Here is the technical daily analysis for 2 March 2024. The data and analysis in this bulletin can be used broadly for your trading. However, it should be noted that GICTrade and the data providers are not responsible for your trading results.
 
We will provide you with the forecast of price movements in Forex and Commodities, complete with the calculation of Pivot levels, Resistance, and Support.

EURUSD

The EUR/USD on the 1-hour period is above the first support area at 1.07310, attempting to move up to the pivot area at 1.07650 and towards the first resistance at 1.07990. Meanwhile, the RSI indicator is below the pivot area, indicating that the euro has the potential to move down first before rebounding.

Suggest: Buy 1.07310 TP1 1.07650 TP2 1.07990 SL 1.07000

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

1.07857

1.07989

1.07311

1.07428

1.07927

-0.00499

-0.46%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

1.08670

1.08330

1.07990

1.07650

1.07310

1.06970

1.06630

 

GBPUSD

The GBP/USD on the 1-hour period is above the first support area at 1.25100, attempting to move up to the pivot area at 1.25760 and towards the first resistance at 1.26120. Meanwhile, the RSI indicator is below the pivot area, indicating that the pound sterling has the potential to move down first before rebounding.

Suggest: Buy 1.25500 TP1 1.25760 TP2 1.26120 SL 1.25100

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

1.25715

1.26421

1.25397

1.25509

1.26240

-0.00731

-0.58%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

1.27150

1.26780

1.26120

1.25760

1.25100

1.24740

1.24080

 

AUDUSD

The AUD/USD on the 1-hour period is above the first support area at 0.64730, attempting to move up to the pivot area at 0.65060 and towards the first resistance at 0.65310. Meanwhile, the RSI indicator is below the pivot area, indicating that the Aussie has the potential to move up.

Suggest: Buy 0.64730 TP1 0.65060 TP2 0.65310 SL 0.64480

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

0.65140

0.65389

0.64808

0.64901

0.65121

-0.00220

-0.34%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

0.65890

0.65640

0.65310

0.65060

0.64730

0.64480

0.64150

 

USDCHF

The USD/CHF on the 1-hour period is below the first resistance area at 0.90500, attempting to move up to the second resistance area at 0.90870 and towards the third resistance area at 0.91160. Meanwhile, the RSI indicator is above the pivot area, indicating that the Swiss franc has the potential to move up further.

Suggest: Buy 0.90500 TP1 0.90870 TP2 0.91160 SL 0.90210

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

0.89916

0.90571

0.89916

0.90428

0.90072

0.00356

0.40%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

0.91160

0.90870

0.90500

0.90210

0.89850

0.89560

0.89190

 

USDJPY

The USD/JPY on the 1-hour period is above the pivot area at 151.480, attempting to move up towards the first resistance area at 151.750 and then to the second resistance area at 152.040. Meanwhile, the RSI indicator is above the pivot area, indicating that the yen has the potential to move up.

Suggest: Buy 151.480 TP1 151.750 TP2 152.040 SL 151.190

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

151.265

151.774

151.215

151.648

151.312

0.336

0.22%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

152.300

152.040

151.750

151.480

151.190

150.920

150.630

 

XUL (LOCO LONDON GOLD)

The gold price on the 1-hour period is above the pivot area at 2246.70, attempting to move up towards the first resistance area at 2264.90 and then to the second resistance area at 2283.90. Meanwhile, the RSI indicator is above the pivot area, indicating that the gold price has the potential to move up further.

Suggest: Buy 2255.00 TP1 2264.90 TP2 2270.00 SL 2245.00

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

2244.13

2265.68

2228.51

2248.60

2219.75

28.85

1.30%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

2302.10

2283.90

2264.90

2246.70

2227.70

2209.50

2190.60

 

CLSK (OIL)

The oil price on the 1-hour period is above the pivot area at 83.65, with the potential to move up to the first resistance area at 84.70 and then to the second resistance area at 85.52. Meanwhile, the RSI indicator is above the pivot area, indicating that the oil price has the potential to move up further.

Suggest: Buy 84.00 TP1 84.50 TP2 85.00 SL 83.50

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

83.13

84.47

82.60

83.87

83.04

0.83

1.00%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

86.57

85.52

84.70

83.65

82.83

81.78

80.96

That's the explanation about "Technical Daily Analysis: 2 April 2024 – Manufacturing Grows, US Dollar Soars." Also, check out our other articles, such as guides on how to buy cryptocurrency, exclusively in the GIC Journal. Don’t forget to enhance your trading skills by getting the Scalping Ebook guide and participating in Live Trading during the NFP Live Trading session. Make sure to download the GIC Mobile App from the Google Play Store!