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Today's Forex Signals: Technical Analysis, November 23, 2023

Headlines


Dollar Index Movement:

The dollar index rose overnight, recovering from a 2-1/2 month low.

This rise followed data showing a larger-than-expected drop in new U.S. unemployment claims.


Oil Prices:

U.S. crude fell 1.25% to $76.14 per barrel.

Brent crude dropped to $80.84, down 1.37%.

Losses extended after OPEC+ postponed a meeting, affecting output cut expectations.


UK Financial Updates:

Sterling weakened and the FTSE 100 fell for the third consecutive session.

UK Finance Minister Jeremy Hunt announced tax cuts and growth measures but projected a sluggish economic outlook.


Cryptocurrency Developments:

Binance CEO Changpeng Zhao stepped down, admitting to U.S. anti-money laundering law violations.

Bitcoin's value increased nearly 5%, reaching $37,450.


Gold:

Prices fell, pressured by a stronger U.S. dollar and lower crude oil prices.

December gold dropped to $1,992.90.


forex factory headlines for today's major data events
Today's major data, GMT times, US Market closed for Thanksgiving holiday🦃


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

Intraday Forex Signal for XAUUSD (Gold) - November 23, 2023


Pair: XAUUSD


Pivot Point: 1994.41


Yesterday's Trend: The trend has shown signs of consolidation with a slight bullish bias as indicated by the proximity to the pivot.


Trade Direction: BULLISH


Trade Probability: 65%


Volatility: Narrowing Bollinger Bands suggest a decrease in volatility with potential for a breakout.


Moving Average (MA): Gold is trading above the Moving Average, hinting at bullish sentiment.


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


RSI (14): Neutral territory, indicating potential for either movement, but with a bias towards bullish continuation.


Bollinger Bands: The price is closer to the upper band, indicating bullish pressure.


🎯 Targets for Taking Profits:

  • Buy:

    • 1st Resistance Target: 2001.86

    • 2nd Resistance Target: 2013.55

    • 3rd Resistance Target: 2021.00


❌ Stop Loss Guidelines:

  • Buy: Set stop loss at 1982.72, which is the 1st Support level.

Suggestion: Based on the bullish indicators and the price being above the pivot and key moving averages, initiating a long position could be considered, targeting the resistance levels mentioned. Setting a stop loss just below the 1st Support level can help mitigate risk.

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


Pivot Point: 76.01


Yesterday's Trend: The chart indicates a downtrend with a recent stabilization near the pivot point.


Trade Direction: BEARISH


Trade Probability: 60%


Volatility: There is an increase in volatility as seen by the widening of the Bollinger Bands.


Moving Average (MA): WTI is trading below the Moving Average, suggesting a bearish trend.


Ichimoku Cloud: The price is below the Ichimoku cloud, indicating bearish momentum.


RSI (14): Approaching oversold territory, which may signal a potential pullback or trend continuation.


Bollinger Bands: WTI price is oscillating near the lower band, confirming the bearish bias.


🎯 Targets for Taking Profits:

  • Sell:

    • 1st Support Target: 74.88

    • 2nd Support Target: 72.65

    • 3rd Support Target: 71.52


❌ Stop Loss Guidelines:

  • Sell: Set stop loss at 78.24, which is the 1st Resistance level.

Suggestion: Given the bearish indicators, entering a short position may be advantageous, targeting the specified support levels. A stop loss slightly above the 1st Resistance level is recommended to protect against sudden bullish reversals.


Vantage Markets , sales banner, trade Gold

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


Pivot Point: 1.089


Yesterday's Trend: The pair showed signs of consolidation, with potential for an upside breakout.


Trade Direction: BULLISH


Trade Probability: 55%


Volatility: Moderate, as indicated by the Bollinger Bands, with room for potential upside movement.


Moving Average (MA): Trading around the Moving Average, which may indicate a shift towards bullish sentiment if sustained above.


Ichimoku Cloud: If the price moves above the Ichimoku cloud, it would confirm bullish momentum.


RSI (14): The RSI is near 50, which may point to an upcoming trend strength if it moves higher.


Bollinger Bands: The price near the middle band suggests a possible shift in momentum if it moves towards the upper band.


🎯 Targets for Taking Profits:

  • Buy:

    • 1st Resistance Target: 1.093

    • 2nd Resistance Target: 1.096

    • 3rd Resistance Target: 1.100


❌ Stop Loss Guidelines:

  • Buy: Set stop loss at 1.085, just below the 1st Support level.

