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Today's Forex Signals: Technical Analysis : December 18, 2023

  • Asia Stock Market Downturn: Shares in Japan, Hong Kong, and Australia witness notable declines amid tempered expectations of aggressive Fed rate cuts in 2024.

  • Federal Reserve's Stance: US Federal Reserve officials counter expectations of significant rate reductions, impacting global market sentiments.

  • Treasury Yields and Dollar Stability: Two-year Treasury yields see a reversal; the US dollar remains steady in the wake of recent Fed statements.

  • Global Central Bankers' Response: Central bankers across the US, Europe, and Canada voice concerns over premature rate cut expectations, influencing market dynamics.

  • Bank of Japan's Upcoming Decision: Speculation grows around the Bank of Japan potentially ending negative interest rates, with significant attention on their upcoming policy meeting.

  • Commodities Market Movement: Gold and oil prices show an uptick; Red Sea shipping disruptions raise concerns about goods disinflation.

  • Key Global Events This Week: ECB's fiscal policy conference, Jimmy Lai's court appearance in Hong Kong, and Nasdaq 100 index reconstitution among notable events.

  • Market Watch for BOJ Policy Meeting: Asian markets display caution ahead of the Bank of Japan's policy meeting, with potential implications for global markets.

  • Fed's Inflation Measure Anticipation: Market anticipation builds for the upcoming core PCE inflation data from the Fed, with implications for future rate adjustments.


DXY Dollar Index, A financial chart depicting the with technical indicators including candlesticks, Bollinger Bands, Ichimoku Cloud, and volume bars. The chart also features an RSI indicator below, signalling recent market volatility.
Dollar Index

Today's Intraday Forex Signals


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Intraday Forex Signal: XAUUSD


Pair: XAUUSD (Gold Spot vs. U.S. Dollar)


📈 Trade Direction: BULLISH

Given the recent surge above the pivot point of 2026.61, and the price currently positioning above the first support level, the market sentiment for XAUUSD appears bullish.


🎲 Trade Probability: 70%

The probability of continued upward momentum is high, considering the price action and technical indicators.


📊 Friday's Trend

The trend for the previous day showed a substantial upward movement, closing near the day's highs, suggesting strong buying interest.


🔄 Pivot Point Analysis

The current price is above the pivot point, typically a bullish sign. Traders might look for buying opportunities as long as the price stays above this level.


Indicators:

  • Volatility: The widening of Bollinger Bands indicates increasing volatility, often a precursor to significant price moves.

  • Moving Average (MA): Price is above the Moving Average, signaling bullish conditions.

  • Ichimoku: The price is above the cloud, suggesting that the path of least resistance is upwards.

  • RSI: The Relative Strength Index is trending upwards, nearing overbought territory but still indicative of strong momentum.

  • Bollinger Bands: Price is challenging the upper band, a sign of strength.


🎯 Targets for Taking Profits:

  • 1st Resistance Level: 2037.26

  • 2nd Resistance Level: 2055.07

  • 3rd Resistance Level: 2065.72


❌ Stop Loss Guidelines:

  • Buy: If going long, set the stop loss below the 1st support level at 2008.80 to protect against a shift in market sentiment.


✅ Suggestion:

Consider entering a long position with a stop loss at 2008.80, targeting successive resistance levels for profit-taking. Monitor the price action closely and be prepared to adjust stop losses and take profits as the market moves.


Intraday Forex Signal: WTI (Crude Oil)


Pair: WTI (West Texas Intermediate Crude Oil)


📈 Trade Direction: BEARISH

The chart shows the WTI price struggling to sustain gains, currently fluctuating near the pivot point of 71.32, indicating a lack of strong bullish momentum.


🎲 Trade Probability: 60%

The likelihood of a downward trend continuation is moderate, based on the current position of the price relative to the pivot point and the technical indicators.


📊 Friday's Trend

The previous day's trend displayed a decline towards the pivot point, suggesting bearish sentiment in the market.


🔄 Pivot Point Analysis

The price is teetering around the pivot point, which could act as a fulcrum for the day's price action, with a potential to tilt towards a bearish trend.


Indicators:

  • Volatility: Bollinger Bands are starting to contract, indicating a decrease in volatility and potential consolidation.

  • Moving Average (MA): The price is wavering around the Moving Average, suggesting indecision in the market trend.

  • Ichimoku: Price action is near the cloud, indicating a possible change in trend direction.

  • RSI: The Relative Strength Index is showing a decline towards the midline, pointing to diminishing bullish strength.

  • Bollinger Bands: The price is hugging the lower band, indicating potential bearish pressure.


