Daily Trade Ideas

S&P500 (SPX) Price Analysis and Trade Forecast: Daily Trading Signal

By LonghornFX Technical Analysis
Aug 14, 2023
S&p500

Daily Price Outlook

    The prominent S&P 500 stock market index is currently oscillating around the 4464 mark. This specific support is reinforced by the 61.8% Fibonacci retracement level, and the candlestick patterns suggest that there is a strong possibility for a continued decline. The S&P 500 finds its next support at approximately 4437, underpinned by the 78.6% Fibonacci level.

    Key technical indicators, such as the RSI and MACD, are currently positioned within the bearish territory. Meanwhile, the 50-day exponential moving average indicates a bearish sentiment, offering immediate resistance near the 4472 level. For now, traders should closely monitor the 4475 mark.

    A move below this could usher in a more pronounced bearish trend. Conversely, if the index surpasses this level, we could anticipate an uptrend towards 4490 or even an ascent towards 4525. Should the index descend below 4475, there's potential for the S&P 500 to plummet to the 4435 level, with a further potential drop bringing the index close to the 4400 benchmark.

    S&P500 (SPX) Price Chart – Source: Tradingview
    S&P500 (SPX) Price Chart – Source: Tradingview

    S&P500 (SPX) - Trade Idea

    Entry Price – Sell Below 4470

    Take Profit – 4400.00

    Stop Loss – 4517.00

    Risk to Reward – 1: 1.4

    Profit & Loss Per Standard Lot = +$700/ -$470

    Profit & Loss Per Micro Lot = +$70/ -$47

    SPX

    Daily Trade Ideas

    EUR/USD Price Analysis and Trade Forecast: Daily Trading Signal

    By LonghornFX Technical Analysis
    Aug 11, 2023
    Eurusd

    Daily Price Outlook

      The EUR/USD pair is exhibiting notable upward momentum as it tests the pivotal resistance level at 1.1030. This prompts a cautious approach in the upcoming trading sessions, emphasizing the importance of the price remaining below this level to sustain the current bearish trend. The associated targets within this bearish trajectory lie at 1.0955 and extend further to 1.0880, contingent on the successful breach of the aforementioned resistance level.

      Conversely, it's crucial to acknowledge that a breach of 1.1030, followed by a sustained position above it, would halt the negative scenario and potentially reignite an attempt to reestablish the primary bullish trend. In terms of today's expected market dynamics, the projected trading range spans from the support level of 1.0900 to the resistance level of 1.1030.

      Overall, the prevailing trend for today is anticipated to be bearish.

      EUR/USD Price Chart – Source: Tradingview
      EUR/USD Price Chart – Source: Tradingview

      EUR/USD - Trade Idea

      Entry Price – Buy Above 1.09614

      Take Profit – 1.10350

      Stop Loss – 1.09087

      Risk to Reward – 1: 1.4

      Profit & Loss Per Standard Lot = +$736/ -$527

      Profit & Loss Per Micro Lot = +$73/ -$52

      EUR/USD

      Daily Trade Ideas

      GOLD Price Analysis and Trade Forecast: Daily Trading Signal

      By LonghornFX Technical Analysis
      Aug 11, 2023
      Signal 2023 05 25 122622 002

      Daily Price Outlook

        The precious metal gold is currently trading with a bearish stance after breaching the critical support level at $1920. The formation of a potential double bottom pattern on the hourly timeframe suggests a potential continuation of the downtrend.

        Presently, a temporary support seems to be forming around the $1915 level, which holds the potential to further drive selling pressure toward the $1900 level.

        Additionally, observing the four-hour timeframe, the 50-day moving average indicates a probable resistance forming around the $1920 level. If gold manages to surpass this level, it may expose the price to the range of $1930 to $1940, where $1930 currently serves as resistance.

        It's worth noting that this level previously acted as support on August 3 and August 4. In the event of increased demand for gold, a breakout above $1930 could propel the price toward $1940 to $1947.

