Technical Daily Analysis: January 31, 2023 - Dollar Bullish

The following is a technical daily analysis, January 31, 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

Daily Technical Analysis for the EUR/USD pair on the 1-hour period tends to move downwards, which is confirmed by the MA20 line that has crossed the MA50 line. To continue the downtrend, it is necessary to break the 1.08375 area to test the next support at the level of 1.079200. The decline in euor is also indicated by the chart below the MA200. Meanwhile, if the euro is able to break through the resistance at 1.08790, then EUR/USD has the opportunity to rise further until the next resistance at 1.09410.

GBPUSD

GBP/USD on the 1-hour period tried to rally down, after the MA20 line crossed the MA50 line. However, the decline will be limited as the chart is still above the MA200 line. To continue the downtrend, it is necessary to break the 1.23370 area to test the next support at 1.22450. Meanwhile, for further bullish bias, it is necessary to pass the resistance at 1.24160 first to the next resistance in the 1.24520 area.

AUDUSD

AUD/USD has the potential to experience an indicated decline after the MA20 line crosses the MA50 line on a 1-hour period. To go further down, it is necessary to cross the key support level at 0.70000 and test the next support at 0.69730. Another scenario, if the AUD/USD pair is able to break the resistance at 0.70640, then the bias is to turn bullish towards the next resistance at 0.71120.

USDCHF

Daily Technical Analysis for the USD/CHF pair on the 1-hour period moved upwards testing the resistance level at 0.92755 to the strongest daily resistance of R3 at 0.93310. The USD/CHF rally was also confirmed after the MA50 line crossed the MA200 line from below. However, to change the bias to bearish, it is necessary to break 0.92295 to test the support of 0.91820.

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 130.550 then the bullish bias continues until the next resistance at 131.3400. However, if USD/JPY breaks the support of 129.5000, then the bearish bias continues until the next support at 128.610.

XUL (LOCO LONDON GOLD)

Gold prices tend to decline further which is confirmed by the Descending Triangle pattern in the 1-hour period. A further decline occurs, if the gold price is able to break through the 1917.00 support area, towards the strongest daily support level in S3 at 1905.10. However, if gold breaks the resistance of 1932.70, then the bias will change bullish to the resistance of 1940.40.

CLSK (OIL)

Daily Technical Analysis for oil prices tends to move down in the 4-hour period after the MA20 line crosses the MA50 line from above, indicating a decline. A break of the 76.80 level is needed for oil to fall further to the next support level at 75.80. However, to change the bias to bullish, it is necessary to break the resistance at 78.50 first, and then test the next resistance at 79.60.

So, that's the explanation of "Daily Technical Analysis: January 31, 2023 – US Consumer Confidence, Could Support Greenback's Performance,". 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.