Technical Daily Analysis: January 18, 2023 – Yen Weakens

The following is a technical daily analysis, January 18, 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

EUR/USD fell further after crossing the 1.0800 support, the euro decline was also supported by the MA20 line which had crossed/crossed the MA200 line on the 30-minute period. The EUR/USD pair is trying to touch the next support in the area of 1.07190 to the support of 1.06630.

GBPUSD

GBP/USD tends to move down or correct, as seen from the RSI indicator in the 30-minute period which is already in the overbought area and moving down towards the 30 RSI area. It needs a break of the 1.22470 area to change the bias to bearish until the next support at 1.21770.

AUDUSD

AUD/USD has a chance to correct, if it is able to break through the support area at 0.69770 and return to the next support at 0.69360. The aussie consolidation occurred amid the RSI indicator which is already in the overbought area. However, the aussie strengthening will continue if the price moves past the 0.70180 resistance area towards the next resistance at 0.70700.

USDCHF

The USD/CHF pair in the 30-minute period was observed to rebound with the RSI indicator heading towards the 70 level after reaching the oversold area. To continue the increase, it is necessary to break the resistance of 0.92830 to the next resistance at 0.93710. However, if the Swiss franc is able to break through the 0.92180 area then the bias turns bearish again with the next support at 0.91470.

USDJPY

USD/JPY has the potential to correct after reaching the latest daily high after the MA20 line crosses the MA50 line.  The correction can be seen from the RSI indicator which is already in the overbought area. A break of the 129,160 area is needed to change the bias to bearish with the next support target at 128,430.

XUL (LOCO LONDON GOLD)

Gold prices are likely to fall further, after passing key support at 1900. Gold's decline is also supported by the MA20 line which has crossed the MA50 line in the 30-minute period. Gold prices are now trying to touch the next support level which is in the 1888 area.

CLSK (OIL)

Daily Technical Analysis for this commodity is necessary break of the support level at 80.15 for oil to change the bias to bearish, with the next support target at 79.35. The decline in oil prices was supported by the RSI indicator which is already in the overbought area. Oil prices will rise further, if they are able to break through the resistance level of 81.25 again and test the next resistance at 81.89.

Well, that's the explanation of "Technical Daily Analysis: January 18, 2023 – Yen Weakness, Supporting the US Dollar to Rise,". 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.