Daily Technical Analysis: November 20, 2023 - Greenback Consolidates!

Here is the daily technical analysis for November 20, 2023. The data and analysis in this bulletin can be widely applied to your trading. However, it should be noted that GICTrade and the data providers are not responsible for the outcome of your trades.

This responsibility lies with you. Before reviewing today's technical analysis, make sure to register for GIC Big Deals, offering exclusive benefits and attractive prizes. This event is available for a limited time, from July 10 to December 31, 2023.

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

EURUSD



On the 1-hour timeframe, EUR/USD is attempting to move upwards, reaching the resistance level at 1.09230 and potentially moving towards the next resistance at 1.09590. The uptrend is also visible on the template, with the potential percentage increase being higher than the percentage decrease. The bullish bias is supported by a buy signal, indicated by a blue arrow.

Suggest: Buy 1.09100 TP1 1.09300 TP2 1.09590 SL 1.08900

GBPUSD



On the 1-hour timeframe, GBP/USD is attempting to move upwards, reaching the resistance level at 1.24820 and potentially moving towards the next resistance at 1.25170. The uptrend is also visible on the template, with the potential percentage increase being higher than the percentage decrease. The bullish bias is supported by a buy signal, indicated by a blue arrow.

Suggest: Buy 1.24600 TP1 1.248200 TP2 1.25170 SL 1.24400

AUDUSD



AUD/USD pada periode 1 jam mencoba bergerak naik, menyentuh level resistance di 0.65500 hingga menuju level resistance selanjutnya di 0.65840. Tren kenaikan juga terlihat dari template, dimana potensi persentase kenaikan lebih tinggi dibandingkan dengan persentase penurunan. Sementara bias bullish juga didukung oleh sinyal buy yang ditunjukkan dengan tanda panah biru.

Suggest: Buy 0.65300 TP1 0.65500 TP2 0.65840 SL 0.65100

USDCHF



On the 1-hour timeframe, USD/CHF is attempting to move downwards, touching the support level at 0.88310 and potentially heading towards the next support at 0.88100. The downtrend is also evident on the template, where the potential percentage decrease is greater than the percentage increase. The bearish bias is supported by a sell signal, indicated by a purple arrow.

Suggest: Sell 0.88520 TP1 0.88310 TP2 0.88100 SL 0.88730

USDJPY



On the 1-hour timeframe, USD/JPY is attempting to move downwards, touching the support level at 148.510 and potentially heading towards the next support at 147.830. The downtrend is evident on the template, indicating that the potential percentage decrease is greater than the percentage increase. The bearish bias is supported by a sell signal, indicated by a purple arrow.

Suggest: Sell 149.400 TP1 149.000 TP2 148.510 SL 150.090

XUL (LOCO LONDON GOLD)



On the 1-hour timeframe, gold prices are attempting to rise, reaching the resistance level at 1988.00 and potentially heading towards the next resistance at 1998.10. The uptrend is also evident on the template, indicating that the potential percentage increase is greater than the percentage decrease. Meanwhile, the bullish bias is supported by a buy signal, indicated by a blue arrow.

Suggest: Sell 1988.00 TP1 1983.00 TP2 1975.20 SL 1995.00

CLSK (OIL)

So, that’s the explanation about “Technical Daily Analysis: November 20, 2023 – Greenback in Consolidation Phase.” Also, check out our other articles, such as guides on how to buy cryptocurrency, exclusively in the GIC Journal. Don’t forget to hone your trading skills by obtaining the Scalping Ebook guide and participating in Live Trading at NFP Live Trading. Make sure to download the GIC Mobile Apps on the Google Play Store.