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Today's Forex Signals: Technical Analysis : December 21, 2023

Trader's Vision: Mastering Forex Beyond Artificial Intelligence


  • Morning Market Summary: Currency Pairs, US Dollar, Gold, and Oil


Currency Pairs:

  • Dollar Index Down: Slightly weakens against major currencies, standing at 102.29.

  • Sterling Gains Marginally: Shows a slight increase to $1.2646, up by 0.06%.

  • Euro Slightly Up: Euro rises by 0.1%, trading at $1.095.

US Dollar:

  • USD Strengthens Against Sterling: Following British inflation data, speculation of Bank of England rate cuts strengthens USD.

  • USD Performance Varied: Mixed reaction in currency markets, with overall lower volatility.

Gold:

  • Gold Prices Rise: Spot gold trading around $2036.19 per ounce, indicating a slight uptick.

Oil:

  • Brent Crude Slightly Down: Trading at $79.62 per barrel, below the $80 mark.

  • US Crude Dips: Shows a minor decline, trading at $74.14 per barrel.

  • Oil Market Volatility: Fluctuations due to geopolitical tensions and global trade concerns.



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

Forex Focus: Morning Intraday Technical 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: XAUUSD


Trade Direction: BULLISH


Trade Probability: 70%


Yesterday's Trend: The chart indicates that the bullish momentum from the previous session is likely to continue.


Pivot Point Analysis:

  • Pivot Point: 2034.30

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


Indicators:

  • Volatility: The Bollinger Bands are moderately wide, suggesting an increase in volatility and potential for a strong trend.

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

  • Ichimoku Cloud: Assuming the price is above the cloud, it would indicate a bullish trend.

  • RSI: Neutral (assuming no overbought or oversold conditions).

  • Bollinger Bands: The price is near the upper band, which could indicate strength in the trend, but caution is advised as this can also signify an overbought condition.


🎯 Targets for Taking Profits:

  • 1st Resistance: 2041.07 (initial profit target if long on the pair)

  • 2nd Resistance: 2050.05 (secondary profit target)

  • 3rd Resistance: 2056.82 (tertiary profit target)


❌ Stop Loss Guidelines:

  • Buy: Set stop loss just below the 1st Support level at 2025.32 to limit potential downside.


Suggestion: Given the bullish indicators, a long position is recommended. Initiate the trade above the pivot point, with the first target set at the 1st Resistance level of 2041.07, adhering to a stop loss just below the 1st Support level to manage risk effectively.



Intraday Forex Signal: WTI (Crude Oil)


Pair: WTI


Trade 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: 74.40

  • 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: 75.19 (initial profit target if long on the pair)

  • 2nd Resistance: 76.17 (secondary profit target)

  • 3rd Resistance: 76.96 (tertiary profit target)


❌ Stop Loss Guidelines:

  • Buy: Set stop loss just below the 1st Support level at 73.42 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 75.19, with a stop loss set just below the first support level to manage risk.



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


Pair: EURUSD


Trade 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: 1.095

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


Indicators:

  • Volatility: The Bollinger Bands suggest moderate volatility with the potential for a strong trend.

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

  • Ichimoku Cloud: The price above the Ichimoku cloud would typically suggest a bullish trend.

  • RSI: Not provided, but a neutral RSI would support the bullish trend if not in overbought territory.

  • Bollinger Bands: The price near the upper band may signal a strong upward trend, but caution is due to potential overbought conditions.


🎯 Targets for Taking Profits:

  • 1st Resistance: 1.097 (initial profit target if long on the pair)

  • 2nd Resistance: 1.101 (secondary profit target)

  • 3rd Resistance: 1.103 (tertiary profit target)


❌ Stop Loss Guidelines:

  • Buy: Set stop loss just below the 1st Support level at 1.092 to limit potential downside.


Suggestion: Considering the bullish indicators, initiating a long position is advised. The trade should be entered above the pivot point, aiming for the first resistance level at 1.097. The stop loss should be set just below the first support level to manage the risk.



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


Pair: GBPUSD


Trade Direction: BULLISH


Trade Probability: 70%


Yesterday's Trend: The chart shows that the bullish momentum from the previous session is likely to continue.


Pivot Point Analysis:

  • Pivot Point: 1.267

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


Indicators:

  • Volatility: The Bollinger Bands indicate moderate volatility with a possible strong trend forming.

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

  • Ichimoku Cloud: Assuming the price is above the Ichimoku cloud, it would typically suggest a bullish trend.

  • RSI: Not provided, but a neutral RSI would complement the bullish trend if not in overbought territory.

  • Bollinger Bands: The proximity to the upper band might suggest an overbought condition but may also signal strength in the upward trend.


