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Technical Analysis: Intraday Forex Signals, October 30, 2023

Headlines That Matter Today:

  • Oil Prices Decline, Brent Crude Drops Below $89

  • S&P 500 Futures Gain 0.3% Despite Previous Fall

  • Dollar Remains Stable Against Major Currencies

  • 10-Year Treasury Yield Increases by Four Basis Points

  • Gold Prices Slip, Staying Around $2,000

  • Asian Markets Down; Australian, Japanese, Hong Kong Equities Fall

  • VIX Index Rises to Above 21

  • Central Bank Meetings Scheduled in Japan, US, and UK

  • US Treasury to Unveil Quarterly Bond Sales Plan


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.
๐ŸŸข XAU/USD (Gold) Technical Breakdown

Trading Pair: XAUUSD (Gold)


Trade Direction: BULLISH


Indicators:

Volume: Volume bars in the provided chart seem consistent, with some spikes in trading activity visible.


Moving Average: The price appears to be trending above the moving average, indicating bullish momentum.


Ichimoku Cloud: The price is currently above the Ichimoku Cloud, reinforcing the bullish trend.


RSI (Relative Strength Index): The RSI seems to be approaching overbought territory, suggesting potential bullish exhaustion in the near future.


Pivot Point: 1997.23

๐ŸŽฏ Profit Targets:

Buy Direction:

  • 1st Resistance: 2017.78

  • 2nd Resistance: 2029.63

  • 3rd Resistance: 2050.18

Sell Direction:

  • 1st Support: 1985.38

  • 2nd Support: 1964.83

  • 3rd Support: 1952.98

โŒ Stop Loss:Buy Direction: Use the Support levels as stop loss.


Suggestion: Considering the bullish indicators, it's advisable to enter a long position targeting the mentioned resistance levels.


However, monitoring the RSI for signs of overbought conditions is essential to avoid potential reversals. Ensure to place stop losses at the recommended support levels to mitigate 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.
West Texas Intermediate (WTI) crude oil

Trading Pair: WTI (West Texas Intermediate)


Trade Direction: BULLISH


Indicators:


Last Friday

Open: 84.85

High: 86.59

Low: 83.79

Close: 87.65


Volume: The volume bars in the chart suggest that the trading activity has remained fairly consistent with slight fluctuations.


Moving Average: The WTI price is currently fluctuating around the moving average, with recent candles showing it breaking above the moving average, suggesting potential bullish momentum.


Ichimoku Cloud: The price is currently within the Ichimoku Cloud, which typically indicates a zone of equilibrium where the buying and selling pressures are relatively balanced.


RSI (Relative Strength Index): The RSI is fluctuating around the mid-level, neither indicating an overbought nor oversold condition, suggesting a neutral momentum.


Pivot Point: The pivot point has been marked on the chart.


๐ŸŽฏ Profit Targets:


Buy Direction:

1st Resistance: 89.39

2nd Resistance: 92.00 (estimated from the chart)

3rd Resistance: 95.00 (estimated from the chart)


โŒ Stop Loss:


Buy Direction: Use the 80.99 support level as a stop loss.


Suggestion: Given the recent bullish momentum and the price breaking above the moving average, it might be a good opportunity to consider a buy trade, targeting the resistance levels mentioned above.


Ensure to place a stop loss at 80.99 to manage potential downside risk. Always consult with a financial advisor before making any trading decisions.


EUR/USD Bar chart showing forex and commodities prices, green/red candles depict daily trading trends. Includes moving average, Bollinger bands, and RSI.
๐ŸŸข EUR/USD

Trading Pair: EURUSD


Trade Direction: BEARISH


Indicators:


Volume: The volume bars show a mixed trend, with no pronounced increase or decrease in recent sessions. The recent spike in volume without significant price movement may indicate a potential period of consolidation.


Moving Average: The price is currently below the moving average, indicating a potential bearish sentiment.


Ichimoku Cloud: The price is below the Ichimoku Cloud, reinforcing the bearish outlook.


RSI (Relative Strength Index): RSI is around the 50 level, suggesting the market is in a neutral state. However, the declining trend in RSI does hint towards potential bearish momentum.


Pivot Point: The pivot point is marked on the chart. Price is trading around this level, indicating it might act as a key level of resistance or support.


๐ŸŽฏ Profit Targets:


Sell Direction:

1st Support: 1.050

2nd Support: 1.047

3rd Support: Consider the next significant low on the chart or use technical indicators to determine this level.


โŒ Stop Loss:


Sell Direction: Use the Resistance levels as stop loss, which can be set slightly above the recent highs, for example, 1.066.


