Here is the daily technical analysis for February 23, 2024. The data and analysis in this bulletin can be widely used for your trading. However, it should be noted that GICTrade and the data providers are not responsible for your trading results.
 
Below, we will provide forecasts for price movements in Forex and Commodities, accompanied by calculations of pivot points, resistance, and support levels.
 

EURUSD


EUR/USD on the 4-hour period is below the pivot area of 1.08320, attempting to drop to the first support area at 1.07760 and then to the second support at 1.07460. Meanwhile, the RSI indicator is above the pivot area, indicating that the euro may rise before falling.
 

Suggest: Sell 1.08610 TP1 1.08320 TP2 1.08000 SL 1.08850

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

1.08128

1.08885

1.08028

1.08229

1.08196

0.00033

0.03%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

1.09470

1.09180

1.08610

1.08320

1.07760

1.07460

1.06900

 

GBPUSD


GBP/USD on the 4-hour period is above the pivot area of 1.26540, attempting to rise to the first resistance area at 1.26960 and then to the second resistance at 1.27520. Meanwhile, the RSI indicator is above the pivot area, indicating that the pound may rise before falling.

Suggest: Sell 1.26960 TP1 1.26540 TP2 1.26200 SL 1.27200

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

1.26325

1.27097

1.26116

1.26608

1.26378

0.00230

0.18%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

1.27950

1.27520

1.26960

1.26540

1.25980

1.25560

1.25000

 

AUDUSD

AUD/USD on the 4-hour period is above the pivot area of 0.65600, attempting to rise to the first resistance area at 0.65800 and then to the second resistance at 0.66150. Meanwhile, the RSI indicator is above the pivot area, indicating that the Aussie may rise before falling.

Suggest: Sell 0.65800 TP1 0.65600 TP2 0.65250 SL 0.66100

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

0.65465

0.65951

0.65405

0.65565

0.65519

0.00046

0.07%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

0.66340

0.66150

0.65800

0.65600

0.65250

0.65050

0.64700

 

USDCHF

USD/CHF on the 4-hour period is below the first resistance area of 0.87870, attempting to drop to the pivot area at 0.87890 and then to the first support at 0.87570. Meanwhile, the RSI indicator is around the pivot area, indicating that the Swiss franc may drop before rising.

Suggest: Buy 0.87570 TP1 0.87890 TP2 0.88360 SL 0.87300

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

0.87897

0.88214

0.87423

0.88020

0.87956

0.00064

0.07%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

0.89150

0.88680

0.88360

0.87890

0.87570

0.87100

0.86780

 

USDJPY

USD/JPY on the 4-hour period is below the first resistance area of 150.740, attempting to drop to the pivot area at 150.380 and then to the first support at 150.070. Meanwhile, the RSI indicator is above the pivot area, indicating that the yen may rise before falling.

Suggest: Sell 150.800 TP1 150.380 TP2 150.070 SL 151.100

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

150.280

150.691

150.018

150.535

150.284

0.251

0.17%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

151.420

151.050

150.740

150.380

150.070

149.710

149.400

 

XUL (LOCO LONDON GOLD)

The gold price on the 4-hour period is below the pivot area of 2026.20, attempting to move down towards the first support area at 2017.60 and then to the second support at 2011.00. Meanwhile, the RSI indicator is below the pivot area, indicating that the gold price may continue to drop.

Suggest: Buy 2011.00 TP1 2017.60 TP2 2026.20 SL 2006.00

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

2025.47

2034.80

2019.63

2024.81

2024.25

0.56

0.03%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

2047.90

2041.40

2032.80

2026.20

2017.60

2011.00

2002.40

 

CLSK (OIL)

The oil price on the 4-hour period is below the pivot area of 78.18, potentially dropping to the first support area at 77.46 and then to the second support at 76.49. Meanwhile, the RSI indicator is around the pivot area, indicating that the oil price may continue to drop.

Suggest: Buy 77.46 TP1 78.11 TP2 79.15 SL 77.00

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

78.08

78.90

77.21

78.43

77.99

0.44

0.56%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

80.84

79.87

79.15

78.18

77.46

76.49

75.77


That concludes the explanation of "Daily Technical Analysis: February 23, 2024 – The US Dollar is Pressured." Also, read our other articles, such as explanations on how to buy cryptocurrency, exclusively in the GIC Journal. Don't forget to enhance your trading skills by obtaining the Scalping Ebook guide and participating in Live Trading at NFP Live Trading. Make sure to download the GIC Mobile App from the Google Play Store.