Here is the daily technical analysis for November 17, 2023. The data and analysis in this bulletin can be broadly used for your trading. However, it should be noted that GICTrade and the data providers are not responsible for your trading outcomes.

Therefore, the responsibility lies with you. Before diving into today's technical analysis, be sure to register for GIC Big Deals, which offers exclusive benefits and various exciting prizes. This event is only available for a limited time, from July 10 to December 31, 2023.

We will provide forecasts for price movements in Forex and Commodities, complete with calculations of Pivot Points, Resistance, and Support levels.


EURUSD



EUR/USD on the 1-hour timeframe is attempting to move downward, touching the support level at 1.08160 and heading towards the next support level at 1.07900. The downtrend is also evident from the template, where the potential percentage decline is higher than the percentage increase. Meanwhile, the bearish bias is supported by a sell signal indicated by a purple arrow.

Suggest: Sell 1.08160 TP1 1.07900 TP2 1.07510 SL 1.08400

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

1.08470

1.08956

1.08300

1.08529

1.08469

0.00060

0.06%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

1.09480

1.09220

1.08820

1.08560

1.08160

1.07900

1.07510

 

GBPUSD



GBP/USD on the 1-hour timeframe is attempting to move downward, touching the support level at 1.23760 and heading towards the next support level at 1.23360. The downtrend is also evident from the template, where the potential percentage decline is higher than the percentage increase. Meanwhile, the bearish bias is supported by a sell signal indicated by a purple arrow.

Suggest: Sell 1.23760 TP1 1.23360 TP2 1.22960 SL 1.24000

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

1.24161

1.24560

1.23764

1.24144

1.24163

-0.00019

-0.02%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

1.25350

1.24960

1.24560

1.24160

1.23760

1.23360

1.22960

 

 

AUDUSD



AUD/USD on the 1-hour timeframe is attempting to move downward, touching the support level at 0.64610 and heading towards the next resistance level at 0.64330. The downtrend is also evident from the template, where the potential percentage decline is higher than the percentage increase. Meanwhile, the bearish bias is supported by a sell signal indicated by a purple arrow.

Suggest: Sell 0.64610 TP1 0.64330 TP2 0.64050 SL 0.64800

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

0.65061

0.65170

0.64608

0.64713

0.65092

-0.00379

-0.58%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

0.65730

0.65450

0.65170

0.64890

0.64610

0.64330

0.64050

 

 

USDCHF



USD/CHF on the 1-hour timeframe is attempting to move upward, touching the resistance level at 0.89060 and heading towards the next resistance level at 0.89260. The uptrend is also evident from the template, where the potential percentage increase is higher than the percentage decline. Meanwhile, the bullish bias is supported by a buy signal indicated by a blue arrow.

Suggest: Buy 0.89060 TP1 0.89260 TP2 0.89520 SL 0.88800

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

0.88783

0.89000

0.88541

0.88863

0.88800

0.00063

0.07%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

0.89520

0.89260

0.89060

0.88800

0.88600

0.88340

0.88140

 

USDJPY



USD/JPY on the 1-hour timeframe is attempting to move downward, touching the support level at 149.790 and heading towards the next support level at 149.300. The downtrend is also evident from the template, where the potential percentage decline is higher than the percentage increase. Meanwhile, the bearish bias is supported by a sell signal indicated by a purple arrow.

Suggest: Sell 150.450 TP1 150.200 TP2 150.000 SL 150.700

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

151.312

151.432

150.286

150.733

151.390

0.657

0.43%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

152.740

152.090

151.590

150.940

150.450

149.790

149.300

 

XUL (LOCO LONDON GOLD)



Gold on the 1-hour timeframe is attempting to move upward, touching the resistance level at 2002.80 and heading towards the next resistance level at 2017.70. The uptrend is also evident from the template, where the potential percentage increase is higher than the percentage decline. Meanwhile, the bullish bias is supported by a buy signal indicated by a blue arrow.

Suggest: Buy 1985.00 TP1 1990.00 TP2 1995.20 SL 1980.00

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

1960.16

1987.95

1956.51

1981.17

1959.73

21.44

1.09%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

2017.70

2002.80

1986.30

1971.40

1954.90

1940.00

1923.40

 

CLSK (OIL)



Oil on the 1-hour timeframe is attempting to move upward, needing to break through the resistance level at 73.89 to reach the next resistance level at 75.63. Meanwhile, for a bearish bias, the price of oil needs to break through the support level at 71.17 to reach the next support level at 69.43.

Suggest: Buy 73.00 TP1 73.50 TP2 74.00 SL 72.50

 

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

76.54

76.61

72.15

72.92

76.49

-3.57

-4.67%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

80.09

78.35

75.63

73.89

71.17

69.43

66.71


Here’s the explanation about “Daily Technical Analysis: November 17, 2023 – The US Dollar Tries to Rebound.” Also, check out our other articles, such as guides on how to buy cryptocurrency, only on the GIC Journal. Don't forget to enhance your trading skills by getting the Scalping Ebook guide and participating in Live Trading at NFP Live Trading. Be sure to download the GIC Mobile Apps on the Google Play Store.