🎯 Targets for Taking Profits:

  • 1st Support Level: 70.41

  • 2nd Support Level: 69.40

  • 3rd Support Level: 68.49


❌ Stop Loss Guidelines:

  • Sell: If going short, set the stop loss just above the 1st resistance level at 72.33 to limit potential losses from an unexpected bullish reversal.


✅ Suggestion:

Consider initiating a short position with a stop loss at 72.33, taking profit at the designated support levels if the price continues to exhibit bearish behavior. Stay vigilant for any signs of trend reversal or breakouts.



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Intraday Forex Signal: EURUSD (Euro / U.S. Dollar)


Pair: EURUSD (Euro / U.S. Dollar)


📈 Trade Direction: BULLISH

The EURUSD pair is showing a bullish trend as it is trading above the pivot point of 1.093 and has recently surpassed the first resistance level.


🎲 Trade Probability: 65%

The likelihood of the bullish trend continuing is moderately high, given the current trajectory above the pivot point and moving averages.


📊 Friday's Trend

Yesterday showed an upward trend, with the pair closing near the day's high, indicating a strong bullish momentum.


🔄 Pivot Point Analysis

The pair is currently trading above the pivot point, which usually acts as a bullish indicator for intraday traders.


Indicators:

  • Volatility: Bollinger Bands are moderately spaced, suggesting a stable volatility level that could support the continuation of the current trend.

  • Moving Average (MA): The pair is trading above the Moving Average, reinforcing the bullish trend.

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

  • RSI: The Relative Strength Index is in the upper region but not overbought, suggesting there is room for upward movement.

  • Bollinger Bands: The price is trading near the upper band, signaling that the market is in a strong upward trend.


🎯 Targets for Taking Profits:

  • 1st Resistance Level (Now Support): 1.097

  • 2nd Resistance Level: 1.105

  • 3rd Resistance Level: 1.109


❌ Stop Loss Guidelines:

  • Buy: If going long, set the stop loss just below the first support level at 1.085 to mitigate risk.


✅ Suggestion:

Consider entering a long position with a stop loss placed at 1.085. Aim for the next resistance levels of 1.105 and 1.109 as potential targets for taking profits. Monitor the market closely, as economic news releases can greatly influence the EURUSD pair's movements.



Intraday Forex Signal: GBPUSD (British Pound / U.S. Dollar)


Pair: GBPUSD (British Pound / U.S. Dollar)


📈 Trade Direction: BULLISH

The GBPUSD pair exhibits a bullish trend, currently trading just above the pivot point of 1.271 and heading towards the first resistance.


🎲 Trade Probability: 68%

The bullish sentiment is supported by the price's position relative to the pivot and technical indicators, suggesting a high likelihood of continued upward movement.


📊 Friday's Trend

Yesterday's trading session closed on a bullish note, with the pair ending higher and indicating strong buying pressure.


🔄 Pivot Point Analysis

The pair's current position above the pivot point is a common bullish signal for traders, suggesting potential for further gains.


Indicators:

  • Volatility: Bollinger Bands are moderately apart, indicating steady volatility that may continue to support the trend.

  • Moving Average (MA): Trading above the Moving Average further confirms the bullish trend.

  • Ichimoku: The price above the cloud signals bullish conditions are prevailing.

  • RSI: The Relative Strength Index is trending up, signaling increasing buying momentum.

  • Bollinger Bands: The current price near the upper band shows that the market may continue to push higher.


🎯 Targets for Taking Profits:

  • 1st Resistance Level (Now Support): 1.276

  • 2nd Resistance Level: 1.284

  • 3rd Resistance Level: 1.288


❌ Stop Loss Guidelines:

  • Buy: Set the stop loss below the first support level at 1.264 to protect against any downward price reversal.


✅ Suggestion:

Entering a long position with a stop loss at 1.264 could be considered, targeting the resistance levels at 1.284 and 1.288 for profit-taking. As always, maintain vigilance for news that can affect the GBPUSD rate and adjust your positions accordingly.



Intraday Forex Signal: USDJPY


Pair: USDJPY (U.S. Dollar / Japanese Yen)


📈 Trade Direction: BEARISH

The USDJPY pair shows a bearish trend as it has recently dropped below the pivot point of 142.020 and is facing downward pressure.


🎲 Trade Probability: 62%

The current technical setup suggests a moderate probability of continued bearish movement given the price action and indicators.


📊 Friday's Trend

The trend from the previous day was bearish, with the pair closing lower, which may indicate a continuation of this momentum.


🔄 Pivot Point Analysis

The price is currently below the pivot point, which is generally considered a bearish signal for intraday traders.


Indicators:

  • Volatility: The Bollinger Bands are starting to expand, which may signal an increase in volatility and potentially more pronounced price moves.

  • Moving Average (MA): The pair trading below the Moving Average supports the bearish outlook.

