Here is the daily technical analysis for July 12, 2024. The data and analysis in this bulletin can be widely used for your trading. However, it should be noted that GICTrade and the data provider are not responsible for the results of your trading.

We will now inform you of the forecasted price movements in Forex and Commodities, along with calculations of Pivot points, Resistance, and Support levels.

USDJPY



USD/JPY on the 1-hour period is above the first support area at 158.080, attempting to move up towards the pivot area at 159.920 and further towards the first resistance area at 162.410. Meanwhile, the RSI indicator is below the pivot area, indicating that the yen has the potential to move down first before rebounding.

Suggest: Buy 158.300 TP1 158.800 TP2 159.500 SL 157.800

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

161.592

161.760

157.426

158.891

161.691

-2.800

-1.73%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

166.750

164.250

162.410

159.920

158.080

155.590

153.750


XAUUSD



Gold prices on the 1-hour period are below the first resistance area at 2419.40, attempting to move down towards the pivot area at 2395.30 and further towards the first support area at 2366.10. Meanwhile, the RSI indicator is below the pivot area, indicating that gold prices have the potential to move down first before continuing the upward trend.

Suggest: Sell 2410.00 TP1 2405.00 TP2 2395.00 SL 2415.00

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

2371.35

2424.55

2371.19

2414.18

2371.63

42.55

1.79%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

2472.80

2448.70

2419.40

2395.30

2366.10

2341.90

2312.70

CLSK (OIL)



The price of oil on the 1-hour timeframe is above the pivot area at 82.55, with the potential to move up to the first resistance area at 83.48 and then toward the second resistance area at 84.04. Meanwhile, the RSI indicator is above the pivot area, suggesting that the price of oil has the potential to move up further.

Suggest: Buy 82.80 TP1 83.30 TP2 83.80 SL 82.30

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

82.38

83.11

81.62

82.93

82.39

0.54

0.66%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

84.97

84.04

83.48

82.55

81.99

81.06

80.50


Well, that’s the explanation about "Daily Technical Analysis: July 12, 2024 – US Dollar Undergoing a Corrective Phase." Also, read our other articles, such as the explanation on how to buy cryptocurrency, only at Jurnal GIC. Don’t forget to hone your trading skills by getting the Ebook Scalping guidebook. Make sure to download the GIC Mobile App on the Google Play Store.