Daily Trade Ideas

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

By LonghornFX Technical Analysis
Jun 21, 2024
Spx

Daily Price Outlook

- S&P 500 trades at $5473.16, down 0.25%, with key pivot at $5479.02.

- Immediate resistance levels: $5507.58, $5526.25, $5547.12; support levels: $5447.72, $5420.65, $5402.45.

- RSI at 62 and 50-day EMA at $5391.17 suggest cautious trading near resistance.

The S&P 500 (SPX) is currently trading at $5473.16, down 0.25% in the latest session. The pivot point, marked by the green line at $5479.02, serves as a crucial threshold for market sentiment. Immediate resistance levels are observed at $5507.58, $5526.25, and $5547.12, indicating potential selling pressure points if the index attempts to rally. On the downside, immediate support is found at $5447.72, with further support at $5420.65 and $5402.45, which could act as buy zones should the index decline further.

Technical indicators show that the Relative Strength Index (RSI) is at 62, suggesting the market is nearing overbought territory, but not yet excessively so. The 50-day Exponential Moving Average (EMA) is positioned at $5391.17, reinforcing the current bullish trend as the index price remains above this average. This technical landscape suggests that while the S&P 500 maintains an overall upward momentum, the immediate drop below the pivot point hints at potential short-term weakness.

Traders might consider a sell limit order at $5478, just below the pivot point, with a take profit target at $5447 and a stop loss at $5505. This strategy is supported by the RSI indicating potential for a downward correction and the presence of immediate resistance above the pivot point.

In summary, the S&P 500 is currently exhibiting mixed signals with a slight downward bias below the pivot point. The index’s movement around the key levels of $5479.02 will be critical in determining its short-term direction. The current technical indicators suggest a cautious approach, with the potential for a corrective decline if resistance levels hold and the index fails to reclaim the pivot point.

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

S&P 500 - Trade Ideas

Entry Price – Sell Limit 5478

Take Profit – 5447

Stop Loss – 5505

Risk to Reward – 1: 1.15

Profit & Loss Per Standard Lot = +$310/ -$270

Profit & Loss Per Mini Lot = +$31/ -$27

SPX

Daily Trade Ideas

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

By LonghornFX Technical Analysis
Jun 21, 2024
Eurusd

Daily Price Outlook

- EUR/USD trades at $1.07190, up 0.16%, with a key pivot point at $1.07506.

- Immediate resistance levels: $1.07508, $1.07706, $1.07932; support levels: $1.06865, $1.06720, $1.06553.

- RSI at 46 and 50-day EMA at $1.07279 indicate a neutral to slightly bullish trend.

EUR/USD is trading at $1.07190, up 0.16% in the early European session. The pivot point at $1.07506 is a crucial level to watch for potential shifts in market sentiment. Immediate resistance is found at $1.07508, with further resistance at $1.07706 and $1.07932. These levels indicate where upward momentum might face selling pressure. On the downside, immediate support is at $1.06865, followed by $1.06720 and $1.06553, which could act as potential buy zones if the price declines.

Technical indicators reveal that the Relative Strength Index (RSI) stands at 46, suggesting the asset is in a neutral zone and not overbought or oversold. The 50-day Exponential Moving Average (EMA) is positioned at $1.07279, indicating a slight bullish trend as the current price is hovering around this average. This technical setup suggests a mixed outlook, with potential for upward movement if the price can sustain above the pivot point.

Given this outlook, traders might consider a buy entry above $1.06991, with a take profit target at the pivot point of $1.07506 and a stop loss at $1.06719. This strategy leverages the immediate support below the current price and targets a modest upward move towards the pivot point.

In summary, EUR/USD is currently showing modest gains with a key focus on the pivot point at $1.07506. The immediate resistance at $1.07508 and the support at $1.06865 will be crucial in determining the short-term direction for the pair. The RSI at 46 and the 50-day EMA at $1.07279 suggest a cautious but potentially optimistic outlook for the euro against the dollar.

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

EUR/USD - Trade Ideas

Entry Price – Buy Above 1.06991

Take Profit – 1.07506

Stop Loss – 1.06719

Risk to Reward – 1: 1.89

Profit & Loss Per Standard Lot = +$515/ -$272

Profit & Loss Per Mini Lot = +$51/ -$27

EUR/USD

Daily Trade Ideas

GOLD Price Analysis and Trade Forecast: Daily Trading Signal

By LonghornFX Technical Analysis
Jun 21, 2024
Gold

Daily Price Outlook

- Gold price stands at $2363.585, up 0.15%, with key pivot at $2365.503.

- Immediate resistance levels: $2372.585, $2378.588, and $2387.253; support levels: $2355.424, $2347.821, $2338.626.

- RSI at 66 and 50-day EMA at $2332.486 suggest caution near resistance.

