Technical Daily Analysis: January 10, 2023 – Powell's Speech, Be a Fresh Wind

The following is a technical daily analysis, January 10, 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

The daily technical analysis for EUR/USD is still in an uptrend seen from the MA50 line crossing the MA200 line from below on the 1-hour period towards the next resistance at 1.08160. However, the bias turns bearish if the price is able to break through the 1.07100 area towards the target of 1.06330. The euro correction is also supported by the RSI indicator which is already in the overbought area.

GBPUSD

GBP/USD is still in an uptrend with the MA50 line crossing the MA200 line on the 1-hour period towards the next resistance at 1.22700. However, if GBP/USD is able to break through the 1.21070 area then the bias turns bearish with the next support at 1.20630. The decline was also supported by the RSI indicator which moved down after being in the overbought area.

 
AUDUSD

AUD/USD in the 1-hour period tends to move down or consolidate because it is already in the overbought area as seen from the RSI and MACD indicators. It needs a break of the 0.68850 area to confirm the decline with a target at 0.68335. Nevertheless, AUD/USD will be further bullish if it is able to break through the resistance area at 0.69310 to resistance two at 0.69780.

USDCHF

The daily technical analysis for the USD/CHF pair is in a downtrend confirmed by the MA50 line intersecting with the MA200 line from above. It needs to break the 0.91660 area for further bears to the 0.91180 support. However, the bias will turn bullish if USD/CHF is able to break through the 0.92525 area and head towards the continued resistance at 0.92960. The Swiss franc rebound was also supported by the 1-hour RSI indicator which is already in the oversold area.

USDJPY

Daily technical analysis for USD/JPY needs to break one of the resistance support levels for the next trend. If USD/JPY is able to break through the 132,640 area which is also the upper Boillinger Band (BB) line, then it is biased to be bullish with the following resistance at 133,300. However, if the 131,300 area is broken which is also the lower BB line area, then the bearish bias strengthens to the support of 130,600.

XUL (LOCO LONDON GOLD)

A break of the 1865.00 area is needed for gold to change the bias to bearish with a target to the level of 1850.00. A decline or correction in gold prices has the potential to be in the midst of RSI and MACD indicators which are already in the overbought area. However, if gold moves back to the 1881.30 area, then the bullish trend will continue until the resistance of 1892.90.

CLSK (OIL)

Oil prices have the potential to rise, if they are able to break through the 74.85 area towards the 76.50 resistance. The increase in oil prices was supported by the RSI which was close to the oversold area in the 30-minute period. However, the decline will continue if the price breaks through the 74.05 area to the 73.25 support.

So, that's the explanation of "Technical Daily Analysis: January 10, 2023 – Powell's Speech, Could Be a Fresh Wind for the Greenback". 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.