Technical Analysis: May 17, 2023 – US Debt Ceiling Headed for Agreement, Dollar?

The following is a daily technical analysis, May 17, 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 a 1-hour period moved downwards, trying to touch the support level at 1.08500 and heading to the next support level at 1.08230. The downward trend can also be seen from the FXBot template, where the EUR figure is lower by 4.7 than the USD figure of 6.0. While the bearish bias is also supported by a sell signal indicated by a red arrow.

Suggest: Sell 1.08500 TP1 1.08230 TP2 1.08000 SL 1.08730

GBPUSD

GBP/USD on the 1-hour period moved down, trying to touch the support level at 1.24660 until heading to the next support level at 1.24250. The downward trend can also be seen from the FXBot template, where the GBP figure is lower by 2.7 than the USD figure of 5.5. While the bearish bias is also supported by a sell signal indicated by a red arrow.

Suggest: Sell 1.24660 TP1 1.24250 TP2 1.24000 SL 1.25000

AUDUSD

AUD/USD on the 1-hour period moved down, trying to touch the support level at 0.66470 until heading to the next support level at 0.66200. The downward trend can also be seen from the FXBot template, where the AUD figure is lower by 4.5 from the USD figure of 5.1. While the bearish bias is also supported by a sell signal indicated by a red arrow.

Suggest: Sell 0.66470 TP1 0.66200 TP2 0.66000 SL 0.66800

USDCHF

Daily technical analysis for the USD/CHF pair on the 1-hour period is trying to move up, it needs to break through the resistance level at 0.89700 and head to the next resistance level at 0.90030. The upward trend can also be seen from the FXBot template, where the CHF figure is lower by 4.6 from the USD figure of 5.0.

Suggest: Buy 0.89700 TP1 0.90030 TP2 0.90350 SL 0.89500

USDJPY

USD/JPY in the 1-hour period moves up, it needs to break through the resistance level at 136,730 to the next resistance level at 137,210. The upward trend can also be seen from the FXBot template, where the JPY figure is lower by 1.5 than the USD figure of 5.0. While the bullish bias is also supported by a buy signal indicated by a green arrow.

Suggest: Buy 136.730 TP1 137.210 TP2 137.500 SL 136.400

XUL (LOCO LONDON GOLD)

Gold prices in the 1-hour period tried to move up, touching the resistance area of 2000.00 until reaching the next resistance level at 2010.00. Meanwhile, the bullish trend is also supported by a buy signal indicated by a green arrow.

Suggest: Sell 2000.00 TP1 1995.00 TP2 1985.00 SL 2007.00

CLSK (OIL)

The daily technical analysis for oil prices in the 1-hour period is trying to move up, it is necessary to break through the resistance area at 71.73 to reach the next resistance level at 72.24. Meanwhile, to continue the bearish bias, oil prices need to pass the support level at 70.20 to reach the next support level at 69.58.

Suggest: Buy 71.39 TP1 71.73 TP2 72.24 SL 70.90