        Conversely, a breach below the recent support level of $1914 might drive the gold price down to the $1900 to $1892 range. Therefore, today's focus lies on the pivotal level of $1912, as a breakout below this point could potentially signal further selling trades.

        GOLD Price Chart – Source: Tradingview
        GOLD Price Chart – Source: Tradingview

        GOLD(XAU/USD) - Trade Idea

        Entry Price – Sell Below 1912

        Take Profit – 1902

        Stop Loss – 1922

        Risk to Reward – 1: 1

        Profit & Loss Per Standard Lot = +$1000/ -$1000

        Profit & Loss Per Micro Lot = +$100/ -$100

        GOLD

        Daily Trade Ideas

        S&P500 (SPX) Price Analysis and Trade Forecast: Daily Trading Signal

        By LonghornFX Technical Analysis
        Aug 11, 2023
        S&p500

        Daily Price Outlook

          The primary stock market index is the S&P 500, currently positioned at 4,671.1 points. A thorough analysis of the four-hour timeframe reveals a noteworthy technical perspective for the SPX. This perspective gains significance following its successful breach of the crucial 4,500 level.

          In terms of downside potential, should the S&P 500 maintain its position below 4,757.94, there is the possibility of a decline towards the 4,437 level. Examining the longer timeframe, the S&P 500 has already achieved approximately 58.7% of its retracement from the 4,474 level. The presence of the 50-day exponential moving average provides a suggestive context for the continuation of the ongoing downtrend.

          Both the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) indicators offer supportive readings, enhancing the probability of sustained downward momentum. Presently, breaking below 4,450 could potentially provide an opportunity to initiate a short position on the S&P 500, with a target set at 4,437 or even lower to the 4,400 level.

          S&P500 (SPX) Price Chart – Source: Tradingview
          S&P500 (SPX) Price Chart – Source: Tradingview

          S&P500 (SPX) - Trade Idea

          Entry Price – Sell Below 4470

          Take Profit – 4400

          Stop Loss – 4517

          Risk to Reward – 1: 1.5

          Profit & Loss Per Standard Lot = +$700/ -$470

          Profit & Loss Per Micro Lot = +$70/ -$47

          SPX

          Daily Trade Ideas

          GOLD Price Analysis and Trade Forecast: Daily Trading Signal

          By LonghornFX Technical Analysis
          Aug 10, 2023
          Signal 2023 05 25 122622 002

          Daily Price Outlook

            The gold price came very close to reaching our anticipated target at $1,913.15. It commenced today with a slightly bullish inclination, influenced by the positive movement of the stochastic indicator. We are anticipating a reversal in momentum that will contribute to breaking the mentioned level, thereby paving the way for achieving further downward targets, reaching as low as $1,892.00.

            The EMA50 indicator is consistently exerting downward pressure, reinforcing the likelihood of the bearish trend persisting in the upcoming trading sessions. It's important to note that a failure to breach the $1,913.15 level would result in the price embarking on recovery efforts, potentially leading to gains starting with a test of the $1,929.00 level, followed by the $1,945.20 level.

            The projected trading range for today is expected to be between the support level of $1,900.00 and the resistance level of $1,930.00.Overall, the prevailing trend for today is anticipated to be bearish.

            GOLD Price Chart – Source: Tradingview
            GOLD Price Chart – Source: Tradingview

            GOLD (XAU/USD) - Trade Idea

            Entry Price – Buy Above 1914

            Take Profit – 1925

            Stop Loss – 1906

            Risk to Reward – 1: 1.5

            Profit & Loss Per Standard Lot = +$1100/ -$800

            Profit & Loss Per Micro Lot = +$110/ -$80

            GOLD

            Daily Trade Ideas

            GOLD Price Analysis – Aug 10, 2023

            By LonghornFX Technical Analysis
            Aug 10, 2023
            Signal 2023 05 25 122622 002

            Daily Price Outlook

            Gold Price (XAU/USD) found support in Thursday's Asian session, bouncing back from a one-month low of about $1,913 seen on the previous day. The XAU/USD pair managed to break a three-day losing streak and currently trades in the range of $1,916 to $1,917, with a small gain of just over 0.10% for the day. However, the upward movement lacks strong momentum or a clear bullish direction for now.

