top of page

Technical Analysis: Intraday Forex Signals, October 25, 2023

Headlines That Matter Today:

  • The Australian Dollar Climbs on RBA’s Hawkish Stance

  • Eurozone Economic Slowdown Sends EUR/USD Tumbling

  • Oil Prices Steady Amid Israel-Hamas Conflict

  • Gold Remains A Stronghold Despite Dollar Rally

Key Data and Events To Watch

  • Euro Zone Lending

  • German IFO Business Climate

  • Canada Rate Decision

  • US New Home Sales

forex factory economic calendar
9.35pm GMT, Fed Chair Powell Speaks

DXY/Dollar Index  Bar chart showing forex and commodities prices, green/red candles depict daily trading trends. Includes moving average, Bollinger bands, and RSI.
Dollar Index has risen in the past two sessions

"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

🟢 Gold (XAUUSD) Technical Breakdown


Direction: Buy (BULLISH)


Pivot Point: Gold price is currently hovering around 1969.33, a pivotal zone that might influence the short-term price direction.


Ichimoku Cloud: Gold price is trading above the Ichimoku cloud, signifying a potential upward momentum and bullish sentiment in the market.


RSI: The Relative Strength Index (RSI) is slightly above the 50-mark, indicating a mild bullish momentum but cautioning traders as it is not in the overbought region yet.


🎯 Take Profit Targets:

  • 1st Resistance: 1983.91

  • 2nd Resistance: 1995.03

  • 3rd Resistance: 2009.61

Stop Loss Targets:

  • 1st Support: 1943.63

  • 2nd Support: 1932.51

  • 3rd Support: 1958.21

📊 Trading Suggestion: Considering the bullish signs from both the Ichimoku Cloud and the RSI, traders might consider buying gold at the current price level.


It is essential to keep an eye on the resistance and support zones mentioned, adjusting the trading strategy accordingly to market movements.


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 Technical Breakdown, Bullish


Pivot Point: $84.29


RSI: The Relative Strength Index is below 50, signalling that WTI may be in the oversold territory, hinting at a possible price recovery.


Ichimoku Cloud: The Ichimoku Cloud shows a bearish sentiment as WTI remains below the cloud, indicating potential downward movement.


Based on the given preference, the RSI indicates a possible bullish scenario while the Ichimoku Cloud suggests bearishness. Let's arrange the targets based on a bullish (buy) preference:


🎯 Take Profit Targets:

1st Resistance: $85.65

2nd Resistance: $87.65

3rd Resistance: $89.01


❌ Stop Loss Targets:

1st Support: $82.29

2nd Support: $80.93

3rd Support: $78.93


📊 Trading Suggestion: Given the oversold RSI, traders might consider buying WTI. Set stop losses just below the first support level. Keep an eye on the Ichimoku Cloud; if WTI crosses into the cloud, it might change the trend direction. Always stay updated with oil-related news that could influence prices.


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


Preference: Buy


Pivot Point: The EUR/USD is gravitating around a significant pivot point, indicating a decisive moment for the pair.


Ichimoku Cloud: The pair has recently broken above the Ichimoku Cloud, signifying a bullish momentum.


RSI: The RSI is trending above the 40 mark, hinting that the pair is gaining strength and is not in an oversold territory.


🎯 Take Profit Targets:

1st Resistance: 1.078

2nd Resistance: 1.084

3rd Resistance: 1.090


❌ Stop Loss Targets:

1st Support: 1.066

2nd Support: 1.060

3rd Support: 1.055


📊 Trading Suggestion: Given the current bullish indicators, traders might consider initiating long positions, targeting the specified resistance levels. However, it's crucial to set stop-loss orders at the indicated support levels to protect against unexpected downturns.


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


Direction: SELL (Bearish Bias)


Pivot Point: 1.2207


Ichimoku Cloud: The pair is currently trading below the Ichimoku cloud, suggesting a bearish sentiment.


RSI: The RSI stands at 54.62, indicating that the pair is approaching the overbought territory but hasn't reached it yet.


🎯 Take Profit Targets:


1st Support: 1.211


2nd Support: 1.206


3rd Support: 1.197



❌ Stop Loss Targets:


1st Resistance: 1.225


2nd Resistance: 1.234


3rd Resistance: 1.239


📊 Trading Suggestion: Given the bearish bias of GBP/USD underpinned by the Ichimoku cloud and nearing overbought RSI level, traders may consider initiating short positions.


However, close monitoring of support levels is crucial to mitigate potential risks.


Always remember to adjust positions based on real-time market conditions and employ proper risk management strategies.

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


Buy/Sell: Buy


Pivot Point: The USDJPY is currently hovering around the 149.723 mark.


Ichimoku Cloud: The pair is trading above the Ichimoku cloud, indicating a potential bullish trend in the near term.


RSI: The RSI is floating around the 50 mark, suggesting a balanced momentum with a slight inclination towards a bullish sentiment.


