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Today's Forex Signals: Technical Analysis : December 22, 2023

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US Dollar Weakness: Near four-month low before key inflation data.

  • EUR/USD: Euro hits three-week high.

  • NZD/USD: New Zealand dollar at five-month peak.

  • AUD/USD: Slightly down, near five-month high.

  • US Core PCE Data: Expected slowdown in inflation.

  • Fed Rate Cuts: Swaps indicate potential significant cuts in 2024.

  • Oil: Rising on geopolitical tensions and OPEC dynamics.

  • Gold: Tracking for a weekly gain amidst uncertainty.

  • Asian Stocks: Rising on US data supporting Fed rate cuts.



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


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Intraday Forex Signal: XAUUSD


Pair: XAUUSD


Trade Direction: BULLISH


Trade Probability: 70%


Yesterday's Trend: The chart shows a continuation of bullish momentum from the previous session, suggesting the trend may persist.


Pivot Point Analysis:

  • Pivot Point: 2046.06

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


Indicators:

  • Volatility: Increased volatility is indicated by the moderate width of the Bollinger Bands, which may support a stronger trend.

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

  • Ichimoku Cloud: Assuming the price is above the cloud, the trend is bullish.

  • RSI: Assuming a neutral position, with no signs of being overbought or oversold.

  • Bollinger Bands: The current price near the upper band could signal trend strength but also warrants caution for a potential overbought state.


🎯 Targets for Taking Profits:

  • 1st Resistance: 2060.22 (initial profit target for a long position)

  • 2nd Resistance: 2068.23 (secondary profit target)

  • 3rd Resistance: 2082.39 (final profit target)


❌ Stop Loss Guidelines:

  • Buy: Set the stop loss just below the 1st Support level at 2038.05 to manage downside risk.


Suggestion: With bullish indicators prevailing, a long position is advisable. Engage in the trade above the pivot point, aiming for the 1st Resistance level at 2060.22 as the initial profit target. Maintain a stop loss below the 1st Support level to mitigate risk.



Intraday Forex Signal: WTI (Crude Oil)


Pair: WTI


Trade Direction: BULLISH


Trade Probability: 65%


Yesterday's Trend: The price action from the previous session has shown an uptrend, suggesting potential continuation.


Pivot Point Analysis:

  • Pivot Point: 73.57

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


Indicators:

  • Volatility: The Bollinger Bands are of moderate width, hinting at a stable increase in volatility.

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

  • Ichimoku Cloud: If the price is above the cloud, it would confirm the bullish sentiment.

  • RSI: Appears to be in a neutral range, not overbought or oversold.

  • Bollinger Bands: Price hugging the upper band, indicating a strong trend, but with caution for possible overbought conditions.


🎯 Targets for Taking Profits:

  • 1st Resistance: 74.32 (initial profit target for a long position)

  • 2nd Resistance: 74.74 (secondary profit target)

  • 3rd Resistance: 75.49 (tertiary profit target)


❌ Stop Loss Guidelines:

  • Buy: Set stop loss just below the 1st Support level at 73.15 to mitigate potential downside risk.


Suggestion: Considering the bullish indicators and the price position above the pivot point, taking a long position could be favorable. Set the initial profit target at the 1st Resistance level of 74.32, with a stop loss below the 1st Support level for risk management.


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


Pair: EURUSD


Trade Direction: BULLISH


Trade Probability: 65%


Yesterday's Trend: The trend indicated a bullish movement that could extend into today's session.


Pivot Point Analysis:

  • Pivot Point: 1.099

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


Indicators:

  • Volatility: The Bollinger Bands show moderate expansion, indicative of increasing market volatility.

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

  • Ichimoku Cloud: If the price is above the Ichimoku cloud, it would suggest bullishness.

  • RSI: The RSI is neutral, not indicating overbought or oversold conditions.

  • Bollinger Bands: With the price near the upper band, there's an indication of a strong uptrend, but also a caution against potential overbought conditions.


🎯 Targets for Taking Profits:

  • 1st Resistance: 1.104 (initial profit target if entering a long position)

  • 2nd Resistance: 1.107 (secondary profit target)

  • 3rd Resistance: 1.112 (tertiary profit target)


❌ Stop Loss Guidelines:

  • Buy: Set the stop loss slightly below the 1st Support level at 1.096 to manage risk.

Suggestion: The bullish indicators present a case for a long position. Enter the trade above the pivot point, targeting the 1st Resistance level at 1.104, and set a stop loss just under the 1st Support level to safeguard the position.



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

Pair: GBPUSD

Trade Direction: BULLISH


Trade Probability: 60%


Yesterday's Trend: The GBPUSD pair showed signs of bullish momentum that could potentially extend into the current session.


Pivot Point Analysis:

  • Pivot Point: 1.264

  • Current Price: Trading above the pivot point, which typically indicates a bullish trend.


Indicators:

  • Volatility: The Bollinger Bands suggest moderate volatility, which could lead to a decisive move.

