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Market Analysis 23rd May 2023

EURUSD

EURUSD able to moves flat but slightly lower on Monday, able to break slightly below our support level. EURUSD currently running at 1.0809.

At the time of writing, the four-hour Stochastic indicator is moving lower targeting the oversold level, the price is now moving at the 20-period moving average. We are expected that EURUSD will move slightly higher to reach our resistance level at 1.0847.

Resistance: 1.0847, 1.0892

Support: 1.0797, 1.0759

GOLD

Gold moves in consolidation on Monday and keep between our support and resistance levels. Gold currently is running at $1,969.

At the time of writing, the four-hour Stochastic indicator is moving lower entering the oversold level. The price is moving at the 20-period moving average. We expect that Gold will move slightly lower and reach our support level at $1,966.

Resistance: $1,991, $2,005

Support: $1,966, $1,952

GBPUSD

GBPUSD moves in consolidation move on Monday and able to reach our resistance level as expected before moving back lower and break our support level at 1.2446. Currently, GBPUSD is trading at 1.2433.

As of this writing, the four-hour Stochastic indicator is moving lower targeting the oversold area. The price is now moving just below the 20-period moving average. We expect GBPUSD to move slightly lower and reach our support level at 1.2421.

Resistance: 1.2473, 1.2510

Support: 1.2421, 1.2374

SPXUSD

SPXUSD moves flat but higher on Monday and able to reach our resistance level at 4202 as expected. SPXUSD currently is running at 4203.

As of this writing, the four-hour Stochastic indicator is moving higher targeting the overbought area, the price is moving ABOVE the 20-period moving average. We expect that SPXUSD might move slightly higher and try to reach our new resistance level at 4213.

Resistance: 4213, 4250

Support: 4185, 4158

USOUSD

USOUSD (WTI) still in consolidation mode and keep between our support and resistance level. Currently USOUSD is trading at 72.27.

As of the time of writing, the four-hour Stochastic indicator is higher entering the overbought area, the price is now moving at the 20-period moving average. We expect that USOUSD to move in consolidation area and try to break our resistance level at 73.31.

Resistance: 73.31, 75.11

Support: 71.23, 69.43

Key events for the day:

EUR    French Flash Manufacturing PMI

EUR    French Flash Services PMI

EUR    German Flash Manufacturing PMI

EUR    German Flash Services PMI

GBP    Flash Manufacturing PMI

GBP    Flash Services PMI

USD    Flash Manufacturing PMI

USD    Flash Services PMI