Technical Analysis: November 7, 2023 - RBA Interest Rate Rises, Aussie Collapses

The following is a technical daily analysis, November 7, 2023. The data and analysis contained in this newsletter can be used on a wide scale for your trading. However, it is important to note that GICTrade and its data providers are not responsible for your trading results.

So, it's your own responsibility. Before knowing today's technical analysis, immediately register yourself to participate in GIC Big Deals which is here to offer exclusive benefits and a variety of attractive prizes. This event will only take place for a limited time, from July 10 - December 31, 2023.

In the following, we will inform you about the forecast of price movements in Forex and Commodities which is equipped with the calculation of Pivot points, Resistance and Support levels.

EURUSD

EUR/USD on the 1-hour period tried to move down, touching the support level at 1.06880 until the next support level at 1.06600. A downward trend can also be seen from the template, where the potential for a percentage decrease is higher compared to the percentage increase. While the bearish bias is also supported by a sell signal indicated by a purple arrow.

Suggest: Sell 1.07000 TP1 1.06880 TP2 1.06600 SL 1.07280

GBPUSD

GBP/USD on the 1-hour period tried to move down, touching the support level at 1.23070 until heading towards the next support level at 1.22780. The downward trend can also be seen from the template, where the potential percentage decrease is higher compared to the percentage increase. While the bearish bias is also supported by a sell signal indicated by a purple arrow.

Suggest: Sell 1.23100 TP1 1.22780 TP2 1.22500 SL 1.23350

AUDUSD

AUD/USD on the 1-hour period tried to move down, touching the support level at 0.64200 until heading towards the next support level at 0.64000. A downward trend can also be seen from the template, where the potential for a percentage decrease is higher compared to the percentage increase. While the bearish bias is also supported by a sell signal indicated by a purple arrow.

Suggest: Buy 0.64000 TP1 0.64200 TP2 0.64500 SL 0.63800

USDCHF

USD/CHF on the 1-hour period tried to move up, touching the resistance level at 0.90110 until heading to the next resistance level at 0.90530. An upward trend can also be seen from the template, where the potential for a percentage increase is higher than the percentage decrease. While the bias looks bullish which is supported by a buy signal indicated by a blue arrow.

Suggest: Buy 0.90110 TP1 0.90250 TP2 0.90530 SL 0.89820

USDJPY

USD/JPY on the 1-hour period tried to move up, touching the resistance level at 150,470 until heading to the next resistance level at 150,870. An upward trend can also be seen from the template, where the potential for a percentage increase is higher than the percentage decrease. While the bias looks bullish which is supported by a buy signal indicated by a blue arrow.

Suggest: Sell 150.870 TP1 150.500 TP2 150.200 SL 151.100

XUL (LOCO LONDON GOLD)

Gold prices in the 1-hour period tried to move down, touching the support level at 1961.40 until heading to the next support level at 1952.00. A downward trend can also be seen from the template, where the potential for a percentage decrease is higher compared to the percentage increase. While the bias looks bearish supported by a sell signal indicated by a purple arrow.

Suggest: Buy 1962.00 TP1 1965.00 TP2 1968.00 SL 1959.00

CLSK (OIL)

Oil prices in the 1-hour period are trying to move down, needing to cross the support level at 79.66 to the next support level at 78.68. Meanwhile, to change the bias to become bullish, the oil price needs to pass the resistance level at 81.23 to reach the next resistance level at 81.82.

Suggest: Buy 79.00 TP1 79.50 TP2 80.00 SL 78.50

So, that's the explanation of "Technical Daily Analysis: November 7, 2023 – RBA Interest Rate Rises, Aussie Actually Plunges". Also read our other articles, such as an explanation of how to buy cryptocurrencies, only in the GIC Journal. Don't forget to practice your trading skills by getting the Scalping Ebook and following Live Trading on NFP Live Trading. Make sure, download GIC Mobile Apps on the Google Play Store.