  • Moving Average (MA): Price above the Moving Average indicates a continuation of the bullish trend.

  • Ichimoku Cloud: If the price is above the cloud, it supports a bullish outlook.

  • RSI: Assuming the RSI is in a neutral zone, it does not indicate overbought or oversold conditions.

  • Bollinger Bands: The price is closer to the upper band, suggesting bullish momentum, though near the upper band it could also signal an overbought scenario.


🎯 Targets for Taking Profits:

  • 1st Resistance: 1.283 (a potential initial target for taking profits if long on the pair)

  • 2nd Resistance: 1.296 (a subsequent target for profit-taking)

  • 3rd Resistance: 1.314 (a longer-term profit target)


❌ Stop Loss Guidelines:

  • Buy: A stop loss could be set just below the 1st Support level at 1.251 to protect against downward movements.


Suggestion: Given the bullish signals, initiating a long position could be favorable. Consider setting the first profit target at the 1st Resistance level of 1.283 and prepare a stop loss order below the 1st Support level to minimize potential losses.Pair: GBPUSD




Intraday Forex Signal: USDJPY


Pair: USDJPY


Trade Direction: BEARISH


Trade Probability: 65%


Yesterday's Trend: The USDJPY pair showed a downward trend, which could potentially continue.


Pivot Point Analysis:

  • Pivot Point: 142.593

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


Indicators:

  • Volatility: The Bollinger Bands indicate increased volatility with the price moving toward the lower band, suggesting a bearish trend.

  • Moving Average (MA): If the price is below the Moving Average, it confirms the bearish trend.

  • Ichimoku Cloud: If the price is below the cloud, this would further confirm a bearish outlook.

  • RSI: If the RSI is trending downwards and not yet in oversold territory, it could suggest that there is more room for the price to drop.

  • Bollinger Bands: Price approaching the lower band could indicate a strengthening of the bearish trend.


🎯 Targets for Taking Profits:

  • 1st Support: 141.577 (initial profit target for a short position)

  • 2nd Support: 141.033 (secondary profit target)

  • 3rd Support: 140.017 (tertiary profit target for an extended bearish move)


❌ Stop Loss Guidelines:

  • Sell: A stop loss could be placed slightly above the 1st Resistance level at 143.137 to protect against any bullish reversals.


Suggestion: Given the bearish indicators, a short position may be considered. The first profit target could be set at the 1st Support level of 141.577 with a stop loss just above the 1st Resistance level to manage risk effectively.



Intraday Forex Signal: USDCHF


Pair: USDCHF


Trade Direction: BEARISH


Trade Probability: 65%


Yesterday's Trend: The USDCHF pair has shown a downtrend, indicating the possibility of further decline.


Pivot Point Analysis:

  • Pivot Point: 0.859

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


Indicators:

  • Volatility: The Bollinger Bands are moderately wide, suggesting a continuation of the existing trend, which is bearish.

  • Moving Average (MA): If the price is below the Moving Average, it reinforces the bearish trend.

  • Ichimoku Cloud: If the price is under the cloud, it indicates a bearish trend.

  • RSI: If the RSI is trending downward but not in the oversold region, it suggests that there might be more room for downward movement.

  • Bollinger Bands: The price is near the lower band, which often indicates a bearish trend.


🎯 Targets for Taking Profits:

  • 1st Support: 0.854 (initial profit target for a short position)

  • 2nd Support: 0.851 (secondary profit target)

  • 3rd Support: 0.846 (tertiary profit target for an extended bearish move)


❌ Stop Loss Guidelines:

  • Sell: Set a stop loss slightly above the 1st Resistance level at 0.861 to limit potential upside risk.


Suggestion: Given the bearish indicators, a short position could be considered. Setting the initial profit target at the 1st Support level of 0.854 and a stop loss just above the 1st Resistance level would be a conservative risk management strategy.



Intraday Forex Signal: NZDUSD


Pair: NZDUSD


Trade Direction: BULLISH


Trade Probability: 70%


Yesterday's Trend: The NZDUSD pair shows an uptrend, indicating the potential for continued bullish movement.


Pivot Point Analysis:

  • Pivot Point: 0.6277

  • Current Price: If the current price is above the pivot point, this would suggest a bullish trend.


Indicators:

  • Volatility: The Bollinger Bands are moderately wide, indicating potential for the trend to persist.

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

  • Ichimoku Cloud: If the price is above the Ichimoku Cloud, this also suggests a bullish trend.

  • RSI: If the RSI is not in the overbought territory, it may indicate that the bullish trend could continue.

  • Bollinger Bands: Price near the upper band might suggest a continued upward trend but also watch for potential pullbacks if it becomes overbought.


🎯 Targets for Taking Profits:

  • 1st Resistance: 0.6315 (initial profit target for a long position)

  • 2nd Resistance: 0.6336 (secondary profit target)

  • 3rd Resistance: 0.6374 (tertiary profit target for an extended bullish move)


❌ Stop Loss Guidelines:

  • Buy: Set a stop loss slightly below the 1st Support level at 0.6256 to manage downside risk.