Gold (XAU/USD) is trading at $2363.585, up 0.15% in the early European session. The pivot point at $2365.503, marked by the green line, is critical for short-term trading strategies. Immediate resistance levels are observed at $2372.585, $2378.588, and $2387.253. These levels indicate where bullish momentum might encounter selling pressure. On the downside, immediate support is at $2355.424, followed by $2347.821 and $2338.626. These support levels could act as potential buy zones if the price declines.

Technical indicators reveal that the Relative Strength Index (RSI) stands at 66, suggesting the asset is approaching overbought territory. The 50-day Exponential Moving Average (EMA) is positioned at $2332.486, indicating an underlying bullish trend as the current price is above this average. This technical setup suggests that gold has upward momentum, but caution is warranted as it nears resistance levels.

Given this outlook, traders might consider selling below the pivot point of $2365, with a take profit target at $2350 and a stop loss at $2372. This strategy is supported by the immediate resistance just above the pivot point and the overbought RSI indicating potential for a pullback.

In summary, gold's current price action is influenced by technical levels that are crucial for short-term traders. The immediate resistance at $2372.585 and the support at $2355.424 will be key in determining the next direction for gold prices.

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

GOLD (XAU/USD) - Trade Ideas

Entry Price – Sell Below 2365

Take Profit – 2350

Stop Loss – 2372

Risk to Reward – 1: 2.14

Profit & Loss Per Standard Lot = +$1500/ -$700

Profit & Loss Per Mini Lot = +$150/ -$70

GOLD

Daily Trade Ideas

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

By LonghornFX Technical Analysis
Jun 20, 2024
Usdjpy

Daily Price Outlook

- USD/JPY rises to $158.110, up 0.04%, indicating a bullish trend.

- Pivot point at $158.1940; key resistance at $158.5240, $158.8310, $159.1500.

- RSI at 61; 50 EMA at $157.3910 provides strong support.

The USD/JPY pair is currently trading at $158.110, reflecting a modest increase of 0.04%. The 4-hour chart outlines key technical levels that are crucial for traders to watch. The pivot point at $158.1940 is a significant marker for determining the next direction of price movement. Immediate resistance is noted at $158.5240, with further resistance levels at $158.8310 and $159.1500. These resistance points could pose challenges for the pair’s upward trajectory.

On the support side, immediate support is situated at $157.6190, followed by more substantial support levels at $157.1500 and $156.7300. These support levels are critical for preventing further declines in the USD/JPY pair.

Technical Indicators:

    The overall technical outlook suggests a bullish sentiment above the pivot point of $158.1940.

    For traders looking to capitalize on the current trend, an entry price above $158.245 is recommended. The take profit level is set at $158.800, with a stop loss at $157.800 to manage potential risks.

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

    USD/JPY - Trade Ideas

    Entry Price – Buy Stop 158.245

    Take Profit – 158.800

    Stop Loss – 157.800

    Risk to Reward – 1: 1.25

    Profit & Loss Per Standard Lot = +$555/ -$445

    Profit & Loss Per Mini Lot = +$55/ -$44

    USD/JPY

    Daily Trade Ideas

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

    By LonghornFX Technical Analysis
    Jun 20, 2024
    Audusd

    Daily Price Outlook

    - AUD/USD drops to $0.66716, down 0.08%, highlighting bearish sentiment.

    - Pivot point at $0.6675; key resistance at $0.6690, $0.6704, $0.6719.

    - RSI at 65; 50 EMA at $0.6630 provides strong support.

    The AUD/USD pair is currently trading at $0.66716, showing a slight decline of 0.08%. The 4-hour chart highlights key technical levels that are crucial for traders. The pivot point at $0.6675 is a significant marker for determining the next direction of price movement. Immediate resistance is seen at $0.6690, with further resistance levels at $0.6704 and $0.6719. These resistance points are essential barriers that could cap any potential upward movement.

    On the support side, immediate support is located at $0.6654, followed by stronger support levels at $0.6641 and $0.6630. These support levels are vital in preventing further declines in the AUD/USD pair.

    Technical Indicators:

      The bearish outlook is supported by the current price action, which is below the pivot point of $0.6675. Market sentiment remains cautious, influenced by global economic factors and domestic data releases that impact the Australian dollar.

      Conclusion:

      For traders looking to capitalize on the current bearish trend, an entry price below $0.66745 is recommended. The take profit level is set at $0.66484, with a stop loss at $0.66897 to manage potential risks.

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

      AUD/USD - Trade Ideas

      Entry Price – Sell Below 0.66745

      Take Profit – 0.66484

      Stop Loss – 0.66897

      Risk to Reward – 1: 1.7

      Profit & Loss Per Standard Lot = +$261/ -$152

      Profit & Loss Per Mini Lot = +$26/ -$15

      AUD/USD

      Daily Trade Ideas

      GOLD Price Analysis and Trade Forecast: Daily Trading Signal

      By LonghornFX Technical Analysis
      Jun 20, 2024
      Gold

      Daily Price Outlook

      - Gold (XAU/USD) rises to $2342.35, up 0.68%, driven by geopolitical tensions.

