Technical Analysis: August 23, 2023 – US Manufacturing Contraction, Dollar?

The following is a technical daily analysis, August 23, 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 1.08740 until the next resistance level at 1.09170. The upward trend can also be seen from the FXBot template, where the EUR figure is higher by 7.0 than the USD figure of 2.0. While the bullish bias is also supported by a buy signal indicated by a green arrow.

Suggest: Buy 1.08500 TP1 1.008740 TP2 1.09170 SL 1.08200

GBPUSD

GBP/USD on the 1-hour period tried to move up, touching the resistance level at 1.27500 until heading towards the next resistance level at 1.27830. The upward trend can also be seen from the FXBot template, where the GBP figure is higher by 6.1 than the USD figure of 2.5. While the bullish bias is also supported by a buy signal indicated by a green arrow.

Suggest: Buy 1.27500 TP1 1.27830 TP2 1.28320 SL 1.27020

AUDUSD

AUD/USD on the 1-hour period tried to move up, touching the resistance level at 0.64430 until the next resistance level at 0.64760. However, the uptrend has not been supported by the FXBot template, where the AUD figure is lower by 4.4 than the USD figure of 4.5. Meanwhile, the bullish bias is also supported by a buy signal indicated by a green arrow.

Suggest: Buy 0.64430 TP1 0.64760 TP2 0.64970 SL 0.64220

USDCHF

Daily technical analysis for the USD/CHF pair on the 1-hour period tried to move down, touching the support level at 0.87890 to the next support level at 0.87450. The downward trend can also be seen from the FXBot template, where the CHF figure is higher by 4.0 than the USD figure of 3.8. While the bias is still bullish supported by a buy signal indicated by a green arrow.

Suggest: Sell 0.87890 TP1 0.87710 TP2 0.87450 SL 0.88150

USDJPY

USD/JPY in the 1-hour period tried to move down, touching the support level at 145,580 until heading to the next support level at 145,080. The downward trend is also supported by the FXBot template, where the JPY figure is higher by 4.5 than the USD figure of 3.4.  While the bearish bias is also supported by a sell signal indicated by a red arrow.

Suggest: Sell 145.700 TP1 145.500 TP2 145.080 SL 146.000

XUL (LOCO LONDON GOLD)

Gold prices in the 1-hour period tried to move up, touching the resistance level at 1911.50 until heading to the next resistance level at 1918.70. While the bullish bias is supported by a buy signal indicated by a green arrow.

Suggest: Buy 1904.00 TP1 1908.00 TP2 1911.50 SL 1899.00

CLSK (OIL)

Daily technical analysis for oil prices in the 1-hour period is trying to move down, it needs to pass the support level at 79.45 to the next support level at 78.96. Meanwhile, to change the bias to bullish, the oil price needs to pass the resistance level at 80.25 to the next resistance level at 80.76.

Suggest: Sell 79.45 TP1 79.00 TP2 78.50 SL 79.86

So, that's the explanation of "Technical Daily Analysis: August 23, 2023 – US Manufacturing Contracts, Dollar Could Correct". 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.