Here is the daily technical analysis for July 17, 2023. The data and analysis in this bulletin can be broadly used for your trading. However, it is important to note that GICTrade and the data providers are not responsible for your trading results.

Therefore, that responsibility lies with you. Before reviewing today’s technical analysis, make sure to register for the GIC Prize Giveaway and stand a chance to win the grand prize of a Mitsubishi Expander or a holiday package to Labuan Bajo for 4 days and 3 nights.

We will now provide you with forecasts for price movements in Forex and Commodities, along with calculations of pivot points, resistance, and support levels.

EURUSD


EUR/USD on the 1-hour period attempts to move upward, touching the resistance level at 1.12460 and heading towards the next resistance level at 1.12870. The upward trend is also reflected in the FXBot template, where the EUR figure is higher at 6.5 compared to the USD figure at 5.2. Meanwhile, the bullish bias is also supported by a buy signal indicated by a green arrow.

Suggest: Buy 1.12460 TP1 1.12650 TP2 1.12870 SL 1.12250

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

1.12254

1.12441

1.12036

1.12258

1.12254

0.00004

0.00%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

1.12870

1.12650

1.12460

1.12250

1.12060

1.11850

1.11650

 

GBPUSD


The daily technical analysis for the GBP/USD pair on the 1-hour period shows an attempt to move downward, touching the support level at 1.30620 and heading towards the next support level at 1.30340. The downward trend is also confirmed by the FXBot template, where the GBP figure is lower at 2.4 compared to the USD figure at 5.1. Meanwhile, the bearish bias is supported by a sell signal indicated by a red arrow.

Suggest: Sell 1.30870 TP1 1.30620 TP2 1.30340 SL 1.31140

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

1.31337

1.31415

1.30894

1.30904

1.31344

-0.00440

-0.33%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

1.31910

1.31660

1.31390

1.31140

1.30870

1.30620

1.30340

 

AUDUSD



The AUD/USD pair on the 1-hour period attempts to move downward, touching the support level at 0.67980 and heading towards the next support level at 0.67660. The downward trend is also reflected in the FXBot template, where the AUD figure is lower at 0.4 compared to the USD figure at 5.4. Meanwhile, the bearish bias is supported by a sell signal indicated by a red arrow.

Suggest: Sell 0.68200 TP1 0.67980 TP2 0.67660 SL 0.68500

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

0.68877

0.68941

0.68297

0.68345

0.68877

-0.00532

-0.77%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

0.69590

0.69260

0.68940

0.68620

0.68300

0.67980

0.67660

 

USDCHF



The daily technical analysis for the USD/CHF pair on the 1-hour period shows an attempt to move downward, touching the support level at 0.86010 and heading towards the next support level at 0.85360. The downward trend is also reflected in the FXBot template, where the CHF figure is higher at 8.1 compared to the USD figure at 5.4. Meanwhile, the bearish bias is supported by a sell signal indicated by a red arrow.

Suggest: Sell 0.86010 TP1 0.85720 TP2 0.85360 SL 0.86370

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

0.85864

0.86305

0.85652

0.86222

0.85867

0.00355

0.41%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

0.87020

0.86660

0.86370

0.86010

0.85720

0.85360

0.85060

 

 

USDJPY



The USD/JPY pair on the 1-hour period attempts to move downward, touching the support level at 138.310 and heading towards the next support level at 137.470. The downward trend is also reflected in the FXBot template, where the JPY figure is higher at 6.6 compared to the USD figure at 5.4. Meanwhile, the bearish bias is supported by a sell signal indicated by a red arrow.

Suggest: Buy 138.000 TP1 138.310 TP2 138.780 SL 137.500

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

138.046

139.148

137.237

138.822

138.046

0.776

0.57%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

141.290

140.220

139.380

138.310

137.470

136.400

135.560

 

XUL (LOCO LONDON GOLD)



Gold prices on the 1-hour period attempt to move upward, touching the resistance level at 1957.30 and heading towards the next resistance level at 1963.80. Meanwhile, the bullish bias is supported by a buy signal indicated by a green arrow.

Suggest: Sell 1960.00 TP1 1957.30 TP2 1951.00 SL 1963.80

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

1959.56

1963.63

1950.83

1955.16

1959.99

-4.83

-0.25%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

1976.60

1970.10

1963.80

1957.30

1951.00

1944.50

1938.20

 

CLSK (OIL)


The daily technical analysis for oil prices on the 1-hour period shows an attempt to move downward, needing to break through the support level at 73.87 and heading towards the next support level at 73.00. To change the bias back to bullish, oil prices need to break through the resistance level at 75.31 and then head towards the next resistance level at 75.86.

Suggest: Sell 73.87 TP1 73.40 TP2 73.00 SL 74.30

 

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

77.16

77.27

75.10

75.22

77.23

-2.01

-2.60%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

78.79

78.03

76.62

75.86

74.45

73.69

72.28

 

So, that concludes the explanation of "Daily Technical Analysis: July 17, 2023 – Mixed Sentiment, Greenback Rebounds." Also, read our other articles, such as the explanation of how to buy cryptocurrency, exclusively on the GIC Journal. Don't forget to sharpen your trading skills by getting the Ebook Scalping guide and participating in Live Trading at NFP Live Trading. Make sure to download the GIC Mobile Apps from the Google Play Store.


Warning!

This analysis is based on insights from fundamental and technical perspectives from trusted sources and does not constitute advice or solicitation. Always remember that this content aims to enrich readers' information. Always conduct your own independent research on other forex information as a reference for your trading.

 

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