🎯 Take Profit Targets:

1st Resistance: 150.117

2nd Resistance: 150.323

3rd Resistance: 150.717


❌ Stop Loss Targets:

1st Support: 149.517

2nd Support: 149.123

3rd Support: 148.917


📊 Trading Suggestion: Considering the bullish indicators from the Ichimoku Cloud and the RSI, traders might consider initiating a long position on USDJPY, aiming for the mentioned resistance levels while maintaining a stop loss at the specified support levels to protect the capital.


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


Direction: Buy (BULLISH)


Pivot Point: Currently, the USDCHF price seems to be consolidating around the marked pivot point area.


Ichimoku Cloud: The currency pair is trading below the Ichimoku cloud, signaling bearish dominance in the recent past. However, potential bullish reversals may be on the horizon.


RSI: The RSI is currently hovering around the 45 mark, indicating a neutral momentum but showing early signs of a potential upward shift.


🎯 Take Profit Targets:


1st Resistance: 0.896

2nd Resistance: 0.899

3rd Resistance: 0.902


❌ Stop Loss Targets:


1st Support: 0.890

2nd Support: 0.886

3rd Support: 0.883


📊 Trading Suggestion: The USDCHF is showing signs of a potential bullish reversal. Consider entering a buy position with an eye on the mentioned resistance levels.


However, always set your stop loss to protect your capital and be cautious of the dynamic nature of the forex market.


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


Direction: SELL (Bearish)


Pivot Point: 0.5849


Ichimoku Cloud: The NZD/USD pair is currently trading below the Ichimoku cloud, indicating a bearish sentiment.


RSI: The RSI is oscillating around the 50 mark, hinting at indecision but leaning towards a bearish momentum.


🎯 Take Profit Targets:


1st Support: 0.5824

2nd Support: 0.5803

3rd Support: 0.5778


❌ Stop Loss Targets:


1st Resistance: 0.5870

2nd Resistance: 0.5895

3rd Resistance: 0.5916


📊 Trading Suggestion: Considering the current bearish sentiment below the Ichimoku cloud and the RSI position, traders might look into shorting NZD/USD at the current level, targeting the above-mentioned resistance levels, while setting stop-losses at the provided supports.


Always monitor market news and fundamentals that can impact this currency 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

🟢 AUD/USD Technical Breakdown


Direction: SELL/BEARISH


Pivot Point: 0.6355


Ichimoku Cloud: The price is below the Ichimoku cloud, indicating potential bearish momentum.


RSI: The RSI is slightly above the midpoint at around 55.20, suggesting that the pair might still have room to move lower before entering oversold territory.


🎯 Take Profit Targets (for short positions):


1st Target: 0.6330


2nd Target: 0.6300


3rd Target: 0.6275


❌ Stop Loss Targets (for short positions):


1st Level: 0.6380


2nd Level: 0.6405


3rd Level: 0.6430


📊 Trading Suggestion: Given the price's position relative to the Ichimoku cloud and the current RSI reading, traders might look to enter short positions.


Use the levels above as potential take profit and stop loss points, adjusting as market conditions change. Prioritise risk management to safeguard your investments.


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

🟢 USDCAD Technical Breakdown


Direction: Buy


Pivot Point: 1.3720


Ichimoku Cloud: The price action is currently above the Ichimoku cloud, indicating a potential bullish trend.


RSI: The RSI is above 50 and has an upward trajectory, suggesting the momentum is leaning towards the bullish side.


🎯 Take Profit Targets:


1st Resistance: 1.3779


2nd Resistance: 1.3816


3rd Resistance: 1.3875


❌ Stop Loss Targets:


1st Support: 1.3683


2nd Support: 1.3624


3rd Support: 1.3587


📊 Trading Suggestion: Given the bullish indications from both the Ichimoku Cloud and RSI, along with the price position relative to the pivot point, consider a buy position targeting the resistance levels while keeping a close eye on the provided stop loss supports.


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

🟢 EURGBP Technical Breakdown


Direction: BUY


Pivot Point: 0.8708


Ichimoku Cloud: The EURGBP is currently hovering above the Ichimoku cloud, indicating a bullish sentiment in the short term.


RSI: The RSI stands at 54.74, suggesting a neutral momentum, but it has been inching upwards, hinting at potential bullish strength.


🎯 Take Profit Targets:


1st Resistance: 0.8733


2nd Resistance: 0.8758


3rd Resistance: 0.8783


❌ Stop Loss Targets:


1st Support: 0.8683


2nd Support: 0.8658


3rd Support: 0.8633


📊 Trading Suggestion: Given the current technical indicators, traders might consider initiating a buy order with a cautious approach, closely monitoring the 1st resistance level. Adjusting the stop-loss near the first support level would mitigate potential downside risks.

 

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.


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.



Vantage Markets bonus offer sales banner

Commenti


I commenti sono stati disattivati.
bottom of page