Daily Technical Analysis: November 3, 2023 - NFP Drops, USD Slips

Here is the daily technical analysis for November 3, 2023. The data and analysis in this bulletin can be widely applied to your trading. However, please note that GICTrade and the data providers are not responsible for your trading outcomes.

Therefore, it is your own responsibility. Before reviewing today’s technical analysis, be sure to register for GIC Big Deals, which offers exclusive benefits and various exciting prizes. This event runs for a limited time, from July 10 to December 31, 2023.

Below, we will provide forecasted price movements in Forex and Commodities, complete with calculations for Pivot points, Resistance, and Support levels.

EURUSD



The EUR/USD pair in the 1-hour period is attempting to move upward, touching the resistance level at 1.06460 and heading towards the next resistance level at 1.07080. The upward trend is also reflected in the template, where the potential percentage for an increase is higher compared to the percentage for a decline. Meanwhile, the bullish bias is supported by a buy signal indicated by the green arrow.

Suggest: Buy 1.06460 TP1 1.06700 TP2 1.07080 SL 1.06200

GBPUSD

The GBP/USD pair in the 1-hour period is attempting to move upward, touching the resistance level at 1.22200 and heading towards the next resistance level at 1.22660. The upward trend is also reflected in the template, where the potential percentage for an increase is higher compared to the percentage for a decline. Meanwhile, the bullish bias is supported by a buy signal indicated by the blue arrow.

Suggest: Buy 1.22200 TP1 1.22400 TP2 1.22660 SL 1.21950

AUDUSD



The AUD/USD pair in the 1-hour period is attempting to move upward, touching the resistance level at 0.64450 and heading towards the next resistance level at 0.64840. The upward trend is also reflected in the template, where the potential percentage for an increase is higher compared to the percentage for a decline. Meanwhile, the bullish bias is supported by a buy signal indicated by the blue arrow.

Suggest: Biru 0.64450 TP1 0.64700 TP2 0.64840 SL 0.64150

USDCHF

The USD/CHF pair in the 1-hour period is attempting to move downward, touching the support level at 0.90360 and heading towards the next support level at 0.89950. The downward trend is also reflected in the template, where the potential percentage for a decline is higher compared to the percentage for an increase. Meanwhile, the bias appears bearish, supported by a sell signal indicated by the purple arrow.

Suggest: Sell 0.90360 TP1 0.89950 TP2 0.89750 SL 0.90560

USDJPY



The USD/JPY pair in the 1-hour period is attempting to move downward, touching the support level at 150.130 and heading towards the next support level at 149.430. The downward trend is also reflected in the template, where the potential percentage for a decline is higher compared to the percentage for an increase. Meanwhile, the bias appears bearish, supported by a sell signal indicated by the purple arrow.

Suggest: Sell 150.350 TP1 150.130 TP2 149.850 SL 150.530

XUL (LOCO LONDON GOLD)



The gold price in the 1-hour period is attempting to move upward, touching the resistance level at 1989.70 and heading towards the next resistance level at 1996.40. The upward trend is also reflected in the template, where the potential percentage for an increase is higher compared to the percentage for a decline. Meanwhile, the bias appears bullish, supported by a buy signal indicated by the blue arrow.

Suggest: Buy 1988.00 TP1 1991.00 TP2 1995.00 SL 1984.00

CLSK (OIL)


The oil price in the 1-hour period is attempting to move upward, needing to break through the resistance level at 83.43 before heading towards the next resistance level at 84.40. Meanwhile, for a bearish bias, the oil price needs to surpass the support level at 81.82 and move towards the next support level at 80.85.

Suggest: Buy 83.00 TP1 83.50 TP2 84.00 SL 82.50