Technical Analysis: July 12, 2023 – Inflation Expected to Fall, Dollar Fate?

The following is a daily technical analysis, July 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 further up, touching the resistance level at 1.10300 and heading towards the next resistance level at 1.10800. The upward trend can also be seen from the FXBot template, where the EUR figure is higher by 4.8 than the USD figure of 1.4. While the bullish bias is also supported by a buy signal indicated by a green arrow.

Suggest: Buy 1.10300 TP1 1.10530 TP2 1.10800 SL 1.10000

GBPUSD

Daily technical analysis for the GBP/USD pair on the 1-hour period is trying to move further upwards, touching the resistance level at 1.29750 and heading towards the next resistance level at 1.30160. The upward trend is also confirmed from the FXBot template, where the GBP figure is higher by 4.4 than the USD figure of 1.2. Meanwhile, the bullish bias is also supported by a buy signal indicated by a green arrow.

Suggest: Buy 1.29700 TP1 1.29900 TP2 1.30160 SL 1.29360

AUDUSD

AUD/USD on the 1-hour period tried to move further up, touching the resistance level at 0.67460 until heading to the next resistance level at 0.67700. The upward trend can also be seen from the FXBot template, where the AUD figure is higher by 5.8 than the USD figure of 1.7. While the bullish bias is also supported by a buy signal indicated by a green arrow.

Suggest: Sell 0.67460 TP1 0.67200 TP2 0.67000 SL 0.67700

USDCHF

USD/CHF on the 1-hour period tried to move further down, touching the support level at 0.87600 until heading towards the next support level at 0.87240. The downward trend can also be seen from the FXBot template, where the CHF figure is higher by 2.1 than the USD figure of 2.0. While the bearish bias is also supported by a sell signal indicated by a red arrow.

Suggest: Buy 0.87500 TP1 0.87700 TP2 0.87900 SL 0.87240

USDJPY

Daily technical analysis for the USD/JPY pair on the 1-hour period tried to move further down, touching the support level at 139,510 again to the next support level at 138,870. The downward trend can also be seen from the FXBot template, where the JPY figure is higher by 6.6 than the USD figure of 2.0.  While the bearish bias is also supported by a sell signal indicated by a red arrow.

Suggest: Buy 139.000 TP1 139.510 TP2 140.000 SL 138.700

XUL (LOCO LONDON GOLD)

Gold prices in the 1-hour period tried to move up, touching the resistance level at 1943.90 until heading to the next resistance level at 1949.40. While the bullish bias is also supported by a buy signal indicated by a green arrow.

Suggest: Sell 1945.00 TP1 1940.00 TP2 1930.00 SL 1950.00

CLSK (OIL)

Daily Technical Analysis for oil prices in the 1-hour period is trying to move up, it needs to break through the resistance level at 75.13 to reach the next resistance level at 76.21. Meanwhile, to change the bias to bearish, oil prices need to pass the support level at 74.11 to reach the next support level at 73.54.

Suggest: Buy 75.13 TP1 75.60 TP2 76.21 SL 74.70

Well, that's the explanation of "Technical Daily Analysis: July 12, 2023 – Inflation is Expected to Fall, Here's the Fate of the Dollar!". 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 Google Play Store.