Technical Analysis: July 24, 2023 – US Manufacturing Contracts, Dollar Plunges

The following is a technical daily analysis, July 24, 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 the EUR/USD pair on the 1-hour period tried to move upwards, touching the resistance level at 1.11470 and heading to the next resistance level at 1.11840. The upward trend can also be seen from the FXBot template, where the EUR figure is higher by 5.8 than the USD figure of 2.1. While the bullish bias is also supported by a buy signal indicated by a green arrow.

Suggest: Buy 1.11470 TP1 1.11640 TP2 1.11840 SL 1.11200

GBPUSD

Daily technical analysis for the GBP/USD pair on the 1-hour period tried to move upwards, touching the resistance level at 1.29090 to the next resistance level at 1.29500. The upward trend is also confirmed from the FXBot template, where the GBP figure is higher by 5.1 than the USD figure of 2.4. While the bullish bias is also supported by a buy signal indicated by a green arrow.

Suggest: Buy 1.28800 TP1 1.29090 TP2 1.29500 SL 1.28600

AUDUSD

AUD/USD on the 1-hour period tried to move down, touching the support level at 0.67210 again until the next support level at 0.66890. However, the downward trend has not yet been seen from the FXBot template, where the AUD figure is higher by 3.7 than the USD figure of 2.2. Meanwhile, the bearish bias is also supported by a buy signal indicated by a green arrow.

Suggest: Buy 0.67100 TP1 0.67540 TP2 0.67860 SL 0.66800

USDCHF

USD/CHF on the 1-hour period tried to move down, touching the support level at 0.86470 again until heading towards the next support level at 0.86150. The downward trend can also be seen from the FXBot template, where the CHF figure is higher by 2.8 than the USD figure of 2.4. While the bearish bias is also supported by a sell signal indicated by a red arrow.

Suggest: Sell 0.86470 TP1 0.86280 TP2 0.86150 SL 0.86780

USDJPY

Daily technical analysis for the USD/JPY pair on the 1-hour period tried to move up, touching the resistance level at 141,500 again to the next resistance level at 142,000. However, the uptrend has not been supported by the FXBot template, where the JPY figure is higher by 3.0 than the USD figure of 2.2.  While the bullish bias is also supported by a buy signal indicated by a green arrow.

Suggest: Sell 141.700 TP1 141.500 TP2 141.000 SL 142.000

XUL (LOCO LONDON GOLD)

Gold prices in the 1-hour period tried to move down, touching the support level at 1957.00 to the next support level at 1948.40. While the bearish bias is also supported by a sell signal indicated by a red arrow.

Suggest: Sell 1965.30 TP1 1960.00 TP2 1955.00 SL 1973.90

CLSK (OIL)

Daily technical analysis for oil prices in the 1-hour period is trying to move down, it is necessary to cross the support level at 76.21 to the next support level at 75.04. Meanwhile, to continue the bullish bias, oil prices need to pass the resistance level at 77.26 to the next resistance level at 78.20.

Suggest: Sell 76.21 TP1 75.70 TP2 75.20 SL 76.70

Well, that's the explanation of "Technical Daily Analysis: July 24, 2023 – US Manufacturing Contracts, Dollar Could Fall". 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.