Daily Technical Analysis, August 1, 2023. The data and analysis in this bulletin can be broadly applied to your trading. However, please note that GICTrade and the data provider are not responsible for your trading results. This remains your own responsibility. 
 
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Below, we provide the projected price movement in Forex and Commodities, along with calculated Pivot Points, Resistance, and Support levels.
 
 
EURUSD
 
Technical analysis for the EUR/USD pair on the 1-hour timeframe shows a downward trend, aiming to reach the support level at 1.09800 and then the next support at 1.09280. The downtrend is also supported by the FXBot template, with the EUR index lower at 6.4 compared to the USD index at 7.7. The bearish bias is also supported by a sell signal indicated by a red arrow.

Suggest: Sell 1.09800 TP1 1.09600 TP2 1.09280 SL 1.10120

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

1.10174

1.10439

1.09916

1.09950

1.10187

-0.00237

-0.22%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

1.10850

1.10640

1.10320

1.10120

1.09800

1.09600

1.09280

 

GBPUSD

On the 1-hour timeframe, GBP/USD is moving down, touching the support level at 1.28090 and approaching the next support at 1.27650. The downtrend is also visible in the FXBot template, where GBP is lower at 6.2 than USD at 7.7. The bearish bias is further supported by a sell signal, indicated by a red arrow.

Suggest: Sell 1.28100 TP1 1.27900 TP2 1.27650 SL 1.28400

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

1.28382

1.28709

1.28266

1.28237

1.28517

-0.00280

-0.22%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

1.28980

1.28840

1.28530

1.28400

1.28090

1.27960

1.27650

 

 

AUDUSD

For AUD/USD on the 1-hour timeframe, the pair is moving downward, reaching support at 0.66310 and aiming for the next support at 0.65880. The FXBot template shows AUD lower at 1.1 compared to USD at 8.0, confirming a bearish bias, supported by a sell signal shown by a red arrow.

Suggest: Sell 0.66800 TP1 0.66600 TP2 0.66310 SL 0.67100

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

0.66412

0.67374

0.66412

0.67152

0.66489

0.00663

0.99%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

0.68230

0.67800

0.67270

0.66840

0.66310

0.65880

0.65340

 

USDCHF

Technical analysis for USD/CHF on the 1-hour timeframe shows an upward movement, reaching resistance at 0.87220 and then heading towards the next resistance at 0.87860. The uptrend is also confirmed by the FXBot template, where CHF is lower at 5.5 compared to USD at 7.8. The bullish bias is reinforced by a buy signal shown by a green arrow.

Suggest: Buy 0.87220 TP1 0.87570 TP2 0.87860 SL 0.86930

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

0.86659

0.87276

0.86636

0.87152

0.86964

0.00193

0.22%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

0.87860

0.87570

0.87220

0.86930

0.86580

0.86290

0.85940

 

USDJPY

USD/JPY on the 1-hour timeframe shows an upward movement, reaching resistance at 143.000 and approaching the next resistance at 143.610. The uptrend is supported by the FXBot template, where JPY is lower at 2.5 compared to USD at 7.5, with a bullish bias indicated by a green arrow.

Suggest: Buy 142.750 TP1 143.000 TP2 143.300 SL 142.500

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

140.876

142.665

140.675

142.249

141.111

1.138

0.81%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

144.560

143.610

142.570

141.620

140.580

139.630

138.590

 

XUL (LOCO LONDON GOLD)

Gold prices on the 1-hour timeframe are moving downward, reaching support at 1951.00 and approaching the next support at 1940.80. The bearish bias is also supported by a sell signal, shown by a red arrow.

Suggest: Sell 1958.00 TP1 1953.00 TP2 1950.00 SL 1962.00

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

1959.09

1972.24

1951.11

1965.25

1958.75

6.50

0.33%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

1993.80

1983.00

1972.70

1961.90

1951.60

1940.80

1930.40

 

CLSK (OIL)

Technical analysis for oil on the 1-hour timeframe shows a downward trend, needing to break support at 81.10 to reach the next support at 80.63. For a bullish bias continuation, oil needs to surpass resistance at 81.97, heading toward the next resistance at 82.48.

Suggest: Sell 81.10 TP1 80.85 TP2 80.63 SL 81.50

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

80.62

81.97

80.12

81.81

80.59

1.22

1.51%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

84.33

83.15

82.48

81.30

80.63

79.45

78.78

 

That's the summary of "Daily Technical Analysis: August 1, 2023 – Safe Haven in Demand, USD Rises." Check out our other articles, like how to buy cryptocurrency, only on GIC Journal. Don't forget to enhance your trading skills by downloading the Scalping Ebook and joining our Live Trading on NFP Live Trading. Make sure to download the GIC Mobile App on Google Play Store.
Warning!

This analysis is based on trusted fundamental and technical perspectives and is not intended as advice or solicitation. Always remember this content is meant to enrich readers' information. Always conduct independent research regarding other forex information to be used as a reference for your trades. 
 
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