Technical Daily Analysis: April 5, 2023 – The Dollar Could Again Languish

The US ISM Services data release is the diffusion rate based on purchasing managers surveyed excluding the manufacturing industry. The survey of about 300 purchasing managers asked respondents to assess the relative level of business conditions including employment, production, new orders, prices, supplier shipments and inventory. This data is a key indicator of the economic health of businesses that react quickly to current market conditions and are relevant to the company's economic outlook. The United States (US) Services Sector ISM is expected to fall from a reading of 55.1 to 54.3. Numbers above 50 indicate expansion, while below 50 indicate contraction. Referring to the data, the US Dollar has the potential to weaken due to the data that has decreased.

The following is a technical daily analysis, April 5, 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 the 1-hour period for further growth needs to cross the 161.8 Fibo level at 1.09700 towards the next resistance level at 1.10197. Meanwhile, to turn the bias bearish, EUR/USD needs to break through the support area at 1.09366 which is also the 100 Fibo level towards the next support level at 1.09176.

Suggest : Sell 1.09700 TP1 1.09400 TP2 1.09200 SL 1.10197

GBPUSD

GBP/USD on the 1-hour period tried to move upwards touching the resistance area of 1.25135 which is also the 161.8 Fibo level until the next resistance level at 1.26612. Meanwhile, to turn the bias bearish, GBP/USD needs to break through the support area at 1.24210 which is at the 100 Fibo level towards the next support level at 1.23648.

Suggest : Sell 1.25220 TP1 1.24800 TP2 1.22580 SL 1.25500

AUDUSD

Daily technical analysis for the AUD/USD pair on the 1-hour period is trying to move down, testing the support area of 0.67194 which is the 100 Fibo level until the next support level at 0.66841. As for the bullish bias, AUD/USD needs to break through the resistance area at 0.67423 which is at the 61.8 Fibo level towards the next resistance level at 0.67610.

Suggest : Sell 0.67194 TP1 0.66890 TP2 0.66570 SL 0.67423

USDCHF

USD/CHF in the 1-hour period tried to move down, touching the 0.90347 support area, which is also the 261.8 Fibo level, towards the next support level at 0.89700. Meanwhile, to turn the bias into bullish, USD/CHF needs to pass through the resistance area at 0.90746 which is also the 161.8 Fibo area towards the next resistance level at 0.90995.

Suggest : Buy 0.90347 TP1 0.90750 TP2 0.90960 SL 0.90080

USDJPY

USD/JPY in the 1-hour period moved in the area of 161.8 Fibo, to change the bias to bullish it needs to pass the resistance of 132,161 to the next resistance level at 132,555. Meanwhile, for further decline, USD/JPY needs to break through the support area at 130,549 towards the next support level at 129,570.

Suggest : Buy 131.000 TP1 131.500 TP2 132.190 SL 130.540

XUL (LOCO LONDON GOLD)

Gold prices in the 1-hour period tried to move further up, touching the 2033.84 resistance area which is also the 423.6 Fibo level which is the strongest area for a reversal. Meanwhile, to change the bias to bearish, the gold price needs to pass through the support area at 2012.23 which is the 261.8 Fibo level to the next support level at 1998.64.

Suggest : Sell 2033.84 TP1 2025.00 TP2 2015.00 SL 2049.70

CLSK (OIL)

Oil prices in the 1-hour period moved up, trying to test the resistance area of 81.80 until heading towards the next resistance level at 83.09 which is also the 161.8 Fibo level. Meanwhile, to change the bias to bearish, the oil price needs to pass the support level of 80.34 to the next support level at 79.57.

Suggest : Buy 81.80 TP1 82.50 TP2 83.09 SL 81.30