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Market Analysis 7th July 2023

EURUSD

EURUSD moves higher on Thursday and try to reach our resistance level. Currently EURUSD running at 1.0892.

At the time of writing, the four-hour Stochastic indicator is moving higher targeting the overbought level, the price is moving above the 20-period moving average. We are expected that EURUSD will continue to move higher for today and break our resistance level at 1.0940.

Resistance: 1.0902, 1.0940

Support: 1.0843, 1.0811

GOLD

Gold moves lower on Thursday as expected and able to reach our support levels. Gold currently is running at $1,912.

At the time of writing, the four-hour Stochastic indicator is moving in the middle, the price is moving below the 20-period moving average. We expect that Gold will moves higher for today and try to reach our resistance level at $1,923.

Resistance: $1,923, $1,933

Support: $1,911, $1,903

GBPUSD

GBPUSD moves in high volatility on Thursday and able to reach our resistance levels before goes back lower to reach our support level as expected but then moves back higher. Currently, GBPUSD is trading at 1.2743 just below our resistance level.

As of this writing, the four-hour Stochastic indicator is moving lower just below the oversold area, the price is moving above the 20-period moving average. We expect GBPUSD to move higher for today and try to reach our next resistance level at 1.2804.

Resistance: 1.2752, 1.2804

Support: 1.2685, 1.2626

SPXUSD

SPXUSD moves lower on Thursday and able to reach below our support level. SPXUSD currently is running at 4410.

As of this writing, the four-hour Stochastic indicator moves higher in the middle, the price is moving below the 20-period moving average. We expect that SPXUSD might moves slightly lower for today and reach our support level at 4389.

Resistance: 4456, 4513

Support: 4415, 4366

USOUSD

USOUSD (WTI) moves lower on Thursday as expected and able to reach below our support level before goes back higher. Currently USOUSD is running at 71.79.

As of the time of writing, the four-hour Stochastic indicator is moving back higher just below the overbought area, the price is moving above the 20-period moving average. We expect that USOUSD to move lower for today and try to reach our support level at 71.57.

Resistance: 72.57, 73.42

Support: 71.57, 70.87

Key Events for Today:

CAD    Employment Change

CAD    Unemployment Rate

USD    Average Hourly Earnings m/m

USD    Non-Farm Employment Change

USD    Unemployment Rate