Daily Technical Analysis: August 16, 2023 – U.S. Dollar Prepares to Consolidate

Here is the daily technical analysis for August 16, 2023. The data and analysis in this bulletin can be widely used for your trading. However, it is important to note that GICTrade and the data providers are not responsible for your trading results.

Therefore, that responsibility lies with you. Before reviewing today’s technical analysis, be sure to register for the GIC Prize Draw and get a chance to win the grand prize, which is a Mitsubishi Expander or a holiday package to Labuan Bajo for 4 days and 3 nights.

We will now provide forecasts for price movements in Forex and Commodities, including calculations for Pivot points, Resistance, and Support levels.


EURUSD



The daily technical analysis for the EUR/USD pair on the 1-hour chart indicates an attempt to move upward, reaching a resistance level at 1.09130 and targeting the next resistance level at 1.09680. The upward trend is also evident from the FXBot template, where the EUR figure is higher at 5.2 compared to the USD's 2.7. Meanwhile, the bullish bias is supported by a buy signal indicated by a green arrow.

Suggest: Buy 1.09130 TP1 1.09310 TP2 1.09680 SL 1.08800

GBPUSD

The daily technical analysis for the GBP/USD pair on the 1-hour chart shows an attempt to move upward, reaching the resistance level at 1.27010 and aiming for the next resistance level at 1.27780. The upward trend is also evident from the FXBot template, where the GBP figure is higher at 3.7 compared to the USD's 2.7. Meanwhile, the bullish bias is supported by a buy signal indicated by a green arrow.

Suggest: Buy 1.27010 TP1 1.27290 TP2 1.27600 SL 1.26700

AUDUSD

The daily technical analysis for the AUD/USD pair on the 1-hour chart indicates an attempt to move upward, reaching the resistance level at 0.64770 and targeting the next resistance level at 0.65050. The upward trend is also visible from the FXBot template, where the AUD figure is higher at 6.1 compared to the USD's 2.8. Meanwhile, the bullish bias is supported by a buy signal indicated by a green arrow.

Suggest: Buy 0.64550 TP1 0.64770 TP2 0.65050 SL 0.64300

USDCHF

The daily technical analysis for the USD/CHF pair on the 1-hour chart indicates an attempt to move downward, reaching the support level at 0.87750 and targeting the next support level at 0.87230. However, the downward trend is not yet evident from the FXBot template, where the CHF figure is lower at 2.3 compared to the USD's 2.8. Meanwhile, the bearish bias is supported by a sell signal indicated by a red arrow.

Suggest: Sell 0.87750 TP1 0.87560 TP2 0.87230 SL 0.88080

USDJPY

The daily technical analysis for the USD/JPY pair on the 1-hour chart indicates an attempt to move downward, reaching the support level at 145.500 and targeting the next support level at 144.740. The downward trend is also supported by the FXBot template, where the JPY figure is higher at 5.5 compared to the USD's 2.8. Meanwhile, the bearish bias is reinforced by a sell signal indicated by a red arrow.

Suggest: Sell 145.500 TP1 145.150 TP2 144.740 SL 145.910

XUL (LOCO LONDON GOLD)

The hourly analysis for gold prices indicates an attempt to move upward, reaching the resistance level at 1912.00 and targeting the next resistance level at 1919.30. Meanwhile, the bullish bias is supported by a buy signal indicated by a green arrow.

Suggest: Buy 1904.00 TP1 1912.00 TP2 1919.30 SL 1896.70

PREVIOUS RANGE
OPEN	HIGH	LOW	CLOSE	PREV.CLOSE	CHANGE	%CHANGE
1906.46	1911.48	1896.25	1902.13	1907.59	-5.46	-0.29%
DAILY PIVOT POINT
R3	R2	R1	PIVOT	S1	S2	S3
1927.20	1919.30	1912.00	1904.10	1896.70	1888.90	1881.50

 

CLSK (OIL)

The daily technical analysis for oil prices on the 1-hour chart indicates an attempt to move further downward, needing to break through the support level at 80.39 to target the next support level at 79.91. To shift the bias to bullish, oil prices would need to surpass the resistance level at 81.22 and aim for the next resistance level at 82.41.

Suggest: Sell 80.39 TP1 79.91 TP2 79.50 SL 80.80

PREVIOUS RANGE
OPEN	HIGH	LOW	CLOSE	PREV.CLOSE	CHANGE	%CHANGE
82.50	82.89	80.39	80.93	82.56	-1.63	-1.97%
DAILY PIVOT POINT
R3	R2	R1	PIVOT	S1	S2	S3
84.91	83.90	82.41	81.40	79.91	78.90	77.41

That concludes the explanation of "Daily Technical Analysis: August 16, 2023 – The US Dollar Prepares for Consolidation." Be sure to check out our other articles, such as guides on how to buy cryptocurrency, available exclusively on the GIC Journal. Don't forget to enhance your trading skills by getting the Scalping Ebook guide and participating in Live Trading during NFP Live Trading. Also, make sure to download the GIC Mobile App from the Google Play Store.