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Today's Forex Signals: Technical Analysis, December 8, 2023


  • Yen strengthens, gaining 1.1% in a surge.

  • Speculation about the end of BOJ's negative interest rate policy.

  • Mixed performance of USD against major currencies.

  • Market anticipation for US non-farm payrolls data.

  • Oil prices slightly increase but face longest weekly losing streak since 2018.

  • Concerns about a global oil glut persist.

  • Gold on track for the first weekly drop in four weeks.

  • Key Economic Events:

    • Germany CPI and US jobs report due on Friday.

    • University of Michigan consumer sentiment also expected.


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


📈 Market Overview: Gold is currently expressing a bullish sentiment, with the price action on the daily chart suggesting a continuation of the uptrend as it remains above the pivotal 50-day moving average.


The Bollinger Bands are widening, indicating an increase in market volatility which could lead to larger price movements.


Pair: XAUUSD

📊 Technical Indicators:

  • Volatility: Increasing, as seen by the expansion of the Bollinger Bands.

  • Moving Average (MA): The pair is trading above the 50-day MA, implying bullish momentum.

  • Ichimoku Cloud: Price is above the cloud, suggesting a bullish outlook.

  • RSI: Hovering around 60, indicating strength in the current uptrend without being overbought.

  • Bollinger Bands: The recent price spike has touched the upper band, signaling potential overextension.

🎚 Pivot Point Analysis:

  • Pivot Point: 2,029.403

  • Yesterday's Trend: Upward

🎯 Targets for Taking Profits:

  • Buy (BULLISH):

    • 1st Resistance Target: 2,038.017

    • 2nd Resistance Target: 2,048.273

    • 3rd Resistance Target: 2,056.887


Stop Loss Guidelines:

  • Buy: If going long, set the stop loss slightly below the 1st Support level at 2,019.147.

Trade Suggestion:

Considering the bullish indicators and the current price position above the pivot point, a long position is recommended. Traders should enter a buy order with the understanding of increased market volatility.


The stop loss should be placed below the 1st support to mitigate risk, and profits could be taken at the identified resistance levels, adjusting as the market moves.


🔄 Trade Probability:

  • The likelihood of the trade's success is rated at approximately 65%, given the bullish signals and the recent market momentum.


Intraday Forex Signal: WTI (Crude Oil)


📈 Market Overview: The WTI Crude Oil market is showing bearish momentum as prices are trending below the 50-day moving average on the daily chart. The Bollinger Bands indicate a period of high volatility with prices currently testing the lower band.


Commodity: WTI Crude Oil

📊 Technical Indicators:

  • Volatility: Increased, as the Bollinger Bands are diverging.

  • Moving Average (MA): The commodity is trading below the MA, indicating bearish momentum.

  • Ichimoku Cloud: Price is below the cloud, which suggests a bearish market sentiment.

  • RSI: Below 50, suggesting bearish momentum may continue.

  • Bollinger Bands: Price is at the lower band, which may indicate an oversold condition or sustained downward pressure.

🎚 Pivot Point Analysis:

  • Pivot Point: 69.53

  • Yesterday's Trend: Downward

🎯 Targets for Taking Profits:

  • Sell (BEARISH):

    • 1st Support Target: 68.6067

    • 2nd Support Target: 67.87

    • 3rd Support Target: 66.95


Stop Loss Guidelines:

  • Sell: If going short, set the stop loss just above the 1st Resistance level at 70.27.

Trade Suggestion:

Given the current bearish indicators and the price's position below the pivot point, a short position is recommended. Traders should consider entering a sell order, keeping in mind the increased market volatility.


Set a stop loss above the 1st resistance level to limit potential losses, with profit targets set at the support levels provided.


🔄 Trade Probability:

  • The likelihood of this trade's success is rated at approximately 60%, given the bearish signals and current price trends.


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


📈 Market Overview: The EURUSD pair is showing mixed signals on the daily chart. The price has been fluctuating around the 50-day moving average, indicating a lack of clear direction. The Bollinger Bands show the market is in a period of consolidation with a potential for breakout.


Pair: EURUSD

📊 Technical Indicators:

  • Volatility: Moderate, with the Bollinger Bands neither contracting nor expanding significantly.

