Daily Technical Analysis: August 9, 2023 – Clear CPI, USD Consolidates

The GBP/USD pair on the 1-hour period is attempting to move upward, reaching the resistance level at 1.27490 and heading toward the next resistance level at 1.28160. The upward trend is also visible in the FXBot template, where the GBP figure is higher at 4.5 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 1.27490 TP1 1.27800 TP2 1.28160 SL 1.27140

AUDUSD



The AUD/USD pair on the 1-hour period is attempting to move upward, reaching the resistance level at 0.65970 and heading toward the next resistance level at 0.66250. The upward trend is also evident from the FXBot template, where the AUD figure is higher at 6.7 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 0.65500 TP1 0.65700 TP2 0.65970 SL 0.65250

USDCHF



The technical analysis for the USD/CHF pair on the 1-hour period indicates a downward movement, reaching the support level at 0.87440 and heading toward the next support level at 0.87070. The downward trend is also evident from 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 supported by a sell signal indicated by a red arrow.

Suggest: Sell 0.87440 TP1 0.87200 TP2 0.87070 SL 0.87700

USDJPY

The technical analysis for the USD/JPY pair on the 1-hour period shows an attempt to move downward, reaching the support level at 142.920 and heading toward the next support level at 142.370. The downward trend is supported by the FXBot template, where the JPY figure is higher at 3.6 compared to the USD figure of 2.5. Additionally, the bearish bias is confirmed by a sell signal indicated by a red arrow.

Suggest: Sell 143.000 TP1 142.700 TP2 142.370 SL 143.400

XUL (LOCO LONDON GOLD)



The analysis for gold (XAU/USD) on the 1-hour period indicates an attempt to move upward, reaching the resistance level at 1931.50 before heading toward the next support level at 1923.80. However, the bearish bias is supported by a sell signal indicated by a red arrow, suggesting that downward pressure remains despite the recent upward movement.

Suggest: Buy 1930.40 TP1 1935.00 TP2 1938.20 SL 1925.00

CLSK (OIL)



The technical analysis for oil prices on the 1-hour period shows an attempt to move downward, needing to break through the support level at 82.52 to reach the next support level at 81.91. Conversely, to maintain a bullish bias, oil prices must surpass the resistance level at 83.25 to advance toward the next resistance level at 83.92. This indicates a critical point for traders to monitor for potential price movements in either direction.

Suggest: Sell 82.52 TP1 82.20 TP2 81.91 SL 82.85

Well, that’s the explanation about “Technical Daily Analysis: August 9, 2023 – Ahead of the CPI Release, the US Dollar Consolidates.” Also read our other articles, such as explanations on how to buy cryptocurrency, only in GIC Journal. Don’t forget to hone your trading skills by obtaining the Ebook Scalping guide and participating in Live Trading at NFP Live Trading. Be sure to download the GIC Mobile Apps on the Google Play Store.

Warning!

This analysis is based on perspectives from fundamental and technical aspects from reliable sources and does not constitute advice or solicitation. Always remember that this content aims to enrich readers' information. Always conduct independent research first regarding other forex information to use as a reference in your trading.

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