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


  • Dollar Dynamics: Stability observed in the dollar; key focus on its performance against major Forex pairs.

  • Euro and Yen Movements: Euro and yen showing varied responses to the dollar's fluctuating strength.

  • Australian Dollar: Resistance faced post-Nvidia earnings; impact on AUD closely watched.

  • Chinese Yuan: Significant gains in the past week; state interventions bolstering recovery.

  • Gold Outlook: Market speculations on gold in response to US unemployment claims and Fed's monetary policy.

  • Oil Market Trends: Brent crude futures maintaining levels; focus on OPEC+ meeting and US stockpile data.

  • Central Bank Actions: Anticipated impact of central bank policies on Forex pairs and commodity markets.


economic calendar, forex factory, breakdown of major data released today
Today's major announcements GMT


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.
The Dollar Index


Today's Forex Signals



Gold, XAU/USDUSD/CAD currency pair, 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.
🟢 XAU/USD (Gold) Technical Breakdown

Pair: XAUUSD


Trade Direction: BULLISH


The current trend for XAUUSD appears to be bullish as the price is hovering around the pivot point of 1995.50 with an upward momentum towards the first resistance at 2010.70. The Bollinger Bands indicate a narrowing channel, which often precedes a volatility expansion likely on the upside given the prevailing trend.


Yesterday's Trend: The price was in a consolidation phase, as seen by the fluctuating RSI, indicating indecision in the market.


Pivot Point: 1995.50


Indicators:

  • Volatility: It is expected to increase as the Bollinger Bands converge, suggesting a breakout may be imminent.

  • Moving Average (MA): The price is trading above the MA, indicating a continued bullish bias.

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

  • RSI: The RSI is trending upwards, indicating building bullish momentum.

  • Bollinger Bands: The narrowing of bands suggests a potential increase in volatility with a probable bullish breakout.

🎯 Targets for Taking Profits:


  • Buy: Targets can be set at the following resistance levels:

    • 1st Resistance: 2010.70

    • 2nd Resistance: 2022.24

    • 3rd Resistance: 2037.44


❌ Stop Loss Guidelines:

  • Buy: A prudent stop loss for a long position could be just below the first support level at 1983.96.

Suggestion: Enter a long position near the pivot point of 1995.50 with the expectation of the price moving towards the first resistance level. Set stop losses just below the first support level to manage risk.


The bullish trend is supported by the price being above the Moving Average and the Ichimoku cloud, with the RSI indicating increasing bullish momentum.


Monitor the Bollinger Bands closely for a volatility squeeze, which may propel prices towards the higher resistance levels.


Trade Probability:

  • The likelihood of the trade's success is approximately 70%, based on the current alignment of technical indicators and market dynamics.

WTI, Crude oil, Bar chart showing forex and commodities prices, green/red candles depict daily trading trends. Includes moving average, Bollinger bands, and RSI.
West Texas Intermediate (WTI) crude oil

Pair: WTI


Trade Direction: BEARISH


The chart suggests a potential reversal as WTI is approaching its first resistance level at 78.13. The Bollinger Bands are wide, indicating high levels of volatility, and the price is currently at the upper band, which could signal an upcoming pullback.


Yesterday's Trend: The previous day showed a recovery with a slight upward trend but approaching resistance.


Pivot Point: 77.56


Indicators:

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

  • Moving Average (MA): The price is near the MA, suggesting a potential turning point.

  • Ichimoku: If available, a closer look at the Ichimoku cloud could provide insights into the momentum and potential support and resistance levels.

  • RSI: The RSI is near the overbought territory, which could indicate a possible retracement.

  • Bollinger Bands: The current price is at the upper band, often a point where prices can revert back to the mean.

🎯 Targets for Taking Profits:


  • Sell: Targets can be set at the following support levels:

    • 1st Support: 77.20

    • 2nd Support: 76.63

    • 3rd Support: 76.27


❌ Stop Loss Guidelines:

  • Sell: A stop loss can be placed above the first resistance level at 78.13 to limit potential losses should the market move contrary to the expectation.

Suggestion: Consider entering a short position with caution around the pivot point of 77.56, anticipating a decline towards the first support level.


The placement of stop losses just above the first resistance level can help mitigate risk.


The bearish bias is supported by the proximity to the upper Bollinger Band and the RSI nearing overbought conditions, suggesting a possible downward correction.


Trade Probability:

  • The likelihood of the trade's success is estimated at around 65%, considering the technical indicators and the current position near the resistance level.


