Technical Analysis: January 16, 2023 – US Dollar Overshadowed Fed Interest Rate

The following is a daily technical analysis, January 16, 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

The daily technical analysis for GBP/USD has a chance to correct with the 30-minute RSI which is already in the overbought area. It needs to break 1.22445 first to change the bias to bearish with the next support target at 1.21520. However, the rise will continue if it is able to pass through the 1.23000 area to the resistance (R3) at 1.23680.

GBPUSD

The daily technical analysis for GBP/USD has a chance to correct with the 30-minute RSI which is already in the overbought area. It needs to break 1.22445 first to change the bias to bearish with the next support target at 1.21520. However, the rise will continue if it is able to pass through the 1.23000 area to the resistance (R3) at 1.23680.

AUDUSD

AUD/USD on the 30-minute period tends to consolidate or move down, with the RSI in the overbought area confirming the decline. It needs a break of the 0.69900 area to change the bias to bearish with the next support target at 0.69430. However, the bulls will be strong once the aussie is able to break through the resistance area (R2) at 0.70410 to R3 at 0.70880.

USDCHF

The USD/CHF pair is trying to move upwards towards the 70 RSI area in the 30-minute period. If it passes 0.92591, the bullish bias will continue until the resistance (R2) at 0.93145-0.93360. Meanwhile, to continue the downtrend, the franc needs to pass through the support area (S2) at 0.92140 towards the next support (S3) at 0.91730.

USDJPY

Daily technical analysis for USD/JPY has the potential to rebound after the RSI shows oversold. It needs a break of the 128,150 area to change the bias to bullish with the nearest target at 128,850. Meanwhile, to continue the decline, the yen needs to pass through the second support area (S2) of 126,520 to the next support (S3) at 125,590.

XUL (LOCO LONDON GOLD)

Gold prices have the potential to correct, which is indicated by the RSI which is already in the overbought area. It is necessary to break the 1919.50 area first to change the bias to bearish to the next support at 1909.50. However, to continue its bullish trend then gold needs to break through the 1936.80 area to the resistance (R3) at 1951.90.

CLSK (OIL)

Daily technical analysis for oil prices has the potential to fall, if it is able to break through the 78.35 area towards the next support (S2) at 77.28. The decline in oil prices is supported by the 30-minute RSI which is in the overbought area. However, for further gains it is necessary to confirm the R1 area at 80.68 towards the next resistance R2 at 81.36 to R3 at 82.72.

So, that's the explanation of "Technical Daily Analysis: January 16, 2023 – US Dollar Overshadowed by Fed Interest Rates". 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.