Daily Trade Ideas

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

By LonghornFX Technical Analysis
Jun 18, 2024
Eurusd

Daily Price Outlook

- EUR/USD bearish sentiment with RSI at 42.30, suggesting potential downside if pivot point breaks.

- Immediate resistance levels at $1.07577, $1.07706, and $1.08082 must be breached for bullish momentum.

- Sell entry below $1.07255 with a target of $1.06738 and stop loss at $1.07577.

EUR/USD is currently trading at $1.07198. The pivot point at $1.07255 is crucial for determining the next move. Immediate resistance is found at $1.07387, with subsequent resistance levels at $1.07577 and $1.07734. These levels need to be breached for a potential bullish reversal. On the downside, immediate support is identified at $1.07000. If this level is broken, the next support levels are at $1.06738 and $1.06499.

The 50-day Exponential Moving Average (EMA) is currently at $1.07734, while the 200-day EMA is at $1.07706, indicating bearish momentum in the short term. The Relative Strength Index (RSI) is at 42.30, suggesting that the market is neither overbought nor oversold, but closer to the lower end of the spectrum. This implies a potential for further downside if bearish pressure continues.

The current price action indicates that a break above the immediate resistance at $1.07387 could signal a bullish move, while a drop below the pivot point of $1.07255 may lead to further downside pressure.

Considering the current technical outlook, a sell position below $1.07255 is advisable with a take profit target at $1.06738 and a stop loss at $1.07577.

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

EUR/USD- Trade Ideas

Entry Price – Sell Below 1.07255

Take Profit – 1.06738

Stop Loss – 1.07577

Risk to Reward – 1: 1.6

Profit & Loss Per Standard Lot = +$517/ -$322

Profit & Loss Per Mini Lot = +$51/ -$32

EUR/USD

Daily Trade Ideas

GOLD Price Analysis and Trade Forecast: Daily Trading Signal

By LonghornFX Technical Analysis
Jun 18, 2024
Gold

Daily Price Outlook

- Gold (XAU/USD) trading at $2,312.25, showing bearish momentum with symmetrical triangle pattern indicating volatility.

- Immediate resistance levels at $2,325.03, $2,332.00, and $2,339.37 need to be breached for bullish reversal.

- Sell entry below $2,320 with a target of $2,300 and stop loss at $2,332.

Gold (XAU/USD) is currently trading at $2,312.25, with bearish momentum observed on the 2-hour chart. The symmetrical triangle pattern forming suggests potential breakout volatility. The pivot point at $2,319.43 is crucial for determining the next move. Immediate resistance levels are seen at $2,325.03, $2,332.00, and $2,339.37. To confirm a bullish reversal, these resistance levels need to be breached. On the downside, immediate support is found at $2,309.55, with further support levels at $2,300.00 and $2,297.24. The Relative Strength Index (RSI) is at 40.71, indicating bearish sentiment but not yet in oversold territory.

The 50-day Exponential Moving Average (EMA) at $2,319.43 is currently acting as a resistance level. The price needs to break above this EMA to signal a potential shift to bullish momentum. The 200-day EMA at $2,331.28 also serves as a significant resistance point that the price needs to surpass to confirm a stronger bullish trend. The current price action suggests that a break above the immediate resistance could signal a bullish move, while a drop below the pivot point of $2,319.43 may lead to further downside pressure. Monitoring these key levels and EMA crossovers will be essential for short-term trading strategies.

The Fibonacci retracement levels further highlight key areas of interest. A break above the pivot point of $2,319.43 could indicate a bullish move, while a drop below $2,309.55 may suggest further downside pressure. Considering the current technical outlook, a sell position below $2,320 is advisable with a take profit target at $2,300 and a stop loss at $2,332.

GOLD Price Chart - Source: Tradingview
GOLD Price Chart - Source: Tradingview

GOLD (XAU/USD) - Trade Ideas

Entry Price – Sell Below $2,320

Take Profit – $2,300

Stop Loss – $2,332

Risk to Reward – 1: 1.6

Profit & Loss Per Standard Lot = +$ 2000/ -$ 1200

Profit & Loss Per Mini Lot = +$ 200/ -$ 120

GOLD

Daily Trade Ideas

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

By LonghornFX Technical Analysis
Jun 17, 2024
Gbpusd

Daily Price Outlook

- GBP/USD trades below pivot point, signaling bearish pressure.

