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Market Analysis 8th June 2023

EURUSD

EURUSD moved flat on Wednesday, but able to reach above our resistance level at 1.0720 as expected before goes back lower to reach our support level at 1.0692. EURUSD currently running at 1.0707.

At the time of writing, the four-hour Stochastic indicator is moving in the middle, showing some neutral and consolidating movement, the price is now moving just above the 20-period moving average. We are expected that EURUSD will move in narrow range for today, but will try to break our resistance levels.

Resistance: 1.0720, 1.0747

Support: 1.0692, 1.0669

GOLD

Gold moves lower on Wednesday as the market has good sentiment for the US Dollar, able to reach our strong support at $1,939 before goes back slightly higher. Gold currently is running at $1,945.

At the time of writing, the four-hour Stochastic indicator is moving inside the overbought area with a potential of crossing back higher, the price is moving below the 20-period moving average. We expect that Gold will move higher for today and break above our 20-period moving average and try to reach our resistance level at $1,962.

Resistance: $1,962, $1,972

Support: $1,939, $1,932

GBPUSD

GBPUSD moved higher on Wednesday and able to break above our resistance level at 1.2433 as expected. Currently, GBPUSD is trading at 1.2448.

As of this writing, the four-hour Stochastic indicator is still not showing clear direction as it moved in the middle, the price is moving above the 20-period moving average. We expect GBPUSD to move higher and try to reach above our next resistance level at 1.2474.

Resistance: 1.2474, 1.2521

Support: 1.2426, 1.2379

SPXUSD

SPXUSD still moving in narrow range but able to reach our support level at 4265 as expected. SPXUSD currently is running at 4266.

As of this writing, the four-hour Stochastic indicator is moving lower entering the oversold area, the price still moving just below the 20-period moving average. We expect that SPXUSD might moves in narrow range and try to move higher but still between our support and resistance levels.

Resistance: 4304, 4353

Support: 4265, 4233

USOUSD

USOUSD (WTI) moves higher on Wednesday and able to reach above our resistance level at 72.73 as expected before goes slightly lower. Currently USOUSD is trading at 72.47 just below the resistance level.

As of the time of writing, the four-hour Stochastic indicator is crossing back lower just below the overbought area, the price is now moving just above the 20-period moving average. We expect that USOUSD to move slightly lower and try to reach the middle of our support and resistance levels.

Resistance: 72.73, 73.83

Support: 70.88, 70.04

Key Events for Today,

USD    Unemployment Claims