  • Moving Average (MA): The pair is trading around the 50-day MA, indicating a neutral trend.

  • Ichimoku Cloud: Price is within the cloud, suggesting indecision in the market.

  • RSI: Just above 50, indicating slight bullish momentum but not strongly so.

  • Bollinger Bands: The price is between the middle and lower band, showing no clear trend.

🎚 Pivot Point Analysis:

  • Pivot Point: 1.079

  • Yesterday's Trend: Neutral

🎯 Targets for Taking Profits:

  • Buy (BULLISH):

    • 1st Resistance Target: 1.082

    • 2nd Resistance Target: 1.0852

    • 3rd Resistance Target: 1.0886


  • Sell (BEARISH):

    • 1st Support Target: 1.0762

    • 2nd Support Target: 1.073

    • 3rd Support Target: 1.0700


Stop Loss Guidelines:

  • Buy: If going long, set the stop loss just below the 1st Support level at 1.0762.

  • Sell: If going short, set the stop loss just above the 1st Resistance level at 1.082.

Trade Suggestion:

The neutral trend suggests a more cautious approach. Traders could consider a range-bound strategy, buying near support levels and selling near resistance levels.


The stop losses should be placed just outside the range to protect against breakout failures.


🔄 Trade Probability:

  • The trade success probability is about 55% due to the current lack of a clear trend and the close proximity of price to the pivot point, which typically indicates a balance between buyers and sellers.


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


📈 Market Overview: The GBPUSD pair is displaying a bullish trend on the daily chart as it is positioned above the 50-day moving average. The widening of the Bollinger Bands suggests increased market volatility and the potential for significant price movements.


Pair: GBPUSD

📊 Technical Indicators:

  • Volatility: Increasing, as shown by the diverging Bollinger Bands.

  • Moving Average (MA): The pair is trading above the 50-day MA, indicating a bullish trend.

  • Ichimoku Cloud: The price is above the cloud, reinforcing the bullish outlook.

  • RSI: Above 50, suggesting bullish momentum.

  • Bollinger Bands: The price is near the upper band, indicating that the market might be in an overbought region or that there is strong upward momentum.

🎚 Pivot Point Analysis:

  • Pivot Point: 1.2583

  • Yesterday's Trend: Bullish

🎯 Targets for Taking Profits:

  • Buy (BULLISH):

    • 1st Resistance Target: 1.2623

    • 2nd Resistance Target: 1.2650

    • 3rd Resistance Target: 1.2690


Stop Loss Guidelines:

  • Buy: If going long, set the stop loss just below the 1st Support level at 1.2556.

Trade Suggestion:

Given the bullish signals and price position above the pivot point, initiating a long position is recommended. Traders should place a buy order, with a stop loss set below the first support level to manage risk. Profit targets can be set at the provided resistance levels, adjusting as the market fluctuates.


🔄 Trade Probability:

  • The likelihood of the trade's success is rated at approximately 70%, considering the strong bullish indicators and recent price action.



Intraday Forex Signal: USDJPY


📈 Market Overview: The USDJPY pair is showing a bearish trend on the daily chart, as evidenced by the recent price action below the 50-day moving average. The Bollinger Bands are wide, suggesting increased volatility, and the price is currently testing the lower band, indicating strong downward momentum.


Pair: USDJPY

📊 Technical Indicators:

  • Volatility: High, as indicated by the wide Bollinger Bands.

  • Moving Average (MA): Trading below the 50-day MA, suggesting a bearish trend.

  • Ichimoku Cloud: Price is below the cloud, pointing to bearish sentiment.

  • RSI: Below 50, reinforcing the bearish momentum.

  • Bollinger Bands: Price touching the lower band could suggest an oversold condition, but in the context of a strong downtrend, it can also mean sustained selling pressure.

🎚 Pivot Point Analysis:

  • Pivot Point: 144.40

  • Yesterday's Trend: Bearish

🎯 Targets for Taking Profits:

  • Sell (BEARISH):

    • 1st Support Target: 141.4667

    • 2nd Support Target: 138.80

    • 3rd Support Target: 135.87


Stop Loss Guidelines:

  • Sell: If going short, set the stop loss just above the 1st Resistance level at 147.07.

