Daily Technical Analysis: May 12, 2023 – Hawkish Fed, US Dollar Soars

The following is a technical daily analysis, May 12, 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

EUR/USD on the 1-hour period tried to move upwards, touching the resistance level at 1.09400 until the next resistance level at 1.09970. The upward trend can also be seen from the FXBot template, where the EUR figure is higher by 5.1 than the USD figure of 4.5. Meanwhile, the bullish trend is also supported by a buy signal indicated by a green arrow.

Suggest: Buy 1.09400 TP1 1.09700 TP2 1.09970 SL 1.09000

GBPUSD

Daily technical analysis for the GBP/USD pair on the 1-hour period is trying to move upwards to touch the resistance level at 1.25500 and towards the next resistance level at 1.26400. The upward trend can also be seen from the FXBot template, where the GBP figure is higher by 7.1 than the USD figure of 2.2. Meanwhile, the bullish trend is also supported by a buy signal indicated by a green arrow.

Suggest: Buy 1.25500 TP1 1.26000 TP2 1.26400 SL 1.25000

AUDUSD

AUD/USD in the 1-hour period tried to move upwards, touching the resistance level at 0.67100 until heading to the next resistance level at 0.67940. The upward trend can also be seen from the FXBot template, where the AUD figure is higher by 5.7 than the USD figure of 2.7.

Suggest: Buy 0.67100 TP1 0.67410 TP2 0.67940 SL 0.66800

USDCHF

USD/CHF on the 1-hour period is trying to move down, needing to break through the support level at 0.88800 to the next support level at 0.88390. The downward trend can also be seen from the FXBot template, where the CHF figure is higher by 8.1 from the USD figure of 2.5. While the bearish bias is also supported by a sell signal indicated by a red arrow.

Suggest: Sell 0.88800 TP1 0.88600 TP2 0.88390 SL 0.89180

USDJPY

Daily technical analysis for the USD/JPY pair on the 1-hour period is trying to move up, it needs to break through the resistance level at 135,000 and head to the next resistance level at 135,470. The upward trend can also be seen from the FXBot template, where the JPY figure is lower by 1.0 from the USD figure of 3.2. While the bullish bias is also supported by the Buy signal indicated by the green arrow.

Suggest: Buy 135.000 TP1 135.470 TP2 135.800 SL 134.650

XUL (LOCO LONDON GOLD)

Gold prices in the 1-hour period tried to rebound to touch the 2023.90 resistance area until the next resistance level at 2036.80. While the bullishish trend is also supported by a buy signal indicated by a green arrow.

Suggest: Buy 2023.00 TP1 2030.00 TP2 2036.80 SL 2015.00

CLSK (OIL)

Daily technical analysis for oil prices on the 1-hour period is trying to move further downwards need to cross the support area at 69.80 to reach the next support level at 69.00. Meanwhile, to change the bias to bullish, oil prices need to cross the resistance level at 71.45 to reach the next resistance level at 73.10.

Suggest: Buy 71.45 TP1 72.50 TP2 73.10 SL 70.80