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EUR/USD Bar chart showing forex and commodities prices, green/red candles depict daily trading trends. Includes moving average, Bollinger bands, and RSI.
🟢 EUR/USD


Pair: EURUSD


Trade Direction: BEARISH


The EURUSD pair is currently just above its pivot point of 1.093. The Bollinger Bands indicate that the price is near the middle band, which often serves as a support in an uptrend and resistance in a downtrend.

The RSI is heading towards the oversold territory, suggesting bearish momentum is increasing.


Yesterday's Trend: The pair displayed a downtrend as it moved lower from the highs.


Pivot Point: 1.093


Indicators:

  • Volatility: The Bollinger Bands are moderately wide, indicating an average level of volatility.

  • Moving Average (MA): The price is oscillating around the MA, indicating a potential shift in momentum.

  • Ichimoku: If available, an Ichimoku analysis would provide further insights into the trend and potential support/resistance levels.

  • RSI: Heading towards oversold territory, suggesting bearish momentum.

  • Bollinger Bands: The price is near the middle band, which could act as resistance if the trend is bearish.


🎯 Targets for Taking Profits:

  • Sell: Targets can be set at the following support levels:

    • 1st Support: 1.089

    • 2nd Support: 1.086

    • 3rd Support: 1.082


❌ Stop Loss Guidelines:

  • Sell: A stop loss could be placed just above the first resistance level at 1.095 to protect against a potential reversal to the upside.

Suggestion: Initiate a short position near the pivot point of 1.093 with an expectation of the price moving towards the first support level.


Setting a stop loss above the first resistance level at 1.095 may mitigate risk.


The bearish indication is supported by the RSI's movement towards oversold conditions and the price's interaction with the Bollinger Bands' middle line.


Trade Probability:

  • The likelihood of the trade's success is approximately 68%, given the current bearish momentum and the price's position relative to the pivot point and the Bollinger Bands.


GBP/USD currency pair, 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.
🟢 GBP/USD

Pair: GBPUSD


Trade Direction: BEARISH


The GBPUSD is currently trading near the pivot point of 1.253. The Bollinger Bands show the price moving towards the upper band, suggesting a potential reversal if it acts as resistance.


The RSI is neither in the overbought nor oversold territory, indicating no clear momentum, but the price is closer to the upper Bollinger Band, which could indicate an upcoming pullback.


Yesterday's Trend: The pair showed an uptrend but is now showing signs of leveling off, indicating potential for a downturn.


Pivot Point: 1.253


Indicators:

  • Volatility: There's an average level of volatility as suggested by the Bollinger Bands' width.

  • Moving Average (MA): The price is hovering around the MA, suggesting a balance between buyers and sellers.

  • Ichimoku: A detailed Ichimoku analysis would provide more insights if the cloud data were available.

  • RSI: The RSI is neutral, which may indicate a potential for either movement, but leaning towards a downturn due to the price proximity to the upper Bollinger Band.

  • Bollinger Bands: The upper band is being approached, which might serve as a resistance, suggesting a potential for a bearish reversal.


🎯 Targets for Taking Profits:

  • Sell: Targets for a bearish trade could be set at the following support levels:

    • 1st Support: 1.250

    • 2nd Support: 1.247

    • 3rd Support: 1.244


❌ Stop Loss Guidelines:

  • Sell: A stop loss could be sensibly placed just above the first resistance level at 1.257 to manage risk in case of an upward breakout.

Suggestion: Consider initiating a short position near the pivot point, anticipating a pullback towards the first support level. The proximity of the price to the upper Bollinger Band and the neutral RSI provides a bearish bias for this intraday signal.


Trade Probability:

  • The probability of the trade's success is approximately 60-70%, considering the price action relative to the Bollinger Bands and the current neutral RSI level.


USD/JPY Bar chart showing forex and commodities prices, green/red candles depict daily trading trends. Includes moving average, Bollinger bands, and RSI.
🟢 USD/JPY

Pair: USDJPY


Trade Direction: BULLISH


The USDJPY pair is currently showing bullish momentum as it has rebounded from its low and is now approaching the pivot point of 148.053.

The Bollinger Bands indicate a potential continuation of the uptrend as the price has bounced off the lower band and is heading towards the middle band.


Yesterday's Trend: The trend was bearish, but the recent price action suggests a potential reversal or pullback.


