Here is the daily technical analysis for August 30, 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.
 
Thus, all outcomes are your responsibility. Before reviewing today’s technical analysis, register now to participate in GIC BIG DEALS and stand a chance to win a Rubicon, Mercedes Benz, Mitsubishi Expander, or a 3-day, 2-night trip to Labuan Bajo.
 
Below, we present price movement forecasts for Forex and Commodities, including calculations of Pivot Points, Resistance, and Support levels.

 

EURUSD

The EUR/USD pair's hourly technical analysis shows a downward movement, targeting the support level at 1.08410 and potentially reaching the next support at 1.07920. The FXBot template also indicates a downtrend, with EUR at 5.2, lower than USD at 6.5. The bearish bias is supported by a sell signal, shown by a red arrow.

Suggest: Sell 1.08410 TP1 1.08200 TP2 1.07920 SL 1.08700

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

1.08171

1.08901

1.07803

1.08773

1.08172

0.00601

0.55%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

1.10120

1.09510

1.09020

1.08410

1.07920

1.07310

1.06820

 

GBPUSD

The GBP/USD pair's hourly analysis shows a downward movement, targeting the support level at 1.26140 and possibly reaching the next support at 1.25750. The FXBot template also indicates a downtrend, with GBP at 3.5, lower than USD at 6.5. The bearish bias is reinforced by a sell signal, marked by a red arrow.

Suggest: Sell 1.26140 TP1 1.25900 TP2 1.25750 SL 1.26400

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

1.26002

1.26529

1.25609

1.26415

1.26002

0.00413

0.33%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

1.27590

1.27060

1.26670

1.26140

1.25750

1.25220

1.24830

 

AUDUSD

The AUD/USD pair's hourly analysis shows a downward move, reaching support at 0.64470 and potentially moving to the next support at 0.64090. However, the downtrend isn’t supported by the FXBot template, where AUD is higher at 6.8 compared to USD at 6.5. The bearish bias is still indicated by a sell signal marked by a red arrow.

Suggest: Sell 0.64470 TP1 0.64200 TP2 0.64000 SL 0.64700

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

0.64275

0.64848

0.63993

0.64777

0.64275

0.00502

0.78%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

0.65800

0.65330

0.64950

0.64470

0.64090

0.63620

0.63240

 

USDCHF

The hourly technical analysis for the USD/CHF pair shows an upward move, reaching resistance at 0.88120 and potentially moving to the next resistance at 0.88510. The uptrend is also visible in the FXBot template, where CHF is lower at 5.0 compared to USD at 6.5. The bullish bias is supported by a buy signal marked by a green arrow.

Suggest: Buy 0.88120 TP1 0.88350 TP2 0.88510 SL 0.87900

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

0.88359

0.88568

0.87727

0.87819

0.88359

-0.00540

-0.61%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

0.89350

0.88960

0.88510

0.88120

0.87670

0.87280

0.86830

 

USDJPY

The hourly technical analysis for USD/JPY shows an upward move, reaching resistance at 146.350 and potentially moving to the next resistance at 147.050. The uptrend is also supported by the FXBot template, where JPY is lower at 2.0 compared to USD at 6.4. The bullish bias is further supported by a buy signal marked by a green arrow.

Suggest: Buy 146.350 TP1 146.600 TP2 147.050 SL 146.100

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

146.522

147.356

145.650

145.856

146.525

-0.669

-0.46%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

148.760

148.060

147.050

146.350

145.340

144.640

143.640

 

XUL (LOCO LONDON GOLD)

Gold prices in the 1-hour period are attempting to move downward, reaching support at 1927.40 and potentially moving to the next support at 1916.40. The bearish bias is also supported by a sell signal indicated by a red arrow.

Suggest: Sell 1935.00 TP1 1931.50 TP2 1927.40 SL 1940.00

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

1919.74

1938.02

1914.32

1937.55

1919.54

18.01

0.94%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

1964.20

1951.10

1940.50

1927.40

1916.80

1903.70

1893.10

 

CLSK (OIL)

The 1-hour technical analysis for oil prices shows an attempt to move upward, needing to break through resistance at 81.71 to reach the next resistance at 82.51. To shift the bias to bearish, oil prices would need to break through support at 81.23 and head toward the next support at 80.59.

Suggest: Buy 81.71 TP1 82.10 TP2 82.51 SL 81.30

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

79.96

81.25

79.33

81.20

80.11

1.09

1.36%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

83.77

82.51

81.85

80.59

79.93

78.67

78.01
 
That's the analysis for “Daily Technical Analysis: August 30, 2023 – U.S. Labor Sector Weakens, Dollar Slips.” Also, check out our other articles, like guides on buying cryptocurrency, on GIC Journal. Don’t forget to sharpen your Forex trading skills with the Ebook Scalping guide and join NFP Live Trading. Be sure to download the GIC Mobile App on Google Play Store.