Daily Technical Analysis: July 7, 2023 – ADP Rises Exceeds Expectations

The following is a daily technical analysis, July 7, 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

EUR/USD on the 1-hour period tried to move up, touching the resistance level at 1.09050 until heading to the next resistance level at 1.093600. The upward trend can also be seen from the FXBot template, where the EUR figure is higher by 3.1 than the USD figure of 3.0. While the bullish bias is also supported by a buy signal indicated by a green arrow.

Suggest: Buy 1.09050 TP1 1.09360 TP2 1.09500 SL 1.08690

GBPUSD

GBP/USD on the 1-hour period tried to move up, touching the resistance level at 1.27750 until the next resistance level at 1.28310. The upward trend is also confirmed from the FXBot template, where the GBP figure is higher by 5.2 than the USD figure of 2.8. While the bullish bias is also supported by a buy signal indicated by a green arrow.

Suggest: Buy 1.27600 TP1 1.27850 TP2 1.28000 SL 1.27300

AUDUSD

AUD/USD on the 1-hour period tried to move up, touching the resistance level at 0.66410 until heading towards the next resistance level at 0.66840. The upward trend can also be seen from the FXBot template, where the AUD figure is higher by 4.4 than the USD figure of 2.5. While the bullish bias is also supported by the Buy signal indicated by the green arrow.

Suggest: Buy 0.66410 TP1 0.66650 TP2 0.66840 SL 0.66100

USDCHF

USD/CHF on the 1-hour period tried to move down, touching the support level at 0.89450 until heading towards the next support level at 0.88900. The downward trend can also be seen from the FXBot template, where the CHF figure is higher by 4.6 than the USD figure of 2.5. While the bearish bias is also supported by a sell signal indicated by a red arrow.

Suggest: Sell 0.89450 TP1 0.89240 TP2 0.88900 SL 0.89710

USDJPY

USD/JPY in the 1-hour period tried to move down, touching the support level at 143,130 until heading to the next support level at 142,710. The downward trend can also be seen from the FXBot template, where the JPY figure is higher by 8.8 than the USD figure of 2.2.  While the bearish bias is also supported by a sell signal indicated by a red arrow.

Suggest: Sell 143.130 TP1 142.900 TP2 142.710 SL 143.400

XUL (LOCO LONDON GOLD)

Gold prices in the 1-hour period tried to move up, touching the resistance level at 1924.50 until heading to the next resistance level at 1938.50. While the bullish bias is also supported by a buy signal indicated by a green arrow.

Suggest: Sell 1920.00 TP1 1925.00 TP2 1915.00 SL 1910.00

CLSK (OIL)

Oil prices in the 1-hour period are trying to move up, needing to cross the resistance level at 72.33 to reach the next resistance level at 73.55. Meanwhile, to change the bias to bearish, oil prices need to pass the support level at 71.67 to reach the next support level at 70.59.

Suggest: Buy 72.33 TP1 72.85 TP2 73.55 SL 71.80

Well, that's the explanation of "Technical Daily Analysis: July 7, 2023 – ADP Rises Above Expectations, Dollar Strengthens". 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.