Suggestion: The current market conditions and technical indicators suggest a cautious bullish approach. If taking a long position, consider setting a stop loss just below the first support level to manage risk, while targeting resistance levels for taking profits.


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


Pivot Point: 1.250


Yesterday's Trend: The pair showed an uptrend with signs of a slight pullback.


Trade Direction: BULLISH


Trade Probability: 60%


Volatility: The Bollinger Bands are moderately wide, indicating steady volatility with room for upward movement.


Moving Average (MA): GBPUSD is trading above the Moving Average, indicating a bullish trend.


Ichimoku Cloud: If the price stays above the Ichimoku cloud, it would indicate bullish momentum.


RSI (14): The RSI is above 50, suggesting that the bullish momentum is still present.


Bollinger Bands: The price is near the upper band, showing potential for continuation of the uptrend.


🎯 Targets for Taking Profits:

  • Buy:

    • 1st Resistance Target: 1.255

    • 2nd Resistance Target: 1.260

    • 3rd Resistance Target: 1.265


❌ Stop Loss Guidelines:

  • Buy: Set stop loss at 1.245, just below the 1st Support level.

Suggestion: With the current bullish trend and indicators, entering a long position could be considered. Aim for the resistance levels as profit targets and set a stop loss just below the first support level to manage risk effectively.


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


Pivot Point: 149.103


Yesterday's Trend: The pair was bullish but is currently showing signs of potential retracement from recent highs.


Trade Direction: BEARISH


Trade Probability: 40%


Volatility: The widening of the Bollinger Bands indicates increased volatility, which often accompanies reversals.


Moving Average (MA): Price nearing the Moving Average from above, suggesting a potential crossover to bearish territory.


Ichimoku Cloud: The price is above the cloud, but a downturn could suggest an imminent bearish trend if it crosses below.


RSI (14): The RSI is slightly above 50 but is trending downward, indicating weakening bullish momentum.


Bollinger Bands: The price near the upper Bollinger Band could indicate an overextended market and potential for a pullback.


🎯 Targets for Taking Profits:

  • Sell:

    • 1st Support Target: 148.457

    • 2nd Support Target: 147.373

    • 3rd Support Target: 146.727


❌ Stop Loss Guidelines:

  • Sell: Set stop loss at 150.187, just above the 1st Resistance level.

Suggestion: The indications of a potential pullback warrant a bearish outlook. If entering a short position, setting a stop loss just above the first resistance level can help mitigate risk, with the aim of profiting at or before the support levels, adjusting as the market provides more information.


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


Pivot Point: 0.884


Yesterday's Trend: The pair showed a downtrend, now consolidating.


Trade Direction: BEARISH


Trade Probability: 45%


Volatility: Bollinger Bands are moderately wide, indicating a stable level of volatility.


Moving Average (MA): The pair is trading below the Moving Average, reinforcing the bearish trend.


Ichimoku Cloud: The price is below the Ichimoku cloud, suggesting bearish momentum.


RSI (14): The RSI is below 50, which typically indicates bearish momentum.


Bollinger Bands: The price is in the lower half of the bands, also indicating bearish sentiment.


🎯 Targets for Taking Profits:

  • Sell:

    • 1st Support Target: 0.881

    • 2nd Support Target: 0.879

    • 3rd Support Target: 0.876


❌ Stop Loss Guidelines:

  • Sell: Set stop loss at 0.887, slightly above the 1st Resistance level.

Suggestion: The current bearish indicators suggest a potential for further decline. A short position could be considered, with the stop loss placed just above the first resistance to manage risk. The support levels could serve as conservative targets for profit-taking.


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


Pivot Point: 0.6027


Yesterday's Trend: Although there was a correction, the pair seems to be recovering, indicating potential bullish momentum.


Trade Direction: BULLISH


Trade Probability: 50%


Volatility: Bollinger Bands suggest moderate volatility with potential for an upward move as the bands are not constricting.


Moving Average (MA): The pair is trading around the Moving Average, indicating the possibility of a bullish crossover.


Ichimoku Cloud: Price is currently above the Ichimoku cloud, indicating a bullish sentiment.


RSI (14): The RSI is near 50, which often indicates a possible trend shift. If the RSI moves above 50, it would reinforce the bullish outlook.