🎯 Targets for Taking Profits:

  • 1st Resistance: 1.271 (initial profit target if long on the pair)

  • 2nd Resistance: 1.278 (secondary profit target)

  • 3rd Resistance: 1.282 (tertiary profit target)


❌ Stop Loss Guidelines:

  • Buy: Set stop loss just below the 1st Support level at 1.260 to limit potential downside.


Suggestion: Given the bullish indicators, a long position is advisable. The trade should be entered above the pivot point, targeting the first resistance level at 1.271. A stop loss should be positioned just below the first support level to manage risk effectively.



Intraday Forex Signal: USDJPY


Pair: USDJPY


Trade Direction: BEARISH


Trade Probability: 70%


Yesterday's Trend: The trend on the chart is showing signs of downward momentum, indicating a potential bearish continuation.


Pivot Point Analysis:

  • Pivot Point: 143.637

  • Current Price: Assuming it is below the pivot point, this would suggest a bearish sentiment.


Indicators:

  • Volatility: The Bollinger Bands, if showing expansion, could indicate an increase in volatility and potentially a stronger downward trend.

  • Moving Average: If the price is below the Moving Average, this would suggest a bearish trend.

  • Ichimoku Cloud: If the price is below the Ichimoku cloud, it would typically indicate a bearish trend.

  • RSI: If the RSI is trending downward and is not in the oversold territory, it would support a bearish trend.

  • Bollinger Bands: If the price is approaching the lower band, it may suggest downward momentum.


🎯 Targets for Taking Profits:

  • 1st Support: 143.183 (initial profit target if short on the pair)

  • 2nd Support: 142.807 (secondary profit target)

  • 3rd Support: 142.353 (tertiary profit target)


❌ Stop Loss Guidelines:

  • Sell: Set a stop loss just above the Pivot Point at 143.637 or slightly above the 1st Resistance level at 144.013 to limit potential upside.


Suggestion: Given the bearish indicators, a short position could be considered. The trade should be entered below the pivot point, targeting the first support level at 143.183. A stop loss should be positioned just above the pivot point or the first resistance level to manage risk effectively.



Intraday Forex Signal: USDCHF


Pair: USDCHF


Trade Direction: BEARISH


Trade Probability: 70%


Yesterday's Trend: The chart indicates a downtrend, suggesting a bearish continuation.


Pivot Point Analysis:

  • Pivot Point: 0.862

  • Current Price: If the current price is below the pivot point, this suggests bearish sentiment.


Indicators:

  • Volatility: If the Bollinger Bands are widening, this could indicate increasing volatility, which might support a stronger downward trend.

  • Moving Average: If the price is below the Moving Average, it confirms a bearish trend.

  • Ichimoku Cloud: Price below the Ichimoku cloud would also suggest a bearish outlook.

  • RSI: If the RSI is trending downward without being in the oversold region, it would support a bearish bias.

  • Bollinger Bands: Price touching the lower band could indicate a continuation of the bearish trend.


🎯 Targets for Taking Profits:

  • 1st Support: 0.859 (initial profit target if short on the pair)

  • 2nd Support: 0.856 (secondary profit target)

  • 3rd Support: 0.853 (tertiary profit target)


❌ Stop Loss Guidelines:

  • Sell: Set a stop loss just above the Pivot Point at 0.862 or slightly above the 1st Resistance level at 0.866 to limit potential upside.


Suggestion: Given the bearish indicators and trend analysis, a short position is recommended. The trade should be entered with a target set at the first support level of 0.859, with a stop loss positioned just above the pivot point or the first resistance level to manage the risk.



Intraday Forex Signal: NZDUSD


Pair: NZDUSD


Trade Direction: Neutral to Slightly Bullish


Trade Probability: Considering the current price movement and indicators, it seems reasonable to be cautiously optimistic but still aware of resistance levels that could cap gains.


Yesterday's Trend: The chart shows some upward momentum, indicating a potential for a bullish trend, but with caution due to nearby resistance levels.


Pivot Point Analysis:

  • Pivot Point: 0.6264

  • Current Price: If the price is hovering around the pivot point, the market sentiment could be considered neutral to slightly bullish.


Indicators:

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

  • Moving Average: If the price is trading around the moving average, it confirms a neutral to slight bullish trend.

  • Ichimoku Cloud: If the price is above the Ichimoku cloud, it may suggest a bullish sentiment.

  • RSI: If the RSI is neither overbought nor oversold, it supports a neutral to slightly bullish outlook.

  • Bollinger Bands: If the price is within the bands, it indicates that the price is consolidating without a clear trend.


