Here is the daily technical analysis for August 3, 2023. The data and analysis in this bulletin can be broadly used for your trading. However, please note that GICTrade and data providers are not responsible for your trading outcomes. This is your own responsibility.
 
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Below we provide price movement forecasts for Forex and Commodities, complete with calculated Pivot points, Resistance, and Support levels.

 

EURUSD

The EUR/USD on the 1-hour timeframe is trending downward, approaching support at 1.09080 and potentially heading toward the next support level at 1.08620. The downtrend is confirmed by the FXBot template, showing the EUR at 3.5 against the USD at 6.4. Bearish bias is supported by a red arrow sell signal.

Suggest: Sell 1.09080 TP1 1.08620 TP2 1.08400 SL 1.09350

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

1.09820

1.10176

1.09161

1.09364

1.09820

-0.00456

-0.42%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

1.11110

1.10650

1.10100

1.09630

1.09080

1.08620

1.08070

 

GBPUSD

The GBP/USD on the 1-hour timeframe is trending upward, reaching resistance at 1.27410 and potentially moving toward 1.28030. The FXBot template shows the GBP at 6.7, stronger than the USD at 6.4, while bullish bias is supported by a green arrow buy signal.
 

Suggest: Buy 1.27410 TP1 1.27700 TP2 1.28030 SL 1.27000

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

1.27743

1.28030

1.26786

1.27082

1.27743

-0.00661

-0.52%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

1.29280

1.28650

1.28030

1.27410

1.26790

1.26170

1.25550

 

AUDUSD

The AUD/USD on the 1-hour timeframe is trending downward, approaching support at 0.65220 and potentially moving toward 0.64720. The FXBot template shows the AUD at 3.8, weaker than the USD at 6.1, while bearish bias is supported by a red arrow sell signal.

Suggest: Sell 0.65220 TP1 0.65000 TP2 0.64720 SL 0.65500

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

0.66114

0.66278

0.65249

0.65362

0.66114

-0.00752

-1.13%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

0.67280

0.66780

0.66250

0.65750

0.65220

0.64720

0.64190

 

USDCHF

USD/CHF on the 1-hour timeframe is trending upward, reaching resistance at 0.88070 and potentially heading toward 0.88500. The FXBot template shows CHF at 2.5, weaker than the USD at 6.1, while bullish bias is supported by a green arrow buy signal.

Suggest: Buy 0.88000 TP1 0.88250 TP2 0.88500 SL 0.87700

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

0.87493

0.88035

0.87131

0.87728

0.87489

0.00239

0.27%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

0.88970

0.88500

0.88070

0.87600

0.87170

0.86700

0.86260

 

USDJPY

The USD/JPY on the 1-hour timeframe is trending downward, approaching support at 143.070 and potentially moving toward 142.680. The FXBot template shows JPY at 7.3, stronger than USD at 6.1, while bearish bias is supported by a red arrow sell signal.

Suggest: Sell 143.100 TP1 142.800 TP2 142.680 SL 143.400

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

143.312

143.457

142.217

143.309

143.313

0.004

0.00%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

145.160

144.310

143.920

143.070

142.680

141.830

141.440

 

XUL (LOCO LONDON GOLD)

Gold on the 1-hour timeframe is trending downward, approaching support at 1932.00 and potentially moving toward 1921.60. The bearish bias is supported by a red arrow sell signal.

Suggest: Sell 1932.00 TP1 1927.00 TP2 1921.60 SL 1938.00

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

1950.47

1954.64

1932.92

1934.99

1944.29

-9.30

-0.48%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

1975.40

1965.00

1953.70

1943.30

1932.00

1921.60

1910.20

 

CLSK (OIL)

Oil on the 1-hour timeframe is trending downward, nearing support at 79.08 and potentially moving to 78.39. For a bullish bias change, oil would need to break through resistance at 79.90 and potentially reach 80.40.

Suggest: Sell 79.08 TP1 78.60 TP2 78.39 SL 79.50

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

82.04

82.41

79.04

79.74

81.64

-1.90

-2.33%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

85.13

83.77

81.76

80.40

78.39

77.03

75.02

 

That concludes the “Daily Technical Analysis, August 3, 2023 – U.S. Labor Market Remains Solid, Dollar Still Strong.” Read more of our articles, like our guide on how to buy cryptocurrency, only at GIC Journal. Also, enhance your trading skills with our Scalping Guide Ebook and participate in NFP Live Trading sessions. Don’t forget to download the GIC Mobile App on Google Play Store.
 
Disclaimer!
 
This analysis is based on technical and fundamental perspectives from trusted sources and does not constitute financial advice or recommendations. Please remember that this content aims to provide informative insights. Always conduct your own research for other forex information to support your trading.
 
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