Here is the daily technical analysis for July 31, 2023. The data and analysis in this bulletin can be widely used for your trading. However, it is important to note that GICTrade and data providers are not responsible for your trading results.
Therefore, the responsibility lies with you. Before reviewing today’s technical analysis, be sure to register for the GIC Gift Bonanza and get a chance to win the grand prize, a Mitsubishi Expander Mobile or a vacation package to Labuan Bajo for four days and three nights.
We will provide forecasts for price movements in Forex and Commodities, including calculations for Pivot points, Resistance, and Support levels.
The daily technical analysis for the EUR/USD pair over a 1-hour period is attempting to move downward, reaching the support level at 1.09950 and heading towards the next support level at 1.09450. However, the downtrend has not been confirmed by the FXBot template, where the EUR figure is equal to the USD figure at 4.0. Meanwhile, the bearish bias is also supported by a sell signal indicated by a red arrow.
Suggest: Sell 1.09950 TP1 1.09700 TP2 1.09450 SL 1.10300
|
PREVIOUS RANGE
|
|
OPEN
|
HIGH
|
LOW
|
CLOSE
|
PREV.CLOSE
|
CHANGE
|
%CHANGE
|
|
1.09747
|
1.10455
|
1.09418
|
1.10187
|
1.09748
|
0.00439
|
0.40%
|
|
DAILY PIVOT POINT
|
|
R3
|
R2
|
R1
|
PIVOT
|
S1
|
S2
|
S3
|
|
1.11520
|
1.10990
|
1.10480
|
1.09950
|
1.09450
|
1.08910
|
1.08410
|
GBPUSD
GBP/USD over a 1-hour period is trying to move upward, reaching the resistance level at 1.28850 and heading towards the next resistance level at 1.29470. The uptrend is also visible from the FXBot template, where the GBP figure is higher at 5.4 compared to the USD figure at 4.1. However, the bias remains bearish, supported by a sell signal indicated by a red arrow.
Suggest: Buy 1.28500 TP1 1.28850 TP2 1.29000 SL 1.28230
|
PREVIOUS RANGE
|
|
OPEN
|
HIGH
|
LOW
|
CLOSE
|
PREV.CLOSE
|
CHANGE
|
%CHANGE
|
|
1.27923
|
1.28850
|
1.27612
|
1.28517
|
1.27931
|
0.00586
|
0.46%
|
|
DAILY PIVOT POINT
|
|
R3
|
R2
|
R1
|
PIVOT
|
S1
|
S2
|
S3
|
|
1.30090
|
1.29470
|
1.28850
|
1.28230
|
1.27610
|
1.26990
|
1.26370
|
AUDUSD
AUD/USD over a 1-hour period is trying to move upward, reaching the resistance level at 0.66720 and heading towards the next resistance level at 0.67230. The uptrend is also evident from the FXBot template, where the AUD figure is higher at 8.4 compared to the USD figure at 3.8. Meanwhile, the bullish bias is supported by a buy signal indicated by a green arrow.
Suggest: Buy 0.66720 TP1 0.67000 TP2 0.67230 SL 0.66400
|
PREVIOUS RANGE
|
|
OPEN
|
HIGH
|
LOW
|
CLOSE
|
PREV.CLOSE
|
CHANGE
|
%CHANGE
|
|
0.67063
|
0.67114
|
0.66206
|
0.66489
|
0.67063
|
-0.00574
|
-0.85%
|
|
DAILY PIVOT POINT
|
|
R3
|
R2
|
R1
|
PIVOT
|
S1
|
S2
|
S3
|
|
0.68140
|
0.67630
|
0.67230
|
0.66720
|
0.66330
|
0.65810
|
0.65420
|
USDCHF-0.webp)
The daily technical analysis for the USD/CHF pair over a 1-hour period is attempting to move upward, reaching the resistance level at 0.87290 and heading towards the next resistance level at 0.87690. The uptrend is also visible from the FXBot template, where the CHF figure is lower at 1.8 compared to the USD figure at 4.0. Meanwhile, the bullish bias is supported by a buy signal indicated by a green arrow.
