Daily Technical Analysis: April 28, 2023 – US CPE Stagnates, Dollar Fate?

The release of the US personal consumption expenditures (PCE) data is a change in the prices of goods and services purchased by consumers, excluding food and energy which are released every month, about 30 days after the month ends. PCE is the main inflation measure of the United States central bank (Federal Reserve). Inflation is important for currency valuations because rising prices make central banks raise interest rates to carry out their inflation containment mandate. Referring to the data, the US dollar is still quite stable because the US PCE reading is estimated to grow by 0.3%, the same as the previous period's reading. The following is a technical daily analysis, April 28, 2023. The data and analysis contained in this newsletter can be used on a wide scale for your trading. However, it is important to note that GICTrade and its data providers are not responsible for your trading results.

So, it's your own responsibility. Before knowing today's technical analysis, immediately register yourself to take part in the GIC Gebyar Prize and get the main prize, namely Mobile Mitshubshi Expander or Vacation Package to Labuan Bajo for 4 days and 3 nights. In the following, we will inform you about the forecast of price movements in Forex and Commodities which is equipped with the calculation of Pivot points, Resistance and Support levels.

EURUSD

Daily technical analysis for the EUR/USD pair on the 1-hour period tried to move upwards, touching the resistance level at 1.10400 until the next resistance level at 1.10690. The upward trend can also be seen from the FXBot template, where the EUR figure is higher by 7.8 than the USD figure of 6.0. Meanwhile, the bullish trend is also supported by a buy signal indicated by a green arrow.

Suggest: Buy 1.10400 TP1 1.10690 TP2 1.11010 SL 1.10000

GBPUSD

GBP/USD on the 1-hour period tried to move down, touching the support level at 1.24510 until the next support level at 1.24120. The downward trend can also be seen from the FXBot template, where the USD figure is higher by 8.7 than the GBP figure of 3.7. While the bearish bias is also supported by a sell signal indicated by a red arrow.

Suggest: Sell 1.24510 TP1 1.24120 TP2 1.23880 SL 1.24750

AUDUSD

AUD/USD in the 1-hour period tried to move down, touching the support level at 0.65750 until heading to the next support level at 0.65550. The downward trend can also be seen from the FXBot template, where the USD figure is higher by 8.1 than the AUD figure of 1.2. While the bearish bias is also supported by a sell signal indicated by a red arrow.

Suggest: Sell 0.65750 TP1 0.65550 TP2 0.65300 SL 0.66150

USDCHF

Daily technical analysis for the USD/CHF pair in the 1-hour period moves down, it needs to cross the support level at 0.89320 to the next support level at 0.88890. The downward trend can also be seen from the FXBot template, where the CHF figure is higher by 7.8 than the USD figure of 6.2. While the bearish bias is also supported by a sell signal indicated by a red arrow.

Suggest: Sell 0.89320 TP1 0.88890 TP2 0.88570 SL 0.89640

USDJPY

USD/JPY on the 1-hour period is trying to move up, needing to break through the resistance level at 136,000 to the next resistance level at 136,350. The upward trend can also be seen from the FXBot template, where the USD figure is higher by only 5.7 from the JPY figure of 0.0. Meanwhile, the bullish trend is also supported by a buy signal indicated by a green arrow.

Suggest: Buy 136.000 TP1 136.350 TP2 136.500 SL 135.500

XUL (LOCO LONDON GOLD)

Gold prices in the 1-hour period tried to move further down, touching the support area of 1981.00 until heading to the next support level at 1973.90. Meanwhile, to change the bias to be bullish, gold needs to pass the resistance level at 1991.30 to the next resistance at 2003.00.

Suggest: Sell 1981.00 TP1 1977.00 TP2 1973.90 SL 1988.50

CLSK (OIL)

Daily Technical Analysis for Oil Prices in the 1-hour period tried to move upwards testing the resistance area at 75.73 to the next resistance level at 76.60. Meanwhile, for further bearish bias, oil prices need to pass the support level at 74.00 to the next support level at 73.45.

Suggest: Buy 75.73 TP1 76.20 TP2 76.60 SL 75.30