Technical Daily Analysis: August 10, 2023 – USD May Decline

Here is the daily technical analysis for August 10, 2023. The data and analysis in this bulletin can be widely used for your trading. However, it is important to note that GICTrade and the data providers are not responsible for your trading results. Thus, the responsibility lies with you.

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Below, we will provide you with the forecast for price movements in Forex and Commodities, along with the calculation of pivot points, resistance, and support levels.


EURUSD



EUR/USD on the 1-hour timeframe is attempting to move higher, touching the resistance level at 1.09860 and heading towards the next resistance level at 1.10300. The upward trend is also evident from the FXBot template, where the EUR figure is higher at 5.8 compared to the USD at 4.1. Meanwhile, the bullish bias is supported by the buy signal indicated by the green arrow.

Suggest: Buy 1.09860 TP1 1.10120 TP2 1.10300 SL 1.09600

GBPUSD

GBP/USD on the 1-hour timeframe is attempting to move higher, touching the resistance level at 1.27380 and heading towards the next resistance level at 1.28080. However, the upward trend is not yet evident from the FXBot template, where the GBP figure is lower at 2.1 compared to the USD at 3.7. Meanwhile, the bullish bias is supported by the buy signal indicated by the green arrow.

Suggest: Buy 1.27380 TP1 1.27660 TP2 1.28080 SL 1.26960

AUDUSD

AUD/USD on the 1-hour timeframe is attempting to move higher, touching the resistance level at 0.65390 and aiming for the next resistance level at 0.65900. The upward trend is also visible from the FXBot template, where the AUD figure is higher at 7.2 compared to the USD at 3.7. Meanwhile, the bullish bias is supported by the buy signal indicated by the green arrow.

Suggest: Buy 0.65390 TP1 0.65600 TP2 0.65900 SL 0.65090

USDCHF

The technical daily analysis for the USD/CHF pair on the 1-hour timeframe shows an attempt to move downward, touching the support level at 0.87590 and aiming for the next support level at 0.87080. However, the downward trend is not yet evident from the FXBot template, where the CHF figure is lower at 3.1 compared to the USD at 3.7. Meanwhile, the bearish bias is supported by the sell signal indicated by the red arrow.

Suggest: Sell 0.87590 TP1 0.87380 TP2 0.87080 SL 0.87880

PREVIOUS RANGE
OPEN	HIGH	LOW	CLOSE	PREV.CLOSE	CHANGE	%CHANGE
0.87541	0.87805	0.87297	0.87702	0.87541	0.00161	0.18%
DAILY PIVOT POINT
R3	R2	R1	PIVOT	S1	S2	S3
0.88390	0.88100	0.87880	0.87590	0.87380	0.87080	0.86870

 

USDJPY

The USD/JPY pair on the 1-hour timeframe is attempting to move upward, reaching the resistance level at 143.900 and targeting the next resistance level at 144.650. The upward trend is also supported by the FXBot template, where the JPY figure is lower at 0.8 compared to the USD at 3.7. Meanwhile, the bullish bias is further reinforced by the buy signal indicated by the green arrow.

Suggest: Sell 144.100 TP1 143.700 TP2 143.440 SL 144.500

PREVIOUS RANGE
OPEN	HIGH	LOW	CLOSE	PREV.CLOSE	CHANGE	%CHANGE
143.357	143.730	142.982	143.706	143.365	0.341	0.24%
DAILY PIVOT POINT
R3	R2	R1	PIVOT	S1	S2	S3
144.650	144.190	143.900	143.440	143.150	142.690	142.400

 

XUL (LOCO LONDON GOLD)

Gold prices on the 1-hour timeframe are attempting to move upward, reaching the resistance level at 1928.70 and targeting the next resistance level at 1939.20. Meanwhile, the bullish bias is supported by the buy signal indicated by the green arrow.

Suggest: Buy 1925.00 TP1 1928.70 TP2 1933.00 SL 1920.00

PREVIOUS RANGE
OPEN	HIGH	LOW	CLOSE	PREV.CLOSE	CHANGE	%CHANGE
1924.78	1932.20	1914.66	1914.98	1924.86	-9.88	-0.51%
DAILY PIVOT POINT
R3	R2	R1	PIVOT	S1	S2	S3
1946.30	1939.20	1928.70	1921.70	1911.20	1904.20	1893.70

 

CLSK (OIL)

The daily technical analysis for oil prices on the 1-hour timeframe shows an attempt to move upward, needing to break through the resistance level at 84.64 to target the next resistance level at 85.04. To shift the bias to bearish, oil prices would need to breach the support level at 83.71, heading towards the next support level at 83.08.

Suggest: Buy 84.64 TP1 85.04 TP2 85.50 SL 84.20

 

PREVIOUS RANGE
OPEN	HIGH	LOW	CLOSE	PREV.CLOSE	CHANGE	%CHANGE
82.86	84.62	82.66	84.26	82.78	1.48	1.79%
DAILY PIVOT POINT
R3	R2	R1	PIVOT	S1	S2	S3
87.00	85.81	85.04	83.85	83.08	81.89	81.12

That concludes the explanation of “Daily Technical Analysis: August 10, 2023 – The US Dollar Potentially Declines.” Be sure to check out our other articles, such as the guide on how to buy cryptocurrency, only on the GIC Journal. Don’t forget to hone your trading skills by obtaining the Scalping Ebook guide and participating in Live Trading during NFP Live Trading. Make sure to download the GIC Mobile App from the Google Play Store.