Here is the daily technical analysis for March 6, 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 provide you with forecasts of price movements in Forex and Commodities, complete with calculations of Pivot points, Resistance, and Support levels.

 

EURUSD

EUR/USD in the 1-hour period is above the first support area at 1.08570, attempting to rise to the first resistance area at 1.08730 and then to the second resistance at 1.08920. Meanwhile, the RSI indicator is above the pivot area, suggesting that the euro may move up first before declining.

Suggest: Sell 1.08730 TP1 1.08570 TP2 1.08380 SL 1.08920

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

1.08531

1.08762

1.08410

1.08565

1.08556

0.00009

0.01%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

1.09080

1.08920

1.08730

1.08570

1.08380

1.08220

1.08030

 

GBPUSD

GBP/USD in the 1-hour period is above the first support area at 1.26990, attempting to rise to the first resistance area at 1.27270 and then to the second resistance at 1.27630. Meanwhile, the RSI indicator is above the pivot area, suggesting that the pound sterling may move up first before declining.

Suggest: Sell 1.27270 TP1 1.26990 TP2 1.26630 SL 1.27670

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

1.26861

1.27348

1.26713

1.27051

1.26914

0.00137

0.11%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

1.27900

1.27630

1.27270

1.26990

1.26630

1.26360

1.26000

 

AUDUSD

AUD/USD in the 1-hour period is above the pivot area at 0.65020, attempting to rise to the first resistance area at 0.65270 and then to the second resistance at 0.65460. Meanwhile, the RSI indicator is below the pivot area, suggesting that the Aussie currency may move up before declining.

Suggest: Sell 0.65270 TP1 0.65020 TP2 0.64830 SL 0.65460

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

0.65041

0.65210

0.64774

0.65040

0.65090

-0.00050

-0.08%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

0.65700

0.65460

0.65270

0.65020

0.64830

0.64580

0.64390

 

USDCHF

USD/CHF in the 1-hour period is at the pivot area of 0.88420, attempting to move down to the first support area at 0.88180 and then to the second support at 0.88020. Meanwhile, the RSI indicator is below the pivot area, suggesting that the Swiss franc may move down first before rebounding.

Suggest: Buy 0.88180 TP1 0.88420 TP2 0.88580 SL 0.88000

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

0.88418

0.88663

0.88259

0.88337

0.88487

-0.00150

-0.17%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

0.88990

0.88820

0.88580

0.88420

0.88180

0.88020

0.87770

 

USDJPY

USD/JPY in the 1-hour period is at the first support area of 150.440, attempting to move down to the second support area at 149.360 and then to the third support area at 149.010. Meanwhile, the RSI indicator is below the pivot area, suggesting that the yen may move down further.

Suggest: Sell 150.200 TP1 149.850 TP2 149.360 SL 150.500

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

150.485

150.547

149.706

150.058

150.520

-0.462

-0.31%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

151.540

151.040

150.690

150.200

149.850

149.360

149.010

 

XUL (LOCO LONDON GOLD)

Gold prices in the 1-hour period are below the first resistance area at 2137.50, attempting to move down to the pivot area at 2124.00 and then to the first support area at 2106.20. Meanwhile, the RSI indicator is above the pivot area, suggesting that gold prices may move up before declining or correcting.

Suggest: Sell 2129.00 TP1 2124.00 TP2 2119.00 SL 2134.00

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

2114.53

2141.81

2110.50

2129.13

2115.98

13.15

0.62%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

2168.80

2155.30

2137.50

2124.00

2106.20

2092.70

2074.90

 

CLSK (OIL)


Oil prices in the 1-hour period are above the pivot area at 78.36, with potential to rise to the first resistance area at 79.21 and then to the second resistance area at 80.32. Meanwhile, the RSI indicator is at the pivot area, suggesting that oil prices may continue to rise.

Suggest: Buy 78.36 TP1 78.80 TP2 79.20 SL 78.00

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

78.71

79.47

77.51

78.10

78.71

-0.61

-0.77%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

81.17

80.32

79.21

78.36

77.25

76.40

75.29

 

Here is the explanation of "Daily Technical Analysis: March 6, 2024 – U.S. Economy Slows, U.S. Dollar Weakens." Also, check out our other articles, such as guides on how to buy cryptocurrency, exclusively on Jurnal GIC. Don’t forget to enhance your trading skills by getting the Scalping Ebook guide and joining Live Trading at NFP Live Trading. Make sure to download the GIC Mobile App from the Google Play Store.