Bollinger Bands: The price is between the middle and upper bands, hinting at a bullish bias.


🎯 Targets for Taking Profits:

  • Buy:

    • 1st Resistance Target: 0.6059

    • 2nd Resistance Target: 0.6096

    • 3rd Resistance Target: 0.6128


❌ Stop Loss Guidelines:

  • Buy: Set stop loss at 0.5990, just below the 1st Support level.

Suggestion: Given the signs of recovery and the price action around key technical levels, a bullish outlook is suggested. A long position could be considered, with a stop loss set below the first support level to minimize risk. Resistance levels may serve as incremental targets for profit-taking.

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


Pivot Point: 0.6544


Yesterday's Trend: The trend displayed a bullish pattern with recovery from the lows.


Trade Direction: BULLISH


Trade Probability: 55%


Volatility: The Bollinger Bands are moderately wide, indicating a stable level of volatility with the potential for a continuation of the trend.


Moving Average (MA): The pair is trading above the Moving Average, a bullish signal.


Ichimoku Cloud: The price is above the Ichimoku Cloud, which is typically a bullish sign.


RSI (14): The RSI is above 50, pointing to a bullish momentum.


Bollinger Bands: The price is trending towards the upper band, which may indicate a continuation of the upward trend.


🎯 Targets for Taking Profits:

  • Buy:

    • 1st Resistance Target: 0.6568

    • 2nd Resistance Target: 0.6594

    • 3rd Resistance Target: 0.6618


❌ Stop Loss Guidelines:

  • Buy: Set stop loss at 0.6518, just below the 1st Support level.

Suggestion: Given the bullish trend indicators, a long position could be considered. The resistance levels can be set as targets for taking profits, and a stop loss should be placed just below the first support level to manage risk effectively.


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


Pivot Point: 1.3713


Yesterday's Trend: The pair showed signs of a downtrend, indicating potential for continued bearish momentum.


Trade Direction: BEARISH


Trade Probability: 55%


Volatility: Bollinger Bands demonstrate moderate volatility, with the price near the middle band suggesting potential for a downward move.


Moving Average (MA): The price is hovering around the Moving Average, which may indicate a bearish trend if it sustains below.


Ichimoku Cloud: If the price falls below the Ichimoku Cloud, it would reinforce the bearish outlook.


RSI (14): The RSI is near the midpoint, indicating potential for a downward movement if it trends lower.


Bollinger Bands: The price is positioned near the middle band; a move towards the lower band could signal the start of a bearish trend.


🎯 Targets for Taking Profits:

  • Sell:

    • 1st Support Target: 1.3661

    • 2nd Support Target: 1.3632

    • 3rd Support Target: 1.3580


❌ Stop Loss Guidelines:

  • Sell: Set stop loss at 1.3742, just above the 1st Resistance level.

Suggestion: Given the potential for a bearish continuation, traders might consider a short position with a stop loss set above the first resistance level to manage risk.


The support levels can act as targets for taking profits, and should be adjusted based on live market analysis and individual risk management strategies.


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


Pivot Point: 0.871


Yesterday's Trend: The pair showed a downtrend, but recent price action suggests a potential reversal to the upside.


Trade Direction: BULLISH


Trade Probability: 55%


Volatility: The Bollinger Bands are moderately wide, suggesting a steady level of volatility conducive to trend formation.


Moving Average (MA): The pair is hovering near the Moving Average, suggesting potential for a bullish crossover.


Ichimoku Cloud: If the price moves above the Ichimoku Cloud, this would further confirm bullish momentum.


RSI (14): The RSI is close to the midpoint, indicating potential for upward momentum if it crosses above the 50 level.


Bollinger Bands: The price is near the lower Bollinger Band, which could indicate an oversold condition and a potential bounce upwards.


🎯 Targets for Taking Profits:

  • Buy:

    • 1st Resistance Target: 0.873

    • 2nd Resistance Target: 0.875

    • 3rd Resistance Target: 0.877


❌ Stop Loss Guidelines:

  • Buy: Set stop loss at 0.870, just below the 1st Support level.

Suggestion: The technical indicators suggest a bullish sentiment may be forming. A long position could be considered with a stop loss just below the first support level to manage risk.


The resistance levels can act as targets for taking profits, and should be adjusted as the market provides new information.

 

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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