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Market Analysis 27th April 2023

EURUSD

EURUSD moves higher on Wednesday and break above our previous resistance level at 1.0997. EURUSD currently running at 1.1044.

At the time of writing, the four-hour Stochastic indicator is now moving lower near the overbought level, and the price is now moving ABOVE the 20-period moving average. We are expected a slightly lower EURUSD for today to try break our next support level at 1.1042.

Resistance: 1.1073, 1.1131

Support: 1.1042, 1.1000

GOLD

Gold rose on early session on Wednesday and reach above $2,005 as expected, but then move back lower and reach our support level at $1,987. Gold currently is running at $1,992.

At the time of writing, the four-hour Stochastic indicator is moving near the oversold level. The price is moving ABOVE the 20-period moving average. We expect that Gold might try to move higher to reach back to our resistance level at $2,005.

Resistance: $2,005, $2,018

Support: $1,988, $1,974

GBPUSD

GBPUSD were moving higher on Wednesday and able to break our resistance level at 1.2445. Currently, GBPUSD is trading at 1.2470.

As of this writing, the four-hour Stochastic indicator is moving just below the overbought level. The price is now moving ABOVE the 20-period moving average. We expect GBPUSD to move higher for today and try to reach our next resistance level at 1.2502.

Resistance: 1.2502, 1.2525

Support: 1.2468, 1.2437

SPXUSD

SPXUSD fell on Wednesday and able to break our support level at 4081. SPXUSD currently is running at 4062.

As of this writing, the four-hour Stochastic indicator is moving in the middle near the oversold level, and the price is moving BELOW the 20-period moving average. We expect that SPXUSD might to continue to move lower and reach our support level at 4049.

Resistance: 4070, 4092

Support: 4049, 4039

USOUSD

USOUSD (WTI) moves lower on Wednesday and able to break our support level at 75.52. Currently USOUSD is trading at 74.43.

As of the time of writing, the four-hour Stochastic indicator is entering the oversold level, and the price is moving BELOW the 20-period moving average. We expect that USOUSD to continue to move slightly lower and reach our next support level at 74.06.

Resistance: 75.74, 76.77

Support: 74.06, 72.63

Key event for the day:

USD    Advance GDP

USD    Unemployment Claims