Technical Analysis: November 6, 2023 - Low Bond Yields, Dollar Drops

Here is the daily technical analysis for November 6, 2023. The data and analysis provided in this bulletin can be broadly used for your trading. However, it is important to note that GICTrade and the data providers are not responsible for your trading outcomes.

Therefore, this responsibility lies with you. Before delving into today’s technical analysis, make 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, including calculations for pivot points, resistance, and support levels.


EURUSD



The EUR/USD pair on the 1-hour period is attempting to move upward, touching the resistance level at 1.07430 and heading toward the next resistance at 1.08120. The upward trend is also visible from the template, indicating that the potential for a rise is higher than the potential for a decline. Meanwhile, the bullish bias is supported by a buy signal shown by the green arrow.

Suggest: Sell 1.07430 TP1 1.07000 TP2 1.06780 SL 1.07700

GBPUSD

The GBP/USD pair on the 1-hour period is attempting to move upward, touching the resistance level at 1.23930 and heading toward the next resistance at 1.24940. The upward trend is also visible from the template, where the potential percentage for an increase is higher than for a decline. Meanwhile, the bullish bias is supported by a buy signal shown by the blue arrow.

Suggest: Sell 1.23900 TP1 1.23600 TP2 1.23400 SL 1.24200

AUDUSD



The AUD/USD pair on the 1-hour period is attempting to move upward, touching the resistance level at 0.65200 and heading toward the next resistance at 0.65690. The upward trend is also visible from the template, where the potential percentage for an increase is higher than for a decline. Meanwhile, the bullish bias is supported by a buy signal indicated by the blue arrow.

Suggest: Sell 0.65200 TP1 0.64900 TP2 0.64700 SL 0.65500

USDCHF

The USD/CHF pair on the 1-hour period is attempting to move downward, touching the support level at 0.89700 and heading toward the next support at 0.89130. The downward trend is also visible from the template, where the potential percentage for a decline is higher than for an increase. Meanwhile, the bearish bias is supported by a sell signal indicated by the purple arrow.

Suggest: Buy 0.89700 TP1 0.90000 TP2 0.90220 SL 0.89400

USDJPY

The USD/JPY pair on the 1-hour period is attempting to move upward, touching the resistance level at 149.870 and heading toward the next resistance at 150.550. However, the overall trend still shows a downtrend according to the template, where the potential percentage for a decline is higher than for an increase. Despite this, the bias appears bullish, supported by a sell signal indicated by the blue arrow.

Suggest: Sell 149.870 TP1 149.500 TP2 149.220 SL 150.100

XUL (LOCO LONDON GOLD)



The price of gold on the 1-hour period is attempting to move downward, touching the support level at 1978.70 and heading toward the next support at 1970.60. The downtrend is also reflected in the template, where the potential percentage for a decline is higher than for an increase. Meanwhile, the bias appears bearish, supported by a sell signal indicated by the purple arrow.

Suggest: Sell 1985.00 TP1 1982.00 TP2 1979.00 SL 1990.00

CLSK (OIL)



The price of oil on the 1-hour period is attempting to move upward, needing to surpass the resistance level at 81.51 to reach the next resistance at 82.93. For further bearish bias, the oil price must break through the support level at 79.44, heading toward the next support at 78.02.

Suggest: Buy 81.51 TP1 82.00 TP2 82.50 SL 81.00

That's the explanation for "Daily Technical Analysis: November 6, 2023 – US Bond Yields Drop, Dollar Plunges." Also, check out our other articles, such as the guide on buying cryptocurrency, only on GIC Journal. Don’t forget to enhance your trading skills by getting the Ebook Scalping guide and joining Live Trading during NFP Live Trading. Make sure to download the GIC Mobile Apps on Google Play Store.