Technical Daily Analysis: October 10, 2023 – Geopolitics Heats Up, Dollar?

The following is a daily technical analysis, October 10, 2023. The data and analysis contained in this newsletter can be used on a wide scale for your trading. However, it is important to note that GICTrade and its data providers are not responsible for your trading results.

So, it's your own responsibility. Before knowing today's technical analysis, immediately register yourself to participate in GIC Big Deals which is here to offer exclusive benefits and a variety of attractive prizes. This event will only take place for a limited time, from July 10 - December 31, 2023.

In the following, we will inform you about the forecast of price movements in Forex and Commodities which is equipped with the calculation of Pivot points, Resistance and Support levels.

EURUSD

EUR/USD on the 1-hour period tried to move down, touching the support level at 1.05510 until heading to the next support level at 1.05300. The downward trend can also be seen from the FXBot template, where the EUR figure is lower by 3.0 than the USD figure of 6.0. While the bearish bias is also supported by a sell signal indicated by a red arrow.

Suggest: Sell 1.05510 TP1 1.05300 TP2 1.04960 SL 1.05840

GBPUSD

GBP/USD on the 1-hour period tried to move down, touching the support level at 1.22090 until heading to the next support level at 1.21760. The downward trend can also be seen from the FXBot template, where the GBP figure is lower by 3.4 than the USD figure of 6.2. While the bearish bias is also supported by a sell signal indicated by a red arrow.

Suggest: Sell 1.22090 TP1 1.21760 TP2 1.21500 SL 1.22350

AUDUSD

AUD/USD on the 1-hour period tried to move down, touching the support level of 0.63790 until heading towards the next support level at 0.63450. The downward trend is also supported by the FXBot template, where the AUD figure is lower by 2.7 than the USD figure of 6.1. While the bearish bias is also supported by a sell signal indicated by a red arrow.

Suggest: Sell 0.63790 TP1 0.63450 TP2 0.63070 SL 0.64100

USDCHF

Daily technical analysis for the USD/CHF pair on the 1-hour period is trying to move up, touching the resistance level at 0.90790 to the next resistance level at 0.91100. The upward trend can also be seen from the FXBot template, where the CHF figure is lower by 5.1 than the USD figure of 6.0. While the bullish bias is also supported by a buy signal indicated by a green arrow.

Suggest: Buy 0.90790 TP1 0.91100 TP2 0.91530 SL 0.90500

USDJPY

USD/JPY in the 1-hour period tried to move up, touching the resistance level at 148,790 until heading to the next resistance level at 149,160. The uptrend is also supported by the FXBot template, where the JPY figure is lower by 2.3 than the USD figure of 6.1.  While the bullish bias is also supported by a buy signal indicated by a green arrow.

Suggest: Buy 148.790 TP1 149.160 TP2 149.590 SL 148.500

XUL (LOCO LONDON GOLD)

Gold prices in the 1-hour period tried to move up, touching the resistance level at 1874.00 to the next resistance level at 1884.00. Meanwhile, for a bearish bias, the gold price needs to pass the support level at 1853.30 to the next support level at 1843.30.

Suggest: Sell 1874.00 TP1 1869.00 TP2 1864.00 SL 1878.00

CLSK (OIL)

Daily technical analysis for oil prices in the 1-hour period is trying to move up, it needs to break through the resistance level at 86.06 again to the next resistance level at 87.45. Meanwhile, to change the bias to bearish, oil prices need to pass the support level at 84.91 to reach the next support level at 83.52.

Suggest: Buy 85.00 TP1 85.50 TP2 86.00 SL 84.50

So, that's the explanation of "Technical Daily Analysis: October 10, 2023 – Geopolitical Tensions Heat Up, Safe Haven Hunted". Also read our other articles, such as an explanation of how to buy cryptocurrencies, only in the GIC Journal. Don't forget to practice your trading skills by getting the Scalping Ebook and following Live Trading on NFP Live Trading. Make sure, download GIC Mobile Apps on the Google Play Store.