Technical Daily Analysis: May 9, 2023 – Safe Haven Assets in Demand Again

The following is a technical daily analysis, May 9, 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 of the forecast of price movements in Forex and Commodities which is equipped with the calculation of Pivot Point levels, Resistance and Support.

EURUSD

EUR/USD on the 1-hour period tried to move down, touching the support level at 1.09800 until heading to the next support level at 1.09340. The downward trend can also be seen from the FXBot template, where the EUR figure is lower by 2.0 than the USD figure of 3.7. While the bearish trend is also supported by sell signals indicated by red arrows.

Suggest: Sell 1.09800 TP1 1.09600 TP2 1.09340 SL 1.10200

GBPUSD

Daily technical analysis for the GBP/USD pair on the 1-hour period tried to move upwards, touching the resistance level at 1.26320 to the next resistance level at 1.26880. The uptrend can also be seen from the FXBot template, where the GBP figure is higher by 5.0 than the USD figure of 3.5.

Suggest: Buy 1.26320 TP1 1.26520 TP2 1.26880 SL 1.25960

AUDUSD

AUD/USD on the 1-hour period tried to move further upwards, touching the resistance level at 0.67910 until heading towards the next resistance level at 0.68290. The upward trend can also be seen from the FXBot template, where the AUD figure is higher by 6.8 than the USD figure of 3.0.

Suggest: Buy 0.67910 TP1 0.68290 TP2 0.68540 SL 0.67650

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 0.88740 and towards the next support level at 0.88480. The downward trend can also be seen from the FXBot template, where the CHF figure is higher by 4.8 than the USD figure of 3.1. While the bearish bias is also supported by a sell signal indicated by a red arrow.

Suggest: Sell 0.88740 TP1 0.88480 TP2 0.88290 SL 0.89000

USDJPY

USD/JPY in the 1-hour period is trying to move down, further need to break through the support level at 134,800 to the next support level at 134,290. The downward trend can also be seen from the FXBot template, where the JPY figure is higher by 6.8 than the USD figure of 2.5.

Suggest: Sell 134.800 TP1 134.590 TP2 134.290 SL 135.200

XUL (LOCO LONDON GOLD)

Gold prices in the 1-hour period tried to move up, touching the resistance area of 2027.00 until heading to the next resistance level at 2034.80. Meanwhile, the bullish trend is also supported by a buy signal indicated by a green arrow.

Suggest: Buy 2027.00 TP1 2034.80 TP2 2040.40 SL 2019.70

CLSK (OIL)

Daily technical analysis for oil prices in the 1-hour period is trying to move upwards testing the resistance area at 73.71 to the next resistance level at 75.11. Meanwhile, to change the bias to bearish, oil prices need to pass the support level at 71.89 to reach the next support level at 71.30.

Suggest: Buy 73.00 TP1 73.71 TP2 74.50 SL 72.48