Daily Technical Analysis: August 22, 2023 – Dollar May Correct.

Here is the daily technical analysis for August 22, 2023. The data and analysis in this bulletin can be used broadly for your trading. However, it is important to note that GICTrade and the data providers are not responsible for your trading results.

Therefore, the responsibility lies with you. Before delving into today's technical analysis, be sure to register for the GIC Gebyar Hadiah and have a chance to win the grand prize, which includes a Mitsubishi Expander or a 4-day, 3-night vacation package to Labuan Bajo.

We will now provide you with forecasts for price movements in Forex and commodities, complete with calculations of pivot points, resistance, and support levels.


EURUSD



The hourly technical analysis for the EUR/USD pair shows an upward movement, reaching the resistance level at 1.09040 before approaching the next resistance level at 1.09540. The upward trend is also reflected in the FXBot template, where the EUR shows a higher figure of 6.4 compared to the USD's 0.8. Additionally, the bullish bias is supported by a buy signal indicated by a green arrow.

Suggest: Buy 1.09040 TP1 1.09330 TP2 1.09540 SL 1.08830

GBPUSD



The hourly analysis for the GBP/USD pair shows an attempt to move upward, reaching the resistance level at 1.27680 and approaching the next resistance level at 1.28240. The upward trend is also evident in the FXBot template, where the GBP shows a higher figure of 4.0 compared to the USD's 0.2. Additionally, the bullish bias is supported by a buy signal indicated by a green arrow.

Suggest: Buy 1.27680 TP1 1.27950 TP2 1.28240 SL 1.27380

AUDUSD

The hourly analysis for the AUD/USD pair indicates an upward movement, reaching the resistance level at 0.64250 and approaching the next resistance level at 0.64590. The upward trend is also reflected in the FXBot template, where the AUD shows a higher figure of 7.0 compared to the USD's 0.1. Additionally, the bullish bias is supported by a buy signal indicated by a green arrow.

Suggest: Buy 0.64250 TP1 0.64400 TP2 0.64950 SL 0.64050

PREVIOUS RANGE
OPEN	HIGH	LOW	CLOSE	PREV.CLOSE	CHANGE	%CHANGE
0.64027	0.64194	0.63851	0.64115	0.63999	0.00116	0.19%
DAILY PIVOT POINT
R3	R2	R1	PIVOT	S1	S2	S3
0.64590	0.64390	0.64250	0.64050	0.63910	0.63710	0.63560

 

USDCHF



The hourly technical analysis for the USD/CHF pair shows a downward movement, reaching the support level at 0.87720 and approaching the next support level at 0.87240. The downward trend is also evident in the FXBot template, where the CHF shows a higher figure of 3.1 compared to the USD's 0.2. Additionally, the bearish bias is supported by a sell signal indicated by a red arrow.

Suggest: Sell 0.87720 TP1 0.87510 TP2 0.87240 SL 0.87990

PREVIOUS RANGE
OPEN	HIGH	LOW	CLOSE	PREV.CLOSE	CHANGE	%CHANGE
0.88076	0.88259	0.87781	0.87830	0.88226	-0.00396	-0.45%
DAILY PIVOT POINT
R3	R2	R1	PIVOT	S1	S2	S3
0.88680	0.88470	0.88200	0.87990	0.87720	0.87510	0.87240

 

 

USDJPY

The hourly analysis for the USD/JPY pair indicates a downward movement, reaching the support level at 145.740 and approaching the next support level at 145.100. The downward trend is also supported by the FXBot template, where the JPY shows a higher figure of 5.8 compared to the USD's 0.4. Additionally, the bearish bias is reinforced by a sell signal indicated by a red arrow.

Suggest: Sell 145.740 TP1 145.500 TP2 145.100 SL 146.000

PREVIOUS RANGE
OPEN	HIGH	LOW	CLOSE	PREV.CLOSE	CHANGE	%CHANGE
145.256	146.384	145.127	146.212	145.315	0.897	0.62%
DAILY PIVOT POINT
R3	R2	R1	PIVOT	S1	S2	S3
147.610	147.000	146.350	145.740	145.100	144.480	143.840

 

XUL (LOCO LONDON GOLD)

The hourly technical analysis for gold shows an attempt to move upward, reaching the resistance level at 1898.70 and approaching the next resistance level at 1912.70. However, the overall bias remains bearish, supported by a sell signal indicated by a red arrow.

Suggest: Buy 1898.70 TP1 1905.60 TP2 1912.70 SL 1893.50

PREVIOUS RANGE
OPEN	HIGH	LOW	CLOSE	PREV.CLOSE	CHANGE	%CHANGE
1889.05	1898.61	1884.67	1894.40	1888.56	5.84	0.31%
DAILY PIVOT POINT
R3	R2	R1	PIVOT	S1	S2	S3
1912.70	1905.60	1898.70	1891.70	1884.80	1877.80	1870.90

 

CLSK (OIL)

The hourly analysis for oil shows a downward attempt, needing to break the support level at 79.57 to reach the next support level at 78.85. To shift the bias to bullish, oil prices would need to surpass the resistance level at 80.92 and approach the next resistance level at 81.30.

Suggest: Sell 79.57 TP1 79.20 TP2 78.85 SL 80.00

PREVIOUS RANGE
OPEN	HIGH	LOW	CLOSE	PREV.CLOSE	CHANGE	%CHANGE
80.74	81.71	79.95	80.18	81.25	-1.07	-1.32%
DAILY PIVOT POINT
R3	R2	R1	PIVOT	S1	S2	S3
83.03	82.37	81.27	80.61	79.51	78.85	77.75

That's the explanation of the "Daily Technical Analysis: August 22, 2023 – Dollar May Correct." Also, check out our other articles, such as an explanation of how to buy cryptocurrency, only on Jurnal GIC. Don’t forget to improve your trading skills by getting the Scalping Ebook guide and joining the Live Trading sessions during NFP Live Trading. Be sure to download the GIC Mobile App on Google Play Store.

Warning!

This analysis is based on fundamental and technical perspectives from reliable sources and is not financial advice or a recommendation. Remember, this content aims to enrich readers' knowledge. Always conduct your own research on forex information before using it as a basis for your trading decisions.

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