Here is the daily technical analysis for August 29, 2023. The data and analysis in this bulletin can be broadly applied to your trading. However, it's important to note that GICTrade and the data providers are not responsible for your trading results.
 
Therefore, the responsibility lies with you. Before reviewing today's technical analysis, register to participate in the GIC Gebyar Hadiah and get a chance to win the grand prize: a Mitsubishi Expander or a vacation package to Labuan Bajo for 4 days and 3 nights.
 
Below, we will provide forecasts for price movements in Forex and Commodities, complete with Pivot Point calculations, Resistance, and Support levels.

 

EURUSD


The daily technical analysis for the EUR/USD pair on the 1-hour timeframe is attempting to move upward, touching the resistance level at 1.08350 and heading towards the next resistance level at 1.08490. The upward trend is also seen from the FXBot template, where the EUR figure is higher by 5.2 compared to the USD figure of 0.7. Meanwhile, the bullish bias is supported by a buy signal indicated by the green arrow.

Suggest: Sell 1.08490 TP1 1.08200 TP2 1.08060 SL 1.08700

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

1.07934

1.08201

1.07915

1.08172

1.07904

0.00268

0.25%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

1.08490

1.08350

1.08210

1.08060

1.07920

1.07770

1.07630

 

GBPUSD

GBP/USD on the 1-hour timeframe is attempting to move upward, reaching the resistance level at 1.26310 and heading towards the next resistance level at 1.26540. The upward trend is also seen from the FXBot template, where the GBP figure is higher by 6.1 compared to the USD figure of 1.1. Meanwhile, the bullish bias is supported by a buy signal indicated by the green arrow.

Suggest: Sell 1.26540 TP1 1.26310 TP2 1.26000 SL 1.26780

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

1.25702

1.26089

1.25636

1.26002

1.25772

0.00230

0.18%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

1.26540

1.26310

1.26080

1.25860

1.25630

1.25410

1.25180

 

AUDUSD

AUD/USD on the 1-hour timeframe is attempting to move upward, reaching the resistance level at 0.64550 and heading towards the next resistance level at 0.64720. The upward trend is supported by the FXBot template, where the AUD figure is higher by 7.0 compared to the USD figure of 1.0. Meanwhile, the bullish bias is supported by a buy signal indicated by the green arrow.

Suggest: Sell 0.64600 TP1 0.64340 TP2 0.64170 SL 0.64900

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

0.64022

0.64377

0.63999

0.64275

0.64052

0.00223

0.34%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

0.64720

0.64550

0.64340

0.64170

0.63960

0.63790

0.63590

 

USDCHF

The daily technical analysis for the USD/CHF pair on the 1-hour timeframe is attempting to move downward, touching the support level at 0.88190 and heading towards the next support level at 0.87830. The downward trend is also seen from the FXBot template, where the CHF figure is higher by 3.1 compared to the USD figure of 0.8. Meanwhile, the bearish bias is supported by a sell signal indicated by the red arrow.

Suggest: Sell 0.88190 TP1 0.87950 TP2 0.87830 SL 0.88400

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

0.88359

0.88515

0.88161

0.88359

0.88445

-0.00086

-0.10%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

0.88890

0.88700

0.88540

0.88350

0.88190

0.88000

0.87830

 

USDJPY

USD/JPY on the 1-hour timeframe is attempting to move downward, touching the support level at 146.210 and heading towards the next support level at 145.750. The downward trend is also supported by the FXBot template, where the JPY figure is higher by 1.6 compared to the USD figure of 0.8. Meanwhile, the bearish bias is supported by a sell signal indicated by the red arrow.

Suggest: Sell 146.210 TP1 146.000 TP2 145.750 SL 146.470

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

146.372

146.726

146.257

146.525

146.426

0.099

0.07%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

147.150

146.940

146.680

146.470

146.210

146.000

145.750

 

XUL (LOCO LONDON GOLD)

The gold price on the 1-hour timeframe is attempting to move upward, reaching the resistance level at 1931.70 and heading towards the next resistance level at 1937.40. Meanwhile, the bullish bias is supported by a buy signal indicated by the green arrow.

Suggest: Sell 1925.50 TP1 1921.50 TP2 1918.00 SL 1931.00

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

1915.47

1925.93

1912.65

1919.54

1913.43

6.11

0.32%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

1937.40

1931.70

1924.20

1918.40

1910.90

1905.10

1897.60

 

CLSK (OIL)

The daily technical analysis for oil prices on the 1-hour timeframe is attempting to move upward, needing to break through the resistance level at 80.35 to reach the next resistance level at 81.42. To change the bias to bearish, the oil price needs to break through the support level at 79.58 to reach the next support level at 78.94.

Suggest: Buy 80.18 TP1 80.76 TP2 81.00 SL 79.70

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

80.13

80.84

79.60

80.11

79.93

0.18

0.23%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

82.00

81.42

80.76

80.18

79.52

78.94

78.28

 

That concludes the explanation of "Daily Technical Analysis: August 29, 2023 – US Consumer Confidence Predicted to Decline, What About the Dollar?." Also, read our other articles, such as explanations on how to buy cryptocurrency, only in Jurnal GIC. Don’t forget to hone your trading skills by getting the Scalping Ebook guide and participating in Live Trading at NFP Live Trading. Be sure to download the GIC Mobile Apps from the Google Play Store.