      - Pivot point at $2350.00; key resistance at $2350.76, $2362.70, $2372.59.

      - RSI at 63; 50 EMA at $2319.30 provides strong support.

      Gold (XAU/USD) continues to display upward momentum, currently trading at $2342.35, marking a 0.68% increase. The 4-hour chart reveals critical technical levels that traders should monitor closely. The pivot point at $2350.00 serves as a crucial indicator for the next price movement. Immediate resistance levels are observed at $2350.76, followed by $2362.70 and $2372.59. These resistance points will act as significant barriers if the price attempts to rise further.

      On the downside, immediate support is noted at $2327.03, with further support levels at $2316.85 and $2308.16. These support levels are essential for preventing further declines in the price.

      Technical Indicators:

        The bullish outlook is reinforced by the overall positive sentiment in the market, driven by geopolitical tensions and economic uncertainties, which have traditionally bolstered the appeal of gold as a safe-haven asset.

        Conclusion:

        For traders looking to capitalize on the current trend, an entry price above $2337 is recommended. The take profit level is set at $2350, with a stop loss at $2326 to manage potential downside risks.

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

        GOLD (XAU/USD) - Trade Ideas

        Entry Price – Buy Above 2337

        Take Profit – 2350

        Stop Loss – 2326

        Risk to Reward – 1: 2

        Profit & Loss Per Standard Lot = +$1300/ -$1100

        Profit & Loss Per Mini Lot = +$130/ -$110

        GOLD

        Daily Trade Ideas

        GOLD Price Analysis and Trade Forecast: Daily Trading Signal

        By LonghornFX Technical Analysis
        Jun 19, 2024
        Gold

        Daily Price Outlook

        - Gold (XAU/USD) is trading at $2331.94, up 0.03%, with a pivot point at $2342.00.

        - Immediate resistance at $2339.37, $2353.95, and $2369.24; support at $2308.16, $2297.24, and $2287.04.

        - RSI at 59 and 50-day EMA at $2320.59 suggest moderate momentum and solid support.

        Gold (XAU/USD) is trading at $2331.94, up 0.03%, as it navigates a range-bound environment. The 4-hour chart highlights a pivot point at $2342.00, crucial for assessing the next price movement. Immediate resistance is at $2339.37, followed by $2353.95 and $2369.24. These levels are critical for any bullish advance.

        On the downside, immediate support is found at $2308.16, with further support at $2297.24 and $2287.04. These levels are significant to prevent deeper declines. The Relative Strength Index (RSI) is at 59, indicating moderate momentum without overbought conditions, suggesting room for further movement.

        The 50-day Exponential Moving Average (EMA) at $2320.59 provides substantial support, reinforcing the current price level. The overall outlook for gold remains cautiously bullish above the $2342.00 pivot point.

        A break above this level could enhance bullish momentum, targeting the higher resistance levels. Conversely, a drop below immediate support at $2308.16 might trigger further selling pressure.

        The strategic entry point is set to buy above $2326, with a take profit target at $2342 and a stop loss at $2318. This setup aims to capitalize on potential upward movements while managing downside risks.

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

        GOLD (XAU/USD) - Trade Ideas

        Entry Price – Buy Above 2326

        Take Profit – 2342

        Stop Loss – 2318

        Risk to Reward – 1: 2

        Profit & Loss Per Standard Lot = +$1600/ -$800

        Profit & Loss Per Mini Lot = +$160/ -$80

        GOLD

        Daily Trade Ideas

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

        By LonghornFX Technical Analysis
        Jun 19, 2024
        Audusd

        Daily Price Outlook

        - AUD/USD is trading at $0.66704, up 0.23%, with a pivot point at $0.6697.

        - Immediate resistance at $0.6705, $0.6729, and $0.6754; support at $0.6640, $0.6620, and $0.6586.

        - RSI at 66 and 50-day EMA at $0.6623 indicate nearing overbought conditions and strong support.

        The AUD/USD is currently trading at $0.66704, up 0.23%, as it navigates within a consolidation phase on the 4-hour chart. The pivot point is set at $0.6697, which is crucial for determining the next price movement.

        Immediate resistance levels are identified at $0.6705, followed by $0.6729 and $0.6754. These resistance levels are key hurdles that need to be surpassed for a sustained bullish momentum.

        On the downside, immediate support is seen at $0.6640, with further support at $0.6620 and $0.6586. These support levels are essential in preventing deeper declines and will be closely monitored by market participants.