Suggestion: With the bullish indicators present, a long position could be favorable. Consider setting the first profit target at the 1st Resistance level of 0.6315 with a stop loss just below the 1st Support level to protect the trade.



Intraday Forex Signal for AUD/USD


Pair: AUDUSD


Trade Direction: BULLISH


Trade Probability: 70%


Yesterday's Trend: The AUDUSD pair shows a bullish trend, suggesting the likelihood of an ongoing upward movement.


Pivot Point Analysis:

  • Pivot Point: 0.6777

  • Current Price: If the current price is above the pivot point, it would suggest a bullish stance.


Indicators:

  • Volatility: The Bollinger Bands are moderately wide, pointing to a continuation of the current trend, which appears to be bullish.

  • Moving Average (MA): A price above the Moving Average would confirm a bullish trend.

  • Ichimoku Cloud: The price being above the Ichimoku Cloud would further support the bullish trend.

  • RSI: A neutral RSI not in overbought territory may indicate there is still potential for the uptrend to continue.

  • Bollinger Bands: Price near the upper Bollinger Band may suggest a strong bullish trend but also watch for potential retracements if the market becomes overbought.


🎯 Targets for Taking Profits:

  • 1st Resistance: 0.6830 (initial profit target for a long position)

  • 2nd Resistance: 0.6857 (secondary profit target)

  • 3rd Resistance: 0.6910 (tertiary profit target for a more extended bullish move)


❌ Stop Loss Guidelines:

  • Buy: Place a stop loss slightly below the 1st Support level at 0.6750 to manage risk.


Suggestion: The bullish trend signals could justify a long position. Set the first profit target at the 1st Resistance level of 0.6830, with a stop loss order below the 1st Support level to minimize potential losses.



Intraday Forex Signal for USD/CAD


Pair: USDCAD


Trade Direction: BEARISH


Trade Probability: 65%


Yesterday's Trend: The chart shows a downward trajectory, suggesting that the bearish momentum might continue.


Pivot Point Analysis:

  • Pivot Point: 1.3311

  • Current Price: If the current price is below the pivot point, it reinforces a bearish trend.


Indicators:

  • Volatility: The Bollinger Bands appear wide, which can indicate volatility and the potential for strong price movements.

  • Moving Average (MA): If the price is below the Moving Average, it typically signals a bearish trend.

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

  • RSI: An RSI trending downward, but not in the oversold area, might indicate further potential for a downtrend.

  • Bollinger Bands: The price nearing the lower Bollinger Band could indicate a bearish trend, but watch for potential oversold bounce-backs.


🎯 Targets for Taking Profits:

  • 1st Support: 1.3246 (initial profit target for short positions)

  • 2nd Support: 1.3211 (secondary profit target)

  • 3rd Support: 1.3146 (tertiary profit target if the bearish momentum is strong)


❌ Stop Loss Guidelines:

  • Sell: Place a stop loss slightly above the 1st Resistance level at 1.3346 to protect the trade from a potential reversal to an uptrend.


Suggestion: Based on the bearish indicators, shorting the pair might be advisable. Set the initial profit target at the 1st Support level, with a stop loss above the 1st Resistance to manage risks effectively.



Intraday Forex Signal for EUR/GBP


Pair: EURGBP


Trade Direction: BULLISH


Trade Probability: 65%


Yesterday's Trend: The EURGBP pair is exhibiting a bullish pattern, suggesting potential for continued upward movement.


Pivot Point Analysis:

  • Pivot Point: 0.866

  • Current Price: If the current price is above this pivot point, it supports a bullish outlook.


Indicators:

  • Volatility: The Bollinger Bands indicate a moderate level of volatility, with the price currently towards the upper band, supporting a bullish trend.

  • Moving Average (MA): The price being above the Moving Average would confirm a bullish trend.

  • Ichimoku Cloud: If the price is above the Ichimoku Cloud, this would also suggest bullish momentum.

  • RSI: If the RSI is trending upwards and not yet in overbought territory, it indicates potential for continuation of the uptrend.

  • Bollinger Bands: The price touching the upper Bollinger Band may indicate bullish strength, though care should be taken for any signs of an impending pullback if the market becomes overextended.


🎯 Targets for Taking Profits:

  • 1st Resistance: 0.870 (initial profit target for a long position)

  • 2nd Resistance: 0.872 (secondary profit target)

  • 3rd Resistance: 0.876 (tertiary profit target for an extended bullish move)


❌ Stop Loss Guidelines:

  • Buy: Set a stop loss slightly below the 1st Support level at 0.864 to protect against downward movements.


Suggestion: With the current bullish indicators, a long position may be considered. Position your first profit target at the 1st Resistance level with a stop loss placed just below the 1st Support level to manage the risk.

 

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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