Technical Daily Analysis: June 5, 2024 – Labor Force Declines, Dollar Plummets

The following is a technical daily analysis for June 5, 2024. The data and analysis in this bulletin can be widely used for your trading. However, it is important to note that GICTrade and the data providers are not responsible for your trading results.

Here, we will provide forecasts for price movements in Forex and Commodities, complete with calculations for Pivot points, Resistance, and Support levels.

USDJPY



USD/JPY pada periode 1 jam berada di bawah area resistance pertama di 156.430, mencoba untuk bergerak turun menuju area pivot di 155.490 hingga menuju area support pertama di 154.490. Sementara indicator RSI berada di atas area pivot sehingga yen berpotensi untuk bergerak naik terlebih dahulu menuju resistance pertama sebelum melanutkan tren penurunan.

Suggest: Sell 156.300 TP1 156.000 TP2 155.500 SL 156.600

XAUUSD (LOCO LONDON GOLD)



The gold price on the 1-hour timeframe is above the first support area at 2320.80, attempting to move up towards the pivot area at 2336.80 and then towards the first resistance area at 2358.00. Meanwhile, the RSI indicator is below the pivot area, suggesting that the gold price has the potential to move down first before rising.

Suggest: Buy 2330.00 TP1 2335.00 TP2 2345.00 SL 2325.00

CLSK (OIL)



The oil price on the 1-hour timeframe is above the pivot area at 73.29, indicating the potential to move up to the first resistance area at 74.12 and then towards the second resistance at 74.93. Meanwhile, the RSI indicator is above the pivot area, suggesting that the oil price has the potential to move up further.

Suggest: Buy 73.00 TP1 73.50 TP2 74.00 SL 72.50

So, that concludes the explanation of "Technical Daily Analysis: June 5, 2024 – Labor Force Declines, Dollar Plummets." Be sure to read our other articles, such as the guide on how to buy cryptocurrency, available only in the GIC Journal. Don’t forget to sharpen your trading skills by getting the Ebook Scalping guide. Make sure to download the GIC Mobile Apps from the Google Play Store.