        The Relative Strength Index (RSI) is at 66, indicating that the pair is nearing overbought conditions, which could signal a potential reversal or consolidation in the near term. The 50-day Exponential Moving Average (EMA) is positioned at $0.6623, providing a significant support level and reinforcing the bullish outlook.

        The overall outlook for AUD/USD remains cautiously bullish above the $0.6697 pivot point. A break above this level could trigger further buying interest, targeting the higher resistance levels mentioned.

        Conversely, a drop below the immediate support at $0.6640 could lead to increased selling pressure and test lower support levels.

        The recommended entry point is to buy above $0.66616, with a take profit target at $0.66965 and a stop loss at $0.66398.

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

        AUD/USD - Trade Ideas

        Entry Price – Buy Above 0.66616

        Take Profit – 0.66965

        Stop Loss – 0.66398

        Risk to Reward – 1: 1.6

        Profit & Loss Per Standard Lot = +$349/ -$218

        Profit & Loss Per Mini Lot = +$34/ -$21

        AUD/USD

        Daily Trade Ideas

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

        By LonghornFX Technical Analysis
        Jun 19, 2024
        Usdcad

        Daily Price Outlook

        - USD/CAD is trading at $1.37168, down 0.02%, with a pivot point at $1.3725.

        - Immediate resistance at $1.3756, $1.3791, and $1.3826; support at $1.3684, $1.3649, and $1.3607.

        - RSI at 43 and 50-day EMA at $1.3740 indicate a neutral stance with potential for further movement.

        The USD/CAD is currently trading at $1.37168, down 0.02%, as the pair experiences a slight decline on the 4-hour chart. The pivot point is positioned at $1.3725, which is critical for determining the next price movement.

        Immediate resistance levels are noted at $1.3756, followed by $1.3791 and $1.3826. These resistance levels are significant obstacles that need to be breached for a continued upward trend.

        On the downside, immediate support is found at $1.3684, with further support levels at $1.3649 and $1.3607. These support levels are crucial in preventing further declines and will be closely watched by market participants.

        The Relative Strength Index (RSI) is at 43, indicating a neutral stance with room for potential movement in either direction. The 50-day Exponential Moving Average (EMA) is at $1.3740, providing a significant resistance level that could cap upward movements in the short term.

        Overall, the outlook for USD/CAD remains bearish below the $1.3725 pivot point. Conversely, a break above the immediate resistance at $1.3756 could signal a bullish reversal, pushing the price higher.

        The recommended entry point is to sell below $1.37248, with a take profit target at $1.36838 and a stop loss at $1.37473.

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

        USD/CAD - Trade Ideas

        Entry Price – Sell Below 1.37248

        Take Profit – 1.36838

        Stop Loss – 1.37473

        Risk to Reward – 1: 1.8

        Profit & Loss Per Standard Lot = +$410/ -$225

        Profit & Loss Per Mini Lot = +$41/ -$22

        USD /CAD

        Daily Trade Ideas

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

        By LonghornFX Technical Analysis
        Jun 18, 2024
        Gbpusd

        Daily Price Outlook

        - GBP/USD bearish sentiment with RSI at 39.68, suggesting potential downside if pivot point breaks.

        - Immediate resistance levels at $1.27457, $1.27645, and $1.28075 must be breached for bullish momentum.

        - Sell entry below $1.27100 with a target of $1.26445 and stop loss at $1.27457.

        GBP/USD is currently trading at $1.26825, showing bearish momentum on the 4-hour chart. The pivot point at $1.27100 is a crucial level for determining the next move. Immediate resistance is seen at $1.27457, with subsequent resistance levels at $1.27645 and $1.28075. To confirm a bullish reversal, these resistance levels need to be breached. On the downside, immediate support is found at $1.26572, with further support levels at $1.26445 and $1.26132. The Relative Strength Index (RSI) is at 39.68, indicating bearish sentiment but not yet in oversold territory.

        The 50-day Exponential Moving Average (EMA) at $1.27412 is currently acting as a resistance level. The price needs to break above this EMA to signal a potential shift to bullish momentum. 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 $1.27100 may lead to further downside pressure. Monitoring these key levels and EMA crossovers will be essential for short-term trading strategies.

        The 200-day EMA at $1.27412 also serves as a significant resistance point that the price needs to surpass to confirm a stronger bullish trend. Considering the current technical outlook, a sell position below $1.27100 is advisable with a take profit target at $1.26445 and a stop loss at $1.27457.

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

        GBP/USD- Trade Ideas

        Entry Price – Sell Below 1.27100

        Take Profit – 1.26445

        Stop Loss – 1.27457

        Risk to Reward – 1: 1.6

        Profit & Loss Per Standard Lot = +$ 655/ -$ 357

        Profit & Loss Per Mini Lot = +$ 65/ -$ 35

        GBP/USD