Here's the daily technical analysis for October 4, 2023. 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. 
 
Therefore, any outcomes are your own responsibility. Before diving into today's technical analysis, be sure to register for GIC Big Deals, which offers exclusive benefits and a variety of exciting prizes. This event runs for a limited time, from July 10 to December 31, 2023.
 
Below, we will provide forecasts for price movements in Forex and Commodities, including calculations of Pivot Points, Resistance, and Support levels.

 

EURUSD

EUR/USD on the 1-hour chart is attempting to move lower, touching the support level at 1.04480 and heading towards the next support level at 1.04250. The downtrend is also visible in the FXBot template, where the EUR figure is lower by 0.0 compared to the USD figure of 7.4. Additionally, the bearish bias is supported by a sell signal indicated by a red arrow.

Suggest: Buy 1.04250 TP1 1.04500 TP2 1.04700 SL 1.04000

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

1.04756

1.04916

1.04465

1.04643

1.04757

-0.00114

-0.11%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

1.05390

1.05150

1.04940

1.04700

1.04480

1.04250

1.04030

 

GBPUSD

GBP/USD on the 1-hour chart is trying to move lower, touching the support level at 1.20540 and heading towards the next support level at 1.20280. The downtrend is also visible in the FXBot template, where the GBP figure is lower by 2.8 compared to the USD figure of 7.4. The bearish bias is supported by a sell signal indicated by a red arrow.

Suggest: Buy 1.20540 TP1 1.20770 TP2 1.21040 SL 1.20200

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

1.20849

1.20998

1.20505

1.20747

1.20849

-0.00102

-0.08%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

1.21530

1.21260

1.21040

1.20770

1.20540

1.20280

1.20050

 

AUDUSD

AUD/USD on the 1-hour chart is attempting to move lower, touching the support level at 0.62890 and heading towards the next support level at 0.62460. The downtrend is supported by the FXBot template, where the AUD figure is lower by 6.4 compared to the USD figure of 7.1. The bearish bias is also supported by a sell signal indicated by a red arrow.

Suggest: Buy 0.62800 TP1 0.63000 TP2 0.63270 SL 0.62500

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

0.63608

0.63649

0.62835

0.62997

0.63614

-0.00617

-0.97%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

0.64520

0.64080

0.63710

0.63270

0.62890

0.62460

0.62080

 

USDCHF

USD/CHF on the 1-hour chart is attempting to move higher, touching the resistance level at 0.92300 and heading towards the next resistance level at 0.92720. The uptrend is also visible in the FXBot template, where the CHF figure is lower by 2.3 compared to the USD figure of 7.0. The bullish bias is supported by a buy signal indicated by a green arrow.

Suggest: Sell 0.92300 TP1 0.92000 TP2 0.91580 SL 0.92600

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

0.91791

0.92421

0.91700

0.92077

0.91804

0.00273

0.29%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

0.93020

0.92720

0.92300

0.92000

0.91580

0.91280

0.90860

 

USDJPY

USD/JPY on the 1-hour chart is attempting to move higher, touching the resistance level at 150.790 and heading towards the next resistance level at 151.830. The uptrend is also supported by the FXBot template, where the JPY figure is lower by 4.1 compared to the USD figure of 7.2. The bias indicates bullish, supported by a buy signal indicated by a green arrow.

Suggest: Sell 149.500 TP1 149.100 TP2 148.800 SL 150.000

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

149.844

150.140

147.406

149.022

149.844

-0.822

-0.55%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

153.530

151.830

150.790

149.100

148.060

146.370

145.330

 

XUL (LOCO LONDON GOLD)

Gold prices on the 1-hour chart are attempting to move lower, touching the support level at 1816.70 and heading towards the next support level at 1807.00. To change the bias to bullish, gold prices need to surpass the resistance level at 1825.00 and move towards the next resistance level at 1834.90.

Suggest: Buy 1818.00 TP1 1825.00 TP2 1834.90 SL 1815.00

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

1827.98

1833.19

1815.14

1823.87

1827.79

-3.92

-0.21%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

1852.90

1843.10

1834.90

1825.00

1816.80

1807.00

1798.80

 

CLSK (OIL)


Oil prices on the 1-hour chart are attempting to move higher, needing to surpass the resistance level at 90.57 to head towards the next resistance level at 91.66. For a bearish bias, oil prices need to drop below the support level at 88.07 and move towards the next support level at 86.66.

Suggest: Buy 88.50 TP1 89.00 TP2 89.50 SL 88.10

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

88.65

90.25

87.75

89.48

88.74

0.74

0.83%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

93.07

91.66

90.57

89.16

88.07

86.66

85.57

 

That concludes the explanation of the "Daily Technical Analysis: October 4, 2023 – US Dollar at Its Strongest Level Since November 2022." Also, check out our other articles, such as how to buy cryptocurrency, exclusively on the GIC Journal. Don't forget to sharpen your trading skills by getting our 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.