Here is the technical daily analysis for October 31, 2023. The data and analysis in this bulletin can be used broadly for your trading. However, please note that GICTrade and data providers are not responsible for your trading results.
 
Therefore, it's your responsibility. Before reviewing today's technical analysis, make sure to register for GIC Big Deals, offering exclusive benefits and various exciting prizes. This event is available for a limited time, from July 10 to December 31, 2023.
 
Below we will provide the forecast for price movements in Forex and Commodities, complete with calculations of Pivot Points, Resistance, and Support levels.

 

EURUSD

EUR/USD on the 1-hour period attempts to move down, touching the support level at 1.05860 and heading towards the next support level at 1.05490. The downward trend is also visible from the template, where the percentage potential for a decline is higher than for an increase. Meanwhile, the bearish bias is also supported by the sell signal indicated by the purple arrow.

Suggest: Sell 1.05860 TP1 1.05490 TP2 1.05080 SL 1.06200

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

1.05604

1.06232

1.05453

1.06132

1.05651

0.00482

0.46%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

1.07050

1.06640

1.06270

1.05860

1.05490

1.05080

1.04710

 

GBPUSD


GBP/USD on the 1-hour period tries to move down, touching the support level at 1.21370 and heading towards the next support level at 1.21010. The downward trend is also visible from the template, with the percentage potential for a decline higher than for an increase. Meanwhile, the bearish bias is also supported by the sell signal indicated by the purple arrow.

Suggest: Sell 1.21370 TP1 1.21010 TP2 1.20520 SL 1.21700

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

1.21208

1.21729

1.20882

1.21669

1.21172

0.00497

0.41%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

1.22710

1.22220

1.21860

1.21370

1.21010

1.20520

1.20160

 

AUDUSD

AUD/USD on the 1-hour period tries to move down, touching the support level at 0.63240 and heading towards the next support level at 0.63000. The downward trend is also visible from the template, where the percentage potential for a decline is higher than for an increase. Meanwhile, the bearish bias is also supported by the sell signal indicated by the purple arrow.

Suggest: Sell 0.63240 TP1 0.63000 TP2 0.62710 SL 0.63500

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

0.63304

0.63819

0.63289

0.63723

0.63310

0.00413

0.65%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

0.64300

0.64060

0.63770

0.63530

0.63240

0.63000

0.62710

 

USDCHF


USD/CHF on the 1-hour period tries to move up further, touching the resistance level at 0.90390 and heading towards the next resistance level at 0.90740. The upward trend is not fully supported, as seen from the template, where the potential percentage for a decline is still higher than for an increase. Meanwhile, the bias appears bullish, supported by the buy signal indicated by the blue arrow.

Suggest: Buy 0.90390 TP1 0.90600 TP2 0.90740 SL 0.90120

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

0.90005

0.90466

0.89848

0.90177

0.90163

0.00014

0.02%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

0.91010

0.90740

0.90390

0.90120

0.89770

0.89500

0.89160

 

USDJPY


USD/JPY on the 1-hour period tries to move up, touching the resistance level at 150.330 and heading towards the next resistance level at 150.820. The upward trend is also visible from the template, where the percentage potential for an increase is higher than for a decline. Meanwhile, the bias appears bullish, supported by the buy signal indicated by the blue arrow.

Suggest: Sell 150.330 TP1 150.000 TP2 149.770 SL 150.700

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

149.446

149.835

148.787

149.037

149.500

-0.463

-0.31%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

150.820

150.330

149.770

149.280

148.730

148.230

147.680

 

XUL (LOCO LONDON GOLD)

Gold prices on the 1-hour period attempt to move down, touching the support level at 1991.00 and heading towards the next support level at 1983.00. The downward trend is also visible from the template, where the percentage potential for a decline is higher than for an increase. Meanwhile, the bias appears bullish, supported by the buy signal indicated by the blue arrow.
Suggest: Sell 1994.00 TP1 1990.00 TP2 1985.00 SL 1998.80

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

2002.12

2006.62

1990.82

1995.51

2005.51

-10.00

-0.50%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

2022.60

2014.60

2006.80

1998.80

1991.00

1983.00

1975.20
 
 
CLSK (OIL)

Oil prices on the 1-hour period attempt to move up, needing to break through the resistance level at 83.19 to reach the next resistance at 84.57. Meanwhile, for a further bearish bias, oil prices need to break through the support level at 81.14 to reach the next support at 79.76.

Suggest: Buy 83.00 TP1 83.30 TP2 84.00 SL 82.50

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

84.98

85.24

81.81

82.51

85.08

-2.57

-3.02%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

88.00

86.62

84.57

83.19

81.14

79.76

77.71

 
 
That concludes the explanation about “Technical Daily Analysis: October 31, 2023 – The US Dollar Strengthens.” Be sure to read our other articles, such as the guide on how to buy cryptocurrency, only at Jurnal GIC. Don’t forget to enhance your trading skills by getting the 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.