- RSI at 35 indicates oversold conditions, potential for a short-term bounce.

- Key support levels to watch: 1.2645, 1.2613, 1.2581.

The GBP/USD pair is facing downward pressure, trading below its pivot point of 1.2678 on the 4-hour chart. The 50-day Exponential Moving Average (EMA) at 1.2758 is acting as a significant resistance, further solidifying the bearish outlook.

The Relative Strength Index (RSI) reading of 35 indicates oversold conditions, hinting at a potential bounce in the near term. However, the broader trend remains bearish, and traders should exercise caution.

Key resistance levels to monitor are 1.2723, 1.2765, and 1.2808. A break above these levels could negate the bearish bias and signal a potential reversal. On the downside, immediate support lies at 1.2645, followed by 1.2613 and 1.2581.

A decisive break below these levels could trigger further selling pressure, potentially leading to a deeper decline for the pound.

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

GBP/USD- Trade Ideas

Entry Price – Buy Above 1.26525

Take Profit – 1.27085

Stop Loss – 1.26180

Risk to Reward – 1: 1.6

Profit & Loss Per Standard Lot = +$560/ -$345

Profit & Loss Per Mini Lot = +$56/ -$34

GBP/USD

Daily Trade Ideas

GOLD Price Analysis and Trade Forecast: Daily Trading Signal

By LonghornFX Technical Analysis
Jun 17, 2024
Gold

Daily Price Outlook

- Gold price surges above $2,330, signaling bullish momentum.

- Key resistance levels to watch: $2,342.55, $2,357.84, and $2,370.11.

- Support levels to monitor: $2,308.16, $2,295.93, and $2,287.04.

Gold prices have rebounded from recent lows, surging above the $2,330 mark on Monday. The 4-hour chart reveals a bullish momentum, with the precious metal trading above its pivot point at $2,342.00.

The Relative Strength Index (RSI) reading of 56 indicates a strengthening positive sentiment in the market. Moreover, the 50-day Exponential Moving Average (EMA) provides near-term support at $2,326.93, further bolstering the bullish outlook.

Traders should watch key resistance levels at $2,342.55, $2,357.84, and $2,370.11. A decisive break above these levels could trigger further buying interest and propel gold towards higher targets.

However, should the upward momentum wane, immediate support lies at $2,308.16, followed by $2,295.93 and $2,287.04. A break below these levels might signal a temporary setback for the bullish trend.

GOLD Price Chart - Source: Tradingview
GOLD Price Chart - Source: Tradingview

GOLD (XAU/USD) - Trade Ideas

Entry Price – Buy Above 2324

Take Profit – 2342

Stop Loss – 2313

Risk to Reward – 1: 1.6

Profit & Loss Per Standard Lot = +$1800/ -$1100

Profit & Loss Per Mini Lot = +$180/ -$110

GOLD

Daily Trade Ideas

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

By LonghornFX Technical Analysis
Jun 17, 2024
Eurusd

Daily Price Outlook

- EUR/USD trades below pivot point at $1.0726, bearish pressure likely.

- RSI at 34 signals oversold conditions, short-term bounce possible.

- Key support levels to watch: $1.0674, $1.0650, $1.0613.

The EUR/USD pair is struggling to maintain upward momentum, trading slightly below the 1.07 mark. The 4-hour chart reveals the pair is hovering just beneath its pivot point at $1.0726, signaling potential bearish pressure.

The 50-day Exponential Moving Average (EMA) at $1.0802 further reinforces this bearish outlook, acting as a significant resistance level.

The Relative Strength Index (RSI) reading of 34 indicates oversold conditions, hinting at a potential bounce in the near term. However, traders should remain cautious as the overall trend remains bearish.

Key resistance levels to watch include $1.0771, $1.0808, and $1.0847. A break above these levels could negate the bearish outlook and signal a potential reversal.

On the downside, immediate support lies at $1.0674, followed by $1.0650 and $1.0613.

