Here is the daily technical analysis for September 5, 2023. The data and analysis in this bulletin can be broadly applied for your trading. However, please note that GICTrade and the data provider do not assume responsibility for your trading outcomes.
 
This responsibility is solely yours. Before diving into today’s technical analysis, be sure to register for GIC’s Grand Prize event and stand a chance to win the grand prize of a Mitsubishi Expander or a 4-day, 3-night holiday package to Labuan Bajo.
 
Here we present the forecasted price movements in Forex and Commodities, complete with Pivot point, Resistance, and Support level calculations.

 

EURUSD

The technical analysis for the EUR/USD pair on the hourly chart indicates an attempt to move upward, reaching resistance at 1.08020 and heading toward the next resistance level at 1.08390. The upward trend is also reflected in the FXBot template, where the EUR score is higher at 7.5 compared to the USD score of 7.4. However, the bias remains bearish, supported by a sell signal indicated by a red arrow.

Suggest: Buy 1.08020 TP1 1.08230 TP2 1.08390 SL 1.07860

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

1.07741

1.08070

1.07698

1.07948

1.07750

0.00198

0.19%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

1.08390

1.08230

1.08020

1.07860

1.07650

1.07490

1.07280

 

GBPUSD

The GBP/USD pair on the hourly chart is attempting to move downward, reaching support at 1.26100 and heading toward the next support level at 1.25580. The downward trend is also evident in the FXBot template, where the GBP score is lower at 6.0 compared to the USD score of 7.4. Meanwhile, the bearish bias is supported by a sell signal indicated by a red arrow.

Suggest: Sell 1.26100 TP1 1.25800 TP2 1.25580 SL 1.26320

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

1.25837

1.26405

1.25883

1.26269

1.25869

0.00400

0.32%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

1.26840

1.26620

1.26320

1.26100

1.25800

1.25580

1.25270

 

AUDUSD

The technical daily analysis for the AUD/USD pair on the hourly chart shows an attempt to move downward, touching the support level at 0.64090 and heading toward the next support level at 0.63820. The downward trend is also supported by the FXBot template, where the AUD score is lower at 1.2 compared to the USD score of 7.5. Meanwhile, the bearish bias is supported by a sell signal indicated by a red arrow.

Suggest: Buy 0.64090 TP1 0.64260 TP2 0.64520 SL 0.63800

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

0.64352

0.64785

0.64352

0.64589

0.64482

0.00107

0.17%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

0.65120

0.64950

0.64690

0.64520

0.64260

0.64090

0.63820

 

USDCHF

The USD/CHF pair on the hourly chart is attempting to move upward, reaching the resistance level at 0.88580 and approaching the next resistance level at 0.88700. The upward trend is also evident from the FXBot template, where the CHF score is lower at 5.0 compared to the USD score of 7.5. Meanwhile, the bullish bias is supported by a buy signal indicated by a green arrow.

Suggest: Buy 0.88580 TP1 0.88700 TP2 0.88830 SL 0.88320

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

0.88473

0.88559

0.88303

0.88419

0.88553

-0.00134

-0.15%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

0.88830

0.88700

0.88580

0.88440

0.88320

0.88180

0.88070

 

USDJPY

Yen, 5 September 2023

The USD/JPY pair on the hourly chart is attempting to move upward, reaching the resistance level at 146.720 and approaching the next resistance level at 146.970. The upward trend is also supported by the FXBot template, where the JPY score is lower at 2.0 compared to the USD score of 7.4. Meanwhile, the bullish bias is reinforced by a buy signal indicated by a green arrow. with JPY at 2.0 and USD at 7.4. Meanwhile, the bullish bias is confirmed by a buy signal indicated by a green arrow.

Suggest: Sell 147.000 TP1 146.700 TP2 146.500 SL 147.300

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

146.034

146.478

146.006

146.467

146.159

0.308

0.21%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

146.970

146.720

146.490

146.250

146.020

145.780

145.550

 

XUL (LOCO LONDON GOLD)

The technical analysis for gold prices on the hourly chart is attempting to move downward, reaching the support level at 1934.50 and heading towards the next support level at 1930.80. Meanwhile, the bearish bias is supported by a sell signal indicated by a red arrow.

Suggest: Sell 1934.50 TP1 1930.80 TP2 1925.00 SL 1940.30

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

1939.88

1946.12

1936.66

1938.35

1939.80

-1.45

-0.07%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

1953.40

1949.80

1943.90

1940.30

1934.50

1930.80

1925.00

 

CLSK (OIL)

Oil prices on the hourly chart are attempting to move upward, needing to break through the resistance level at 86.10 before reaching the next resistance level at 86.63. To shift the bias to bearish, oil prices must fall below the support level at 85.25 and move towards the next support level at 84.60.

Suggest: Buy 86.10 TP1 86.60 TP2 87.00 SL 85.70

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

86.04

86.11

85.26

85.96

85.86

0.10

0.12%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

87.15

86.63

86.30

85.78

85.45

84.93

84.60

 

That’s the analysis for "Daily Technical Analysis: September 5, 2023 – Limited Forex Movement Due to Minimal Data." For more content, read other articles like "How to Buy Cryptocurrency" on GIC Journal. Don’t forget to sharpen your trading skills with our Scalping Ebook guide and join the NFP Live Trading session. Also, download the GIC Mobile App on Google Play Store.