top of page

Today's Forex Signals: Technical Analysis : December 19, 2023

  • BOJ Decision: Maintained negative rates; Forex markets await BOJ press for future rate hike clues.

  • Yen Volatility: Yen weakens against the dollar post-BOJ; key for JPY pairs trading.

  • Global Central Bank Stance: ECB and Fed speeches could influence EUR and USD pairs with rate cut speculations.

  • Economic Releases: US housing data and Euro zone inflation may sway EUR/USD and related pairs.

  • Oil Markets: Prices hover near two-week highs; geopolitical tensions could impact oil-related currency pairs.

  • Gold Movement: Gold reacts to inflation data and central bank cues, important for XAU/USD traders.


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


Promotional banner for Vantage Markets highlighting oil trading with a clickable 'Trade Now' button. It features oil barrels against a backdrop of fluctuating market graphs, inviting users to explore oil trading, referred to as 'Black Gold'. The company's logo and risk disclaimer are at the bottom.



Intraday Forex Signal: XAUUSD


Pair: XAUUSDTrade


Direction: BULLISH


Trade Probability: 70%


Yesterday's Trend: The chart indicates a continuation of the bullish momentum from the previous session.


Pivot Point Analysis:

  • Pivot Point: 2025.53

  • Current Price: Above the pivot point, indicating bullish sentiment.


Indicators:

  • Volatility: The widening of the Bollinger Bands suggests an increase in volatility and a strong trend.

  • Moving Average: The price is above the moving average, confirming the bullish trend.

  • Ichimoku Cloud: The price is above the Ichimoku cloud, which typically indicates a bullish trend.

  • RSI: Not applicable, as data is not provided.

  • Bollinger Bands: The price is near the upper band, typically indicating an overbought condition but may also signal a strong upward trend.


🎯 Targets for Taking Profits:

  • 1st Resistance: 2035.05 (initial profit target if long on the pair)

  • 2nd Resistance: 2042.37 (secondary profit target)

  • 3rd Resistance: 2051.89 (tertiary profit target)


❌ Stop Loss Guidelines:

  • Buy: Set stop loss just below the 1st Support level at 2018.21 to limit potential downside.


Suggestion:

Considering the bullish indicators, a long position is suggested. Enter the trade above the current pivot point, targeting the first resistance level at 2035.05.



Intraday Forex Signal: WTI (Crude Oil)


Pair: WTI


Trade Direction: BEARISH


Yesterday's Trend: The trend showed bearish momentum as the price closed below the pivot point.


Pivot Point Analysis:

  • Pivot Point: 72.92

  • Current Price: Below the pivot point, which suggests bearish sentiment.


Indicators:

  • Volatility: The Bollinger Bands are not tightly squeezed, indicating steady volatility which allows for clear trend identification.

  • Moving Average: The price is below the moving average, signaling a bearish trend.

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

  • RSI (Relative Strength Index): The RSI is trending upwards but remains below the 50 level, which could indicate that the bearish momentum is losing strength, yet it is not a strong enough signal to suggest a trend reversal.

  • Bollinger Bands: The price is in the lower half of the Bollinger Bands, which typically indicates a bearish trend.


🎯 Targets for Taking Profits:

  • Sell (BEARISH):

  • 1st Target (1st Support): 71.58

  • 2nd Target (2nd Support): 70.69

  • 3rd Target (3rd Support): 69.35


❌ Stop Loss Guidelines:

  • Sell: Place the stop loss just above the 1st Resistance level at 73.81 to manage risk.


Suggestion:

Given the current bearish indicators and the price position in relation to the pivot point and support levels, a short position is recommended. Traders could enter a sell position with the first target at the 1st Support level of 71.58, with further targets at 70.69 and 69.35. A stop loss should be set above the 1st Resistance level at 73.81 to limit potential losses in case of a price reversal.



Promotional banner for Vantage Markets highlighting oil trading with a clickable 'Trade Now' button. It features oil barrels against a backdrop of fluctuating market graphs, inviting users to explore oil trading, referred to as 'Black Gold'. The company's logo and risk disclaimer are at the bottom.



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


Pair: EURUSD


Trade Direction: NEUTRAL to SLIGHTLY BULLISH


Trade Probability: Approx. 55% - 60%


Yesterday's Trend: The closing price was near the pivot point, suggesting indecision in the market.


Pivot Point Analysis:

  • Pivot Point: 1.092

  • Current Price: Slightly above the pivot point, indicating a potential for upward movement, but the closeness suggests caution.


Indicators:

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

  • Moving Average: The price is oscillating around the moving average, indicating a lack of strong directional momentum.

  • Ichimoku Cloud: The price is within the Ichimoku Cloud, suggesting a lack of a clear trend.

  • RSI (Relative Strength Index): Appears to be around the midpoint (50 level), indicating neither overbought nor oversold conditions.


🎯 Targets for Taking Profits:

  • Buy (If opting for a bullish stance):

  • 1st Target (1st Resistance): 1.094

  • 2nd Target (2nd Resistance): 1.096

  • 3rd Target (3rd Resistance): 1.098


❌ Stop Loss Guidelines:

  • Buy: Place the stop loss just below the 1st Support level at 1.090 to limit potential downside.


