Daily Technical Analysis: October 26, 2023 - US Bond Yields Rise

Here is the daily technical analysis for October 26, 2023. The data and analysis in this bulletin can be widely applied to your trading. However, please note that GICTrade and the data providers are not responsible for your trading outcomes.

Therefore, it is your own responsibility. Before reviewing today’s technical analysis, be sure to register for 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.

Below, we will provide forecasted price movements in Forex and Commodities, complete with calculations for Pivot points, Resistance, and Support levels.


EURUSD



The EUR/USD pair in the 1-hour period is attempting to move further downward, touching the support level at 1.05390 and heading towards the next support level at 1.05140. The downward trend is also reflected in the template, where the potential percentage for a decline is higher compared to the percentage for an increase. Meanwhile, the bearish bias is supported by a sell signal indicated by the purple arrow.

Suggest: Buy 1.05140 TP1 1.05390 TP2 1.05550 SL 1.04900

GBPUSD



The GBP/USD pair in the 1-hour period is attempting to move further downward, touching the support level at 1.20680 and heading towards the next support level at 1.20310. The downward trend is also reflected in the template, where the potential percentage for a decline is higher compared to the percentage for an increase. Meanwhile, the bearish bias is supported by a sell signal indicated by the purple arrow.

Suggest: Buy 1.20310 TP1 1.20680 TP2 1.21000 SL 1.20000

AUDUSD



The AUD/USD pair in the 1-hour period is attempting to move upward, touching the resistance level at 0.63400 and heading towards the next resistance level at 0.63770. The upward trend is not yet supported by the percentage increase indicated in the template, where the potential percentage for a decline is still higher compared to the percentage for an increase. Meanwhile, the bullish bias is supported by a buy signal indicated by the blue arrow.

Suggest: Buy 0.62820 TP1 0.63100 TP2 0.63400 SL 0.62500

USDCHF



The USD/CHF pair in the 1-hour period is attempting to move further upward, touching the resistance level at 0.89930 and heading towards the next resistance level at 0.90200. The upward trend is also reflected in the template, where the potential percentage for an increase is higher compared to the percentage for a decline. Meanwhile, the bullish bias is supported by a buy signal indicated by the blue arrow.

Suggest: Sell 0.90200 TP1 0.89930 TP2 0.89710 SL 0.90500

USDJPY



The USD/JPY pair in the 1-hour period is attempting to move upward, touching the resistance level at 150.820 and heading towards the next resistance level at 151.200. The upward trend is also reflected in the template, where the potential percentage for an increase is higher compared to the percentage for a decline. Meanwhile, the bullish bias is supported by a buy signal indicated by the blue arrow.

Suggest: Buy 151.000 TP1 150.560 TP2 150.300 SL 151.300

XUL (LOCO LONDON GOLD)



The price of gold in the 1-hour period is attempting to move upward, touching the resistance level at 1999.20 and heading towards the next resistance level at 2011.20. The upward trend is also reflected in the template, where the potential percentage for an increase is higher compared to the percentage for a decline. Meanwhile, the bearish bias is supported by a sell signal indicated by the purple arrow.

Suggest: Buy 1975.00 TP1 1985.00 TP2 1990.00 SL 1970.00

CLSK (OIL)



The price of oil in the 1-hour period is attempting to move downward, needing to break through the support level at 84.28 to head towards the next support level at 83.02. Meanwhile, to change the bias to bullish, the price of oil must break through the resistance level at 86.49 to move towards the next resistance level at 87.75.

Suggest: Sell 84.50 TP1 84.00 TP2 83.50 SL 85.00