🎯 Targets for Taking Profits:

  • 1st Resistance: 0.6284 (consider taking partial profits if the price approaches this level and shows signs of resistance)

  • 2nd Resistance: 0.6319

  • 3rd Resistance: 0.6339


❌ Stop Loss Guidelines:

  • Buy: A stop loss could be considered below the 1st Support level at 0.6229 to protect against any sudden downward movements.


Suggestion: Given the current market conditions and the recent price action, a conservative approach would be to look for buying opportunities around the pivot point with a target at the first resistance level, while being prepared to exit the trade if the price shows signs of reversal near these levels.



Intraday Forex Signal for AUD/USD


Pair: AUDUSD


Trade Direction: BULLISH


Trade Probability: 70%


Yesterday's Trend: The chart displays a bullish trend from the previous session, suggesting potential continuation.


Pivot Point Analysis:

  • Pivot Point: 0.6745

  • Current Price: If current price is above the pivot point, it indicates bullish sentiment.


Indicators:

  • Volatility: The Bollinger Bands are moderately wide, suggesting increased volatility and a possible strengthening of the current trend.

  • Moving Average: Price above the Moving Average supports the bullish trend.

  • Ichimoku Cloud: If the price is above the cloud, this would further affirm the bullish trend.

  • RSI: Not provided, but if within neutral territory, it could indicate that there is room for the price to rise.

  • Bollinger Bands: Price near the upper band might suggest a continued upward trend but watch for any signs of reversal.


🎯 Targets for Taking Profits:

  • 1st Resistance: 0.6766 (initial profit target if long on the pair)

  • 2nd Resistance: 0.6801 (secondary profit target)

  • 3rd Resistance: 0.6822 (tertiary profit target)


❌ Stop Loss Guidelines:

  • Buy: Set stop loss just below the 1st Support level at 0.6710 to limit potential downside.


Suggestion: Given the bullish indicators, a long position is suggested with an entry near the pivot point. The initial profit target is set at the 1st Resistance level of 0.6766, with a stop loss just below the 1st Support to manage risk.



Intraday Forex Signal for USD/CAD


Pair: USDCAD


Trade Direction: BEARISH


Trade Probability: 70%


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


Pivot Point Analysis:

  • Pivot Point: 1.3352

  • Current Price: If the current price is below the pivot point, this suggests bearish sentiment.


Indicators:

  • Volatility: The Bollinger Bands suggest increased volatility which might support a stronger trend.

  • Moving Average: If the price is below the Moving Average, it indicates a bearish trend.

  • Ichimoku Cloud: Price below the Ichimoku cloud would typically confirm a bearish trend.

  • RSI: If the RSI is trending downward and not oversold, it supports the bearish direction.

  • Bollinger Bands: Price near the lower band suggests bearish momentum.


🎯 Targets for Taking Profits:

  • 1st Support: 1.3330 (initial profit target if short on the pair)

  • 2nd Support: 1.3291 (secondary profit target)

  • 3rd Support: 1.3269 (tertiary profit target)


❌ Stop Loss Guidelines:

  • Sell: Set a stop loss just above the Pivot Point at 1.3352 or slightly above the 1st Resistance level at 1.3391 to limit potential upside risk.


Suggestion: Considering the bearish indicators, a short position is suggested. The trade should be entered below the pivot point, targeting the first support level at 1.3330. Set a stop loss just above the pivot point to manage risk effectively.



Intraday Forex Signal for EUR/GBP


Pair: EURGBPTrade Direction: BULLISH


Trade Probability: 70%


Yesterday's Trend: The chart indicates a bullish trend from the previous session, suggesting a possible continuation.


Pivot Point Analysis:

  • Pivot Point: 0.865

  • Current Price: If the current price is above the pivot point, it indicates bullish sentiment.


Indicators:

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

  • Moving Average: If the price is above the Moving Average, it confirms a bullish trend.

  • Ichimoku Cloud: Price above the Ichimoku cloud would indicate a bullish trend.

  • RSI: If the RSI is not overbought, it suggests potential for further upward movement.

  • Bollinger Bands: Price near the upper band can indicate bullish momentum, but caution is warranted for signs of potential pullback.


🎯 Targets for Taking Profits:

  • 1st Resistance: 0.868 (initial profit target if long on the pair)

  • 2nd Resistance: 0.870 (secondary profit target)

  • 3rd Resistance: 0.873 (tertiary profit target)


❌ Stop Loss Guidelines:

  • Buy: Set stop loss just below the 1st Support level at 0.863 to minimize potential downside.


Suggestion: Considering the bullish indicators, a long position is suggested. The trade should be entered above the pivot point, targeting the first resistance level at 0.868. A stop loss should be placed just below the first support level to manage risk effectively.

 

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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