Here is the daily technical analysis for November 16, 2023. 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 your trading results.

Therefore, it is your own responsibility. Before diving into today’s technical analysis, make sure to register for the GIC Big Deals, offering exclusive benefits and various attractive prizes. This event runs for a limited time, from July 10 - December 31, 2023.

Below, we provide forecasts of price movements in Forex and Commodities, along with Pivot point, Resistance, and Support level calculations.

EURUSD



EUR/USD on the 1-hour timeframe is attempting to move downward, touching the support level at 1.08350 and heading toward the next support level at 1.08060. The downtrend is also visible in the template, where the potential percentage for a decline is higher compared to an increase. Meanwhile, the bias remains bullish, supported by a buy signal indicated by the blue arrow.

Suggest: Sell 1.08350 TP1 1.08060 TP2 1.07810 SL 1.08600

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

1.08774

1.08855

1.08315

1.08469

1.08787

-0.00318

-0.29%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

1.09430

1.09140

1.08890

1.08600

1.08350

1.08060

1.07810

 

 

GBPUSD



GBP/USD on the 1-hour timeframe is attempting to move downward, touching the support level at 1.23580 and heading toward the next support level at 1.23130. The downtrend is also visible in the template, where the potential percentage for a decline is higher compared to an increase. Meanwhile, the bias remains bullish, supported by a buy signal indicated by the blue arrow.

Suggest: Sell 1.23800 TP1 1.23580 TP2 1.23130 SL 1.24080

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

1.24976

1.24996

1.24038

1.24163

1.24981

-0.00818

-0.65%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

1.26000

1.25500

1.25040

1.24540

1.24080

1.23580

1.23130

 

AUDUSD



AUD/USD on the 1-hour timeframe is attempting to move upward, touching the resistance level at 0.65040 and heading toward the next resistance level at 0.65250. The uptrend is also visible in the template, where the potential percentage for an increase is higher compared to a decline. Meanwhile, the bullish bias is supported by a buy signal indicated by the blue arrow.

Suggest: Biru 0.64660 TP1 0.65040 TP2 0.65250 SL 0.64450

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

0.64826

0.65417

0.64826

0.65092

0.65075

0.00017

0.03%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

0.65850

0.65630

0.65250

0.65040

0.64660

0.64450

0.64070

 

 

USDCHF



USD/CHF on the 1-hour timeframe is attempting to move upward, touching the resistance level at 0.89090 and heading toward the next resistance level at 0.89300. The trend is still in a downtrend, as indicated by the template, where the potential percentage for a decline is higher compared to an increase. Meanwhile, the bias appears bullish, supported by a buy signal indicated by the blue arrow.

Suggest: Buy 0.88820 TP1 0.89090 TP2 0.89300 SL 0.88610

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

0.88905

0.89031

0.88547

0.88800

0.88905

-0.00105

-0.12%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

0.89580

0.89300

0.89090

0.88820

0.88610

0.88340

0.88130

 

 

USDJPY



USD/JPY on the 1-hour timeframe is attempting to move upward, touching the resistance level at 151.550 and heading toward the next resistance level at 152.170. The uptrend is also visible in the template, where the potential percentage for an increase is higher compared to a decline. Meanwhile, the bias appears bullish, supported by a buy signal indicated by the blue arrow.

Suggest: Buy 151.300 TP1 151.550 TP2 151.800 SL 151.000

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

150.330

151.422

150.050

151.390

150.387

1.003

0.67%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

152.920

152.170

151.550

150.800

150.180

149.430

148.810

 

XUL (LOCO LONDON GOLD)



Gold prices on the 1-hour timeframe are attempting to move upward, touching the resistance level at 1971.00 and heading toward the next resistance level at 1982.90. The uptrend is also visible in the template, where the potential percentage for an increase is higher compared to a decline. Meanwhile, the bias appears bullish, supported by a buy signal indicated by the blue arrow.

Suggest: Buy 1963.30 TP1 1967.00 TP2 1971.20 SL 1960.00

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

1962.79

1975.07

1955.43

1959.73

1962.83

-3.10

-0.16%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

1990.80

1982.90

1971.20

1963.30

1951.50

1943.70

1931.90

 

 

CLSK (OIL)



Oil prices on the 1-hour timeframe are attempting to move upward, needing to surpass the resistance level at 77.18 to reach the next resistance level at 78.05. For a bearish bias, oil prices would need to break through the support level at 75.62 to move toward the next support level at 74.75.

Suggest: Sell 76.00 TP1 75.62 TP2 75.00 SL 76.50

 

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

78.15

78.74

76.31

76.49

78.20

-1.71

-2.19%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

80.48

79.61

78.05

77.18

75.62

74.75

73.19


So, that concludes the explanation of “Daily Technical Analysis: November 16, 2023 – Unemployment Claims Rise, USD May Plummet.” Also, check out our other articles, such as the guide on how to buy cryptocurrency, only on Jurnal GIC. Don't forget to sharpen your trading skills by getting the Ebook Scalping guide and participating in Live Trading during NFP Live Trading. Make sure to download the GIC Mobile App on Google Play Store.