Technical Daily Analysis: February 28, 2024 - Greenback Rebounds

Here is the technical daily analysis for February 28, 2024. The data and analysis in this bulletin can be used broadly for your trading. However, it is important to note that GICTrade and data providers are not responsible for your trading results.

We will provide forecasts for price movements in Forex and Commodities, along with calculations of pivot points, resistance, and support levels.

EURUSD



EUR/USD on the 1-hour timeframe is below the first support area of 1.08300, attempting to drop to the second support area at 1.08150 and then toward the third support at 1.07970. Meanwhile, the RSI indicator is below the pivot area, indicating that the euro may continue to move downward.

Suggest: Sell 1.08300 TP1 1.08150 TP2 1.07970 SL 1.08480

GBPUSD



GBP/USD on the 1-hour timeframe is below the first support area of 1.26610, attempting to drop to the second support area at 1.26420 and then toward the third support at 1.26240. Meanwhile, the RSI indicator is below the pivot area, indicating that the pound sterling may continue to move downward.

Suggest: Sell 1.26610 TP1 1.26420 TP2 1.26240 SL 1.26790

AUDUSD

AUD/USD on the 1-hour timeframe is below the first support area of 0.65240, attempting to drop to the second support area
at 0.65080 and then toward the third support at 0.64910. Meanwhile, the RSI indicator is below the pivot area, indicating that the Aussie dollar may continue to move downward.

Suggest: Sell 0.65300 TP1 0.65100 TP2 0.64910 SL 0.65450

USDCHF



USD/CHF on the 1-hour timeframe is above the pivot area of 0.87940, attempting to rise to the first resistance area at 0.88030 and then toward the second resistance at 0.88200. Meanwhile, the RSI indicator is above the pivot area, indicating that the Swiss franc may continue to move upward.

Suggest: Buy 0.87940 TP1 0.88100 TP2 0.88300 SL 0.87780

USDJPY

USD/JPY on the 1-hour timeframe is above the pivot area of 150.480, attempting to rise to the first resistance area at 150.880 and then toward the second resistance at 151.110. Meanwhile, the RSI indicator is above the pivot area, indicating that the yen may continue to move upward.

Suggest: Buy 150.480 TP1 150.880 TP2 151.110 SL 150.260

XUL (LOCO LONDON GOLD)



Gold (XAU/USD) on the 1-hour timeframe is below the pivot area of 2032.40, attempting to move down toward the first support area at 2025.30 and then toward the second support at 2021.70. Meanwhile, the RSI indicator is below the pivot area, indicating that gold prices may continue to move downward.

Suggest: Sell 2032.40 TP1 2025.30 TP2 2021.70 SL 2036.00

CLSK (OIL)

Crude oil on the 1-hour timeframe is below the first resistance area of 79.30, potentially moving down to the pivot area at 78.23 and then toward the first support at 77.52. Meanwhile, the RSI indicator is above the pivot area, indicating that oil prices may move upward first before declining.

Suggest: Sell 79.30 TP1 78.80 TP2 78.23 SL 79.80

So, that’s the explanation about “Technical Daily Analysis: February 28, 2024 – Greenback Rebound.” Also, check out our other articles, such as guides on how to buy cryptocurrency, only at GIC Journal. Don’t forget to enhance your trading skills by getting the Scalping Ebook guide and participating in Live Trading at NFP Live Trading. Be sure to download the GIC Mobile App from the Google Play Store.