Suggestion: Given the overall bearish trend, the position below the moving average, and the price being under the Ichimoku Cloud, consider entering a short/sell position.


However, traders should be cautious about the RSI's neutral reading and ensure their trade aligns with their overall strategy and risk tolerance.

GBP/USD Bar chart showing forex and commodities prices, green/red candles depict daily trading trends. Includes moving average, Bollinger bands, and RSI.
๐ŸŸข GBP/USD

Trading Pair: GBPUSD


Trade Direction: Given the chart's most recent pattern and trendline, the direction seems to be BEARISH.


Indicators:


Volume: The volume bars seen in the chart have recently shown some spikes, particularly with the latest candlesticks. The volume seems to be increasing, signaling stronger selling interest.


Moving Average: The price is below the moving average, which typically signals a bearish sentiment.


Ichimoku Cloud: The price is currently below the Ichimoku cloud, further affirming the bearish sentiment.


RSI (Relative Strength Index): The RSI is below 50 and appears to be in the lower regions, indicating potential oversold conditions. However, it hasn't reached the extreme oversold threshold yet.


Pivot Point: Your chart has indicated the pivot point, and it's placed slightly above the current price.


๐ŸŽฏ Profit Targets:


Sell Direction:


1st Support: Based on the chart, the immediate support after the recent low can be placed around 1.207.

2nd Support: The next significant support appears to be near 1.204.

3rd Support: Extended bearish movement might target the 1.200 psychological level.


โŒ Stop Loss:


Sell Direction: Use the Resistance levels as stop loss. Considering the pivot point and the recent highs, a stop loss slightly above 1.221 might be suitable.


Suggestion: Given the current bearish sentiment, traders might consider entering a short position with the aforementioned profit targets and stop loss.

USD/JPY Bar chart showing forex and commodities prices, green/red candles depict daily trading trends. Includes moving average, Bollinger bands, and RSI.
๐ŸŸข USD/JPY

Trading Pair: USDJPY


Trade Direction: BULLISH


Indicators:


Volume: The volume bars in the chart show mixed trading, but there seems to be a slight increase in volume, signaling growing interest in this pair.


Moving Average: The price is above the moving average, indicating bullish momentum.


Ichimoku Cloud: The price is above the Ichimoku Cloud, supporting the bullish outlook.


RSI (Relative Strength Index): The RSI is above 50 but has not reached overbought levels, suggesting there's still room for upside.


Pivot Point: The pivot point is clearly marked on the chart.


๐ŸŽฏ Profit Targets:


Buy Direction:

1st Resistance: 150.807

2nd Resistance: 151.193

3rd Resistance: Let's target an extended move towards 152.000, based on overall bullish momentum.


โŒ Stop Loss:

Buy Direction: Use the 148.887 level as a stop loss.


Suggestion: Considering the bullish indicators, entering a buy trade with a stop loss at 148.887 and targeting the resistance levels mentioned above could offer a favorable risk-to-reward ratio.

USD/CHF Bar chart showing forex and commodities prices, green/red candles depict daily trading trends. Includes moving average, Bollinger bands, and RSI.
๐ŸŸข USD/CHF

Trading Pair: USDCHF


Trade Direction: BULLISH


Indicators:


Volume: The volume bars in the chart show an inconsistent pattern, with some peaks seen. Given the bullish context, this indicates a potential buildup of buying pressure.


Moving Average: The price is currently positioned above the moving average, hinting at an ongoing bullish trend.


Ichimoku Cloud: The USDCHF pair is situated just at the edge of the Ichimoku Cloud, signaling potential bullish momentum if it stays above the cloud.


RSI (Relative Strength Index): The RSI is situated above the 50 mark, showing that the buying momentum is currently stronger than the selling momentum.


Pivot Point: The pivot point is marked on the chart, serving as a key reference level for the trade.


๐ŸŽฏ Profit Targets:


Buy Direction:

1st Resistance: 0.905

2nd Resistance: 0.910

3rd Resistance: Not Specified (Use discretion based on further price movement and indicators)


โŒ Stop Loss:

Buy Direction: Use the Support level of 0.894 as a stop loss.


Suggestion: Based on the combined analysis of the above indicators, it's advisable to consider entering a buy position for the USDCHF currency pair, targeting the resistance levels for profit. Ensure you place a stop loss at 0.894 to safeguard your position.

NZD/USD Bar chart showing forex and commodities prices, green/red candles depict daily trading trends. Includes moving average, Bollinger bands, and RSI.
๐ŸŸข NZD/USD

Trading Pair: NZDUSD


Trade Direction: BEARISH


Indicators:


Volume: The volume bars indicate increasing selling pressure as the trade direction is bearish.