Trade Suggestion:

In light of the bearish indicators and the price's position below the pivot point, a short position is suggested. Traders could consider placing a sell order, with a stop loss set above the first resistance level to manage risk.


The profit targets should be set at the mentioned support levels, with adjustments based on market dynamics.


🔄 Trade Probability:

  • The likelihood of the trade's success is estimated to be around 65%, considering the bearish trend and current market conditions.



Intraday Forex Signal: USDCHF


📈 Market Overview: The USDCHF pair is exhibiting a bearish trend on the daily chart, with the price action remaining below the 50-day moving average. The Bollinger Bands are wide, suggesting increased market volatility and the potential for substantial price movements.


Pair: USDCHF

📊 Technical Indicators:

  • Volatility: Elevated, as indicated by the spread of the Bollinger Bands.

  • Moving Average (MA): Trading beneath the 50-day MA, suggesting bearish momentum.

  • Ichimoku Cloud: Price below the cloud, pointing to a bearish sentiment.

  • RSI: Below 50, supporting the bearish outlook.

  • Bollinger Bands: Price nearing the lower band, possibly indicating an oversold condition; however, in the context of a downtrend, it could also signal continued selling pressure.

🎚 Pivot Point Analysis:

  • Pivot Point: 0.8754

  • Yesterday's Trend: Bearish

🎯 Targets for Taking Profits:

  • Sell (BEARISH):

    • 1st Support Target: 0.8726

    • 2nd Support Target: 0.8700

    • 3rd Support Target: 0.8672


Stop Loss Guidelines:

  • Sell: If going short, set the stop loss just above the 1st Resistance level at 0.8780.

Trade Suggestion:

In light of the bearish indicators and the price's position below the pivot point, a short position is suggested. Traders should consider placing a sell order, with a stop loss set above the first resistance level to limit potential losses. Profit targets are advised at the identified support levels, with adjustments as the market fluctuates.


🔄 Trade Probability:

  • The likelihood of the trade's success is considered to be about 60%, given the bearish indicators and recent price movements.



Intraday Forex Signal: NZDUSD


📈 Market Overview: The NZDUSD pair presents a bullish trend on the daily chart, consistently trading above the 50-day moving average. The Bollinger Bands are expanding, indicating increased market volatility with the potential for larger price movements in the direction of the trend.


Pair: NZDUSD

📊 Technical Indicators:

  • Volatility: High, as the Bollinger Bands are diverging.

  • Moving Average (MA): The pair is trading above the 50-day MA, reinforcing the bullish trend.

  • Ichimoku Cloud: Price above the cloud, suggesting bullish sentiment.

  • RSI: Above 50, indicating bullish momentum.

  • Bollinger Bands: Price is approaching the upper band, suggesting that the market might be becoming overbought or that there is strong upward momentum.

🎚 Pivot Point Analysis:

  • Pivot Point: 0.6158

  • Yesterday's Trend: Bullish

🎯 Targets for Taking Profits:

  • Buy (BULLISH):

    • 1st Resistance Target: 0.6204

    • 2nd Resistance Target: 0.6239

    • 3rd Resistance Target: 0.6285


Stop Loss Guidelines:

  • Buy: If going long, set the stop loss just below the 1st Support level at 0.6123.

Trade Suggestion:

Given the bullish trend, initiating a long position is recommended. Traders should consider a buy order, with a stop loss placed below the first support level for risk management.


Take profit targets could be set at the successive resistance levels, with room for adjustments based on ongoing market activity.


🔄 Trade Probability:

  • The probability of trade success is estimated at around 70%, taking into account the bullish momentum and technical indicators.



Intraday Forex Signal for AUD/USD


📈 Market Overview: The AUDUSD pair is trending upward on the daily chart, with the price consistently above the 50-day moving average. The Bollinger Bands indicate increased market volatility, and the price is currently near the upper band, signifying strong bullish momentum.


Pair: AUDUSD

📊 Technical Indicators:

  • Volatility: High, as suggested by the wide Bollinger Bands.

  • Moving Average (MA): The pair is trading above the 50-day MA, indicative of a bullish trend.

