Here is the daily technical analysis for February 12, 2024. The data and analysis 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 results.
 
Below, we provide an overview of the expected price movements in Forex and Commodity markets, complete with Pivot point levels, Resistance, and Support calculations.
 
EURUSD
 
EUR/USD on the 1-hour chart is at the first resistance area of 1.07980, attempting to rise to the second resistance area at 1.08130 and the third resistance at 1.08310. The RSI indicator is above the pivot area, suggesting that the euro may rise before reaching the overbought area.

Suggest: Sell 1.08130 TP1 1.07800 TP2 1.07650 SL 1.08400

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

1.07755

1.07952

1.07622

1.07881

1.07780

0.00101

0.09%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

1.08310

1.08130

1.07980

1.07800

1.07650

1.07470

1.07320

 

GBPUSD

GBP/USD on the 1-hour chart is at the first resistance area of 1.26490, attempting to rise to the second resistance area at 1.26680 and the third resistance at 1.26920. The RSI indicator is above the pivot area, indicating that sterling may rise before reaching the overbought area.

Suggest: Sell 1.26680 TP1 1.26490 TP2 1.26240 SL 1.26920

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

1.26164

1.26429

1.25993

1.26355

1.26166

0.00189

0.15%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

1.26920

1.26680

1.26490

1.26240

1.26050

1.25800

1.25620

 

AUDUSD


AUD/USD on the 1-hour chart is at the first resistance area of 0.65310, attempting to rise to the second resistance area at 0.65560 and the third resistance at 0.65780. The RSI indicator is above the pivot area, indicating that the Aussie may rise before reaching the overbought area.

Suggest: Sell 0.65560 TP1 0.65310 TP2 0.65090 SL 0.65780

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

0.64870

0.65342

0.64870

0.65267

0.64918

0.00349

0.54%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

0.65780

0.65560

0.65310

0.65090

0.64840

0.64620

0.64370

 

USDCHF

USD/CHF on the 1-hour chart is at the pivot area of 0.87400, attempting to rise to the first resistance area of 0.87540 and the second resistance at 0.87760. The RSI indicator is above the pivot area, indicating the franc may rise towards the 70 RSI level, which is the overbought area.

Suggest: Buy 0.87180 TP1 0.87400 TP2 0.87540 SL 0.87040

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

0.87264

0.87622

0.87263

0.87460

0.87370

0.00090

0.10%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

0.87900

0.87760

0.87540

0.87400

0.87180

0.87040

0.86820

 

USDJPY

USD/JPY on the 1-hour chart is at the pivot area of 149.280, attempting to rise to the first resistance area of 149.550 and the second resistance at 149.850. The RSI indicator is at the pivot area, indicating the yen may rise towards the 70 RSI level, which is the overbought area.

Suggest: Buy 148.980 TP1 149.280 TP2 149.550 SL 148.720

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

149.263

149.576

149.011

149.260

149.318

-0.058

-0.04%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

150.110

149.850

149.550

149.280

148.980

148.720

148.420

 

XUL (LOCO LONDON GOLD)

Gold prices on the 1-hour chart are at the first support area of 2021.40, attempting to drop further to the second support area of 2012.40 and the third support at 2004.40. The RSI indicator shows an oversold condition, suggesting gold may rise before continuing its decline.

Suggest: Sell 2029.30 TP1 2021.40 TP2 2012.40 SL 2038.30

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

2034.31

2037.24

2020.31

2025.37

2033.77

-8.40

-0.41%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

2055.20

2046.20

2038.30

2029.30

2021.40

2012.40

2004.40

 

CLSK (OIL)


Oil prices on the 1-hour chart are at the pivot area of 76.56, with the potential to rise to the first resistance area of 77.20 and the second resistance at 77.89. The RSI indicator is above the pivot area, indicating that oil may rise towards the 70 RSI level, which is the overbought area.

Suggest: Sell 77.20 TP1 76.56 TP2 75.87 SL 77.89

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

76.39

77.25

75.92

76.52

76.52

0.00

0.00%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

78.53

77.89

77.20

76.56

75.87

75.23

74.54
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