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Technical Analysis:Your Daily Dose of Market Insights, May 11, 2023

US equity futures inched higher on Thursday as signs of slowing inflation spurred hopes for monetary easing. Oil advanced for the fourth session in five as easing US inflation weakened the dollar and traders assessed interruptions to supplies. BOE rate decision today.

Key events today.

“Intraday forex trading signals". Our top forex trades for today, we look at the technicals and fundamentals to generate profits daily on the most traded correlated assets in the world.

 

Dollar Index (ICE)‎ intraday: Bearish

Pivot: 101.50

Our preference:

Short positions below 101.50 with targets at 101.20 & 100.91 & 100.61 in extension.


Alternative scenario:

Above 101.50 look for further upside with 101.79 & 102.09 & 102.38 as targets.


Comment:

Looking at the H4 chart, our overall bias for Dollar Index is bearish as the current price is currently heading below the Ichimoku cloud, in a downtrend. The RSI is neutral. Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

DXY Dollar Index  forex currency and commodities price bar chart with green & red candles showing a trading trend over a 4 hour time frame; indicators include moving average and Bollinger bands plus Relative strength indicator.

Gold Intraday: Choppy price action with a bearish bias


Pivot: 2034.13


Our preference:

Below 2034.13 look for further downside with 2020.12 & 2007.47 & 1993.46 as targets.


Alternative scenario:

Long positions above 2034.13 with targets at 2046.78 & 2060.79 & 2073.44 in extension.


Comment:

Looking at the H4 chart, our overall bias for XAU/USD is slightly bearish as the current price is now in the Ichimoku cloud indicating a potential downtrend. The RSI is in a neutral area with downward momentum.

Gold XAU/USD  forex currency and commodities price bar chart with green & red candles showing a trading trend over a 4 hour time frame; indicators include moving average and Bollinger bands plus Relative strength indicator.

USD/JPY Intraday: Bearish

Pivot: 134.65

Our preference:

Short positions below 134.65 look for further downside with 133.83 & 133.31 & 132.49 as targets.


Alternative scenario:

Long above 134.65 with targets at 135.17 & 135.99 & 136.51 in extension.


Comment:

Looking at the H4 chart, our overall bias for USDJPY is bearish as the current price is currently below the Ichimoku cloud indicating a downtrend. RSI has further downward momentum. Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

USD/JPY  forex currency and commodities price bar chart with green & red candles showing a trading trend over a 4 hour time frame; indicators include moving average and Bollinger bands plus Relative strength indicator.

AUD/USD Intraday: Bullish

Pivot: 0.6781


Our preference:

Long positions above 0.6781 with targets at 0.6818 & 0.6857 & 0.6894 in extension.


Alternative scenario:

Short below 0.6781 look for further downside with 0.6742 & 0.6705 & 0.6666 as targets.


Comment:

Looking at the H4 chart, our overall bias for AUDUSD is bullish as the price is above the Ichimoku cloud in an uptrend. The RSI is heading for neutral. Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

AUD/USD  forex currency and commodities price bar chart with green & red candles showing a trading trend over a 4 hour time frame; indicators include moving average and Bollinger bands plus Relative strength indicator.

Crude Oil (WTI)‎ West Texas Intermediate: : Bullish


Pivot: 72.74


Our preference:

Long positions above 72.74 with targets at 73.68 & 74.80 & 75.74 in extension.

targets.


Alternative scenario:

Short positions below 72.74 look for further downside with 71.62 & 70.68 & 69.56 as targets.


Comment:

Looking at the H4 chart, our overall bias for WTI is a bullish bias as the price is above the Ichimoku cloud. The RSI shows upside momentum.

WTI Crude oil commodities price bar chart with green & red candles showing a trading trend over a 4 hour time frame; indicators include moving average and Bollinger bands plus Relative strength indicator.

USD/CAD Intraday: Bearish

Pivot: 1.3375


Our preference:

Short positions below 1.3375 look for downside with 1.3334 & 1.3294 & 1.3253 as targets.


Alternative scenario:

Long positions above 1.3375 with targets at 1.3415 & 1.3456 & 1.3496 in extension.


Comment:

Looking at the H4 chart, our overall bias for USDCAD remains bearish, as the current price is below the Ichimoku cloud. The RSI shows is heading for neutral. Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

USD/CAD forex currency and commodities price bar chart with green & red candles showing a trading trend over a 4 hour time frame; indicators include moving average and Bollinger bands plus Relative strength indicator.

EUR/USD Intraday: Bearish (choppy)

Pivot: 1.098

Our preference:

Short positions below 1.098 look for downside with 1.095 & 1.091 & 1.088 as targets.


Alternative scenario:

Long positions above 1.098 with targets at 1.101 & 1.104 & 1.108 in extension.


Comment:

Looking at the H4 chart, our overall bias for EUR/USD is bearish as the current price is below the Ichimoku cloud signifying a downtrend. The RSI is neutral. Intraday technical indicators are mixed and call for caution.

EUR/USD forex currency and commodities price bar chart with green & red candles showing a trading trend over a 4 hour time frame; indicators include moving average and Bollinger bands plus Relative strength indicator.

GBP/USD Intraday: Bullish/ Consolidation ( Caution rates decision will influence price)

Pivot: 1.264

Our preference:

Long positions above 1.264 look for further upside with 1.267 & 1.272 & 1.275 as targets.


Alternative scenario:

Short positions below 1.264 with targets at 1.259 & 1.256 & 1.251 in extension.


Comment:

Looking at the H4 chart, our overall bias for GBPUSD remains bullish as the current price is above the Ichimoku cloud. The RSI is neutral. Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

GBP/USD forex currency and commodities price bar chart with green & red candles showing a trading trend over a 4 hour time frame; indicators include moving average and Bollinger bands plus Relative strength indicator.

Nasdaq 100 Intraday: Bullish


Pivot:

13,312

Our preference:

Long positions above 13,312 with targets at 13,419 & 13,491 & 13,599 in extension.


Alternative scenario:

Below 13,312 look for further downside with 13,240 & 13,132 & 13,060 as targets.


Comment:

Looking at the H4 chart, our overall bias for Nasdaq 100 is bullish as the current price is above the Ichimoku cloud. The RSI shows further upward momentum.

Nasdaq stock price index forex currency and commodities price bar chart with green & red candles showing a trading trend over a 4 hour time frame; indicators include moving average and Bollinger bands plus Relative strength indicator.

“Intraday forex trading signals". Our top forex trades for today, we look at the technicals and fundamentals to generate profits daily on the most traded correlated assets in the world.

 

Our website offers information about investing, trading and saving, but not personal advice. If you're not sure which investments are right for you, please request advice, for example from your financial advisers. If you decide to invest or trade, remember that investments can go up and down in value, so you could get back less than you put in. ©2023 by Chump Profit.

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