Technical Daily Analysis: January 27, 2023 – Greenback Rebound

The following is a technical daily analysis, January 27, 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 experienced a confirmed correction with the MA20 line crossing the MA50 line on the 1-hour period. For further declines, it is necessary to break the 1.08520 area to reach the support at 1.08170. Meanwhile, to continue the bullish pattern, EUR/USD needs to break through the resistance at 1.09270 towards R2 at 1.09750.

GBPUSD

The daily technical analysis for GBP/USD is likely to decline after the RSI indicator is already in the overbought area in the 1-hour period. To confirm the decline it is necessary to break the 1.23340 area first, test the next support at 1.22770. However, if GBP/USD is able to break through the resistance of 1.24295 again, then the bullish pattern continues until 1.24820.

AUDUSD

AUD/USD is trying to move further upwards, testing the resistance level at 0.71420 to towards R3 at 0.72030. This increase is supported by a trend line with high low prices (Lower High/LH). However, the RSI is already in the overbought area, so AUD/USD has the potential to correct. To turn the bias bearish, it is necessary to pass through the pivot area at 0.70820 first towards the 0.70460 support.

USDCHF

Daily technical analysis for the USD/CHF pair is trying to rebound, it needs a break of 0.92450 to turn the bias bullish towards the resistance of 0.92900. Meanwhile, if the Swiss franc is able to break through the 0.91900 area, then further bears have a chance to reach the 0.91560 support.

USDJPY

It is necessary to break one of the resistance support levels to see the next movement of USD/JPY. If the yen is able to break through the resistance of 130,600 then the bullish bias continues until the next resistance at 131,459. However, if USD/JPY breaks the support at 129.030, then the bearish bias continues until the next support at 128.270.

XUL (LOCO LONDON GOLD)

Daily technical analysis for gold prices tends to fall further which is confirmed by the MA20 line which has crossed the MA50 line in the 1-hour period. A further decline occurs, if the gold price is able to pass through the 1916.65 area to the next support at 1905.20. However, if gold breaks the resistance of 1935.70, the bullish bias continues to the resistance of 1952.90.

CLSK (OIL)

Oil prices are likely to move up after the MA20 line crosses the MA50 line from below, indicating an upside. A break of the 82.10 level is needed for oil to rise further to the next resistance level at 83.25. However, if oil manages to break through the 80.25 area, the bearish bias continues to the 78.85 support level.

Well, that's the explanation of "Technical Daily Analysis: January 27, 2023 – US GDP Rises, Greenback Rebound,". 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.