Here is the daily technical analysis for March 7, 2024. The data and analysis in this bulletin can be widely used for your trading. However, it should be noted that GICTrade and data providers are not responsible for the outcomes of your trades.

We will now provide a forecast of price movements in Forex and Commodities, complete with Pivot point, Resistance, and Support level calculations.

EURUSD


EUR/USD on the 1-hour period is below the resistance area at 1.091200, attempting to move down to the pivot area at 1.08770 and towards the first support at 1.08390. Meanwhile, the RSI indicator is above the pivot area, suggesting that the euro has the potential to rise first before declining.

Suggest: Sell 1.09120 TP1 1.08770 TP2 1.08390 SL 1.09500

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

1.08533

1.09154

1.08422

1.08988

1.08565

0.00423

0.39%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

1.09850

1.09500

1.09120

1.08770

1.08390

1.08040

1.07650

 

GBPUSD


GBP/USD on the 1-hour period is below the first resistance area at 1.27500, attempting to move down to the pivot area at 1.27200 and towards the first support at 1.26790. Meanwhile, the RSI indicator is above the pivot area, indicating that the pound sterling has the potential to rise first before declining.

Suggest: Sell 1.27500 TP1 1.27200 TP2 1.26790 SL 1.27910

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

1.26980

1.27615

1.26903

1.27317

1.27051

0.00266

0.21%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

1.28210

1.27910

1.27500

1.27200

1.26790

1.26490

1.26070

 

AUDUSD


AUD/USD on the 1-hour period is above the first resistance area at 0.65730, attempting to rise towards the second resistance at 0.66220 and up to the third resistance at 0.66620. Meanwhile, the RSI indicator is above the pivot area, suggesting that the Aussie dollar has the potential to move further upwards.

Suggest: Buy 0.65730 TP1 0.66220 TP2 0.66620 SL 0.65330

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

0.64943

0.65815

0.64928

0.65644

0.65040

0.00604

0.93%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

0.66620

0.66220

0.65730

0.65330

0.64850

0.64440

0.63960

 

USDCHF


USD/CHF on the 1-hour period is below the pivot area at 0.88270, attempting to move down to the first support at 0.87980 and towards the second support at 0.87760. Meanwhile, the RSI indicator is below the pivot area, indicating that the Swiss franc has the potential to move further down.

Suggest: Sell 0.88270 TP1 0.87980 TP2 0.87760 SL 0.88500

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

0.88268

0.88557

0.88044

0.88202

0.88337

-0.00135

-0.15%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

0.89010

0.88780

0.88500

0.88270

0.87980

0.87760

0.87470

 

USDJPY


USD/JPY on the 1-hour period is below the third support area at 148.220, attempting to move further down to 147.920 and towards the next support at 147.600. Meanwhile, the RSI indicator is below the pivot area or in the oversold zone, indicating that the yen has the potential to decline further before a rebound.

Suggest: Buy 147.900 TP1 148.220 TP2 148.660 SL 147.500

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

150.008

150.086

149.094

149.401

150.058

-0.657

-0.44%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

151.200

150.640

150.210

149.650

149.210

148.660

148.220

 

XUL (LOCO LONDON GOLD)


Gold prices on the 1-hour period are below the second resistance area at 2165.80, attempting to move down towards the first resistance at 2150.90 and the pivot at 2137.30. Meanwhile, the RSI indicator is above the pivot area, indicating that gold prices have the potential to rise before declining or correcting.

Suggest: Sell 2165.80 TP1 2160.80 TP2 2150.80 SL 2170.00

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

2127.98

2152.20

2123.70

2145.48

2129.13

16.35

0.77%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

2179.40

2165.80

2150.90

2137.30

2122.40

2108.80

2093.90

 

CLSK (OIL)


Oil prices on the 1-hour period are at the pivot area of 79.24, with the potential to rise towards the first resistance at 80.50 and up to the second resistance at 81.90. Meanwhile, the RSI indicator is at the pivot area, suggesting that oil prices have the potential to move further upwards.
Suggest: Buy 78.75 TP1 79.25 TP2 79.75 SL 78.25

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

78.14

80.64

77.98

79.11

78.10

1.01

1.29%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

83.16

81.90

80.50

79.24

77.84

76.58

75.18

That concludes the explanation of "Daily Technical Analysis: March 7, 2024 – Labor Sector Slows Down, USD Erodes." Also, check out our other articles, such as how to buy cryptocurrency, exclusively on Jurnal GIC. Don’t forget to enhance your trading skills by obtaining the Ebook Scalping guide and participating in the NFP Live Trading sessions. Make sure to download the GIC Mobile Apps from the Google Play Store.