Daily Technical Analysis: February 26, 2024 - Greenback Potential Rebound

Here is the daily technical analysis for February 26, 2024. 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.

We will now provide forecasts for price movements in Forex and Commodity, along with calculations of Pivot points, Resistance, and Support levels.

EURUSD



EUR/USD on the 1-hour period is below the pivot area of 1.08230, attempting to decline to the first support area at 1.08060 and then toward the second support at 1.07950. Meanwhile, the RSI indicator is below the pivot area, indicating that the euro has the potential to move lower first before rebounding.

Suggest: Buy 1.07950 TP1 1.08230 TP2 1.08510 SL 1.07700

GBPUSD

GBP/USD on the 1-hour period is below the pivot area of 1.26690, attempting to decline to the first support area at 1.26370 and then toward the second support at 1.26160. Meanwhile, the RSI indicator is below the pivot area, indicating that the pound sterling has the potential to move lower first before rebounding.

Suggest: Buy 1.26160 TP1 1.26370 TP2 1.26690 SL 1.25830

AUDUSD

AUD/USD on the 1-hour period is below the pivot area of 0.65600, attempting to decline to the first support area at 0.65400 and then toward the second support at 0.65270. Meanwhile, the RSI indicator is below the pivot area, indicating that the Aussie currency has the potential to move lower first before rebounding.

Suggest: Buy 0.65270 TP1 0.65600 TP2 0.65730 SL 0.65060

USDCHF

USD/CHF on the 1-hour period is below the first resistance area of 0.88230, attempting to decline to the pivot area at 0.88020 and then toward the first support at 0.87840. Meanwhile, the RSI indicator is above the pivot area, indicating that the Swiss franc has the potential to move higher first before dropping.

Suggest: Sell 0.88230 TP1 0.88020 TP2 0.87840 SL 0.88500

USDJPY

USD/JPY on the 1-hour period is below the first resistance area of 150.750, attempting to decline to the pivot area at 150.520 and then toward the first support at 150.270. Meanwhile, the RSI indicator is above the pivot area, indicating that the yen has the potential to move higher first before dropping.

Suggest: Sell 150.750 TP1 150.520 TP2 150.270 SL 151.000

XUL (LOCO LONDON GOLD)



Gold prices on the 1-hour period are above the pivot area of 2029.30, attempting to move higher toward the first resistance area at 2042.50 and then to the second resistance at 2054.60. Meanwhile, the RSI indicator is above the pivot area, indicating that gold prices have the potential to rise further.

Suggest: Buy 2029.00 TP1 2034.00 TP2 2039.00 SL 2024.00

CLSK (OIL)

Oil prices on the 1-hour period are above the first support area of 75.79, with the potential to rise to the pivot area at 77.08 and then to the first resistance at 77.82. Meanwhile, the RSI indicator is below the pivot area, indicating that oil prices may move lower first before rebounding.

Suggest: Buy 75.79 TP1 76.30 TP2 77.08 SL 75.20

That concludes the explanation on “Daily Technical Analysis: February 26, 2024 – Greenback Potentially Set for a Rebound.” Also, be sure to check out our other articles, such as guides on how to buy cryptocurrency, exclusively on the GIC Journal. Don't forget to enhance your trading skills by obtaining our Scalping Ebook guide and participating in Live Trading at NFP Live Trading. Be sure to download the GIC Mobile Apps from the Google Play Store.