Technical Daily Analysis: May 10, 2023 – Still Inflation in US, Fate of Dollar?

The following is a technical daily analysis, May 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

Daily technical analysis for the EUR/USD pair on the 1-hour period tried to move upwards to the resistance level at 1.09770 to the next resistance level at 1.10140. The upward trend can also be seen from the FXBot template, where the EUR figure is higher by 8.0 than the USD figure of 2.0. Meanwhile, the bullish trend is also supported by a buy signal indicated by a green arrow.

Suggest: Buy 1.09770 TP1 1.10140 TP2 1.10410 SL 1.09500

GBPUSD

GBP/USD on the 1-hour period tried to move upwards touching the resistance level at 1.26490 until the next resistance level at 1.26750. The upward trend can also be seen from the FXBot template, where the GBP figure is higher by 4.5 than the USD figure of 2.1. Meanwhile, the bullish trend is also supported by a buy signal indicated by a green arrow.

Suggest: Buy 1.26490 TP1 1.26750 TP2 1.27100 SL 1.26130

AUDUSD

AUD/USD on the 1-hour period tried to move further up, touching the resistance level at 0.67900 until heading towards the next resistance level at 0.68080. The upward trend can also be seen from the FXBot template, where the AUD figure is higher by 4.5 than the USD figure of 2.1. Meanwhile, the bullish trend is also supported by a buy signal indicated by a green arrow.

Suggest: Buy 0.67900 TP1 0.68080 TP2 0.68300 SL 0.67680

USDCHF

The daily technical analysis for the USD/CHF pair on the 1-hour period is trying to move further downwards, needing to break through the support level at 0.88720 and towards the next support level at 0.88530. The downward trend can also be seen from the FXBot template, where the CHF figure is higher by 3.5 than the USD figure of 2.1. While the bearish bias is also supported by a sell signal indicated by a red arrow.

Suggest: Sell 0.88720 TP1 0.88530 TP2 0.88180 SL 0.89070

USDJPY

USD/JPY in the 1-hour period is trying to move down, needing to break through the support level at 134,830 to reach the next support level at 134,460. The downward trend can also be seen from the FXBot template, where the JPY figure is higher by 3.6 than the USD figure of 2.0.

Suggest: Sell 134.830 TP1 134.460 TP2 134.200 SL 135.090

XUL (LOCO LONDON GOLD)

Gold prices in the 1-hour period tried to move down, touching the 2027.90 support area until heading to the next support level at 2018.30. While the bearish trend is also supported by sell signals indicated by red arrows.

Suggest: Sell 2027.90 TP1 2018.30 TP2 2009.80 SL 2036.40

CLSK (OIL)

Daily technical analysis for oil prices on the 1-hour period is trying to move down, testing the support area at 72.52 to the next support level at 71.97. Meanwhile, to continue the bullish bias, oil prices need to pass the resistance level at 73.74 to the next resistance level at 74.39.

Suggest: Buy 73.74 TP1 74.39 TP2 75.28 SL 72.86