

2nd Resistance (Profit Target): 0.5905

3rd Resistance (Profit Target): 0.5920


❌ Stop Loss Targets for Long Positions:

1st Support (Stop Loss): 0.5816

2nd Support (Stop Loss): 0.5795

3rd Support (Stop Loss): 0.5764


📊 Trading Suggestion:

Given the bullish sentiment reflected in the current trend, traders might consider taking long positions. However, always be on the lookout for potential reversals, especially as the pair nears the resistance at 0.5920. Implement stop losses at the defined levels to ensure risk management.

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

🟢 AUD/USD Technical Breakdown


Pivot Point: 0.63750


Ichimoku Cloud:

The AUD/USD pair is currently trading above its pivot point, hinting at bullish sentiment. As the pair approaches the resistance level at 0.6423, traders should be vigilant for potential bearish reversals, especially if the price dips below the pivot.


RSI:

The RSI stands at 63.92, inching closer to the overbought territory. While not entirely there, traders should be aware of the potential overbought signals and any signs of divergence.


🎯 Take Profit Targets for Long Positions:


1st Resistance (Profit Target): 0.6386

2nd Resistance (Profit Target): 0.6409

3rd Resistance (Profit Target): 0.6423


❌ Stop Loss Targets for Long Positions:


1st Support (Stop Loss): 0.6357

2nd Support (Stop Loss): 0.6334

3rd Support (Stop Loss): 0.6301


📊 Trading Suggestion:

Considering the prevalent bullish sentiment, traders might ponder initiating long positions. However, vigilance is key, especially as the pair edges closer to the 0.6423 resistance level. It's paramount to set stop losses at the recommended points to manage risk efficiently.


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

🟢 USD/CAD Technical Overview

Pivot Point: 1.3699


Ichimoku Cloud:

Currently, the USD/CAD pair is moving in the vicinity of its pivotal mark of 1.3699. The bearish trend indicated suggests that traders should be on the lookout for potential drops and establish their strategies accordingly.


Relative Strength Index (RSI):

With no specific RSI provided, it's always crucial for traders to check this metric. A high RSI could indicate overbought conditions, while a low one might suggest the currency is oversold. Keeping an eye on the RSI can offer hints on potential reversals or continuation of the trend.


🎯 Take Profit Objectives for Bearish Trades:


1st Support (Profit Target): 1.3659

2nd Support (Profit Target): 1.3627

3rd Support (Profit Target): 1.3587


❌ Stop Loss Recommendations for Bearish Trades:


1st Resistance (Stop Loss): 1.3731

2nd Resistance (Stop Loss): 1.3771

3rd Resistance (Stop Loss): 1.3803


📊 Trade Proposition:

Given the prevailing bearish trend, traders should consider entering short positions, capitalizing on potential drops.


Monitoring crucial support and resistance levels will be instrumental in refining entry and exit points. As with any trading decision, it's essential to combine technical analysis with other indicators and fundamental news.


 

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.

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.

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