            Traders Playing It Safe Before US Inflation Data

            However, the recent movement in the gold price might be because traders are being cautious before the US releases data about inflation. This information is important because it decides whether the US central bank, called the Federal Reserve, will change interest rates. People are keeping a close watch on how the inflation data might affect the gold price. But if the central bank makes the rules stricter, it could be difficult for the gold price, as gold doesn't give returns like other investments.

            Gold's Future Tied to US Economy

            People expect the US central bank to keep interest rates high because they're hopeful about the strong US economy. This keeps the interest rates on US Treasury bonds high and helps the US Dollar to stay strong. If the US Dollar gets stronger, it might stop the gold price from going up more. The upcoming inflation data for July in the US will give important hints about what the Federal Reserve plans to do with interest rates in September. If inflation stays high, the Fed might think about raising interest rates. At the same time, people might not feel as confident spending money because mortgage rates have gone up a lot, reaching a high of 7.09% this week.

            China's Economy Affects Gold Price

            As concerns grow about China's economy weakening due to recent poor economic indicators, people might turn to gold as a safe option. China's low inflation and disappointing trade outcomes indicate economic challenges. Despite this, experts predict gold's value might decrease overall. So, if there's a temporary increase, it could vanish quickly, an opportunity for sellers. Chances still favor the gold price decreasing.

            GOLD Price Chart – Source: Tradingview
            GOLD Price Chart – Source: Tradingview

            GOLD (XAU/USD) - Technical analysis

            The gold price came very close to reaching our anticipated target at $1,913.15. It commenced today with a slightly bullish inclination, influenced by the positive movement of the stochastic indicator. We are anticipating a reversal in momentum that will contribute to breaking the mentioned level, thereby paving the way for achieving further downward targets, reaching as low as $1,892.00.

            The EMA50 indicator is consistently exerting downward pressure, reinforcing the likelihood of the bearish trend persisting in the upcoming trading sessions. It's important to note that a failure to breach the $1,913.15 level would result in the price embarking on recovery efforts, potentially leading to gains starting with a test of the $1,929.00 level, followed by the $1,945.20 level.

            The projected trading range for today is expected to be between the support level of $1,900.00 and the resistance level of $1,930.00.Overall, the prevailing trend for today is anticipated to be bearish.

            GOLD

            Daily Trade Ideas

            GBP/USD Price Analysis and Trade Forecast: Daily Trading Signal

            By LonghornFX Technical Analysis
            Aug 10, 2023
            Gbpusd

            Daily Price Outlook

              The GBP/USD pair successfully breached the 1.2725 level and concluded the daily candlestick below it. This development reinforces the anticipation of a sustained bearish trend in the forthcoming trading sessions, thereby paving the way for a potential move towards 1.2825 as the next downside target.

              The influence of the EMA50 indicator continues to align with the projected bearish wave. It's noteworthy that surpassing the 1.2725 level would alleviate the present downward pressure, initiating potential recovery attempts aimed at reaching the 1.2825 regions initially.

              For today's trading outlook, the projected range is set between the support level of 1.2625 and the resistance level of 1.2790.

              GBP/USD Price Chart – Source: Tradingview
              GBP/USD Price Chart – Source: Tradingview

              GBP/USD - Trade Idea

              Entry Price – Buy Stop 1.28112

              Take Profit – 1.29034

              Stop Loss – 1.26950

              Risk to Reward – 1: 0.80

              Profit & Loss Per Standard Lot = +$922/ -$1162

              Profit & Loss Per Micro Lot = +$92/ -$116

              GBP/USD

              Daily Trade Ideas

              EUR/USD Price Analysis and Trade Forecast: Daily Trading Signal

              By LonghornFX Technical Analysis
              Aug 10, 2023
              Eurusd

              Daily Price Outlook

                The EUR/USD pair has maintained a sideways and narrow trajectory since yesterday. It's worth noting that the EMA50 indicator continues to exert downward pressure on the price, thus sustaining the bearish trend scenario. The confirmation of this scenario hinges on the breach of the 1.0955 level, which would validate the extension of the bearish movement toward the 1.0880 level.

