Daily Technical Analysis: January 24, 2023 – Greenback Moves Variously

The following is a technical daily analysis, January 24, 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

Daily Technical Analysis for the EUR/USD pair is still moving in an uptrend which is seen from the rising lows. In addition, the chart is also still moving above the MA200 line in the 1-hour period which indicates an uptrend. It needs a break of the 1.09260 area to continue the bullish pattern to the resistance of 1.09890. Meanwhile, to change the bias to bearish, it is necessary to break the support at 1.08450 first towards the next support at 1.07970.

GBPUSD

GBP/USD is still in the price range of 1.23000 – 1.24000. However, looking at the RSI indicator in the 1-hour period moving up towards the 70 level after being in the oversold area, GBP/USD has a chance to rebound or rise towards the resistance of 1.24450, with the next target towards the resistance of 1.25110. Meanwhile, for further decline, GBP/USD needs to cross the 1.23265 to 1.22630 area.

AUDUSD

The AUD/USD pair is in a bullish trend supported by the MA20 line crossing the MA200 line from below. For further bulls, it is necessary to break the resistance at 0.70340 to go to the next resistance at 0.70770. However, the bias will turn bearish when the 0.69600 support level can be crossed and the next support area at 0.69150 is tested. The correction in the AUD/USD pair is supported by the RSI indicator which is already in the overbought area.

USDCHF

USD/JPY has the opportunity to rise further, as seen from the MA50 line which has crossed the MA200 line in the 1-hour period. It needs to break the 130,880 area to rise further until the next resistance at 131,860. Meanwhile, if the USD/JPY pair is able to break through the 130,000 support again, then the decline continues to the 129,140 support.

USDJPY

USD/JPY has the opportunity to rise further, as seen from the MA50 line which has crossed the MA200 line in the 1-hour period. It needs to break the 130,880 area to rise further until the next resistance at 131,860. Meanwhile, if the USD/JPY pair is able to break through the 130,000 support again, then the decline continues to the 129,140 support.

XUL (LOCO LONDON GOLD)

Daily Technical Analysis for gold prices is trying to test the key resistance area at 1950.00 amid the uptrend seen from the chart still above the MA200. However, gold prices have a chance to fall, if they are able to break through the 1928.00 support area and try to test the next support in the 1916.40 area again.

CLSK (OIL)

A break of the resistance level at 82.35 is needed for oil to continue the bullish trend, with the next resistance target at 83.32. However, the bias will turn bearish if oil prices are able to break through the support area at 81.00 and continue to test the next support at 80.18.

So, that's the explanation of "Technical Daily Analysis: January 24, 2023 – Mixed Sentiment, Greenback Moves Variously,". 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.