Technical Analysis: May 16, 2023 – Biden Ask for Debt Ceiling to Rise, Market?

The following is a technical daily analysis, May 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

EUR/USD on the 1-hour period tried to move upwards touching the resistance level at 1.08890 until heading to the next resistance level at 1.09350. The upward trend can also be seen from the FXBot template, where the EUR figure is higher by 7.2 than the USD figure of 3.2. While the bullish bias is also supported by a buy signal indicated by a green arrow.

Suggest: Buy 1.08890 TP1 1.09120 TP2 1.09350 SL 1.08670

GBPUSD

Daily technical analysis for the GBP/USD pair on the 1-hour period tried to move upwards, touching the resistance level at 1.25310 to the next resistance level at 1.25780. The upward trend can also be seen from the FXBot template, where the GBP figure is higher by 4.0 than the USD figure of 3.1. While the bullish bias is also supported by a buy signal indicated by a green arrow.

Suggest: Buy 1.25310 TP1 1.25780 TP2 1.26000 SL 1.25000

AUDUSD

AUD/USD on the 1-hour period tried to move down, touching the support level at 0.66730 until heading to the next support level at 0.66380. The downward trend can also be seen from the FXBot template, where the AUD figure is lower by 2.4 than the USD figure of 3.1.

Suggest: Sell 0.66730 TP1 0.66380 TP2 0.66060 SL 0.67050

USDCHF

USD/CHF on the 1-hour period is trying to move down, needing to break through the support level at 0.89330 to the next support level at 0.88880. The downward trend can also be seen from the FXBot template, where the CHF figure is higher by 3.8 than the USD figure of 3.4. While the bearish bias is also supported by a sell signal indicated by a red arrow.

Suggest: Sell 0.89330 TP1 0.89150 TP2 0.88880 SL 0.89600

USDJPY

Daily technical analysis for the USD/JPY pair on the 1-hour period is trying to move down, needing to break through the support level at 135.750 and head to the next support level at 135.230. The downward trend can also be seen from the FXBot template, where the JPY figure is higher by 4.5 than the USD figure of 3.5. While the bearish bias is also supported by a sell signal indicated by a red arrow.

Suggest: Sell 135.750 TP1 135.52 TP2 135.230 SL 136.000

XUL (LOCO LONDON GOLD)

Gold prices in the 1-hour period tried to move further up, touching the resistance area of 2020.00 until heading to the next resistance level at 2027.90. Meanwhile, the bullish trend is also supported by a buy signal indicated by a green arrow.

Suggest: Sell 2025.00 TP1 2020.00 TP2 2015.00 SL 2030.00

CLSK (OIL)

Daily technical analysis for oil prices on the 1-hour period is trying to move downwards more needs to cross the support area at 70.93 to reach the next support level at 69.87. Meanwhile, to continue the bullish bias, oil prices need to pass the resistance level at 71.77 to reach the next resistance level at 73.00.

Suggest: Buy 71.77 TP1 72.20 TP2 73.00 SL 71.20