                The presence of a double top pattern's negative influence enhances the likelihood of further anticipated declines in the forthcoming sessions. It's crucial to emphasize that the continuity of the bearish trend necessitates staying below the 1.1030 level.

                For today, the projected trading range spans from the support level of 1.0900 to the resistance level of 1.1030.

                EUR/USD Price Chart – Source: Tradingview
                EUR/USD Price Chart – Source: Tradingview

                EUR/USD - Trade Idea

                Entry Price – Buy Above 1.09770

                Take Profit – 1.10380

                Stop Loss – 1.09237

                Risk to Reward – 1: 2.1

                Profit & Loss Per Standard Lot = +$610/ -$533

                Profit & Loss Per Micro Lot = +$61/ -$53

                EUR/USD

                Daily Trade Ideas

                EUR/USD Price Analysis and Trade Forecast: Daily Trading Signal

                By LonghornFX Technical Analysis
                Aug 9, 2023
                Eurusd

                Daily Price Outlook

                  The EUR/USD pair made an effort to surpass the 1.0955 threshold but has commenced the day on a bullish note, influenced by the Stochastic indicator's positive outlook. Some interim gains are anticipated before the pair potentially resumes its downtrend.

                  The persistent downward pressure exerted by the EMA50 underscores the prevailing bearish correction trend, a sentiment further reinforced by the recently observed double top pattern on the chart.

                  In light of the current analysis, the bearish trajectory is projected to continue in the near term, with a key target pinpointed at 1.0880. It's imperative to note, however, that any breach above the 1.1030 level could negate this bearish forecast, redirecting the pair towards its primary bullish trajectory.

                  EUR/USD Price Chart – Source: Tradingview
                  EUR/USD Price Chart – Source: Tradingview

                  EUR/USD - Trade Idea

                  Entry Price – Buy Above 1.09445

                  Take Profit – 1.10403

                  Stop Loss – 1.08992

                  Risk to Reward – 1: 2.1

                  Profit & Loss Per Standard Lot = +$958/ -$453

                  Profit & Loss Per Micro Lot = +$95/ -$45

                  EUR/USD

                  Daily Trade Ideas

                  AUD/USD Price Analysis and Trade Forecast: Daily Trading Signal

                  By LonghornFX Technical Analysis
                  Aug 9, 2023
                  Audusd

                  Daily Price Outlook

                    The AUD/USD pair closed beneath the 0.6550 benchmark yesterday, further solidifying the forecasted bearish trajectory for the imminent timeframe, with an eye on the 0.6400 mark as the subsequent pivotal target.

                    The prevailing bullish undertone, as indicated by the Stochastic's upbeat momentum, necessitates the pair to remain under the 0.6550 and 0.6600 thresholds to ensure the continuation of the anticipated bearish momentum. Surpassing these benchmarks could act as a catalyst for the pair's resurgence, initiating a potential rally towards the significant resistance set at 0.6665.

                    For today, the anticipated trading spectrum is projected to span from a support level of 0.6490 to a resistance of 0.6590. The day's overarching trend is expected to be bullish.

                    AUD/USD Price Chart – Source: Tradingview
                    AUD/USD Price Chart – Source: Tradingview

                    AUD/USD - Trade Idea

                    Entry Price – Buy Above 0.65281

                    Take Profit – 0.66089

                    Stop Loss – 0.64763

                    Risk to Reward – 1: 1.5

                    Profit & Loss Per Standard Lot = +$808/ -$518

                    Profit & Loss Per Micro Lot = +$80/ -$51

                    AUD/USD