Daily Technical Analysis: August 31, 2023 – US Labor Sector Drops, Dollar?

Here is the daily technical analysis for August 31, 2023. The data and analysis in this bulletin can be widely applied to your trading. However, please note that GICTrade and data providers are not responsible for your trading results.

These decisions remain your own responsibility. Before diving into today’s technical analysis, register now to join the GIC Grand Prize Event and stand a chance to win the top prize, a Mitsubishi Expander or a 4-day, 3-night holiday package to Labuan Bajo.

Below, we provide forecasted price movements in Forex and Commodities, complete with Pivot point calculations, Resistance, and Support levels.


EURUSD



The EUR/USD pair is attempting a downward move on the 1-hour timeframe, approaching the support level at 1.08990 and heading toward the next support level at 1.08540. The downward trend is also reflected in the FXBot template, showing EUR at 1.8, which is lower than USD at 5.8. The bearish bias is further supported by a sell signal, indicated by a red arrow.

Suggest: Sell 1.09160 TP1 1.08900 TP2 1.08540 SL 1.09450

GBPUSD

The GBP/USD pair on the 1-hour timeframe is attempting a downward move, reaching the support level at 1.26800 and potentially moving towards the next support at 1.26160. The FXBot template also reflects a downward trend, with GBP at 5.4, lower than USD at 5.8. However, the bias remains bullish, supported by a buy signal indicated by a green arrow.

Suggest: Sell 1.27100 TP1 1.26800 TP2 1.26500 SL 1.27400

PREVIOUS RANGE
OPEN	HIGH	LOW	CLOSE	PREV.CLOSE	CHANGE	%CHANGE
1.26412	1.27443	1.26171	1.27192	1.26415	0.00777	0.62%
DAILY PIVOT POINT
R3	R2	R1	PIVOT	S1	S2	S3
1.28700	1.28070	1.27430	1.26800	1.26160	1.25530	1.24890

 

AUDUSD

 

The AUD/USD pair on the 1-hour timeframe is attempting a downward move, reaching the support level at 0.64400 and possibly moving toward the next support at 0.64070. The FXBot template also supports a bearish trend, showing the AUD at 5.0, lower than the USD at 5.8. However, the bias remains bullish, supported by a buy signal indicated by a green arrow.

Suggest: Sell 0.64600 TP1 0.64400 TP2 0.64200 SL 0.64800

PREVIOUS RANGE
OPEN	HIGH	LOW	CLOSE	PREV.CLOSE	CHANGE	%CHANGE
0.64777	0.65202	0.64473	0.64730	0.64777	-0.00047	-0.08%
DAILY PIVOT POINT
R3	R2	R1	PIVOT	S1	S2	S3
0.65860	0.65530	0.65130	0.64800	0.64400	0.64070	0.63670

 

USDCHF

The USD/CHF pair on the 1-hour timeframe is attempting an upward move, reaching the resistance level at 0.88110 and possibly moving toward the next resistance at 0.88350. The bullish trend is further supported by the FXBot template, which shows the CHF at 2.8, lower than the USD at 5.8. Additionally, the bullish bias is confirmed by a buy signal, indicated by a green arrow.

Suggest: Buy 0.87900 TP1 0.88110 TP2 0.88350 SL 0.87700

PREVIOUS RANGE
OPEN	HIGH	LOW	CLOSE	PREV.CLOSE	CHANGE	%CHANGE
0.87819	0.88013	0.87429	0.87823	0.87819	0.00004	0.00%
DAILY PIVOT POINT
R3	R2	R1	PIVOT	S1	S2	S3
0.88700	0.88350	0.88110	0.87770	0.87530	0.87190	0.86940

 

USDJPY

The USD/JPY pair on the 1-hour timeframe is attempting a downward move, reaching the support level at 145.560 and potentially heading towards the next support at 145.060. The bearish trend is further supported by the FXBot template, which shows the JPY at 7.0, higher than the USD at 5.8. Additionally, the bearish bias is confirmed by a sell signal, indicated by a red arrow.

Suggest: Sell 145.730 TP1 145.500 TP2 145.2500 SL 146.040

PREVIOUS RANGE
OPEN	HIGH	LOW	CLOSE	PREV.CLOSE	CHANGE	%CHANGE
145.856	146.517	145.540	146.237	145.856	0.381	0.26%
DAILY PIVOT POINT
R3	R2	R1	PIVOT	S1	S2	S3
147.520	147.020	146.540	146.040	145.560	145.060	144.590

 

XUL (LOCO LONDON GOLD)

The 1-hour technical analysis for gold prices indicates a potential downward movement, reaching the support level at 1941.00 and possibly moving toward the next support at 1933.10. The bearish bias is further confirmed by a sell signal, marked by a red arrow.

Suggest: Sell 1941.00 TP1 1937.00 TP2 1933.10 SL 1947.00

PREVIOUS RANGE
OPEN	HIGH	LOW	CLOSE	PREV.CLOSE	CHANGE	%CHANGE
1936.96	1948.94	1934.85	1943.05	1937.55	5.50	0.28%
DAILY PIVOT POINT
R3	R2	R1	PIVOT	S1	S2	S3
1961.20	1955.10	1947.20	1941.00	1933.10	1926.90	1919.00

 

CLSK (OIL)

The 1-hour analysis for oil prices shows a potential downward movement, needing to break the support level at 81.27 to reach the next support at 80.37. For a further bullish bias, oil prices would need to surpass the resistance level at 81.89, with the next resistance target at 82.69.

Suggest: Sell 81.27 TP1 80.80 TP2 80.37 SL 81.60

PREVIOUS RANGE
OPEN	HIGH	LOW	CLOSE	PREV.CLOSE	CHANGE	%CHANGE
81.28	82.03	80.87	81.70	81.20	0.50	0.62%
DAILY PIVOT POINT
R3	R2	R1	PIVOT	S1	S2	S3
83.35	82.69	82.19	81.53	81.03	80.37	79.87

So, that’s the explanation about “Daily Technical Analysis: August 31, 2023 – US Labor Sector Weakens, Dollar Declines.” Also, check out our other articles, such as the guide on how to buy cryptocurrency, only at Jurnal GIC. Don’t forget to hone your trading skills by getting the Scalping Ebook guide and participating in NFP Live Trading. Make sure to download the GIC Mobile App from the Google Play Store.