Daily Technical Analysis: February 16, 2024 - Mixed Sentiment, USD Corrects

Here is the daily technical analysis for February 16, 2024. The data and analysis in this bulletin can be broadly used for your trading. However, it is important to note that GICTrade and the data providers are not responsible for your trading outcomes.

We will provide forecasts for price movements in Forex and Commodities, along with calculations for Pivot Points, Resistance, and Support levels.

EURUSD

Suggest: Sell 1.07800 TP1 1.07520 TP2 1.07190 SL 1.08130

GBPUSD

The GBP/USD pair on the 1-hour timeframe is trading above the pivot area at 1.25750, attempting to move down towards the first support at 1.25480 and then towards the second support at 1.25150. Meanwhile, the RSI indicator is at the pivot area, suggesting that the pound sterling may have the potential to move downward first before rebounding.

Suggest: Buy 1.25480 TP1 1.25750 TP2 1.26080 SL 1.25150

AUDUSD

The AUD/USD pair on the 1-hour timeframe is currently at the first resistance area of 0.65300, attempting to move down towards the pivot area at 0.65040 and then towards the first support at 0.64790. Meanwhile, the RSI indicator is above the pivot area, indicating that the Aussie dollar may have the potential to move upward first before moving down.

Suggest: Sell 0.65300 TP1 0.65040 TP2 0.64790 SL 0.65560

USDCHF

The USD/CHF pair on the 1-hour timeframe is currently below the pivot area of 0.88240, attempting to rise towards the first resistance area at 0.88650 and then towards the second resistance at 0.88990. Meanwhile, the RSI indicator is below the pivot area, suggesting that the Swiss franc may have the potential to move downward first before moving up.

Suggest: Buy 0.87900 TP1 0.88240 TP2 0.88650 SL 0.87490

USDJPY

The USD/JPY pair on the 1-hour timeframe is currently above the pivot area of 150.130, attempting to rise towards the first resistance level at 150.730 and then towards the second resistance at 151.170. Meanwhile, the RSI indicator is above the pivot area, suggesting that the yen has the potential to move upward towards the 70 RSI level, which indicates an overbought condition.

Suggest: Sell 150.730 TP1 150.130 TP2 149.690 SL 151.170

XUL (LOCO LONDON GOLD)

The price of gold on the 1-hour timeframe is currently below the first resistance area at 2007.30, attempting to rise towards the second resistance level at 2016.80 and then towards the third resistance at 2025.30. Meanwhile, the RSI indicator is above the pivot area, indicating that gold has the potential to move upward first before continuing its decline.

Suggest: Sell 2016.80 TP1 2007.30 TP2 1998.80 SL 2025.30

CLSK (OIL)



The price of oil on the 1-hour timeframe is currently above the pivot area at 77.44, showing potential to rise towards the first resistance level at 79.12 and then towards the second resistance at 80.09. Meanwhile, the RSI indicator is above the pivot area, suggesting that oil prices have the potential to move higher towards the 70 RSI level, indicating an overbought condition.

Suggest: Sell 79.12 TP1 78.00 TP2 77.44 SL 80.09