Technical Daily Analysis: February 21, 2023 – US Dollar Steady

The following is a daily technical analysis, February 21, 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 on a 1-hour period moved downwards to test the support level of 1.06600 which can be seen from the RSI indicator moving down towards the 30 RSI level. Meanwhile, the chart that is still below the MA100 line indicates that the decline is still strong. However, if EUR/USD is able to break through the 1.07045 area then the bias will turn bullish towards the resistance level at 1.07350.

GBPUSD

GBP/USD on the 1-hour period moved downwards testing the 1.19900 support level as seen from the RSI indicator moving down towards the 30 RSI level. Meanwhile, the chart that is still below the MA100 line indicates that the decline is still strong. However, if GBP/USD is able to break through the 1.20550 area then the bias will turn bullish towards the resistance level at 1.20960.

AUDUSD

AUD/USD on the 1-hour period is trying to move up again towards the 0.69205 area, which is indicated by the MA25 line that has crossed the MA50 line. Meanwhile, for the downtrend, AUD/USD needs to pass through the 0.68655 area first, testing the 0.68000 support. A bearish bias is also seen from the RSI indicator which is moving downwards towards the 30 RSI level.

USDCHF

The USD/CHF pair on the 1-hour period tried to move up, trying to break through the resistance level of 0.92615 to test the strongest daily resistance at 0.93000. The USD/CHF rally was also confirmed with the RSI indicator swinging upwards testing the 70 RSI level. Meanwhile, to continue the decline, USD/CHF needs to break 0.92200 first, to the strongest daily support level at 0.91810.

USDJPY

Daily Technical Analysis for the USD/JPY pair on the 1-hour period is still in an uptrend. For further bulls, it is necessary to break the resistance of 135,100 first. Meanwhile, to change the bias to bearish, USD/JPY needs to pass the support level of 133,900, and test the next support at 133,610.

XUL (LOCO LONDON GOLD)

Gold prices in the 1-hour period are still in a downward trend as seen from the RSI indicator which is moving downward towards the 30 RSI level. It needs a break of the 1830.30 area to fall further towards the 1825.20 support. Meanwhile, for a bullish bias, gold needs to cross the 1847.38 resistance testing the strongest daily resistance at 1855.90.

CLSK (OIL)

The Daily Technical Analysis for oil prices in the 1-hour period is in a downtrend as seen from the chart which is still below the MA100 line. It needs a break of the 75.05 support to fall further. However, if oil prices are able to break through the resistance at 77.70, then the bias will be bullish towards the next resistance at 78.55.

So, that's the explanation of "Technical Daily Analysis: February 21, 2023 – US Dollar Stable, Ahead of Services PMI Data". 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.