Technical Daily Analysis: February 9, 2023 – US Dollar Still Stable

The following is a technical daily analysis, February 9, 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 Daily Analysis for the EUR/USD pair on the 4-hour period is still moving down towards the support level at 1.06680. The decline of the euro is also indicated by the MA25 line which has crossed the MA100 line from above. However, if you look at the RSI indicator that is already in the oversold area, EUR/USD has the opportunity to rebound first to test the resistance which was previously the support level (Support Become Resistance/SBR) at 1.07660 to the area of 1.08740.

GBPUSD

GBP/USD in the 4-hour period is still moving down towards the support level at 1.19660. The decline in the pound sterling is also indicated by the MA50 line which has crossed the MA100 line from above. However, if you look at the RSI indicator that is already in the oversold area, GBP/USD has a chance to rebound, it is necessary to break the 1.21110 area first towards the resistance area at 1.22080.

AUDUSD

AUD/USD on the 4-hour period is in a bearish bias towards the support level at 0.68850. The decline in the aussie is also indicated by the MA25 line which has crossed the MA100 line from above. However, if you look at the RSI indicator which is already in the oversold area, AUD/USD has a chance to rebound, it needs to break the 0.69950 area to change the bias to bullish towards the second daily resistance of R2 at 0.70260.

USDCHF

The USD/CHF pair in the 4-hour period is still moving in a limited range, to fall further it is necessary to break the 0.91760 area first test the strongest daily support or R3 at 0.91460. The decline in the franc is also confirmed by the RSI indicator which is already in the overbought area. To turn the bias to bullish USD/CHF needs to cross the 0.92265 area to test the strongest daily resistance at 0.92820.

USDJPY

Technical Daily Analysis for the USD/JPY pair on the 4-hour period is trying to break through the confirmed resistance level of 132,885 from the MA25 line which has crossed the MA100 line. However, to turn the bias bearish, USD/JPY needs to break through the support level at 130,500 to reach the strongest daily support or S3 at 129,830.

XUL (LOCO LONDON GOLD)

Gold prices are still moving in a narrow range in the 4-hour period, it is necessary to break one of the support and resistance levels to see the next trend. Gold tested the resistance area at 1895.00. However, if it is able to break through the 1861.00 support, the bearish bias continues to the 1848.00 support level. As long as the price movement is still below the psychological resistance area of 1900.00, gold still has the potential to fall further, which is confirmed by the MA50 line that has crossed the MA100 line.

CLSK (OIL)

Technical Daily Analysis for oil prices in the 4-hour period continued the uptrend testing the resistance level at 79.70 again. However, if the price of mapu oil crosses the 76.70 area, then the bias turns bearish towards the strongest daily support level or S3 at 76.00.

So, that's the explanation of "Technical Daily Analysis: February 9, 2023 – Minimal Data, US Dollar Still Stable". 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.