Technical Analysis: September 4, 2023 – US Manufacturing Sector Rises, Dollar?

The following is a technical daily analysis, September 4, 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 GIC BIG Deals and get the main prize, namely Rubicon, Mercedes Benz or Vacation Package to Labuan Bajo for 3 days 2 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 is still in a downtrend, it needs to break through the support level at 1.07690 to fall further towards the next support level at 1.07080. Meanwhile, to turn the bias into a bullish one, EUR/USD needs to break through the resistance area at 1.08012 towards the next resistance level at 1.08640.

Suggest: Sell 1.08170 TP1 1.07900 TP2 1.07690 SL 1.08400

GBPUSD

GBP/USD on the 1-hour period is still in a downtrend and needs to cross the support level at 1.25754 to fall further towards the next support level at 1.25010. Meanwhile, to turn the bias to bullish, then, GBP/USD needs to break through the resistance area at 1.26187 towards the next resistance level at 1.26360.

Suggest: Sell 1.26250 TP1 1.26000 TP2 1.25754 SL 1.26500

AUDUSD

AUD/USD on the 1-hour period tried to move upwards testing the resistance area of 0.64845 until heading towards the next resistance level at 0.65060. As for the bearish bias, AUD/USD needs to break through the support area at 0.64548 towards the next support level at 0.64220.

Suggest: Sell 0.65060 TP1 0.64845 TP2 0.64600 SL 0.65300

USDCHF

Daily technical analysis for the USD/CHF pair on the 1-hour period tried to move downwards touching the 0.88312 support area towards the next support level at 0.88070. As for the bullish bias, USD/CHF needs to break through the resistance area at 0.88615 towards the next resistance level at 0.89030.

Suggest: Buy 0.88070 TP1 0.88340 TP2 0.88750 SL 0.87800

USDJPY

USD/JPY on the 1-hour period is in an uptrend, for further bullish bias it is necessary to break through the resistance level of 146,520 to the next resistance level at 146,760. Meanwhile, to turn the bias bearish, USD/JPY needs to break through the support area at 145,940 towards the next support level at 145,590.

Suggest: Sell 146.000 TP1 145.800 TP2 145.590 SL 146.300

XUL (LOCO LONDON GOLD)

Gold prices in the 1-hour period tried to move further up, touching the resistance area of 1952.94 towards the next resistance level at 1960.20. Meanwhile, to change the bias to bearish, the gold price needs to pass through the support area at 1938.03 which is heading to the next support level at 1930.60.

Suggest: Sell 1949.10 TP1 1945.00 TP2 1941.70 SL 1952.94

CLSK (OIL)

Daily technical analysis for oil prices in the 1-hour period is trying to move down, it needs to pass the support level at 84.63 to the next support level at 84.24. Meanwhile, for further bullish bias, oil prices need to cross the resistance level at 86.06 to reach the next resistance level at 86.71.

Suggest: Sell 85.08 TP1 84.63 TP2 84.24 SL 85.50

Well, that's the explanation of "Technical Daily Analysis: September 4, 2023 – US Manufacturing Sector Grows, Dollar Rises". 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.