Here is the daily technical analysis for March 1, 2024. The data and analysis in this bulletin can be used broadly for your trading. However, it is important to note that GICTrade and data providers are not responsible for your trading results.
 
This bulletin will provide forecasts for price movements in Forex and commodities, complete with calculations for pivot points, resistance, and support levels.
 

EURUSD

EUR/USD is currently above the first support area at 1.08220, attempting to rise to the pivot area at 1.08220 and then to the first resistance at 1.08480. Meanwhile, the RSI indicator is below the pivot area, indicating that the euro may move down first before rebounding.

Suggest: Buy 1.07880 TP1 1.08220 TP2 1.08480 SL 1.07620

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

1.08329

1.08560

1.07959

1.08049

1.08385

-0.00336

-0.31%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

1.09080

1.08820

1.08480

1.08220

1.07880

1.07620

1.07280

 

GBPUSD


GBP/USD is currently above the first support area at 1.26020, attempting to rise to the pivot area at 1.26420 and then to the first resistance at 1.26710. Meanwhile, the RSI indicator is below the pivot area, indicating that the pound may move down first before rebounding.

Suggest: Buy 1.26020 TP1 1.26420 TP2 1.26710 SL 1.25730

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

1.26503

1.26820

1.26127

1.26243

1.26611

-0.00368

-0.29%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

1.27410

1.27110

1.26710

1.26420

1.26020

1.25730

1.25330

 

AUDUSD


AUD/USD is currently above the pivot area at 0.65010, attempting to rise to the first resistance area at 0.65150 and then to the second resistance at 0.65450. Meanwhile, the RSI indicator is above the pivot area, indicating that the Aussie currency may move up.

Suggest: Buy 0.65000 TP1 0.65200 TP2 0.65450 SL 0.64700

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

0.64876

0.65312

0.64871

0.64971

0.64955

0.00016

0.02%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

0.65590

0.65450

0.65150

0.65010

0.64710

0.64570

0.64270

 

USDCHF


USD/CHF is currently above the first resistance area at 0.87470, attempting to rise to the second resistance area at 0.88810 and then to the third resistance at 0.89140. Meanwhile, the RSI indicator is above the pivot area, indicating that the Swiss franc may move up first before potentially dropping due to overbought RSI conditions.

Suggest: Sell 0.88810 TP1 0.88470 TP2 0.88130 SL 0.89140

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

0.87804

0.88470

0.87793

0.88466

0.87878

0.00588

0.67%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

0.89140

0.88810

0.88470

0.88130

0.87790

0.87450

0.87110

 

USDJPY


USD/JPY is currently above the pivot area at 150.130, attempting to rise to the first resistance area at 151.050 and then to the second resistance at 151.590. Meanwhile, the RSI indicator is above the pivot area, indicating that the yen may continue to rise before potentially dropping.

Suggest: Buy 150.130 TP1 150.500 TP2 150.800 SL 149.800

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

150.656

150.663

149.208

149.999

150.700

-0.701

-0.47%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

152.510

151.590

151.050

150.130

149.600

148.680

148.140

 

XUL (LOCO LONDON GOLD)

The gold price is currently below the first resistance area at 2050.50, attempting to move down to the pivot area at 2039.30 and then to the first support at 2027.90. Meanwhile, the RSI indicator is above the pivot area, indicating that the gold price may move up before potentially dropping.
 

Suggest: Sell 2050.50 TP1 2045.00 TP2 2039.30 SL 2055.50

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

2034.56

2050.73

2028.10

2043.68

2033.75

9.93

0.49%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

2073.10

2061.90

2050.50

2039.30

2027.90

2016.70

2005.20

 

CLSK (OIL)

The oil price is currently below the first resistance area at 79.03, potentially moving down to the pivot area at 78.48 and then to the first support at 77.71. Meanwhile, the RSI indicator is at the pivot area, indicating that the oil price may rise first before potentially.

Suggest: Sell 79.03 TP1 78.48 TP2 78.00 SL 79.50

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

78.18

79.25

77.93

78.27

78.32

-0.05

-0.06%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

80.35

79.80

79.03

78.48

77.71

77.16

76.39


That concludes the explanation of “Daily Technical Analysis: March 1, 2024 – Inflation Approaches Fed Target, Dollar Soars.” Also, check out our other articles, such as the guide on how to buy cryptocurrency, exclusively on the GIC Journal. Don't forget to sharpen 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.