Daily Technical Analysis: September 1, 2023 – Forex Moves Sideways Ahead of NFP

Here is the daily technical analysis for September 1, 2023. The data and analysis in this bulletin can be widely 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 diving into today’s technical analysis, make sure to register for the GIC Prize Bonanza and get a chance to win exciting prizes, including a Mitsubishi Expander or a holiday package to Labuan Bajo for 4 days and 3 nights.

We will now provide forecasts for price movements in Forex and commodities, along with calculations for Pivot points, resistance, and support levels.

EURUSD



The EUR/USD pair on a 1-hour period is attempting to move downwards, touching the support level at 1.08280 and heading towards the next support level at 1.07790. However, the downward trend has not yet been indicated by the FXBot template, where the EUR value is higher at 6.4 compared to the USD's 6.1. Meanwhile, the bearish bias is supported by a sell signal indicated by the red arrow.

Suggest: Sell 1.08280 TP1 1.08000 TP2 1.07790 SL 1.08500

GBPUSD

The GBP/USD pair on a 1-hour period is attempting to move downwards, touching the support level at 1.26530 again and heading towards the next support level at 1.26110. The downward trend is also evident from the FXBot template, where the GBP value is lower at 3.4 compared to the USD's 6.0. Meanwhile, the bearish bias is supported by a sell signal indicated by the red arrow.

Suggest: Sell 1.26530 TP1 1.26300 TP2 1.26110 SL 1.26800

AUDUSD



The AUD/USD pair on a 1-hour period is attempting to move downwards, touching the support level at 0.64540 and heading towards the next support level at 0.64080. The downward trend is also supported by the FXBot template, where the AUD value is lower at 1.0 compared to the USD's 6.7. Meanwhile, the bearish bias is confirmed by a sell signal indicated by the red arrow.

Suggest: Sell 0.64540 TP1 0.64330 TP2 0.64080 SL 0.64800

USDCHF



The technical analysis for the USD/CHF pair on a 1-hour period indicates an attempt to move downwards, reaching the support level at 0.88070 and heading towards the next support level at 0.87700. The downward trend is also reflected in the FXBot template, where the CHF value is higher at 8.6 compared to the USD's 6.0. However, the bias remains bullish, supported by a buy signal indicated by the green arrow.

Suggest: Sell 0.88070 TP1 0.87700 TP2 0.87500 SL 0.88300

USDJPY



The technical analysis for the USD/JPY pair on a 1-hour period shows an attempt to move upwards, reaching the resistance level at 145.820 and heading towards the next resistance level at 146.310. The upward trend is also supported by the FXBot template, where the JPY value is lower at 3.8 compared to the USD's 4.7. Additionally, the bullish bias is reinforced by a buy signal indicated by the green arrow.

Suggest: Buy 145.700 TP1 145.900 TP2 146.310 SL 145.420

XUL (LOCO LONDON GOLD)



The price of gold in the 1-hour period is attempting to move downward, reaching the support level at 1936.50 and heading towards the next support level at 1927.80. Meanwhile, the bearish bias is also supported by a sell signal indicated by the red arrow.

Suggest: Sell 1936.50 TP1 1933.30 TP2 1927.80 SL 1941.00

CLSK (OIL)



The technical analysis for oil prices in the 4-hour period shows an attempt to move upward, needing to break through the resistance level at 84.13 to reach the next resistance level at 85.08. To shift the bias to bearish, the oil price must break below the support level at 83.57, moving towards the next support level at 82.89.

Suggest: Buy 84.13 TP1 84.50 TP2 85.08 SL 83.75