Here is the daily technical analysis for August 4, 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.
 
Therefore, that responsibility lies with you. Before diving into today’s technical analysis, be sure to register for the GIC Gift Extravaganza and stand a chance to win the grand prize: a Mitsubishi Expander or a holiday package to Labuan Bajo for four days and three nights.
 
We will provide forecasts for price movements in Forex and Commodities, along with calculations for Pivot points, Resistance, and Support levels.

 

EURUSD

The daily technical analysis for the EUR/USD pair on a 1-hour timeframe shows an attempt to move higher, reaching a resistance level at 1.09680 and aiming for the next resistance level at 1.10180. The upward trend is also evident from the FXBot template, where the EUR is 5.4 higher than the USD at 2.7. Additionally, the bullish bias is supported by a buy signal indicated by a green arrow.

Suggest: Buy 1.09680 TP1 1.09890 TP2 1.10180 SL 1.09390

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

1.09364

1.09609

1.09105

1.09472

1.09364

0.00108

0.10%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

1.10180

1.09890

1.09680

1.09390

1.09170

1.08890

1.08670

 

GBPUSD

The GBP/USD pair on a 1-hour timeframe is attempting to move higher, reaching a resistance level at 1.27610 and heading for the next resistance level at 1.27970. The upward trend is also visible in the FXBot template, where the GBP is 6.8 higher than the USD at 2.8. The bullish bias is supported by a buy signal indicated by a green arrow.

Suggest: Sell 1.27500 TP1 1.27150 TP2 1.26900 SL 1.27700

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

1.27083

1.27263

1.26188

1.27067

1.27082

-0.00015

-0.02%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

1.28690

1.27970

1.27610

1.26900

1.26540

1.25830

1.25460

 

AUDUSD

The AUD/USD pair on a 1-hour timeframe shows an attempt to move higher, reaching a resistance level at 0.65700 and aiming for the next resistance level at 0.65950. The upward trend is also apparent in the FXBot template, where the AUD is 5.2 higher than the USD at 2.7. The bullish bias is supported by a buy signal indicated by a green arrow.

Suggest: Buy 0.65700 TP1 0.67950 TP2 0.66240 SL 0.65410

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

0.65362

0.65666

0.65122

0.65489

0.65362

0.00127

0.20%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

0.66240

0.65950

0.65700

0.65410

0.65150

0.64870

0.64610

 

USDCHF

The daily technical analysis for the USD/CHF pair on a 1-hour timeframe shows an attempt to move downwards, reaching a support level at 0.87240 and targeting the next support level at 0.86950. The downward trend is evident in the FXBot template, where the CHF is 3.0 higher than the USD at 2.4. The bearish bias is supported by a sell signal indicated by a red arrow.

Suggest: Buy 0.86950 TP1 0.87240 TP2 0.87600 SL 0.86580

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

0.87727

0.87964

0.87310

0.87394

0.87728

-0.00334

-0.38%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

0.88540

0.88250

0.87890

0.87600

0.87240

0.86950

0.86580

 

 

USDJPY

The USD/JPY pair on a 1-hour timeframe shows an attempt to move downwards, reaching a support level at 142.000 and targeting the next support level at 141.100. The downward trend is supported by the FXBot template, where the JPY is 4.1 higher than the USD at 2.7. The bearish bias is supported by a sell signal indicated by a red arrow.

Suggest: Sell 142.000 TP1 142.500 TP2 143.000 SL 141.500

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

143.309

143.872

142.046

142.508

143.309

-0.801

-0.56%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

145.640

144.760

143.810

142.930

141.990

141.100

140.160

 

XUL (LOCO LONDON GOLD)

The price of gold on a 1-hour timeframe shows an attempt to move downwards, reaching a support level at 1929.60 and targeting the next support level at 1924.80. The bearish bias is supported by a sell signal indicated by a red arrow.

Suggest: Sell 1929.60 TP1 1924.80 TP2 1920.20 SL 1934.20

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

1934.20

1938.80

1929.41

1934.31

1934.99

-0.68

-0.04%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

1948.40

1943.60

1939.00

1934.20

1929.60

1924.80

1920.20

 

CLSK (OIL)

The daily technical analysis for oil prices on a 1-hour timeframe shows an attempt to move higher, needing to surpass the resistance level at 82.40 to reach the next resistance level at 82.86. To shift the bias to bearish, the oil price must break below the support level at 81.10, aiming for the next support level at 79.70.

Suggest: Sell 82.40 TP1 82.00 TP2 81.50 SL 82.86

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

79.75

81.84

78.68

81.80

79.74

2.06

2.58%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

86.02

83.93

82.86

80.77

79.70

77.61

76.54

 

That concludes the explanation of “Daily Technical Analysis: August 4, 2023 – NFP Expected to Decline, What Will Happen to the US Dollar?” Also, check out our other articles, such as guides on how to buy cryptocurrency, exclusively on the GIC Journal. Don’t forget to sharpen your trading skills by getting the Ebook Scalping guide and joining the NFP Live Trading sessions. Make sure to download the GIC Mobile Apps on the Google Play Store.
 
Warning!
 
This analysis is based on fundamental and technical views from reliable sources and does not constitute advice or solicitation. Always remember that the content aims to enrich readers' information. Conduct your independent research on other forex information as a reference for your trading.
 
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