Technical Daily Analysis: May 25, 2023 – Dollar Potential Correction

The following is a technical daily analysis, May 25, 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

The daily technical analysis for the EUR/USD pair on the 1-hour period moved further downwards, trying to touch the support level at 1.07340 and towards the next support level at 1.07140. The downward trend can also be seen from the FXBot template, where the EUR figure is lower by 5.7 than the USD figure of 8.1. While the bearish bias is also supported by a sell signal indicated by a red arrow.

Suggest: Sell 1.07340 TP1 1.07140 TP2 1.06810 SL 1.07670

GBPUSD

GBP/USD on the 1-hour period moved further down, trying to touch the support level at 1.23330 all the way to the next support level at 1.22890. The downward trend can also be seen from the FXBot template, where the GBP figure is lower by 4.1 from the USD figure of 8.5. While the bearish bias is also supported by a sell signal indicated by a red arrow.

Suggest: Sell 1.23330 TP1 1.23000 TP2 1.22890 SL 1.23600

AUDUSD

AUD/USD on the 1-hour period moved further down, trying to touch the support level at 0.65200 until heading towards the next support level at 0.64890. The downward trend is not visible from the FXBot template, where the AUD figure is lower by 4.0 than the USD figure of 8.0. While the bearish bias is also supported by a sell signal indicated by a red arrow.

Suggest: Sell 0.65200 TP1 0.64890 TP2 0.64600 SL 0.65500

USDCHF

USD/CHF on the 1-hour period moved further up, trying to touch the resistance level at 0.90650 until heading towards the next resistance level at 0.90950. The upward trend can also be seen from the FXBot template, where the CHF figure is lower by 3.0 from the USD figure of 8.1. While the bullish bias is also supported by a buy signal indicated by a green arrow.

Suggest: Buy 0.90650 TP1 0.90950 TP2 0.91240 SL 0.90330

USDJPY

Daily technical analysis for the USD/JPY pair on the 1-hour period moved further upwards, trying to touch the resistance level at 139,700 and head to the next resistance level at 140,170. The upward trend can also be seen from the FXBot template, where the JPY figure is lower by 1.8 than the USD figure of 7.3. While the bullish bias is also supported by a buy signal indicated by a green arrow.

Suggest: Buy 139.700 TP1 140.170 TP2 140.500 SL 139.400

XUL (LOCO LONDON GOLD)

Gold prices in the 1-hour period moved down further, trying to touch the 1952.30 support area until heading to the next support level at 1940.20. Meanwhile, from the FXBot template, a bearish trend can be seen supported by a sell signal indicated by a red arrow.

Suggest: Sell 1952.30 TP1 1947.00 TP2 1940.00 SL 1960.00

CLSK (OIL)

Daily technical analysis for oil prices on the 1-hour period is trying to move further up, needing to break through the resistance area at 74.71 to reach the next resistance level at 75.53. Meanwhile, to change the bias to bearish, oil prices need to pass the support level at 73.75 to reach the next support level at 73.17.

Suggest: Buy 74.71 TP1 75.20 TP2 75.53 SL 74.20