Daily Technical Analysis: August 28, 2023 – 2% Inflation, USD Rises

Here is the daily technical analysis for August 28, 2023. The data and analysis in this bulletin can be widely used for your trading. However, it is important to note that GICTrade and the data providers are not responsible for your trading results.

Thus, it is your own responsibility. Before reviewing today's technical analysis, register now to participate in GIC Big Deals and have the chance to win major prizes, including a Wrangler Rubicon, a Mercedes Benz, or a vacation to Labuan Bajo for 3 days and 2 nights.

We will provide forecasts for price movements in Forex and Commodities, along with calculations for Pivot points, Resistance, and Support levels.


EURUSD

The EUR/USD pair on the 1-hour period is attempting to move upwards, reaching the resistance level at 1.08010 and aiming for the next resistance level at 1.08380. The upward trend is also evident from the FXBot template, where the EUR figure is higher at 7.1 compared to the USD figure of 1.8. Meanwhile, the bullish bias is supported by a buy signal indicated by a green arrow.

Suggest: Buy 1.08010 TP1 1.08380 TP2 1.08770 SL 1.07700

GBPUSD

The GBP/USD pair on the 1-hour period is attempting to move upwards, reaching the resistance level at 1.25930 and aiming for the next resistance level at 1.26400. The upward trend is also evident from the FXBot template, where the GBP figure is higher at 6.1 compared to the USD figure of 1.8. Meanwhile, the bullish bias is supported by a buy signal indicated by a green arrow.

Suggest: Buy 1.25930 TP1 1.26400 TP2 1.26990 SL 1.25600

PREVIOUS RANGE
OPEN	HIGH	LOW	CLOSE	PREV.CLOSE	CHANGE	%CHANGE
1.25979	1.26525	1.25462	1.25772	1.25979	-0.00207	-0.17%
DAILY PIVOT POINT
R3	R2	R1	PIVOT	S1	S2	S3
1.27460	1.26990	1.26400	1.25930	1.25340	1.24870	1.24270

 

AUDUSD

The AUD/USD pair on the 1-hour period is attempting to move upwards, reaching the resistance level at 0.64400 and aiming for the next resistance level at 0.64700. The upward trend is also supported by the FXBot template, where the AUD figure is higher at 7.1 compared to the USD figure of 1.8. Meanwhile, the bullish bias is reinforced by a buy signal indicated by a green arrow.

Suggest: Buy 0.64400 TP1 0.64700 TP2 0.65010 SL 0.64090

PREVIOUS RANGE
OPEN	HIGH	LOW	CLOSE	PREV.CLOSE	CHANGE	%CHANGE
0.64140	0.64390	0.63782	0.64052	0.64150	-0.00098	-0.15%
DAILY PIVOT POINT
R3	R2	R1	PIVOT	S1	S2	S3
0.65010	0.64700	0.64400	0.64090	0.63790	0.63480	0.63180

 

USDCHF

The USD/CHF pair on the 1-hour period is attempting to move downwards, reaching the support level at 0.88160 and aiming for the next support level at 0.87610. The downward trend is also supported by the FXBot template, where the CHF figure is higher at 4.3 compared to the USD figure of 1.8. Meanwhile, the bearish bias is reinforced by a sell signal indicated by a red arrow.

Suggest: Sell 0.88160 TP1 0.87190 TP2 0.87610 SL 0.88400

PREVIOUS RANGE
OPEN	HIGH	LOW	CLOSE	PREV.CLOSE	CHANGE	%CHANGE
0.88424	0.88743	0.88198	0.88445	0.88422	0.00023	0.02%
DAILY PIVOT POINT
R3	R2	R1	PIVOT	S1	S2	S3
0.89250	0.89000	0.88700	0.88450	0.88160	0.87910	0.87610

 

USDJPY

The USD/JPY pair on the 1-hour period is attempting to move downwards, reaching the support level at 146.140 and aiming for the next support level at 145.660. However, the downward trend is not supported by the FXBot template, where the JPY figure is lower at 6.1 compared to the USD figure of 2.0. Meanwhile, the bearish bias is reinforced by a sell signal indicated by a red arrow.

Suggest: Sell 146.140 TP1 145.900 TP2 145.660 SL 146.500

PREVIOUS RANGE
OPEN	HIGH	LOW	CLOSE	PREV.CLOSE	CHANGE	%CHANGE
145.827	146.615	145.705	146.426	145.827	0.599	0.41%
DAILY PIVOT POINT
R3	R2	R1	PIVOT	S1	S2	S3
147.480	147.050	146.570	146.140	145.660	145.230	144.760

 

XUL (LOCO LONDON GOLD)

The price of gold on the 1-hour period is attempting to move upwards, reaching the resistance level at 1924.21 and aiming for the next resistance level at 1932.53. Meanwhile, the bullish bias is supported by a buy signal indicated by a green arrow.

Suggest: Buy 1915.00 TP1 1919.00 TP2 1924.21 SL 1912.00

PREVIOUS RANGE
OPEN	HIGH	LOW	CLOSE	PREV.CLOSE	CHANGE	%CHANGE
1916.36	1922.24	1903.63	1913.43	1916.81	-3.38	-0.18%
DAILY PIVOT POINT
R3	R2	R1	PIVOT	S1	S2	S3
1942.82	1932.53	1924.21	1913.92	1905.60	1895.31	1886.99

 

CLSK (OIL)

The price of oil on the 1-hour period is attempting to move downwards, needing to break through the support level at 79.42 to reach the next support level at 78.59. Meanwhile, for further bullish bias, the price of oil needs to surpass the resistance level at 80.39 to target the next resistance level at 80.84.

Suggest: Sell 79.42 TP1 79.00 TP2 78.59 SL 79.80

PREVIOUS RANGE
OPEN	HIGH	LOW	CLOSE	PREV.CLOSE	CHANGE	%CHANGE
78.86	80.41	78.16	79.93	78.79	1.14	1.45%
DAILY PIVOT POINT
R3	R2	R1	PIVOT	S1	S2	S3
83.09	81.75	80.84	79.50	78.59	77.25	76.34

That concludes the explanation of "Daily Technical Analysis: August 28, 2023 – Powell's Commitment to 2% Inflation, US Dollar Rises." Also, check out our other articles, such as guides on how to buy cryptocurrency, available only at Jurnal GIC. Don't forget to sharpen your Forex trading skills by getting the Scalping Ebook guide and participating in Live Trading during NFP Live Trading. Be sure to download the GIC Mobile Apps from the Google Play Store.