Technical Analysis: April 3, 2023 – ISM Manufacturing Falls, Greenback Fate?

The release of ISM Manufacturing data is the level of diffusion based on purchasing managers surveyed in the manufacturing industry. The survey of about 300 purchasing managers asked respondents to assess the relative level of business conditions including employment, production, new orders, prices, suppliers and inventories. This data is a key indicator of the economic health of businesses that react quickly to current market conditions and are relevant to the company's economic outlook. The United States (US) Manufacturing ISM is expected to fall from a reading of 47.7 to 47.5. Numbers above 50 indicate expansion, while below 50 indicate contraction. Referring to the data, the US Dollar has the potential to weaken due to the data that has decreased.

The following is a technical daily analysis, April 3, 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

Daily technical analysis for the EUR/USD pair on the 1-hour period tried to move upwards, touching the resistance area of 1.08231 towards the next resistance level at 1.08760. As for further bearish bias, EUR/USD needs to break through the support area at 1.07798 towards the next support level at 1.07400.

Suggest : Buy 1.08231 TP1 1.08760 TP2 1.09000 SL 1.08000

GBPUSD

GBP/USD on the 1-hour period tried to move upwards touching the resistance area of 1.23289 towards the next resistance level at 1.23650. As for further bearish bias, GBP/USD needs to break through the support area at 1.22645 towards the next support level at 1.22090.

Suggest : Buy 1.23289 TP1 1.23650 TP2 1.24060 SL 1.23080

AUDUSD

AUD/USD on the 1-hour period tried to move upwards testing the resistance area of 0.66932 until heading towards the next resistance level at 0.67280. Meanwhile, for further bearish bias, AUD/USD needs to cross the support area at 0.66498 towards the next support level at 0.65940.

Suggest : Buy 0.66932 TP1 0.67280 TP2 0.67660 SL 0.66610

USDCHF

Daily technical analysis for the USD/CHF pair on the 1-hour period tried to rebound to touch the resistance area of 0.92000 towards the next resistance level at 0.92350. Meanwhile, to turn the bias bearish, USD/CHF needs to break through the support area at 0.91639 towards the next support level at 0.91110.

Suggest : Sell 0.91730 TP1 0.91440 TP2 0.91110 SL 0.92000

USDJPY

USD/JPY in the 4-hour period moved further up, trying to touch the resistance area of 133,792 towards the next resistance level at 134,230. Meanwhile, to turn the bias bearish, USD/JPY needs to break through the support area at 132,994 towards the next support level at 132,190.

Suggest : Buy 133.792 TP1 134.000 TP2 134.230 SL 133.500

XUL (LOCO LONDON GOLD)

Gold prices in the 1-hour period tried to move up touching the resistance area of 1964.24 towards the next resistance level at 1975.90. Meanwhile, for further bearish bias, the gold price needs to cross the support area at 1949.21 towards the next support level at 1943.70.

Suggest : Sell 1949.21 TP1 1945.00 TP2 1943.70 SL 1955.20

CLSK (OIL)

Daily technical analysis for oil prices on the 4-hour period is moving upwards trying to test the resistance area of 80.91 towards the next resistance level at 82.00. Meanwhile, to change the bias to bearish, oil prices need to cross the 78.56 support level to the next support level at 76.93.

Suggest : Sell 78.56 TP1 78.00 TP2 77.50 SL 79.00

So, that's the explanation of "Technical Daily Analysis: April 3, 2023 – ISM Manufacturing Falls, Here's the Fate of the Greenback?". Also read our other articles, such as an explanation of how to buy cryptocurrencies, only in the GIC Journal. Don't forget to practice your trading skills by getting the Scalping Ebook and following Live Trading on NFP Live Trading. Make sure, download GIC Mobile Apps on the Google Play Store.