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

EUR/USD- Trade Ideas

Entry Price – Sell Limit 1.07254

Take Profit – 1.06738

Stop Loss – 1.07559

Risk to Reward – 1: 1.6

Profit & Loss Per Standard Lot = +$516/ -$305

Profit & Loss Per Mini Lot = +$51/ -$30

EUR/USD

Daily Trade Ideas

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

By LonghornFX Technical Analysis
Jun 14, 2024
Eurusd

Daily Price Outlook

- EUR/USD trades below pivot point at 1.0726, bearish pressure likely.

- RSI at 32 signals oversold conditions, short-term bounce possible.

- Key support levels to watch: 1.0674, 1.0650, 1.0613.

The EUR/USD pair is struggling to maintain upward momentum, currently hovering slightly above the 1.07 mark. On the 4-hour chart, the pair is trading below its pivot point of 1.0726, signaling potential bearish pressure.

The 50-day Exponential Moving Average (EMA) at 1.0814 reinforces this bearish outlook, acting as a significant resistance level.

The Relative Strength Index (RSI) reading of 32 indicates oversold conditions, hinting at a potential bounce in the near term.

However, traders should remain cautious as the overall trend remains bearish. Key resistance levels to watch include 1.0766, 1.0798, and 1.0847. A break above these levels could negate the bearish outlook and signal a potential reversal.

On the downside, immediate support lies at 1.0674, followed by 1.0650 and 1.0613. A break below these levels could exacerbate the downward pressure, potentially leading to further losses for the euro.

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

EUR/USD- Trade Ideas

Entry Price – Sell Below 1.07262

Take Profit – 1.06758

Stop Loss – 1.07559

Risk to Reward – 1: 1.7

Profit & Loss Per Standard Lot = +$504/ -$297

Profit & Loss Per Mini Lot = +$50/ -$29

EUR/USD

Daily Trade Ideas

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

By LonghornFX Technical Analysis
Jun 14, 2024
Spx

Daily Price Outlook

- S&P 500 shows signs of a potential pullback, RSI indicates overbought conditions.

- Key resistance levels: $5,478.89, $5,510.93, $5,550.84.

- Support levels to watch: $5,402.31, $5,349.10, $5,299.23.

The S&P 500 is showing signs of a potential pullback after reaching record highs. While the index is currently trading above its pivot point at $5,446.46, the technical indicators suggest caution is warranted.

The Relative Strength Index (RSI) reading of 69 indicates an overbought condition, which could precede a correction. Additionally, the 50-day Exponential Moving Average (EMA) is providing support at $5,303.01, well below the current price.

Traders should be mindful of key resistance levels at $5,478.89, $5,510.93, and $5,550.84. A break above these levels could fuel further upside momentum, but a rejection at these levels could trigger a deeper pullback.

On the downside, immediate support rests at $5,402.31, followed by $5,349.10 and $5,299.23. A breach of these levels could accelerate selling pressure.

S&P 500 Price Chart - Source: Tradingview
S&P 500 Price Chart - Source: Tradingview

S&P 500 - Trade Ideas

Entry Price – Sell Limit 5445

Take Profit – 5388

Stop Loss – 5475

Risk to Reward – 1: 1.9

Profit & Loss Per Standard Lot = +$570/ -$300

Profit & Loss Per Mini Lot = +$57/ -$30

SPX

Daily Trade Ideas

GOLD Price Analysis and Trade Forecast: Daily Trading Signal

By LonghornFX Technical Analysis
Jun 14, 2024
Gold

Daily Price Outlook

- Gold prices are consolidating above $2,300 with a neutral bias.

- Watch for resistance at $2,341.65, $2,356.04, and $2,372.84.

- Support levels to monitor are $2,299.09, $2,287.04, and $2,271.29.

Gold prices are holding steady above the $2,300 psychological level, but the technical outlook suggests a potential bearish reversal.

The 4-hour chart reveals the metal is trading slightly above its pivot point at $2,327.33, while the 50-day Exponential Moving Average (EMA) provides near-term support at $2,327.47.

However, the Relative Strength Index (RSI) reading of 50 indicates a neutral sentiment in the market. This suggests a potential consolidation phase before the next directional move.

Traders should monitor key resistance levels at $2,341.65, $2,356.04, and $2,372.84 for potential selling opportunities if the bullish momentum stalls.

On the downside, immediate support rests at $2,299.09, followed by $2,287.04 and $2,271.29. A break below these levels could trigger further selling pressure.