Pivot Point: 148.053


Indicators:

  • Volatility: The Bollinger Bands show widening bands, indicating increased market volatility and potential for large price movements.

  • Moving Average (MA): The price appears to be attempting to cross above the MA, indicating a shift to bullish momentum.

  • Ichimoku: If available, the Ichimoku cloud analysis would give further confirmation of the trend.

  • RSI: The RSI is turning upwards, suggesting an increase in buying pressure.

  • Bollinger Bands: The recent bounce off the lower band suggests bullish momentum could continue.

🎯 Targets for Taking Profits:

  • Buy: Profit targets can be set at the following resistance levels:

    • 1st Resistance: 148.947

    • 2nd Resistance: 149.493

    • 3rd Resistance: 150.387


❌ Stop Loss Guidelines:

  • Buy: A stop loss can be placed below the first support level at 147.507 to minimize potential losses if the trend reverses.

Suggestion: Enter a long position near the pivot point, anticipating the price to move towards the first resistance level. The bullish bias is supported by the price action relative to the Bollinger Bands and the upward turn in the RSI.


Trade Probability:

  • The probability of the trade's success is estimated to be around 70%, considering the current price action and momentum indicators.


USD/CHF Bar chart showing forex and commodities prices, green/red candles depict daily trading trends. Includes moving average, Bollinger bands, and RSI.
🟢 USD/CHF

Pair: USDCHF


Trade Direction: BULLISH


The USDCHF pair is currently trading just below the pivot point of 0.884.


The Bollinger Bands indicate a slight contraction, which could precede a breakout.


The RSI is trending upwards, suggesting increasing bullish momentum.


Yesterday's Trend: There was a downward trend, but the price appears to be consolidating, potentially gearing up for a change in direction.


Pivot Point: 0.884


Indicators:

  • Volatility: The contraction in the Bollinger Bands suggests a period of consolidation, with a potential breakout on the horizon.

  • Moving Average (MA): The price is near the MA, which may act as a pivot point for the price direction.

  • Ichimoku: Additional analysis with the Ichimoku cloud could provide further insights if the data were available.

  • RSI: The RSI is moving upward, suggesting a buildup of bullish pressure.

  • Bollinger Bands: The price is currently between the middle and lower bands, suggesting room for an upward move towards the upper band.

🎯 Targets for Taking Profits:

  • Buy: If entering a bullish trade, consider setting profit targets at the following resistance levels:

    • 1st Resistance: 0.885

    • 2nd Resistance: 0.887

    • 3rd Resistance: 0.889


❌ Stop Loss Guidelines:

  • Buy: A stop loss could be placed just below the first support level at 0.882 to minimise risk.


Suggestion: Consider a long position near the pivot point with the expectation of the price moving towards the first resistance level. The bullish bias is supported by the upward trend in the RSI and the price position relative to the Bollinger Bands and MA.


Trade Probability:

  • The probability of the trade's success is estimated to be around 65-75%, considering the bullish signals from the RSI and the potential for a breakout from the Bollinger Bands contraction.


NZD/USD  currency pair, 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.
🟢 NZD/USD

Pair: NZDUSD


Trade Direction: Given the current position below the pivot and recent downward trend, the direction is BEARISH.


Trade Probability: 65% - based on current market conditions and technical indicators.


Yesterday's Trend: The pair showed a decline, supporting the bearish outlook.


Pivot Point: 0.6055


Indicators:

  • Volatility: The widening of Bollinger Bands suggests increasing volatility.

  • Moving Average (MA): Price is below MA, indicating bearish momentum.

  • Ichimoku: The price is below the Ichimoku cloud, aligning with a bearish sentiment.

  • RSI: Hovering around the mid-line, suggesting no clear overbought or oversold conditions.

  • Bollinger Bands: Price is closer to the lower band, indicating potential bearish pressure.

🎯 Targets for Taking Profits:

  • Sell:

    • 1st target at 1st Support level: 0.6024

    • 2nd target at 2nd Support level: 0.5998

    • 3rd target at 3rd Support level: 0.5967


❌ Stop Loss Guidelines:

  • Sell: Set the stop loss just above the pivot point at 0.6055 to manage risk.

Suggestion: Given the bearish indicators and trend, it may be prudent to consider a short position targeting the first support at 0.6024, with subsequent targets at 0.5998 and 0.5967. Set a stop loss above the pivot point to protect against potential reversals in trend.


Monitor market conditions closely, as volatility may increase, and adjust your strategy accordingly.

