Technical Analysis: August 25, 2023 – Ahead of Powell Speech, Forex Market?

The following is a technical daily analysis, August 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 GIC Big Deals and get the main prize, namely Wrangler Rubicon, Mercedes Benz to Vacation to Labuan Bajo for 3 days and 2 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 tried to move down, touching the support level at 1.07650 and heading to the next support level at 1.07280. The downward trend can also be seen from the FXBot template, where the EUR figure is lower by 3.7 than the USD figure of 5.7. While the bearish bias is also supported by a sell signal indicated by a red arrow.

Suggest: Sell 1.07750 TP1 1.07500 TP2 1.07280 SL 1.08000

GBPUSD

GBP/USD on the 1-hour period tried to move down, touching the support level at 1.25220 until heading towards the next support level at 1.24540. The downward trend can also be seen from the FXBot template, where the GBP figure is lower by 2.8 than the USD figure of 5.7. While the bearish bias is also supported by a sell signal indicated by a red arrow.

Suggest: Sell 1.25500 TP1 1.25220 TP2 1.25000 SL 1.25750

AUDUSD

AUD/USD on the 1-hour period tried to move down, touching the support level at 0.64100 until heading towards the next support level at 0.6373. The downward trend is also supported by the FXBot template, where the AUD figure is lower by 5.2 than the USD figure of 6.0. While the bearish bias is also supported by a sell signal indicated by a red arrow.

Suggest: Sell 0.64100 TP1 0.63900 TP2 0.63730 SL 0.64400

USDCHF

Daily technical analysis for the USD/CHF pair on the 1-hour period tried to move down, touching the support level at 0.88070 to the next support level at 0.87650. The downward trend can also be seen from the FXBot template, where the CHF figure is higher by 7.5 than the USD figure of 5.8. While the bias is still bullish supported by a buy signal indicated by a green arrow.

Suggest: Sell 0.88270 TP1 0.88070 TP2 0.87650 SL 0.88560

USDJPY

USD/JPY in the 1-hour period tried to move up, touching the resistance level at 146,650 until heading to the next resistance level at 147,350. However, the uptrend has not been supported by the FXBot template, where the JPY figure is higher by 6.1 than the USD figure of 5.7.  While the bullish bias is also supported by a buy signal indicated by a green arrow.

Suggest: Sell 146.000 TP1 145.7000 TP2 145.500 SL 146.350

XUL (LOCO LONDON GOLD)

Daily technical analysis for gold prices in the 1-hour period tried to move down, touching the support level at 1910.00 until the next support level at 1905.10. While the bias is still bullish supported by a buy signal indicated by a green arrow.

Suggest: Sell 1912.50 TP1 1909.00 TP2 1905.10 SL 1916.60

CLSK (OIL)

Oil prices in the 1-hour period are trying to move up, needing to cross the resistance level at 79.84 to reach the next resistance level at 80.22. Meanwhile, to change the bias to bearish, oil prices need to pass the support level at 78.95 to reach the next support level at 78.54.

Suggest: Sell 79.84 TP1 80.22 TP2 80.50 SL 79.40

So, that's the explanation of "Technical Daily Analysis: August 25, 2023 – Ahead of Powell's Speech, Here's How the Forex Market Moves". Also read our other articles, such as an explanation of how to buy cryptocurrencies, only in the GIC Journal. Don't forget to practice your trading skills by getting the Scalping Ebook and following Live Trading on NFP Live Trading. Make sure, download GIC Mobile Apps on the Google Play Store.