Technical Daily Analysis: July 20, 2023 – US Unemployment Rises, Dollar?

Here is the daily technical analysis for July 20, 2023. The data and analysis in this bulletin can be widely used for your trading. However, it is important to note that GICTrade and the data providers are not responsible for your trading results.

Therefore, the responsibility lies with you. Before diving into today's technical analysis, be sure to register for the GIC Gift Bonanza and stand a chance to win the grand prize: a Mitsubishi Expander or a 4-day, 3-night vacation package to Labuan Bajo.

We will provide forecasts for price movements in Forex and commodities, along with calculations for pivot points, resistance, and support levels.


EURUSD



The daily technical analysis for the EUR/USD pair over a 1-hour period shows an attempt to move upward, reaching the resistance level at 1.12300 and heading towards the next resistance level at 1.12760. The upward trend is also evident from the FXBot template, where the EUR figure stands at 3.8, compared to the USD figure of 1.0. Additionally, the bullish bias is supported by a buy signal indicated by the green arrow.

Suggest: Buy 1.12300 TP1 1.12500 TP2 1.12760 SL 1.12000

GBPUSD

The GBP/USD pair over a 1-hour period is attempting to move upward, reaching the resistance level at 1.29700 and approaching the next resistance level at 1.30730. The upward trend is confirmed by the FXBot template, where the GBP figure is higher at 1.4 compared to the USD figure of 1.0. Additionally, the bullish bias is supported by a buy signal indicated by the green arrow.

Suggest: Sell 1.29850 TP1 129500 TP2 1.29300 SL 1.30200

AUDUSD



The AUD/USD pair over a 1-hour period is attempting to move upward, reaching the resistance level at 0.68250 and heading towards the next resistance level at 0.68570. The upward trend is also visible in the FXBot template, where the AUD figure is higher at 8.5 compared to the USD figure of 1.2. Additionally, the bullish bias is supported by a buy signal indicated by the green arrow.

Suggest: Buy 0.68250 TP1 0.68570 TP2 0.68950 SL 0.68000

USDCHF



The technical analysis for the USD/CHF pair over a 1-hour period indicates a downward movement, touching the support level at 0.85560 and approaching the next support level at 0.85090. The downward trend is also evident in the FXBot template, where the CHF figure is higher at 5.1 compared to the USD figure of 1.4. Additionally, the bearish bias is supported by a sell signal indicated by the red arrow.

Suggest: Sell 0.85560 TP1 0.85380 TP2 0.85090 SL 0.85840

USDJPY

The technical analysis for the USD/JPY pair over a 1-hour period indicates a downward movement, touching the support level at 139.310 and approaching the next support level at 138.630. The downward trend is also evident in the FXBot template, where the JPY figure is higher at 5.0 compared to the USD figure of 1.2. Additionally, the bearish bias is supported by a sell signal indicated by the red arrow.

Suggest: Sell 139.310 TP1 139.000 TP2 138.630 SL 139.700

XUL (LOCO LONDON GOLD)

The gold price over a 1-hour period is attempting to move upward, reaching the resistance level at 1987.60 and aiming for the next resistance level at 1994.50. The bullish bias is also supported by a buy signal indicated by the green arrow.

Suggest: Sell 1993.00 TP1 1988.00 TP2 1983.40 SL 2000.00

CLSK (OIL)

The oil price over a 1-hour period is attempting to move downward, needing to break through the support level at 75.00 to reach the next support level at 74.50. To change the bias to bullish, the oil price must surpass the resistance level at 75.75 and then target the next resistance level at 76.45.

Suggest: Sell 75.00 TP1 74.50 TP2 74.00 SL 75.50

Here's an explanation of "Daily Technical Analysis: July 20, 2023 – US Unemployment Claims Rise, Can the Dollar Drop?" Be sure to read our other articles, such as the guide on how to buy cryptocurrency, available only at Jurnal GIC. Don’t forget to hone your trading skills by obtaining the Ebook Scalping guide and joining the Live Trading sessions at NFP Live Trading. Make sure to download the GIC Mobile App from the Google Play Store.


Warning!

This analysis is based on fundamental and technical insights from trusted sources and does not constitute advice or solicitation. Always remember that this content aims to enrich readers' information. Conduct your own research on other forex information before making trading decisions.

Stay updated with the latest news and articles from GIC Indonesia by checking Google News daily for the latest updates on the forex and crypto markets. Also, trade at GICTrade using an ECN account to enjoy trading with low spreads starting from zero!.