  • Ichimoku: The price is below the cloud, suggesting bearish conditions.

  • RSI: The Relative Strength Index is trending downward, indicating selling pressure.

  • Bollinger Bands: The price is approaching the lower band, which could indicate that the market may continue to fall.


🎯 Targets for Taking Profits:

  • 1st Support Level: 141.570

  • 2nd Support Level: 140.980

  • 3rd Support Level: 140.530


❌ Stop Loss Guidelines:

  • Sell: If going short, a stop loss could be placed above the first resistance level at 142.610 to manage risk effectively.


✅ Suggestion:

Consider a short position with a stop loss at 142.610, targeting the support levels for taking profits. Keep an eye on market news and economic data releases from both the U.S. and Japan, as these can significantly influence the USDJPY rate.



Intraday Forex Signal: USDCHF


Pair: USDCHF (U.S. Dollar / Swiss Franc)


📈 Trade Direction: BULLISH

The USDCHF pair appears to be in a slight bullish trend, having bounced off the first support level and currently hovering around the pivot point of 0.869.


🎲 Trade Probability: 58%

The probability of the bullish trend continuing is moderate due to the current proximity to the pivot point and mixed signals from the technical indicators.


📊 Friday's Trend

The previous session closed with a slight bullish inclination, indicating a potential for continuation of this trend.


🔄 Pivot Point Analysis

With the price near the pivot point, traders will likely look for confirmation of a sustained move above this level to reinforce the bullish outlook.


Indicators:

  • Volatility: Bollinger Bands are showing moderate volatility with no significant expansion or contraction.

  • Moving Average (MA): The pair is trading around the Moving Average, suggesting a tentative market sentiment.

  • Ichimoku: Price action is close to the Ichimoku cloud, indicating a possible trend establishment.

  • RSI: The Relative Strength Index is neutral, hovering around the midline, which does not indicate a strong momentum in either direction.

  • Bollinger Bands: The price is situated between the middle and upper bands, suggesting a mild bullish bias.


🎯 Targets for Taking Profits:

  • 1st Resistance Level: 0.873

  • 2nd Resistance Level: 0.875

  • 3rd Resistance Level: 0.879


❌ Stop Loss Guidelines:

  • Buy: If going long, a stop loss could be placed just below the first support level at 0.867 to manage potential downside risk.


✅ Suggestion:

Considering a long position might be appropriate with a stop loss at 0.867, aiming for the resistance levels as profit targets. However, given the modest momentum indicated by the RSI and the proximity to the Moving Average, it would be prudent to wait for a stronger signal before taking a sizable position.



Intraday Forex Signal: NZDUSD


Pair: NZDUSD (New Zealand Dollar / U.S. Dollar)


📈 Trade Direction: BULLISH

The NZDUSD pair is exhibiting a bullish trend, currently trading above the pivot point of 0.6206 and moving towards the first resistance level.


🎲 Trade Probability: 66%

The bullish momentum has a reasonably high likelihood of persisting, given the pair's trajectory and the technical indicators.


📊 Friday's Trend

The previous day's trend was also bullish, closing near the highs of the day, suggesting a strong buying interest.


🔄 Pivot Point Analysis

The pair's trade above the pivot point acts as a bullish signal, often indicating potential for further upside movement.


Indicators:

  • Volatility: The Bollinger Bands indicate a stable level of volatility, with the price trading near the upper band, which is a bullish sign.

  • Moving Average (MA): The pair is trading above its Moving Average, further confirming the bullish trend.

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

  • RSI: The Relative Strength Index is above 50, showing momentum to the upside.

  • Bollinger Bands: The current price is touching the upper band, indicating strength in the upward movement.


🎯 Targets for Taking Profits:

  • 1st Resistance Level: 0.6234

  • 2nd Resistance Level: 0.6259

  • 3rd Resistance Level: 0.6287


❌ Stop Loss Guidelines:

  • Buy: If going long, set the stop loss below the first support level at 0.6181 to limit potential downside risk.


✅ Suggestion:

Considering entering a long position with a stop loss at 0.6181, targeting the resistance levels at 0.6234, 0.6259, and 0.6287 could be profitable. Monitor the price action for a sustained hold above the pivot point to confirm the bullish bias.



Intraday Forex Signal for AUD/USD


Pair: AUDUSD (Australian Dollar / U.S. Dollar)


📈 Trade Direction: BULLISH

The AUDUSD pair is showing a bullish trend, as it's currently trading above the pivot point of 0.6699 and has been making higher highs and higher lows.


🎲 Trade Probability: 64%

The current trend and indicators suggest a moderately high probability of continued bullish momentum.


📊 Friday's Trend

The trend from the previous session ended on a bullish note, indicating buyers are currently in control.


