Technical Daily Analysis: May 24, 2023 – US Dollar Has Potential to Rise

The following is a daily technical analysis, May 24, 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 is trying to move upwards to touch the resistance level at 1.07900 and towards the next resistance level at 1.08200. The upward trend can also be seen from the FXBot template, where the EUR figure is higher by 6.8 than the USD figure of 3.7. While the bullish bias is also supported by a buy signal indicated by a green arrow.

Suggest: Buy 1.07900 TP1 1.08200 TP2 1.08500 SL 1.07600

GBPUSD

GBP/USD on the 1-hour period tried to move upwards touching the resistance level at 1.24400 until the next resistance level at 1.24620. The upward trend can also be seen from the FXBot template, where the GBP figure is higher by 6.7 than the USD figure of 3.7. While the bullish bias is also supported by a buy signal indicated by a green arrow.

Suggest: Buy 1.24400 TP1 1.24620 TP2 1.24910 SL 1.24170

AUDUSD

Daily technical analysis for the AUD/USD pair on a 1-hour period moved downwards, trying to touch the support level at 0.65780 until the next support level at 0.65490. However, the downward trend is not visible from the FXBot template, where the AUD figure is higher by 4.5 than the USD figure of 3.5. While the bearish bias is also supported by a sell signal indicated by a red arrow.

Suggest: Buy 0.66030 TP1 0.66320 TP2 0.66570 SL 0.65780

USDCHF

USD/CHF on the 1-hour period is trying to move down, needing to break through the support level at 0.89980 to the next support level at 0.89680. The downward trend can also be seen from the FXBot template, where the CHF figure is higher by 4.5 than the USD figure of 3.2. While the bearish bias is also supported by a sell signal indicated by a red arrow.

Suggest: Sell 0.89980 TP1 0.89680 TP2 0.89430 SL 0.90230

USDJPY

USD/JPY in the 1-hour period is trying to move down, needing to break through the support level at 138,240 to the next support level at 137,900. The downward trend can also be seen from the FXBot template, where the JPY figure is higher by 6.5 than the USD figure of 3.7. While the bearish bias is also supported by a sell signal indicated by a red arrow.

Suggest: Buy 138.240 TP1 137.900 TP2 137.570 SL 138.570

XUL (LOCO LONDON GOLD)

Daily technical analysis for gold prices in the 1-hour period tried to move upwards touching the resistance area of 1984.90 until reaching the next resistance level at 1992.90. Meanwhile, from the FXBot template, a bearish trend can be seen supported by a sell signal indicated by a red arrow.

Suggest: Sell 1984.90 TP1 1980.00 TP2 1969.50 SL 1992.90

CLSK (OIL)

Oil prices in the 1-hour period are trying to move down, needing to pass the support area at 73.16 to reach the next support level at 72.01. Meanwhile, to continue the bullish bias, oil prices need to pass the resistance level at 74.00 to the next resistance level at 74.90.

Suggest: Buy 74.00 TP1 74.50 TP2 74.90 SL 73.50