Here is the daily technical analysis for August 7, 2023. The data and analysis in this bulletin can be widely used for your trading. However, please note that GICTrade and the data provider are not responsible for your trading results. This is entirely your own responsibility.
 
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Below, we provide forecasted price movements in Forex and Commodity markets, along with Pivot Point, Resistance, and Support levels.

 

EURUSD

The daily technical analysis for the EUR/USD pair on a 1-hour chart shows a downward movement, touching the support level at 1.09820 and heading toward the next support at 1.09240. The downtrend is also indicated by the FXBot template, where the EUR score is 4.0, lower than the USD score of 6.1. The bearish bias is further supported by a sell signal indicated by a red arrow.

Suggest: Sell 1.09820 TP1 1.09550 TP2 1.092400 SL 1.10100

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

1.09472

1.10400

1.09332

1.10056

1.09472

0.00584

0.53%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

1.11380

1.10890

1.10310

1.09820

1.09240

1.08750

1.08170

 

GBPUSD

The GBP/USD on a 1-hour chart is moving downward, touching the support level at 1.27300 and heading toward the next support at 1.26700. The downtrend is indicated by the FXBot template, where the GBP score is 3.2, lower than the USD score of 5.8. The bearish bias is also supported by a sell signal shown with a red arrow.

Suggest: Sell 1.27300 TP1 1.27000 TP2 1.26700 SL 1.27600

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

1.27065

1.27904

1.26794

1.27443

1.27067

0.00376

0.30%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

1.28920

1.28410

1.27810

1.27300

1.26700

1.26190

1.25590

 

AUDUSD

The AUD/USD on a 1-hour chart is moving upward, touching the resistance level at 0.65920 and heading toward the next resistance at 0.66350. The upward trend is indicated by the FXBot template, where the AUD score is 7.8, higher than the USD score of 6.0. The bullish bias is also supported by a buy signal indicated by a green arrow.

Suggest: Buy 0.65920 TP1 0.66200 TP2 0.66350 SL 0.65640

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

0.65488

0.66074

0.65361

0.65654

0.65489

0.00165

0.26%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

0.66630

0.66350

0.65920

0.65640

0.65210

0.64930

0.64490

 

USDCHF

The daily technical analysis for the USD/CHF pair on a 1-hour chart shows an upward movement, touching the resistance level at 0.87750 and heading toward the next resistance at 0.88190. The uptrend is also indicated by the FXBot template, where the CHF score is 2.6, lower than the USD score of 5.8. The bullish bias is further supported by a buy signal shown with a green arrow.

Suggest: Buy 0.87750 TP1 0.88000 TP2 0.88190 SL 0.87400

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

0.87398

0.87805

0.86972

0.87280

0.87394

-0.00114

-0.13%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

0.88580

0.88190

0.87750

0.87360

0.86920

0.86530

0.86080

 

USDJPY

The USD/JPY on a 1-hour chart is moving upward, touching the resistance level at 142.160 and heading toward the next resistance at 142.790. The upward trend is supported by the FXBot template, where the JPY score is 0.0, lower than the USD score of 5.8. The bullish bias is also supported by a buy signal shown with a green arrow.

Suggest: Buy 142.160 TP1 142.450 TP2 142.790 SL 141.900

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

142.508

142.862

141.533

141.756

142.508

-0.752

-0.53%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

144.120

143.490

142.790

142.160

141.460

140.830

140.130

 

XUL (LOCO LONDON GOLD)

On a 1-hour chart, gold prices are moving downward, touching the support level at 1936.70 and heading toward the next support at 1926.60. The bearish bias is also supported by a sell signal indicated by a red arrow.

Suggest: Sell 1936.70 TP1 1931.00 TP2 1926.60 SL 1942.00

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

1933.60

1946.80

1924.77

1941.60

1934.31

7.29

0.38%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

1970.70

1958.70

1948.60

1936.70

1926.60

1914.70

1904.60

 

CLSK (OIL)

The daily technical analysis for oil on a 1-hour chart shows a downward movement, aiming to breach the support level at 82.54 and continue toward the next support at 81.67. For a bullish continuation, oil prices need to surpass the resistance level at 83.26 and reach the next resistance at 84.15.

Suggest: Sell 82.54 TP1 82.00 TP2 81.67 SL 83.00

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

81.72

83.21

81.50

82.60

81.80

0.80

0.98%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

85.09

84.15

83.38

82.44

81.67

80.73

79.96

 

That concludes the “Daily Technical Analysis: August 7, 2023 – US Economy Grows Solidly, Dollar Rebounds.” Check out our other articles, such as our guide on buying cryptocurrency, only on the GIC Journal. Don’t forget to sharpen your trading skills with the Ebook Scalping Guide and participate in Live Trading during NFP Live Trading. Be sure to download the GIC Mobile App from the Google Play Store.