  • Ichimoku Cloud: Price above the cloud suggests bullish sentiment.

  • RSI: Above 50, showing bullish momentum.

  • Bollinger Bands: Price at the upper band could point to an overbought condition or strong buying pressure.

🎚 Pivot Point Analysis:

  • Pivot Point: 0.6582

  • Yesterday's Trend: Bullish

🎯 Targets for Taking Profits:

  • Buy (BULLISH):

    • 1st Resistance Target: 0.6639

    • 2nd Resistance Target: 0.6676

    • 3rd Resistance Target: 0.6733


Stop Loss Guidelines:

  • Buy: If going long, set the stop loss just below the 1st Support level at 0.6545.

Trade Suggestion:

Considering the bullish trend, a long position is recommended. Traders should enter a buy order, with a stop loss placed under the first support level to manage risk. Profit targets should be set at the resistance levels indicated, with adjustments based on market dynamics.


🔄 Trade Probability:

  • The probability of the trade's success is estimated to be around 70%, due to the strong bullish indicators and price action.



Intraday Forex Signal for USD/CAD


📈 Market Overview: The USDCAD pair is displaying a bearish pattern on the daily chart, as it has been trading below the 50-day moving average. The Bollinger Bands are wide, which suggests high market volatility. The price is currently near the lower band, signaling a continuation of the bearish momentum.


Pair: USDCAD

📊 Technical Indicators:

  • Volatility: High, indicated by the wide Bollinger Bands.

  • Moving Average (MA): Trading below the 50-day MA, confirming the bearish trend.

  • Ichimoku Cloud: The price below the cloud would suggest bearish sentiment.

  • RSI: Below 50, which points to bearish momentum.

  • Bollinger Bands: The price is near the lower band, potentially indicating an oversold market or that the selling pressure is sustained.

🎚 Pivot Point Analysis:

  • Pivot Point: 1.3602

  • Yesterday's Trend: Bearish

🎯 Targets for Taking Profits:

  • Sell (BEARISH):

    • 1st Support Target: 1.3582

    • 2nd Support Target: 1.3564

    • 3rd Support Target: 1.3544


Stop Loss Guidelines:

  • Sell: If going short, set the stop loss just above the 1st Resistance level at 1.3620.

Trade Suggestion:

Considering the bearish trend, a short position is suggested. Traders should place a sell order, with a stop loss set above the first resistance level to manage risk. Profit targets are advised at the indicated support levels, and these should be adjusted in response to market conditions.


🔄 Trade Probability:

  • The likelihood of the trade's success is considered to be around 65%, given the bearish indicators and current price action.



Intraday Forex Signal for EUR/GBP


📈 Market Overview: The EURGBP pair shows a bearish trend on the daily chart, as it is trading below the 50-day moving average. The Bollinger Bands are wide, suggesting increased volatility, and the price has been near the lower band, indicating potential bearish momentum.


Pair: EURGBP

📊 Technical Indicators:

  • Volatility: High, due to the wide Bollinger Bands.

  • Moving Average (MA): The price is below the 50-day MA, reinforcing the bearish trend.

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

  • RSI: Below 50, suggesting bearish momentum.

  • Bollinger Bands: The price is close to the lower band, which could indicate an oversold condition or continued selling pressure.

🎚 Pivot Point Analysis:

  • Pivot Point: 0.8572

  • Yesterday's Trend: Bearish

🎯 Targets for Taking Profits:

  • Sell (BEARISH):

    • 1st Support Target: 0.8555

    • 2nd Support Target: 0.8539

    • 3rd Support Target: 0.8522


Stop Loss Guidelines:

  • Sell: If going short, set the stop loss just above the 1st Resistance level at 0.8588.

Trade Suggestion:

Given the bearish indicators, a short position is recommended. Traders should consider placing a sell order, with a stop loss set above the first resistance level to manage risk effectively. The profit targets should be set at the support levels provided, with adjustments based on the market's movements.


🔄 Trade Probability:

  • The likelihood of this trade's success is estimated at about 60%, considering the bearish trend and technical indicators.

 

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 CHAMP PROFIT at any given time and are subject to change at any time. ©2023 by Champ Profit.



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