Daily Technical Analysis: August 2, 2023 – ADP Expected to Fall, US Dollar?

Below is the daily technical analysis for August 2, 2023. The data and analysis in this bulletin can be broadly applied to your trading. However, please note that GICTrade and data providers are not responsible for your trading results. This responsibility rests with you alone.

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Here we provide the projected price movements in Forex and Commodities, complete with calculations for Pivot points, Resistance, and Support levels.

EURUSD



The daily technical analysis for the EUR/USD pair on the 1-hour timeframe shows a potential downward movement, touching support at 1.09630 and targeting the next support level at 1.09120. The downtrend is also visible on the FXBot template, where the EUR rating is lower at 6.0 compared to the USD rating of 8.0. Additionally, a bearish bias is supported by a sell signal indicated by a red arrow.

Suggest: Sell 1.09700 TP1 1.09400 TP2 1.09120 SL 1.10000

GBPUSD



The GBP/USD pair on the 1-hour timeframe is attempting to move lower, touching the support level at 1.27530 and targeting the next support level at 1.26960. The downtrend is also visible on the FXBot template, where the GBP rating is lower at 6.4 compared to the USD rating of 7.8. Additionally, the bearish bias is supported by a sell signal indicated by a red arrow.

Suggest: Sell 1.27600 TP1 1.27300 TP2 1.26960 SL 1.27900

AUDUSD

The AUD/USD pair on the 1-hour timeframe is attempting to move lower, touching the support level at 0.65410 and targeting the next support level at 0.64810. The downtrend is also evident on the FXBot template, where the AUD rating is lower at 2.2 compared to the USD rating of 8.0. Additionally, the bearish bias is supported by a sell signal indicated by a red arrow.

Suggest: Sell 0.65800 TP1 0.65410 TP2 0.65200 SL 0.66030

USDCHF



The USD/CHF pair on the 1-hour timeframe is attempting to move upward, reaching the resistance level at 0.87710 and aiming for the next resistance level at 0.88490. The uptrend is also visible on the FXBot template, where the CHF rating is lower at 3.1 compared to the USD rating of 8.2. Additionally, the bullish bias is supported by a buy signal indicated by a green arrow.

Suggest: Buy 0.87710 TP1 0.88000 TP2 0.88120 SL 0.87400

USDJPY



The USD/JPY pair on the 1-hour timeframe is attempting to move upward, reaching the resistance level at 143.450 and aiming for the next resistance level at 144.000. The uptrend is also supported by the FXBot template, where the JPY rating is lower at 5.3 compared to the USD rating of 8.1. Additionally, the bullish bias is reinforced by a buy signal indicated by a green arrow.

Suggest: Buy 143.000 TP1 143.450 TP2 143.700 SL 142.700

XUL (LOCO LONDON GOLD)



Gold prices on the 1-hour timeframe are attempting to move downward, reaching the support level at 1942.40 and targeting the next support level at 1929.40. The bearish bias is also supported by a sell signal indicated by a red arrow.

Suggest: Sell 1945.00 TP1 1940.00 TP2 1935.00 SL 1950.00

CLSK (OIL)



The daily technical analysis for oil prices on the 1-hour timeframe shows an attempt to move downward, needing to break the support level at 81.87 to target the next support at 80.85. To continue the bullish bias, oil prices would need to surpass the resistance level at 82.40, aiming for the next resistance at 83.45.

Suggest: Sell 81.87 TP1 81.50 TP2 81.00 SL 82.15

Here’s the summary of “Daily Technical Analysis: August 2, 2023 – ADP Expected to Decline, US Dollar May Correct.” Also, check out our other articles, such as how to buy cryptocurrency, exclusively on Jurnal GIC. Don't forget to sharpen your trading skills by obtaining the Ebook Scalping guide and participating in NFP Live Trading. Be sure to download the GIC Mobile App from the Google Play Store.

Warning!

This analysis is based on insights from reliable sources regarding fundamental and technical perspectives and is not intended as advice or solicitation. Always remember that this content aims to enrich readers' information. Conduct your own research beforehand regarding other forex information as a reference for your trading.

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