Technical Daily Analysis: October 6, 2023 – NFP Expected to Drop, USD?

Here is the daily technical analysis for October 6, 2023. The data and analysis in this bulletin can be widely used for your trading. However, it is important to note that GICTrade and data providers are not responsible for your trading results.

Therefore, the responsibility lies with you. Before delving into today’s technical analysis, be sure to register for the GIC Big Deals, which offers exclusive benefits and various exciting prizes. This event runs for a limited time, from July 10 to December 31, 2023.

We will provide forecasts for price movements in Forex and Commodities, along with calculations for Pivot points, Resistance, and Support levels.

EURUSD



EUR/USD in the 1-hour period is attempting to move downward, touching the support level at 1.05250 and heading towards the next support level at 1.05000. The downward trend is also visible in the FXBot template, where the EUR figure is lower at 0.0 compared to the USD figure of 8.7. Meanwhile, the bearish bias is supported by the sell signal indicated by the red arrow.

Suggest: Buy 1.05000 TP1 1.05250 TP2 1.05520 SL 1.04730

GBPUSD



GBP/USD in the 1-hour period is attempting to move downward, touching the support level at 1.21560 and heading towards the next support level at 1.21180. The downward trend is also evident in the FXBot template, where the GBP figure is lower at 5.5 compared to the USD figure of 8.8. Meanwhile, the bearish bias is supported by the sell signal indicated by the red arrow.

Suggest: Buy 1.21560 TP1 1.22060 TP2 1.22350 SL 1.21200

AUDUSD



AUD/USD in the 1-hour period is attempting to move downward, touching the support level at 0.63460 and heading towards the next support level at 0.63160. The downward trend is also supported by the FXBot template, where the AUD figure is lower at 1.7 compared to the USD figure of 8.8. Meanwhile, the bearish bias is supported by the sell signal indicated by the red arrow.

Suggest: Buy 0.63460 TP1 0.63760 TP2 0.64060 SL 0.63160

USDCHF



The technical analysis for the USD/CHF pair in the 1-hour period indicates an attempt to move upward, touching the resistance level at 0.91480 and heading towards the next support level at 0.91770. The upward trend is also evident in the FXBot template, where the CHF figure is lower at 3.3 compared to the USD figure of 8.1. Meanwhile, the bullish bias is supported by the buy signal indicated by the green arrow.

Suggest: Sell 0.91480 TP1 0.91160 TP2 0.90870 SL 0.91770

USDJPY

The USD/JPY pair in the 1-hour period is attempting to move upward, touching the resistance level at 149.220 and heading towards the next resistance level at 149.590. The upward trend is also supported by the FXBot template, where the JPY figure is lower at 1.3 compared to the USD figure of 7.5. Meanwhile, the bias indicates bullish sentiment, supported by the buy signal indicated by the green arrow.

Suggest: Sell 149.100 TP1 148.730 TP2 148.360 SL 149.500

XUL (LOCO LONDON GOLD)



The gold price in the 1-hour period is attempting to move downward, touching the support level at 1817.70 and heading towards the next support level at 1812.20. For a bullish bias, the gold price needs to break through the resistance level at 1823.90 again to reach the next resistance level at 1830.00.

Suggest: Buy 1818.00 TP1 1823.00 TP2 1828.00 SL 1812.00

CLSK (OIL)



The technical analysis for oil prices in the 1-hour period indicates an attempt to move downward, needing to break through the support level at 81.39 to reach the next support level at 80.39. To shift the bias to bullish, oil prices must break above the resistance level at 83.14 and then target the next resistance level at 84.14.

Suggest: Buy 82.00 TP1 82.50 TP2 83.00 SL 81.50