AUD/USD  currency pair, 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.
🟢 AUD/USD

Pair: AUDUSD


Trade Direction: The current price action is hovering just below the pivot point suggesting a potential BEARISH outlook.


Trade Probability: 60% - based on current technical indicators and price action.


Yesterday's Trend: The trend was predominantly sideways with a slight bearish bias as indicated by the price action closing near the lower end of the range.


Pivot Point: 0.6563

Indicators Analysis:

  • Volatility: Moderate, with the price oscillating within the Bollinger Bands.

  • Moving Average (MA): The pair is trading close to the MA, suggesting indecision.

  • Ichimoku Cloud: No clear indication from the Ichimoku Cloud as the price is within the cloud.

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

  • Bollinger Bands: The price is near the midline of the Bollinger Bands, indicating a neutral stance.


🎯 Targets for Taking Profits:

  • Sell:

    • 1st target at 1st Support level: 0.6536

    • 2nd target at 2nd Support level: 0.6516

    • 3rd target at 3rd Support level: 0.6489


❌ Stop Loss Guidelines:

  • Sell: Set the stop loss slightly above the pivot point at 0.6563 to contain risk.

Suggestion: Considering the proximity to the pivot point and the lack of strong bullish signals, a short position may be initiated with caution.


The initial profit target could be set at the 1st support level with further targets as mentioned. The stop loss should be placed above the pivot point to protect the trade against a shift in market sentiment.


USD/CAD   currency pair, 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.
🟢 USDCAD

Pair: USDCAD


Trade Direction: With the current price action hovering near the pivot point, the direction is NEUTRAL to slightly BULLISH.


Trade Probability: Approximately 55% for a slight bullish movement, due to the close proximity to the pivot point and lack of a strong directional trend.


Yesterday's Trend: The price action was within a tight range, with no clear directional movement.


Pivot Point: 1.3705


Indicators Analysis:

  • Volatility: The Bollinger Bands suggest moderate volatility with the price oscillating around the middle band.

  • Moving Average (MA): The price is around the MA, indicating a neutral trend.

  • Ichimoku Cloud: The chart does not show the Ichimoku Cloud, but if the price is within the cloud, it would suggest a neutral market.

  • RSI (Relative Strength Index): RSI is near 50, which indicates a lack of momentum in either direction.

  • Bollinger Bands: The price fluctuating around the middle band suggests a lack of a strong trend.

🎯 Targets for Taking Profits:

  • Buy:

    • 1st target at 1st Resistance level: 1.3730

    • 2nd target at 2nd Resistance level: 1.3758

    • 3rd target at 3rd Resistance level: 1.3783


❌ Stop Loss Guidelines:

  • Buy: Set the stop loss just below the 1st Support level at 1.3677 to manage risk.

Suggestion: With the current price action indicating a lack of a strong trend, a cautious approach would be to look for a bullish confirmation before entering a trade.


If bullish signals are observed, a long position could be initiated, targeting the first resistance level, with a stop loss set below the first support level.


EUR/GBP,  currency pair, 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.
EUR/GBP

Pair: EURGBP


Trade Direction: Considering the price action and technical indicators, the outlook appears BULLISH.


Trade Probability: Approximately 60% - This is based on the current market conditions and technical analysis.


Yesterday's Trend: The price showed an uptick towards the end of the session, suggesting a possible bullish continuation.


Pivot Point: 0.872


Indicators Analysis:

  • Volatility: The Bollinger Bands are steady, indicating a stable market which could favor the prevailing trend.

  • Moving Average (MA): If the price is above the MA, this would typically indicate bullish momentum.

  • Ichimoku Cloud: Not visible in the chart, but if the price is above the cloud, it supports a bullish outlook.

  • RSI (Relative Strength Index): An RSI above 50 would suggest bullish momentum.

  • Bollinger Bands: If the price is approaching the upper band, it may indicate that the bullish trend is likely to continue.

🎯 Targets for Taking Profits:

  • Buy:

    • 1st target at 1st Resistance level: 0.874

    • 2nd target at 2nd Resistance level: 0.878

    • 3rd target at 3rd Resistance level: 0.880


❌ Stop Loss Guidelines:

  • Buy: Set the stop loss just below the 1st Support level at 0.868 to manage risk.

Suggestion: Based on the bullish indicators, consider a long position targeting the first resistance level at 0.874, with subsequent targets at 0.878 and 0.880.

Place a stop loss below the first support level to mitigate 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.


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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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