Moving Average: The price is currently below the moving average, supporting the bearish sentiment.


Ichimoku Cloud: The price is below the Ichimoku Cloud, further indicating a bearish trend.


RSI (Relative Strength Index): The RSI is trending downwards and is approaching the oversold territory, suggesting the bearish momentum might continue.


Pivot Point: The pivot point has been marked on the chart.


๐ŸŽฏ Profit Targets:


Sell Direction:

1st Support: 0.5780

2nd Support: 0.5756

3rd Support: (A level lower than the 2nd support, considering the downtrend. Actual level might be observed in real-time charts).


โŒ Stop Loss:

Sell Direction: Use the Resistance levels as stop loss, which can be set around the 0.5873 mark.


Suggestion:

Considering the bearish indicators and the fact that the NZDUSD price is below the moving average and the Ichimoku Cloud, traders might consider entering a sell position. However, it's essential to monitor the RSI as it approaches oversold conditions, which could indicate a potential reversal in the near future.

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)."
๐ŸŸข AUD/USD

Trading Pair: AUDUSD


Trade Direction: BULLISH


Indicators:


Volume: The volume bars show a mixed pattern, but there's a slight increase in the most recent bars which can indicate buying interest.


Moving Average: The price is oscillating around the moving average, suggesting a consolidation phase.


Ichimoku Cloud: The price is currently testing the lower boundary of the Ichimoku Cloud, indicating potential support.


RSI (Relative Strength Index): RSI is in the neutral zone, suggesting neither overbought nor oversold conditions.


Pivot Point: The pivot point is marked on the chart, around 0.6350.


๐ŸŽฏ Profit Targets:


Buy Direction:

1st Resistance: 0.6390

2nd Resistance: 0.6412

3rd Resistance: 0.6450 (estimated based on previous highs)



โŒ Stop Loss:

Buy Direction: Use the 0.6262 level as a stop loss.



Suggestion: Consider a long position given the bullish indicators and the fact that the price is testing the Ichimoku Cloud's lower boundary for support. Set stop losses and targets as mentioned above. Always use proper risk management.


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)."
๐ŸŸข USDCAD

Trading Pair: USDCAD


Trade Direction: BULLISH


Indicators:


Volume: The volume bars have been relatively consistent, indicating a stable interest in the pair.

Moving Average: The price is currently above the moving average, which may indicate bullish momentum.


Ichimoku Cloud: The USDCAD pair is trading above the Ichimoku Cloud, suggesting a potential bullish trend.


RSI (Relative Strength Index): The RSI is hovering above the 60 mark, indicating a bullish momentum, but it's also a sign to watch out for potential overbought conditions.


Pivot Point: As marked on the chart.


๐ŸŽฏ Profit Targets:

Buy Direction:

  • 1st Resistance: 1.3905

  • 2nd Resistance: 1.3991

  • 3rd Resistance: 1.4050 (estimated, beyond the given data)

โŒ Stop Loss:


Buy Direction: 1.3733


Suggestion: The combined analysis of the indicators suggests a bullish trend for the USDCAD pair. Traders might consider entering a buy trade, targeting the resistance levels mentioned.


However, it's essential to set a stop loss at 1.3733 to protect against potential downside movements.

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

Trading Pair: EURGBP

Trade Direction: BULLISH


Indicators:


Volume: The volume bars seem to be mixed with both buying and selling pressure, with no consistent trend in recent days.


Moving Average: The price is currently above the moving average, indicating bullish momentum.


Ichimoku Cloud: The price is above the Ichimoku Cloud, suggesting a bullish sentiment.


RSI (Relative Strength Index): The RSI is trending upwards but is still below the overbought level, indicating that there might be more room for the price to go up.


Pivot Point: The pivot point for this analysis would be 0.867.


๐ŸŽฏ Profit Targets:

Buy Direction:

  • 1st Resistance: 0.873

  • 2nd Resistance: 0.875

  • 3rd Resistance: 0.876

โŒ Stop Loss:

Buy Direction: Use 0.867 as stop loss.


Suggestion: Given the bullish indicators and the upward momentum, consider entering a long position on EURGBP. The 1st resistance of 0.873 can be an area to watch for potential profit-taking, followed by 0.875 and 0.876.


Always remember to set a stop loss around 0.867 to protect against potential reversals.


Disclaimer: Trading forex involves a significant risk of loss. Ensure you fully understand the risks involved and seek independent advice if necessary.

ย 

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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.


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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. ยฉ2023 by Chump Profit.


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