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Market Analysis 2nd August 2023

EURUSD

EURUSD moves slightly higher on Tuesday, still moving between our support and resistance levels. Currently EURUSD running at 1.0997.

At the time of writing, the four-hour Stochastic indicator is moving strongly higher targeting the overbought area, the price is moving at the 20-period moving average. We are expected that EURUSD might move higher for today and try to reach our resistance level at 1.1037.

Resistance: 1.1037, 1.1108

Support: 1.0942, 1.0873

GOLD

Gold moves lower on Tuesday and able to reach our resistance levels. Gold currently is running at $1,949.

At the time of writing, the four-hour Stochastic indicator is moving higher and trying to exit the oversold area, the price is now moving below the 20-period moving average. We expect that Gold will moves lower and reach our support level at $1,941.

Resistance: $1,953, $1,962

Support: $1,947, $1,941

GBPUSD

GBPUSD moves slightly lower on Tuesday, but still between our support and resistance levels. Currently, GBPUSD is trading at 1.2773 just above our support level.

As of this writing, the four-hour Stochastic indicator is moving higher after exited the oversold area, the price is moving below the 20-period moving average. We expect GBPUSD to move slightly higher for today and reach our 20-period moving average at 1.2820.

Resistance: 1.2873, 1.2960

Support: 1.2773, 1.2687

SPXUSD

SPXUSD moved lower on Tuesday and able to break our support level. SPXUSD currently is running at 4564.

As of this writing, the four-hour Stochastic indicator is moving higher just above the oversold area, the price is now moving below the 20-period moving average. We expect that SPXUSD might moves slightly lower today and reach our support level at 4553.

Resistance: 4577, 4607

Support: 4553, 4530

USOUSD

USOUSD (WTI) moves higher on Tuesday and able to break our resistance level as expected. Currently USOUSD is running at 81.94.

As of the time of writing, the four-hour Stochastic indicator is moving higher targeting the overbought area, the price is still moving above the 20-period moving average. We expect that USOUSD to move slightly higher for today and try to reach above our resistance level at 82.61.

Resistance: 82.61, 83.37

Support: 81.34, 80.41

Key events for Today

NZD    Employment Change q/q

NZD    Unemployment Rate

USD    ADP Non-Farm Employment Change