🔄 Pivot Point Analysis

The pair's position above the pivot point is typically a bullish indicator and could signal further upside potential.


Indicators:

  • Volatility: Bollinger Bands are moderately spaced, suggesting a stable level of volatility conducive to trend continuation.

  • Moving Average (MA): The pair is trading above the Moving Average, signaling bullish conditions.

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

  • RSI: The Relative Strength Index is above 50, pointing towards bullish momentum.

  • Bollinger Bands: The price action is near the upper band, which may suggest continued bullish momentum.


🎯 Targets for Taking Profits:

  • 1st Resistance Level: 0.6736

  • 2nd Resistance Level: 0.6765

  • 3rd Resistance Level: 0.6802


❌ Stop Loss Guidelines:

  • Buy: If going long, consider setting a stop loss below the first support level at 0.6670 to protect against any downward movement.


✅ Suggestion:

Entering a long position could be favorable, with a stop loss set at 0.6670. Traders might target the listed resistance levels for taking profits, monitoring the market for signs of continued bullish sentiment or reversal.



Intraday Forex Signal for USD/CAD


Pair: USDCAD (U.S. Dollar / Canadian Dollar)


📈 Trade Direction: BEARISH

The USDCAD pair is showing a bearish tendency, having fallen below the pivot point of 1.3383 and is currently trending towards the first level of support.


🎲 Trade Probability: 60%

The likelihood of continued bearish momentum is moderate, supported by the technical indicators and current price action.


📊 Friday's Trend

The previous day's price movement showed a downward trend, with the pair closing lower, which may suggest a continuation of bearish sentiment.


🔄 Pivot Point Analysis

Trading below the pivot point is typically considered a bearish signal for intraday traders, indicating potential for further decline.


Indicators:

  • Volatility: The Bollinger Bands show a modest level of volatility with the price tracking near the lower band, which can be a sign of bearish pressure.

  • Moving Average (MA): The price is below the Moving Average, indicating bearish conditions.

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

  • RSI: The Relative Strength Index is trending downwards towards the 50 level, indicating growing bearish momentum.

  • Bollinger Bands: The price is hugging the lower band, signaling that the market may continue to trend lower.


🎯 Targets for Taking Profits:

  • 1st Support Level: 1.3348

  • 2nd Support Level: 1.3316

  • 3rd Support Level: 1.3281


❌ Stop Loss Guidelines:

  • Sell: If going short, a stop loss could be placed just above the first resistance level at 1.3415 to cap potential losses from an unexpected bullish reversal.


✅ Suggestion:

Consider taking a short position with a stop loss at 1.3415, targeting the support levels mentioned for potential profit-taking. Given the bearish indicators, monitor the pair closely for any signs of reversal or further confirmation of the trend.



Intraday Forex Signal for EUR/GBP


Pair: EURGBP (Euro / British Pound)


📈 Trade Direction: BULLISH

The EURGBP pair is currently showing a bullish trend, trading just above the pivot point of 0.859. The trend is upward as the price is above the pivot and moving towards the first resistance level.


🎲 Trade Probability: 65%

The probability of continued upward movement is moderately high, given the current price above the pivot point and the positive slope of the moving averages.


📊 Friday's Trend

Yesterday's price action ended slightly higher, supporting the continuation of the current bullish trend.


🔄 Pivot Point Analysis

The pair's trading above the pivot point usually indicates bullish sentiment and the possibility of further upward price movement.


Indicators:

  • Volatility: Bollinger Bands are moderately wide, indicating a stable level of market volatility.

  • Moving Average (MA): The price is above the Moving Average, suggesting a bullish trend.

  • Ichimoku: The price is above the Ichimoku cloud, which is typically a bullish signal.

  • RSI: The Relative Strength Index is above 50, indicating bullish momentum.

  • Bollinger Bands: The price is tracking near the upper band, which could signal continued bullish behavior.


🎯 Targets for Taking Profits:

  • 1st Resistance Level: 0.862

  • 2nd Resistance Level: 0.864

  • 3rd Resistance Level: 0.867


❌ Stop Loss Guidelines:

  • Buy: If going long, a stop loss could be placed just below the first support level at 0.857 to protect against a reversal of the trend.


✅ Suggestion:

Consider a long position with a stop loss at 0.857, aiming for the resistance levels as potential targets for taking profits. Monitor the trade closely and be ready to adjust the stop loss and take profits as the market moves.

 

Disclaimer: These trading signals is based on the current chart and market conditions. Always conduct your own analysis and consider risk management strategies before entering any trade. Markets are dynamic, and conditions can change rapidly.


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.



Forex signals, comments and analysis reflect the views of www.champprofit.com at any given time and are subject to change at any time. ©2024 by Champ Profit.



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