Chapter 42 Market Analysis Articles May 29th
Market Analysis 29th May 2023
EURUSD
EURUSD trying to move higher on Friday to reach our resistance as expected but get rejected by our 20-period moving average. EURUSD currently running at 1.0722.
At the time of writing, the four-hour Stochastic indicator is moves in the middle, the price is still moving below the 20-period moving average. We are expected that EURUSD will move slightly higher to try to break our 20-period moving average at 1.0740 and reach our new resistance level at 1.0766.
Resistance: 1.0766, 1.0801
Support: 1.0702, 1.0671
GOLD
Gold able to move higher on Friday and reached our resistance level as expected, but then moves back lower. Gold currently is running at $1,944.
At the time of writing, the four-hour Stochastic indicator is moving in the middle, the price is still moving BELOW the 20-period moving average. We expect that Gold will move slightly back higher for today and reach our resistance level which also our 20-period moving average at $1,954.
Resistance: $1,954, $1,975
Support: $1,934, $1,913
GBPUSD
GBPUSD able to moves higher on Friday and reach above our resistance level as expected. Currently, GBPUSD is trading at 1.2347 just below our resistance level.
As of this writing, the four-hour Stochastic indicator is moving in the middle, the price is moving BELOW the 20-period moving average. We expect GBPUSD to move slightly higher and try to break above our resistance level at 1.2356.
Resistance: 1.2356, 1.2443
Support: 1.2273, 1.2187
SPXUSD
SPXUSD moves higher on Friday and open jump even higher in today’s open market and break our resistance levels as expected. SPXUSD currently is running at 4222.
As of this writing, the four-hour Stochastic indicator is moving lower in the overbought area and the price now moving above the 20-period moving average. We expect that SPXUSD might continue moving higher for today and try to reach our new resistance level at 4264.
Resistance: 4264, 4304
Support: 4206, 4153
USOUSD
USOUSD (WTI) moves higher on Friday as expected and able to reach our resistance level at 73.50 before moves slightly lower still between our support and resistance levels. Currently USOUSD is trading at 73.20 just below our resistance level.
As of the time of writing, the four-hour Stochastic indicator is moving higher trying to enter the overbought area, the price is moving just around the 20-period moving average. We expect that USOUSD to move higher and break above our resistance level at 73.50.
Resistance: 73.51, 75.11
Support: 71.73, 70.40
