Technical Analysis: October 16, 2023 – Safe Haven Assets Favored by Investors

The following is a technical daily analysis, October 16, 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

Daily technical analysis for the EUR/USD pair on the 1-hour period tried to move upwards, touching the resistance level at 1.05480 and heading to the next resistance level at 1.05840. The upward trend can also be seen from the FXBot template, where the EUR figure is higher by 8.0 than the USD figure of 2.1. While the bullish bias is also supported by a buy signal indicated by a green arrow.

Suggest: Buy 1.05210 TP1 1.05480 TP2 1.05840 SL 1.04850

GBPUSD

GBP/USD on the 1-hour period tried to move up, touching the resistance level at 1.21620 until the next resistance level at 1.22030. The upward trend can also be seen from the FXBot template, where the GBP figure is higher by 5.1 than the USD figure of 1.7. While the bullish bias is also supported by a buy signal indicated by a green arrow.

Suggest: Buy 1.21500 TP1 1.21750 TP2 1.22030 SL 1.21200

AUDUSD

AUD/USD in the 1-hour period tried to move up, touching the resistance level of 0.63280 until the next resistance level at 0.63540. The uptrend is also supported by the FXBot template, where the AUD figure is higher by 7.7 than the USD figure of 1.7. While the bullish bias is also supported by a buy signal indicated by a green arrow.

Suggest: Buy 0.63280 TP1 0.63540 TP2 0.63760 SL 0.63000

USDCHF

Daily technical analysis for the USD/CHF pair on the 1-hour period tried to move downwards, touching the support level at 0.89630 to the next resistance level at 0.89260. The downward trend is also seen from the FXBot template, where the CHF figure is higher by 3.1 than the USD figure of 1.7. While the bearish bias is also supported by a sell signal indicated by a red arrow.

Suggest: Sell 0.90090 TP1 0.89630 TP2 0.89260 SL 0.90400

USDJPY

USD/JPY in the 1-hour period tried to move down, touching the support level at 149,270 until heading to the next support level at 149,100. The downward trend is also supported by the FXBot template, where the JPY figure is higher by 1.8 than the USD figure of 1.7.  While the bias is still bullish supported by a buy signal indicated by a green arrow.

Suggest: Sell 149.470 TP1 149.270 TP2 149.100 SL 149.700

 XUL (LOCO LONDON GOLD)

Gold prices in the 1-hour period tried to move down, touching the support level at 1898.00 until heading to the next support level at 1866.80. Meanwhile, for further bullish bias, the gold price needs to pass the resistance level at 1930.50 to the next resistance level at 1962.40.

Suggest: Sell 1920.00 TP1 1910.00 TP2 1905.00 SL 1930.00

CLSK (OIL)

Daily technical analysis for oil prices on the 1-hour period is trying to move up, needing to cross the resistance level at 89.20 to the next resistance level at 90.74. Meanwhile, for a bearish bias, oil prices need to pass the support level at 86.27 to reach the next support level at 84.73.

Suggest: Buy 87.50 TP1 88.00 TP2 88.50 SL 87.00

So, that's the explanation of "Technical Daily Analysis: October 16, 2023 – Safe Haven Assets Favored by Investors". 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.