Suggestion:

Given the current market signals and the proximity of the price to the pivot point, a cautious approach is recommended. If taking a bullish stance, a buy order could be placed with a tight stop loss below the first support level.



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


Pair: GBPUSD


Trade Direction: BULLISH


Trade Probability: Approx. 65%


Yesterday's Trend: The pair closed slightly above the pivot point, suggesting a modest bullish sentiment.


Pivot Point Analysis:

  • Pivot Point: 1.266

  • Current Price: Trading just above the pivot point, indicating potential for upward movement.


Indicators:

  • Volatility: The Bollinger Bands show moderate volatility with the price near the upper band, indicating bullish pressure.

  • Moving Average: Price is currently above the moving average, supporting the bullish trend.

  • Ichimoku Cloud: Not visible in the provided data, hence no analysis available.

  • RSI (Relative Strength Index): The RSI is above 50, suggesting bullish momentum.


🎯 Targets for Taking Profits:

  • Buy (BULLISH):

  • 1st Target (1st Resistance): 1.269

  • 2nd Target (2nd Resistance): 1.274

  • 3rd Target (3rd Resistance): 1.277


❌ Stop Loss Guidelines:

  • Buy: Set the stop loss just below the 1st Support level at 1.262 to protect against potential reversals.


Suggestion:

Given the indicators and the current price position above the pivot point, a bullish stance could be taken on GBPUSD. Traders may consider entering a long position with a stop loss set just below the first support level.


The initial profit target could be set at the first resistance level, with subsequent targets at the second and third resistance levels.



Intraday Forex Signal: USDJPY


Pair: USDJPY


Trade Direction: BEARISH


Trade Probability: Approx. 65%


Yesterday's Trend: The pair closed below the pivot point, indicating bearish momentum.


Pivot Point Analysis:

  • Pivot Point: 142.677

  • Current Price: Below the pivot point, suggesting a continuation of the downtrend.


Indicators:

  • Volatility: The Bollinger Bands are moderately wide, suggesting continued volatility.

  • Moving Average: The price action is below the moving average, reinforcing the bearish trend.

  • Ichimoku Cloud: The cloud is not visible in the provided chart; therefore, no analysis can be offered for this indicator.

  • RSI (Relative Strength Index): The RSI is trending below the 50 mark, supporting the bearish sentiment.


🎯 Targets for Taking Profits:

  • Sell (BEARISH):

  • 1st Target (1st Support): 142.193

  • 2nd Target (2nd Support): 141.587

  • 3rd Target (3rd Support): 141.103


❌ Stop Loss Guidelines:

  • Sell: A stop loss can be placed slightly above the pivot point at around 142.7 or above the 1st Resistance level at 143.283 for additional safety.


Suggestion:

Considering the indicators and the price's position relative to the pivot point, a bearish trade could be favorable.


Traders might consider a short position, targeting the first support level for initial profits and potentially extending to the second and third support levels if the downtrend persists.


A stop loss just above the pivot or first resistance level would be prudent to manage risk effectively.



Intraday Forex Signal: USDCHF


Pair: USDCHF


Trade Direction: BEARISH


Trade Probability: Approx. 65%


Yesterday's Trend: The trend showed a decrease as the pair closed below the pivot point, suggesting a bearish trend.


Pivot Point Analysis:

  • Pivot Point: 0.868

  • Current Price: Below the pivot point, indicating a continuation of the bearish trend.


Indicators:

  • Volatility: The Bollinger Bands indicate moderate volatility with the price at the lower end, which suggests bearish momentum.

  • Moving Average: The price action is below the moving average, which confirms the bearish trend.

  • Ichimoku Cloud: The Ichimoku Cloud is not shown; hence, no analysis can be derived from this indicator.

  • RSI (Relative Strength Index): The RSI is below 50, reinforcing the bearish sentiment.


🎯 Targets for Taking Profits:

  • Sell (BEARISH):

  • 1st Target (1st Support): 0.865

  • 2nd Target (2nd Support): 0.864

  • 3rd Target (3rd Support): 0.861


❌ Stop Loss Guidelines:

  • Sell: Set a stop loss slightly above the pivot point, around 0.870, to limit potential losses in case the trend reverses.

  • Suggestion:



Intraday Forex Signal: NZDUSD


Pair: NZDUSD


Trade Direction: BULLISH


Trade Probability: Approx. 65-70%


Yesterday's Trend: The pair closed above the pivot point, suggesting a bullish trend.


Pivot Point Analysis:

  • Pivot Point: 0.6216

  • Current Price: Trading above the pivot point, indicating potential upward movement.


Indicators:

  • Volatility: The Bollinger Bands are moderately wide, indicating a decent level of volatility which could lead to significant price movements.

  • Moving Average: The price is above the moving average, supporting the bullish outlook.

  • Ichimoku Cloud: Not visible on the chart; hence, no analysis can be derived from this indicator.

  • RSI (Relative Strength Index): The RSI is trending upwards and is above the 50 level, which supports the bullish momentum.


