Technical Analysis: October 24, 2023 – US Manufacturing Contraction, Dollar?

The following is a daily technical analysis, October 24, 2023. The data and analysis contained in this newsletter can be used on a wide scale for your trading. However, it is important to note that GICTrade and its data providers are not responsible for your trading results.\

So, it's your own responsibility. Before knowing today's technical analysis, immediately register yourself to participate in GIC Big Deals which is here to offer exclusive benefits and a variety of attractive prizes. This event will only take place for a limited time, from July 10 - December 31, 2023.

In the following, we will inform you about the forecast of price movements in Forex and Commodities which is equipped with the calculation of Pivot points, Resistance and Support levels. 

EURUSD

The daily technical analysis of the EUR/USD pair on the 15-minute period tried to move upwards, touching the resistance level at 1.06820 and heading to the next resistance level at 1.0732. An upward trend can also be seen from the template, where the potential for a percentage increase is higher than the percentage decrease. While the bullish bias is also supported by a buy signal indicated by a blue arrow.

Suggest: Buy 1.06820 TP1 1.07100 TP2 1.07320 SL 1.06500

GBPUSD

GBP/USD on the 15-minute period tried to move up, touching the resistance level at 1.23140 until the next resistance level at 1.23720. An upward trend can also be seen from the template, where the potential for a percentage increase is higher than the percentage decrease. While the bullish bias is also supported by a buy signal indicated by a blue arrow.

Suggest: Buy 1.22570 TP1 1.22900 TP2 1.23140 SL 1.22250

AUDUSD

AUD/USD in the 15-minute period tried to move up, touching the resistance level at 0.63790 until heading towards the next resistance level at 0.64110. An upward trend can also be seen from the template, where the potential for a percentage increase is higher than the percentage decrease. While the bullish bias is also supported by a buy signal indicated by a blue arrow.

Suggest: Buy 0.63790 TP1 0.64000 TP2 0.64110 SL 0.63510

USDCHF

Daily technical analysis for the USD/CHF pair on a 15-minute period tried to move down, touching the support level at 0.88640 until the next support level at 0.88260. A downward trend can also be seen from the template, where the potential for a percentage decrease is higher compared to the percentage increase. While the bias looks bearish supported by a sell signal indicated by a purple arrow.

Suggest: Sell 0.88640 TP1 0.88400 TP2 0.88260 SL 0.88900

USDJPY

USD/JPY in the 15-minute period tried to move down, touching the support level at 149,320 until heading to the next support level at 149,090. The downward trend can also be seen from the template, where the potential for a percentage decrease is higher compared to the percentage increase. While the bias looks bearish supported by a sell signal indicated by a purple arrow.

Suggest: Sell 149.450 TP1 49.200 TP2 149.000 SL 149.750

XUL (LOCO LONDON GOLD)

Gold prices in the 15-minute period tried to move up, touching the resistance level at 1983.90 until heading to the next resistance level at 1993.60. An upward trend can also be seen from the template, where the potential for a percentage increase is higher than the percentage decrease. While the bias looks bullish which is supported by a buy signal indicated by a blue arrow.

Suggest: Buy 1977.00 TP1 1980.00 TP2 1983.90 SL 1972.90

CLSK (OIL)

Daily technical analysis for oil prices in the 15-minute period is trying to move up, needing to cross the resistance level at 86.54 to reach the next resistance level at 87.74. Meanwhile, for further bearish bias, oil prices need to cross the support level at 84.87 to reach the next support level at 83.67.

Suggest: Buy 86.54 TP1 87.00 TP2 87.50 SL 86.00

Well, that's the explanation of "Technical Daily Analysis: October 24, 2023 – US Manufacturing Sector Contracts, Dollar Could Fall". Also read our other articles, such as an explanation of how to buy cryptocurrencies, only in the GIC Journal. Don't forget to practice your trading skills by getting the Scalping Ebook and following Live Trading on NFP Live Trading. Make sure, download GIC Mobile Apps on the Google Play Store.