Here is the daily technical analysis for January 2, 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, complete with calculations of Pivot Points, Resistance, and Support levels.
 
EURUSD
EUR/USD has attempted to move down over the 1-hour period, touching the support level at 1.10040 and heading towards the next support level at 1.09730. The downward trend is also reflected in the template, where the potential percentage decrease is higher than the potential increase. Meanwhile, the bearish bias is supported by a sell signal indicated by the purple arrow.

Suggest: Sell 1.10240 TP1 1.10040 TP2 1.09730 SL 1.10540

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

1.10605

1.10844

1.10342

1.10365

1.10619

-0.00254

-0.23%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

1.11240

1.11040

1.10740

1.10540

1.10240

1.10040

1.09730

 

GBPUSD

GBP/USD has attempted to move down over the 1-hour period, touching the support level at 1.26950 and heading towards the next support level at 1.26620. The downward trend is also reflected in the template, where the potential percentage decrease is higher than the potential increase. Meanwhile, the bearish bias is supported by a sell signal indicated by the purple arrow.

Suggest: Sell 1.27340 TP1 1.26950 TP2 1.26620 SL 1.27680

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

1.27262

1.27728

1.27004

1.27383

1.27304

0.00079

0.06%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

1.28400

1.28060

1.27680

1.27340

1.26950

1.26620

1.26230

 

AUDUSD

AUD/USD has attempted to move up over the 1-hour period, touching the resistance level at 0.68530 and heading towards the next resistance level at 0.68820. The upward trend is also reflected in the template, where the potential percentage increase is higher than the potential decrease. Meanwhile, the bullish bias is supported by a buy signal indicated by the blue arrow.

Suggest: Buy 0.68170 TP1 0.68530 TP2 0.68220 SL 0.67880

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

0.68278

0.68464

0.67812

0.68130

0.68291

-0.00161

-0.24%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

0.69180

0.68820

0.68530

0.68170

0.67880

0.67520

0.67220

 

USDCHF

USD/CHF has attempted to move up over the 1-hour period, touching the resistance level at 0.84730 and heading towards the next resistance level at 0.85060. The upward trend is also reflected in the template, where the potential percentage increase is higher than the potential decrease. Meanwhile, the bullish bias is supported by a buy signal indicated by the blue arrow.
Suggest: Buy 0.84200 TP1 0.84500 TP2 0.84730 SL 0.83800

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

0.84399

0.84478

0.83566

0.84139

0.84480

-0.00341

-0.40%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

0.85650

0.85060

0.84730

0.84150

0.83820

0.83240

0.82910
 
 
USDJPY 
USD/JPY has attempted to move down over the 1-hour period, touching the support level at 141.270 and heading towards the next support level at 140.620. The downward trend is also reflected in the template, where the potential percentage decrease is higher than the potential increase. Meanwhile, the bearish bias is supported by a sell signal indicated by the purple arrow.

Suggest: Sell 141.740 TP1 141.500 TP2 141.270 SL 142.000

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

141.338

141.918

140.801

141.026

141.415

-0.389

-0.28%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

142.860

142.390

141.740

141.270

140.620

140.150

139.510

 

XUL (LOCO LONDON GOLD)

Gold prices have attempted to move up over the 1-hour period, touching the resistance level at 2072.80 and heading towards the next resistance level at 2082.00. The upward trend is also reflected in the template, where the potential percentage increase is higher than the potential decrease. Meanwhile, the bullish bias is supported by a buy signal indicated by the blue arrow.

Suggest: Sell 2072.00 TP1 2067.00 TP2 2062.00 SL 2075.00

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

2066.51

2074.73

2058.24

2062.66

2066.30

-3.64

-0.18%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

2089.30

2082.00

2072.80

2065.50

2056.30

2049.00

2039.80

 

CLSK (OIL)

 Oil prices have attempted to move up over the 1-hour period, needing to surpass the resistance level at 73.04 to head towards the next resistance level at 73.49. Meanwhile, for a bearish bias, oil prices need to break through the support level at 72.15 to head towards the next support level at 71.70.

Suggest: Sell 73.00 TP1 72.50 TP2 72.00 SL 73.50

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

71.99

72.59

71.25

71.25

71.97

-0.72

-1.00%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

73.49

73.04

72.15

71.70

70.81

70.36

69.47

That concludes the explanation of the “Daily Technical Analysis: January 2, 2024 – Fed's Interest Rate Cut Expectations Burden the US Dollar.” Be sure to read our other articles, such as guides on how to buy cryptocurrency, available only at Jurnal GIC. Don't forget to sharpen your trading skills by obtaining our Scalping Ebook guide and participating in Live Trading at NFP Live Trading. Make sure to download the GIC Mobile Apps from the Google Play Store.