🎯 Targets for Taking Profits:

  • Buy (BULLISH):

  • 1st Target (1st Resistance): 0.6247

  • 2nd Target (2nd Resistance): 0.6282

  • 3rd Target (3rd Resistance): 0.6313


❌ Stop Loss Guidelines:

  • Buy: Set the stop loss just below the 1st Support level at 0.6181 to protect against downward movement.


Suggestion:

Given the bullish indicators and the price's position above the pivot point, traders might consider a long position targeting the first resistance level for initial profit-taking.



Intraday Forex Signal for AUD/USD


Pair: AUDUSD


Trade Direction: BULLISH


Trade Probability: Approx. 65-70%


Yesterday's Trend: The pair showed a slight increase, closing near the pivot point, which suggests a potential for bullish continuation.


Pivot Point Analysis:

  • Pivot Point: 0.6712

  • Current Price: Close to the pivot point, indicating a potential pivot for a bullish move.


Indicators:

  • Volatility: The Bollinger Bands are moderately wide, suggesting that there is room for movement on either side. The price hugging the upper band indicates bullish momentum.

  • Moving Average: The price is above the moving average, confirming the bullish trend.

  • Ichimoku Cloud: The Ichimoku Cloud is not visible in the provided chart, so we cannot derive analysis from this indicator.

  • RSI (Relative Strength Index): The RSI is above 50, suggesting that the bullish momentum has strength.


🎯 Targets for Taking Profits:

  • Buy (BULLISH):

  • 1st Target (1st Resistance): 0.6733

  • 2nd Target (2nd Resistance): 0.6759

  • 3rd Target (3rd Resistance): 0.6780


❌ Stop Loss Guidelines:

  • Buy: Set the stop loss just below the 1st Support level at 0.6686 to protect against potential reversals.


Suggestion:

Considering the current market indicators and the price's position relative to the pivot point, traders could consider a long position targeting the first resistance level for initial profits.


Subsequent profit targets could be set at the second and third resistance levels. A stop loss should be placed just below the first support level to manage risk effectively.



Intraday Forex Signal for USD/CAD


Pair: USDCAD


Trade Direction: BEARISH


Trade Probability: Approx. 60%


Yesterday's Trend: The pair closed slightly below the pivot point, suggesting a bearish sentiment.


Pivot Point Analysis:

  • Pivot Point: 1.3387

  • Current Price: Trading just below the pivot point, indicating a potential bearish trend.


Indicators:

  • Volatility: The Bollinger Bands indicate a moderate level of volatility, with the price near the lower band, supporting the bearish trend.

  • Moving Average: The price is below the moving average, which usually confirms a bearish trend.

  • Ichimoku Cloud: Not visible on the chart; hence, no analysis can be derived from this indicator.

  • RSI (Relative Strength Index): The RSI is trending downwards, indicating bearish momentum, although it is not in the oversold territory.


🎯 Targets for Taking Profits:

  • Sell (BEARISH):

  • 1st Target (1st Support): 1.3363

  • 2nd Target (2nd Support): 1.3326

  • 3rd Target (3rd Support): 1.3302


❌ Stop Loss Guidelines:

  • Sell: Set a stop loss just above the pivot point, around 1.3400, to protect against potential reversals.


Suggestion:

Given the current indicators and the price's position relative to the pivot point, a bearish stance could be considered for USDCAD.


Traders might look to enter a short position, targeting the first support level for initial profits, with subsequent targets at the second and third support levels if the downtrend continues.


A stop loss should be set just above the pivot point to manage risk effectively.



Intraday Forex Signal for EUR/GBP


Pair: EURGBP


Trade Direction: NEUTRAL to SLIGHTLY BULLISH


Trade Probability: Approx. 55-60%


Yesterday's Trend: The pair showed little movement, closing near the pivot point, suggesting indecision in the market.


Pivot Point Analysis:

  • Pivot Point: 0.862

  • Current Price: Near the pivot point, indicating no clear direction but potential for upward movement due to recent momentum.


Indicators:

  • Volatility: The Bollinger Bands are moderately wide, suggesting a decent level of market volatility.

  • Moving Average: The price action is currently hovering around the moving average, not providing a clear bullish or bearish signal.

  • Ichimoku Cloud: The Ichimoku Cloud is not shown; hence, no analysis can be provided.

  • RSI (Relative Strength Index): The RSI is near the 50 level, indicating a lack of strong momentum in either direction.


🎯 Targets for Taking Profits:

  • Buy (If opting for a bullish stance):

  • 1st Target (1st Resistance): 0.866

  • 2nd Target (2nd Resistance): 0.869

  • 3rd Target (3rd Resistance): 0.873


❌ Stop Loss Guidelines:

  • Buy: Set the stop loss just below the 1st Support level at 0.860 to minimize potential losses should the market move against the position.


Suggestion:

Given the proximity of the current price to the pivot point and the mixed signals from the indicators, a cautious approach is recommended. If adopting a slightly bullish outlook, traders could enter a long position with conservative profit targets at the identified resistance levels.

 

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.



Comments


Commenting has been turned off.
bottom of page