Suggest: Buy 0.87290 TP1 0.87690 TP2 0.88040 SL 0.86940
|
PREVIOUS RANGE
|
|
OPEN
|
HIGH
|
LOW
|
CLOSE
|
PREV.CLOSE
|
CHANGE
|
%CHANGE
|
|
0.86855
|
0.87340
|
0.86588
|
0.86964
|
0.86905
|
0.00059
|
0.07%
|
|
DAILY PIVOT POINT
|
|
R3
|
R2
|
R1
|
PIVOT
|
S1
|
S2
|
S3
|
|
0.88040
|
0.87690
|
0.87290
|
0.86940
|
0.86540
|
0.86190
|
0.85790
|
USDJPY
USD/JPY over a 1-hour period is attempting to move upward, reaching the resistance level at 141.810 and heading towards the next resistance level at 143.010. The uptrend is supported by the FXBot template, where the JPY figure is lower at 0.0 compared to the USD figure at 4.1. Meanwhile, the bullish bias is supported by a buy signal indicated by a green arrow.
Suggest: Sell 142.000 TP1 141.700 TP2 141.400 SL 142.300
|
PREVIOUS RANGE
|
|
OPEN
|
HIGH
|
LOW
|
CLOSE
|
PREV.CLOSE
|
CHANGE
|
%CHANGE
|
|
139.442
|
141.134
|
138.050
|
141.111
|
139.442
|
1.669
|
1.20%
|
|
DAILY PIVOT POINT
|
|
R3
|
R2
|
R1
|
PIVOT
|
S1
|
S2
|
S3
|
|
144.890
|
143.010
|
141.810
|
139.930
|
138.730
|
136.850
|
135.640
|
XUL (LOCO LONDON GOLD)
The gold price over a 1-hour period is trying to move downward, reaching the support level at 1953.00 and heading towards the next support level at 1943.20. Meanwhile, the bearish bias is supported by a sell signal indicated by a red arrow.
Suggest: Sell 1953.00 TP1 1948.00 TP2 1943.20 SL 1958.00
|
PREVIOUS RANGE
|
|
OPEN
|
HIGH
|
LOW
|
CLOSE
|
PREV.CLOSE
|
CHANGE
|
%CHANGE
|
|
1945.82
|
1963.36
|
1945.28
|
1958.75
|
1944.38
|
14.37
|
0.74%
|
|
DAILY PIVOT POINT
|
|
R3
|
R2
|
R1
|
PIVOT
|
S1
|
S2
|
S3
|
|
1979.40
|
1971.40
|
1961.30
|
1953.30
|
1943.20
|
1935.20
|
1925.20
|
CLSK (OIL)
The daily technical analysis for oil prices over a 1-hour period is attempting to move downward, needing to break through the support level at 79.81 to reach the next support level at 78.49. To continue the bullish bias, the oil price must break through the resistance level at 80.69 to reach the next resistance level at 81.16.
Suggest: Sell 79.81 TP1 79.40 TP2 79.00 SL 80.20
|
PREVIOUS RANGE
|
|
OPEN
|
HIGH
|
LOW
|
CLOSE
|
PREV.CLOSE
|
CHANGE
|
%CHANGE
|
|
79.82
|
80.68
|
79.06
|
80.59
|
79.83
|
0.76
|
0.95%
|
|
DAILY PIVOT POINT
|
|
R3
|
R2
|
R1
|
PIVOT
|
S1
|
S2
|
S3
|
|
82.78
|
81.73
|
81.16
|
80.11
|
79.54
|
78.49
|
77.92
|
That concludes the explanation of the “Daily Technical Analysis: July 31, 2023 – The US Dollar Prepares for Further Strength.” Also, read our other articles, such as explanations on how to buy cryptocurrency, only on the GIC Journal. Don't forget to hone your trading skills by getting the Scalping Ebook guide and participating in Live Trading at NFP Live Trading. Make sure to download the GIC Mobile App from the Google Play Store.
Warning!
This analysis is based on fundamental and technical insights from reliable sources and does not constitute advice or a recommendation. Always remember that this content aims to enrich the readers' information. Always conduct your own independent research regarding other forex information as a reference for your trading.
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