Daily Technical Analysis: February 6, 2023 – Greenback Skyrockets

The following is a technical daily analysis, February 6, 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

Daily Technical Analysis for the EUR/USD pair on the 4-hour period has the potential to continue its decline, having passed the support of 1.08020. A break of 1.07660 is needed for a bearish trend towards the target of 1.07120. Meanwhile, to turn the bias to bullish, EUR/USD needs to pass the resistance level at 1.08740 first.

GBPUSD

GBP/USD is trying to rebound in the 4-hour period marked by the RSI indicator which is already in the oversold area. To change the bias to bullish it is necessary to break the level of 1.20840 towards the target of 1.22080. However, to resume the downtrend, it is necessary to pass the support at 1.20080 first, test the next support at 1.19310.

AUDUSD

AUD/USD in the 4-hour period is trying to rebound, which is marked by the RSI indicator which is already in the oversold area. To change the bias to bullish, it is necessary to break the level of 0.69830 to test the resistance of 0.70800. However, to resume the downtrend, it is necessary to cross the support at 0.68750 towards the next support at 0.68380.

USDCHF

Daily Technical Analysis for the USD/CHF pair in the 1-hour period is trying to move downwards, to turn the bias to bearish it is necessary to test the support that was previously a resistance area at 0.92385 towards 0.91820. However, the MA50 line has crossed the MA100 line, so further gains have the potential to test the resistance of 0.92870.

USDJPY

To turn the bias bearish, the USD/JPY pair needs to break through the 131.320 area first and test the next support at 129.849, which is also the daily pivot area. However, the MA25 line crosses the MA50 line in the 4-hour period, so further gains are likely to reach the resistance level of 132,850.

XUL (LOCO LONDON GOLD)

Gold prices in the 4-hour period tried to rebound after the RSI indicator, which is already in the oversold area, tested the resistance of 1886.00. However, a further decline could potentially test the second daily support of S2 at 1831.90. Further declines are confirmed by the MA25 line which has crossed the MA100 line.

CLSK (OIL)

Daily Technical Analysis for oil prices is in a downtrend testing the 4-hour period support at 72.45 which is confirmed from the MA50 line which has crossed the MA100 line. Meanwhile, to turn the bias into bullish, oil prices need to pass the 75.00 resistance level first, to test the first daily resistance of R1 at 76.41.

So, that's the explanation of "Technical Daily Analysis: February 6, 2023 – NFP Rises, Greenback Skyrockets". 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.