Daily Technical Analysis: January 9, 2023 – US Dollar Depressed

The following is a technical daily analysis, January 9, 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

Technical Daily Analysis for EUR/USD moved further up after the MA20 line crossed the MA200 line from below towards the resistance level at 1.07113 to the 1.08300 area. However, the RSI indicator, which is already in the overbought area, has the potential to correct. It is necessary to cross the support area at 1.06354 to change the bias to bearish until the next support at 1.05730.

GBPUSD

GBP/USD is moving higher after crossing the first resistance level at 1.21310 towards the second resistance area at 1.22440. The increase is confirmed by the MA20 line which has crossed the MA200 from below. To change the bias to bearish, it is necessary to break the level of 1.20853 to the support of 1.19860. The correction in the pound sterling was supported by the overbought RSI.

AUDUSD

AUD/USD on the 1-hour period is in a bullish trend line which is also supported by the MA20 line which crosses the MA200 line from below towards the next resistance at 0.69750. However, if the price is able to break through the 0.68859 support area then the bias turns bearish with the next support at 0.68100. Meanwhile, the overbought RSI indicator indicates consolidation.

USDCHF

USD/CHF is still showing a confirmed decline with the MA20 line, MA50 which has crossed the MA200 line from below towards the 0.91920 support level. Meanwhile, it is necessary to break the 0.92810 area for USD/CHF to change the bias to bullish towards the next resistance in the 0.93890 area.

USDJPY

USD/JPY in the 1-hour period still shows a bearish trend with the MA20 line crossing the MA50 line from above. It needs a break of the 130,625 area to continue the decline to support at 130,270. However, the RSI indicator is already in the oversold area, so the yen has the opportunity to rebound, testing the resistance of 132,700 to the resistance of 133,050.

XUL (LOCO LONDON GOLD)

It needs to break the resistance area of 1888.60 two for gold to continue its bullish trend to the resistance at 1888.60. Gold's gains are also supported by the MA20 line which crosses the MA50 line from below. Meanwhile, to change the bias to bearish, it is necessary to break the 1864.72 area and test the support level at 1848.80. The decline in gold prices is also confirmed by the RSI indicator which is already in the overbought area.

CLSK (OIL)

Daily Technical Analysis Oil prices are still in a sideways pattern, tending to rebound with the RSI indicator moving towards the 70 RSI level. A break of the 75.40 resistance is needed to change the bias to bullish until the next resistance at 76.31. However, the bearish trend continues if it crosses the 72.50 support and heads towards the next support in the 71.89 area.

Well, that's the explanation of "Technical Daily Analysis: January 9, 2023 – Fed Interest Rate Expectations Slow, US Dollar Depressed". 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.