Technical Daily analysis: May 31, 2023 – US Dollar Fluctuates

The following is a technical daily analysis, May 31, 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 1.06840 and towards the next support level at 1.06410. The downward trend can also be seen from the FXBot template, where the EUR figure is lower by 2.5 than the USD figure of 8.2. While the bearish bias is also supported by a sell signal indicated by a red arrow.

Suggest: Sell 1.06840 TP1 1.06410 TP2 1.06100 SL 1.07150

GBPUSD

GBP/USD on the 1-hour period moved down, trying to touch the support level at 1.23840 until heading towards the next support level at 1.23220. The downward trend can also be seen from the FXBot template, where the GBP figure is lower by 5.4 from the USD figure of 8.2. While the bearish bias is also supported by a sell signal indicated by a red arrow.

Suggest: Sell 1.23840 TP1 1.23500 TP2 1.23220 SL 1.24200

AUDUSD

AUD/USD on the 1-hour period moved down, trying to touch the support level at 0.64800 until the next support level at 0.64430. The downward trend can also be seen from the FXBot template, where the AUD figure is lower by 2.4 from the USD figure of 8.2. While the bearish bias is also supported by a sell signal indicated by a red arrow.

Suggest: Sell 0.64800 TP1 0.64600 TP2 0.64430 SL 0.65000

USDCHF

Daily technical analysis for the USD/CHF pair on the 1-hour period moved further upwards, trying to touch the resistance level at 0.90850 and towards the next resistance level at 0.91540. The upward trend can also be seen from the FXBot template, where the CHF figure is lower by 4.1 from the USD figure of 8.2. While the bullish bias is also supported by a buy signal indicated by a green arrow.

Suggest: Buy 0.90850 TP1 0.91190 TP2 0.91540 SL 0.90500

USDJPY

USD/JPY on the 1-hour period moved up, trying to touch the resistance level at 140,000 until heading towards the next resistance level at 140,800. The upward trend can also be seen from the FXBot template, where the JPY figure is slightly lower at 8.1 from the USD figure of 8.2. While the bullish bias is also supported by a buy signal indicated by a green arrow.

Suggest: Buy 140.000 TP1 140.300 TP2 140.800 SL 139.700

XUL (LOCO LONDON GOLD)

Gold prices in the 1-hour period tried to move up, touching the resistance area at 1967.30 until heading to the next resistance level at 1981.10. Meanwhile, from the FXBot template, a bearish trend can be seen supported by a sell signal indicated by a red arrow.

Suggest: Sell 1965.00 TP1 1960.00 TP2 1950.00 SL 1970.00

CLSK (OIL)

Daily technical analysis for oil prices on the 1-hour period moved further down, trying to break through the support area at 68.58 to the next support level at 67.99. Meanwhile, to change the bias to be bullish, oil prices need to cross the resistance level at 70.03 to reach the next resistance level at 70.67.

Suggest: Sell 68.58 TP1 67.99 TP2 67.50 SL 69.00