Technical Daily Analysis: February 3, 2023 – US Dollar Appreciates

The following is a technical daily analysis, February 3, 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

Technical analysis for the EUR/USD pair on the 1-hour period has the potential to fall further, which is indicated by the BB line falling downwards. To continue the bearish trend, it is necessary to break 1.08530 towards the next support at 1.08070. Meanwhile, to turn the bias into a bullish one, EUR/USD needs to break through the resistance of 1.09150 towards the first resistance of R1 at 1.09540.

GBPUSD

GBP/USD is trying to rebound, marked by the RSI indicator which is already in the oversold area in the 1-hour period. To change the bias to bullish it is necessary to break the level of 1.22700 towards the target of 1.23460. However, to resume the downtrend, GBP/USD needs to pass the second support of Q2 at 1.21250 first.

AUDUSD

Daily Technical Analysis for the AUD/USD pair in the 1-hour period tends to move downwards, trying to break through the support level of 0.70355 to the strongest daily support of S3 at the level of 0.69720. Meanwhile, to change the bias to bullish, the AUD/USD pair needs to break the level of 0.70920 to the first resistance of R1 at 0.71500.

USDCHF

The USD/CHF pair on the 1-hour period moved up to test the resistance level of 0.91825 towards the strongest daily resistance of R3 at 0.92280. Meanwhile, to fall further, USD/JPY needs to pass the 0.90580 support first to test the next S2 support level at 0.90230.

USDJPY

Daily Technical Analysis The USD/JPY pair is trying to move a rebound as indicated by the RSI indicator in the 1-hour period which moves up towards the 70 RSI level after being in the oversold area. It needs a break of 129.100 to test the next resistance of S2 at 129.750. Meanwhile, the MA50 line crossing the MA100 line signals a downtrend, testing the 128,080 support to the next support area at 127,650.

XUL (LOCO LONDON GOLD)

Gold prices on the 1-hour period tend to decline after the MA25 line crosses the MA100 line from above which confirms the decline. It needs to break the strongest support at 1900.70 for gold to be able to fall further until it tests the next daily support at 1884.70. However, if the gold price is able to pass the level of 1932.85, then the bias is to be bullish again towards the first daily resistance of R1 at 1955.00.

CLSK (OIL)

Oil prices are in a downtrend, testing the nearest 1-hour support at 74.97 to test the second daily support in Q2 at 73.77. Meanwhile, to turn the bias into a bullish one, oil prices need to cross the 76.85 resistance level first, to test the first daily resistance of R1 at 77.10.

So, that's the explanation of the "Technical Daily Analysis: February 3, 2023 – US Dollar Appreciates". 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.