Daily Technical Analysis: August 8, 2023 – Minimal Data, Limited Forex Movement

The following is a technical daily analysis, August 8, 2023. The data and analysis contained in this newsletter can be used on a wide scale for your trading. However, it is important to note that GICTrade and its data providers are not responsible for your trading results.

So, it's your own responsibility. Before knowing today's technical analysis, immediately register yourself to take part in the GIC Gebyar Prize and get the main prize, namely Mobile Mitshubshi Expander or Vacation Package to Labuan Bajo for 4 days and 3 nights. 

In the following, we will inform you about the forecast of price movements in Forex and Commodities which is equipped with the calculation of Pivot points, Resistance and Support levels.

EURUSD

Daily technical analysis for the EUR/USD pair on the 1-hour period tried to move downwards, touching the support level at 1.09790 and heading to the next support level at 1.09460. The downward trend can also be seen from the FXBot template, where the EUR figure is lower by 5.7 than the USD figure of 7.1. While the bearish bias is also supported by a sell signal indicated by a red arrow.

Suggest: Sell 1.09790 TP1 1.09460 TP2 1.09290 SL 1.10100

GBPUSD

GBP/USD on the 1-hour period tried to move down, touching the support level at 1.27560 until heading to the next support level at 1.27250. The downward trend can also be seen from the FXBot template, where the GBP figure is lower by 3.4 than the USD figure of 7.1. While the bearish bias is also supported by a sell signal indicated by a red arrow.

Suggest: Sell 1.27560 TP1 1.27250 TP2 1.26800 SL 1.27900

AUDUSD

AUD/USD on the 1-hour period tried to move down, touching the support level at 0.65330 until heading towards the next support level at 0.65130. The downward trend can also be seen from the FXBot template, where the AUD figure is lower by 3.2 than the USD figure of 7.2. While the bearish bias is also supported by a sell signal indicated by a red arrow.

Suggest: Sell 0.65330 TP1 0.65130 TP2 0.65000 SL 0.65510

USDCHF

Daily technical analysis for the USD/CHF pair on the 1-hour period is trying to move up, touching the resistance level at 0.87510 to the next resistance level at 0.87950. However, the upward trend has not been seen from the FXBot template, where the CHF figure is higher at 7.3 than the USD figure of 7.2. While the bullish bias is also supported by a buy signal indicated by a green arrow.

Suggest: Buy 0.87510 TP1 0.87750 TP2 0.87950 SL 0.87270

USDJPY

USD/JPY on the 1-hour period tried to move up, touching the resistance level at 143,610 until heading to the next resistance level at 144,000. The uptrend is also supported by the FXBot template, where the JPY figure is lower by 2.0 than the USD figure of 7.4.  While the bullish bias is also supported by a buy signal indicated by a green arrow.

Suggest: Sell 143.610 TP1 143.300 TP2 143.000 SL 144.000

XUL (LOCO LONDON GOLD)

Gold prices in the 1-hour period tried to move down, touching the support level at 1931.50 again to the next support level at 1923.80. While the bearish bias is also supported by a sell signal indicated by a red arrow.

Suggest: Sell 1931.50 TP1 1927.00 TP2 1923.80 SL 1938.00

CLSK (OIL)

Daily technical analysis for oil prices in the 1-hour period is trying to move down, needing to cross the support level at 81.87 to the next support level at 80.69. Meanwhile, to change the bias to bullish, oil prices need to cross the resistance level at 82.52 to reach the next resistance level at 83.33.

Suggest: Sell 81.87 TP1 81.50 TP2 81.00 SL 82.43

So, that's the explanation of "Technical Daily Analysis: August 8, 2023 – Minimal Data, Limited Forex Movement". Also read our other articles, such as an explanation of how to buy cryptocurrencies, only in the GIC Journal. Don't forget to practice your trading skills by getting the Scalping Ebook and following Live Trading on NFP Live Trading. Make sure, download GIC Mobile Apps on the Google Play Store.