Technical Daily Analysis: May 19, 2023 – Dollar Potential Correction

The following is a daily technical analysis, May 19, 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, touching the resistance level at 1.08000 until the next resistance level at 1.08460. The upward trend can also be seen from the FXBot template, where the EUR figure is higher by 3.1 than the USD figure of 1.8.

Suggest: Buy 1.08000 TP1 1.08460 TP2 1.08890 SL 1.07650

GBPUSD

GBP/USD on the 1-hour period tried to move upwards touching the resistance level at 1.24300 until the next resistance level at 1.24970. The increase can also be seen from the FXBot template, where the GBP figure is higher by 2.7 than the USD figure of 1.7. While the bullish bias is also supported by a buy signal indicated by a green arrow.

Suggest: Buy 1.24300 TP1 1.24700 TP2 1.24970 SL 1.23960

AUDUSD

AUD/USD on the 1-hour period moved down, trying to touch the resistance level at 0.66530 until heading towards the next resistance level at 0.67000. The upward trend can also be seen from the FXBot template, where the AUD figure is higher by 6.1 than the USD figure of 1.5. While the bullish bias is also supported by a buy signal indicated by a green arrow.

Suggest: Buy 0.66530 TP1 0.66750 TP2 0.67000 SL 0.66300

USDCHF

Daily technical analysis for the USD/CHF pair on the 1-hour period is trying to move downwards, needing to break through the support level at 0.90180 and towards the next support level at 0.89740. The downward trend can also be seen from the FXBot template, where the CHF figure is higher by 5.1 than the USD figure of 1.7. While the bearish bias is also supported by a sell signal indicated by a red arrow.

Suggest: Sell 0.90180 TP1 0.89740 TP2 0.89330 SL 0.90500

USDJPY

USD/JPY on the 1-hour period is trying to move down, needing to break through the support level at 138,000 to reach the next support level at 137,460. The downward trend can also be seen from the FXBot template, where the JPY figure is higher by 7.0 than the USD figure of 2.0. While the bearish bias is also supported by a sell signal indicated by a red arrow.

Suggest: Sell 138.000 TP1 137.700 TP2 137.460 SL 138.300

XUL (LOCO LONDON GOLD)

Gold prices in the 1-hour period tried to move up, touching the resistance area of 1971.00 until heading to the next resistance level at 1978.00. Meanwhile, the bullish trend is also supported by a buy signal indicated by a green arrow.

Suggest: Buy 1965.00 TP1 1970.00 TP2 1975.00 SL 1960.00

CLSK (OIL)

Daily technical analysis for oil prices in the 1-hour period is trying to move up, it is necessary to cross the resistance area at 73.24 to reach the next resistance level at 74.15. Meanwhile, to change the bias to bearish, oil prices need to pass the support level at 72.20 to reach the next support level at 71.31.

Suggest: Buy 73.24 TP1 73.75 TP2 74.15 SL 72.73