GOLD Price Chart - Source: Tradingview
GOLD Price Chart - Source: Tradingview

GOLD (XAU/USD) - Trade Ideas

Entry Price – Sell Limit 2325

Take Profit – 2300

Stop Loss – 2342

Risk to Reward – 1: 1.4

Profit & Loss Per Standard Lot = +$2500/ -$1700

Profit & Loss Per Mini Lot = +$250/ -$170

GOLD

Daily Trade Ideas

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

By LonghornFX Technical Analysis
Jun 13, 2024
Audusd

Daily Price Outlook

- AUD/USD trading at $0.66450, down 0.28%, approaching significant support levels.

- Immediate resistance at $0.67, with support at $0.66 indicating potential further downside.

- RSI at 53 and 50 EMA at $0.66 suggest a neutral to bearish outlook.

The AUD/USD pair is currently trading at $0.66450, reflecting a 0.28% decline. The market is exhibiting bearish tendencies as it approaches crucial support levels. The key pivot point to watch is $0.67, a critical level that could dictate the next directional move for the pair.

Immediate resistance is found at $0.67, with subsequent resistances also aligned at $0.67, indicating a significant barrier for bullish attempts. On the downside, immediate support is at $0.66, followed by additional supports at $0.66 and $0.65. These levels are essential for identifying potential buying interest that may stabilize the price.

The Relative Strength Index (RSI) is at 53, suggesting a neutral stance but leaning slightly towards bearish momentum. The 50-day Exponential Moving Average (EMA) is positioned at $0.66, which the current price hovers around, indicating a potential consolidation phase or a pivotal point for future direction.

The current technical indicators suggest a cautious approach. The bearish sentiment below the pivot point of $0.67 indicates potential further downside if the price breaches immediate support levels. Conversely, a break above the resistance could signal a shift towards a bullish trend.

In conclusion, the technical outlook for AUD/USD remains bearish below $0.67. Traders may consider a buy limit order at $0.66271, aiming for a take profit level at $0.66678. A stop loss should be placed at $0.66007 to manage risk effectively.

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

AUD/USD - Trade Ideas

Entry Price – Buy Limit 0.66271

Take Profit – 0.66678

Stop Loss – 0.66007

Risk to Reward – 1: 1.5

Profit & Loss Per Standard Lot = +$407/ -$264

Profit & Loss Per Mini Lot = +$40/ -$26

AUD/USD

Daily Trade Ideas

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

By LonghornFX Technical Analysis
Jun 13, 2024
Usdjpy

Daily Price Outlook

- USD/JPY trading at $157.20, up 0.24%, nearing critical resistance levels.

- Immediate resistance at $157.41, with support at $156.31 indicating potential for upward momentum.

- RSI at 55 and 50 EMA at $156.40 support a bullish outlook.

The USD/JPY pair is currently trading at $157.20, showing a modest gain of 0.24%. This upward momentum is notable as the pair edges closer to critical resistance levels. The pivot point to monitor stands at $157.72, a crucial level that could influence future price movements.

Immediate resistance is identified at $157.41, with subsequent resistances at $157.91 and $158.43, indicating potential targets for bullish traders. On the downside, immediate support is found at $156.31, followed by additional supports at $155.79 and $155.11. These levels are significant as they highlight areas where buying interest might emerge to stabilize the price.

The Relative Strength Index (RSI) is at 55, suggesting a neutral to slightly bullish sentiment. The 50-day Exponential Moving Average (EMA) is positioned at $156.40, with the current price trading above this level, reinforcing the bullish outlook.

Technical indicators point towards a bullish trend as long as the price remains above the pivot point of $157.72.

In conclusion, the technical outlook for USD/JPY remains bullish above the pivot point of $157.72. Traders may consider a buy limit order at $156.765, aiming for a take profit level at $157.723. A stop loss should be placed at $156.305 to mitigate risk effectively.

USD/JPY Price Chart - Source: Tradingview
USD/JPY Price Chart - Source: Tradingview

USD/JPY - Trade Ideas

Entry Price – Buy Limit 156.765

Take Profit – 157.723

Stop Loss – 156.305

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$958/ -$460

Profit & Loss Per Mini Lot = +$95/ -$46

USD/JPY