Here is the daily technical analysis for August 18, 2023. The data and analysis in this bulletin can be widely used for your trading. However, it should be noted that GICTrade and the data provider are not responsible for your trading results. Therefore, the responsibility lies with you.
 
Before delving into today’s technical analysis, be sure to register for the GIC Prize Festival and get a chance to win the grand prize: a Mitsubishi Expander or a 4-day, 3-night holiday package to Labuan Bajo.
 
We will now provide the forecast for price movements in Forex and Commodities, including calculations for Pivot points, Resistance, and Support levels.

 

EURUSD

EUR/USD on the 1-hour timeframe is attempting to move downward, touching the support level at 1.08440 and heading towards the next support level at 1.08180. A downward trend is also evident from the FXBot template, where the EUR figure is lower by 3.1 compared to the USD figure of 6.4. Additionally, the bearish bias is supported by a sell signal indicated by a red arrow.

Suggest: Sell 1.08440 TP1 1.08180 TP2 1.07820 SL 1.08800

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

1.08767

1.09162

1.08546

1.08706

1.08774

-0.00068

-0.06%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

1.09670

1.09420

1.09050

1.08800

1.08440

1.08180

1.07820

 

GBPUSD

GBP/USD on the 1-hour timeframe is trying to move downward, touching the support level at 1.26950 and heading towards the next support level at 1.26560. A downward trend is also evident from the FXBot template, where the GBP figure is lower by 0.4 compared to the USD figure of 6.5. Additionally, the bearish bias is supported by a sell signal indicated by a red arrow.

Suggest: Sell 1.26950 TP1 1.26560 TP2 1.26100 SL 1.27400

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

1.27286

1.27855

1.27010

1.27448

1.27293

0.00155

0.13%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

1.28640

1.28250

1.27790

1.27400

1.26950

1.26560

1.26100

 

AUDUSD

AUD/USD on the 1-hour timeframe is attempting to move upward, touching the resistance level at 0.64090 and heading towards the next resistance level at 0.64550. However, the upward trend is not yet evident from the FXBot template, where the AUD figure is lower by 4.8 compared to the USD figure of 6.5. Additionally, the bullish bias is supported by a buy signal indicated by a green arrow.

Suggest: Buy 0.64090 TP1 0.64300 TP2 0.64550 SL 0.63700

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

0.64216

0.64485

0.63629

0.64014

0.64220

-0.00206

-0.33%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

0.65410

0.64950

0.64550

0.64090

0.63700

0.63230

0.62840

 

USDCHF

USD/CHF on the 1-hour timeframe is attempting to move downward, touching the support level at 0.87860 and heading towards the next support level at 0.87370. However, the downward trend is not yet evident from the FXBot template, where the CHF figure is lower by 1.8 compared to the USD figure of 6.1. Additionally, the bearish bias is supported by a sell signal indicated by a red arrow.

Suggest: Sell 0.87860 TP1 0.87650 TP2 0.87370 SL 0.88140

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

0.87978

0.88075

0.87581

0.87823

0.87978

-0.00155

-0.18%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

0.88630

0.88350

0.88140

0.87860

0.87650

0.87370

0.87150

 

USDJPY

 USD/JPY on the 1-hour timeframe is attempting to move downward, touching the support level at 145.140 and heading towards the next support level at 144.680. The downward trend is supported by the FXBot template, where the JPY figure is higher by 7.1 compared to the USD figure of 6.5. Additionally, the bearish bias is supported by a sell signal indicated by a red arrow.

Suggest: Sell 145.500 TP1 145.000 TP2 144.680 SL 146.000

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

146.330

146.540

145.601

145.829

146.333

-0.504

-0.34%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

147.500

147.020

146.560

146.080

145.620

145.140

144.680

 

XUL (LOCO LONDON GOLD)

The price of gold on the 1-hour timeframe is attempting to move upward, touching the resistance level at 1899.30 and heading towards the next resistance level at 1910.50. However, the bearish bias is still supported by a sell signal indicated by a red arrow.

Suggest: Buy 1892.10 TP1 1899.30 TP2 1910.50 SL 1880.90

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

1891.74

1903.29

1884.91

1888.61

1893.48

-4.87

-0.26%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

1917.70

1910.50

1899.30

1892.10

1880.90

1873.70

1862.50

 

CLSK (OIL)

The oil price on the 1-hour timeframe is attempting to move upward, needing to break through the resistance level at 81.06 to reach the next resistance level at 82.16. Meanwhile, for a further bearish bias, the oil price must break below the support level at 79.89 to reach the next support level at 79.02.

Suggest: Buy 81.06 TP1 81.50 TP2 82.16 SL 80.60

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

79.26

81.06

78.94

80.11

79.20

0.91

1.15%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

83.26

82.16

81.14

80.04

79.02

77.92

76.90

 

That concludes the explanation of “Daily Technical Analysis: August 18, 2023 – U.S. Jobless Claims Decline, Dollar Strengthens.” Also, check out our other articles, such as guides on how to buy cryptocurrency, exclusively at GIC Journal. Don’t forget to enhance your trading skills by obtaining the Ebook Scalping guide and participating in Live Trading during NFP Live Trading. Be sure to download the GIC Mobile Apps from the Google Play Store.