Technical Daily Analysis: August 24, 2023 – Global PMIs Contract, US Dollar?

The following is a technical daily analysis, August 24, 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 tried to move downwards, touching the support level at 1.08440 and heading to the next support level at 1.08190. The downward trend can also be seen from the FXBot template, where the EUR figure is lower by 4.1 than the USD figure of 4.2. While the bias is still bullish supported by a buy signal indicated by a green arrow.

Suggest: Sell 1.08440 TP1 1.008190 TP2 1.07750 SL 1.08800

GBPUSD

GBP/USD on the 1-hour period tried to move down, touching the support level at 1.27070 until heading to the next support level at 1.26510. The downward trend can also be seen from the FXBot template, where the GBP figure is lower by 2.8 than the USD figure of 4.1. While the bearish bias is also supported by a sell signal indicated by a red arrow.

Suggest: Sell 1.27100 TP1 1.26800 TP2 1.26510 SL 1.27350

AUDUSD

AUD/USD on the 1-hour period tried to move up, touching the resistance level at 0.64850 until heading towards the next resistance level at 0.65180. The uptrend is also supported by the FXBot template, where the AUD figure is higher by 7.0 than the USD figure of 3.7. While the bullish bias is also supported by a buy signal indicated by a green arrow.

Suggest: Buy 0.64850 TP1 0.65180 TP2 0.65560 SL 0.64500

USDCHF

Daily technical analysis for the USD/CHF pair on the 1-hour period tried to move down, touching the support level at 0.87670 to the next support level at 0.87240. The downward trend can also be seen from the FXBot template, where the CHF figure is higher by 6.1 than the USD figure of 4.4. While the bearish bias is also supported by a sell signal indicated by a red arrow.

Suggest: Sell 0.87670 TP1 0.87480 TP2 0.87240 SL 0.87910

USDJPY

Daily technical analysis for the USD/JPY pair on the 1-hour period tried to move up, touching the resistance level at 145,270 to the next resistance level at 146,000. The uptrend is also supported by the FXBot template, where the JPY figure is 1.5 lower than the USD figure of 5.0.  While the bullish bias is also supported by a buy signal indicated by a green arrow.

Suggest: Sell 145.300 TP1 145.000 TP2 14.500 SL 145.700

XUL (LOCO LONDON GOLD)

Gold prices in the 1-hour period tried to move up, touching the resistance level at 1930.70 to the next resistance level at 1941.20. While the bullish bias is supported by a buy signal indicated by a green arrow.

Suggest: Sell 1925.00 TP1 1920.00 TP2 1915.00 SL 1930.00

CLSK (OIL)

Oil prices in the 1-hour period are trying to move down, needing to pass the support level at 78.24 to the next support level at 77.44. Meanwhile, to change the bias to bullish, the oil price needs to pass the resistance level at 79.10 to the next resistance level at 79.71.

Suggest: Sell 78.24 TP1 77.85 TP2 77.44 SL 78.70

So, that's the explanation of "Technical Daily Analysis: August 24, 2023 – Global PMIs Contract, How is the US Dollar?". 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.