Daily Technical Analysis: February 19, 2024

The following is the daily technical analysis for February 19, 2024. The data and analysis in this bulletin can be broadly applied to your trading. However, it is important to note that GICTrade and the data providers are not responsible for the outcome of your trades.

Below, we will provide price movement forecasts in Forex and Commodities, including Pivot Point calculations, Resistance, and Support levels.

EURUSD

EUR/USD on the 1-hour period is above the pivot area at 1.07660, attempting to move up towards the first resistance area at 1.08000 and further to the second resistance at 1.08220. Meanwhile, the RSI indicator is above the pivot area, suggesting that the euro has the potential to move up first before declining.

Suggest: Sell 1.08000 TP1 1.07660 TP2 1.07440 SL 1.08300

PREVIOUS RANGE
OPEN	HIGH	LOW	CLOSE	PREV.CLOSE	CHANGE	%CHANGE
1.07650	1.07876	1.07321	1.07778	1.07722	0.00056	0.05%
DAILY PIVOT POINT
R3	R2	R1	PIVOT	S1	S2	S3
1.08550	1.08220	1.08000	1.07660	1.07440	1.07110	1.06890

GBPUSD

GBP/USD on the 1-hour period is above the pivot area at 1.25910, attempting to move up towards the first resistance area at 1.26310 and further to the second resistance at 1.26650. Meanwhile, the RSI indicator is above the pivot area, suggesting that the pound sterling has the potential to move up first before declining.

Suggest: Sell 1.26310 TP1 1.25910 TP2 1.25580 SL 1.26650

PREVIOUS RANGE
OPEN	HIGH	LOW	CLOSE	PREV.CLOSE	CHANGE	%CHANGE
1.25874	1.26245	1.25508	1.26031	1.26000	0.00031	0.02%
DAILY PIVOT POINT
R3	R2	R1	PIVOT	S1	S2	S3
1.27050	1.26650	1.26310	1.25910	1.25580	1.25170	1.24840

AUDUSD

AUD/USD on the 1-hour period is above the pivot area at 0.65240, attempting to move up towards the first resistance area at 0.65520 and further to the second resistance at 0.65720. Meanwhile, the RSI indicator is above the pivot area, suggesting that the Aussie has the potential to move up first before declining.

Suggest: Sell 0.65520 TP1 0.65240 TP2 0.65030 SL 0.65800

PREVIOUS RANGE
OPEN	HIGH	LOW	CLOSE	PREV.CLOSE	CHANGE	%CHANGE
0.65197	0.65448	0.64965	0.65344	0.65249	0.00095	0.15%
DAILY PIVOT POINT
R3	R2	R1	PIVOT	S1	S2	S3
0.66000	0.65720	0.65520	0.65240	0.65030	0.64760	0.64550

USDCHF

USD/CHF on the 1-hour period is below the first resistance area at 0.88250, attempting to move down to the pivot area at 0.88060 and further towards the first support at 0.87730. Meanwhile, the RSI indicator is at the pivot area, suggesting that the Swiss franc has the potential to move down first before rising.

Suggest: Buy 0.87730 TP1 0.88060 TP2 0.88250 SL 0.87500

PREVIOUS RANGE
OPEN	HIGH	LOW	CLOSE	PREV.CLOSE	CHANGE	%CHANGE
0.87870	0.88394	0.87870	0.88086	0.87992	0.00094	0.11%
DAILY PIVOT POINT
R3	R2	R1	PIVOT	S1	S2	S3
0.88770	0.88580	0.88250	0.88060	0.87730	0.87540	0.87200

USDJPY

USD/JPY on the 1-hour period is below the pivot area at 150.130, attempting to move down towards the first support area at 149.610 and further to the second support at 149.310. Meanwhile, the RSI indicator is below the pivot area, suggesting that the yen has the potential to move down first before rebounding.

Suggest: Buy 149.610 TP1 150.130 TP2 150.430 SL 149.310

PREVIOUS RANGE
OPEN	HIGH	LOW	CLOSE	PREV.CLOSE	CHANGE	%CHANGE
149.857	150.646	149.829	150.173	149.932	0.241	0.16%
DAILY PIVOT POINT
R3	R2	R1	PIVOT	S1	S2	S3
151.250	150.950	150.430	150.130	149.610	149.310	148.800

XUL (LOCO LONDON GOLD)

Gold prices on the 1-hour period are above the first resistance area at 2018.70, attempting to move up towards the second resistance area at 2027.00 and further to the third resistance at 2038.80. Meanwhile, the RSI indicator is above the pivot area, suggesting that gold prices have the potential to move up first before continuing their decline.

Suggest: Sell 2027.00 TP1 2018.70 TP2 2006.90 SL 2038.80

PREVIOUS RANGE
OPEN	HIGH	LOW	CLOSE	PREV.CLOSE	CHANGE	%CHANGE
2004.35	2015.19	1995.10	2013.01	2004.10	8.91	0.44%
DAILY PIVOT POINT
R3	R2	R1	PIVOT	S1	S2	S3
2038.80	2027.00	2018.70	2006.90	1998.60	1986.80	1978.50

CLSK (OIL)

Oil prices on the 1-hour period are below the first support area at 77.89, with the potential to move down to the second support area at 76.52 and further to the third support at 75.84. Meanwhile, the RSI indicator is below the pivot area, suggesting that oil prices have the potential to move down before rebounding.

Suggest: Buy 77.30 TP1 77.89 TP2 78.57 SL 76.80

PREVIOUS RANGE
OPEN	HIGH	LOW	CLOSE	PREV.CLOSE	CHANGE	%CHANGE
78.11	79.25	77.20	79.25	78.16	1.09	1.39%
DAILY PIVOT POINT
R3	R2	R1	PIVOT	S1	S2	S3
81.99	80.62	79.94	78.57	77.89	76.52	75.84

Well, that’s an explanation about “Daily Technical Analysis: February 19, 2024 – US Dollar Under Pressure.” Also, check out our other articles, such as guides on how to buy cryptocurrency, only in the GIC Journal. Don’t forget to enhance your trading skills by getting the Scalping Ebook guide and participating in NFP Live Trading. Make sure to download the GIC Mobile Apps from the Google Play Store.

Daily Technical Analysis: February 19, 2024 - US Dollar Under Pressure

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