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Market Analysis 9th August 2023

EURUSD

EURUSD moves flat but slightly lower on Tuesday, able to reach below our 20-period moving average as expected but still between our support and resistance levels. Currently EURUSD running at 1.0964.

At the time of writing, the four-hour Stochastic indicator is moving higher after reaching the edge of the oversold area, the price is now moving below the 20-period moving average. We are expected that EURUSD might move slightly lower for today and try to reach our support level at 1.0918.

Resistance: 1.1046, 1.1140

Support: 1.0918, 1.0834

GOLD

Gold moves lower on Tuesday and abe to reach below our support level expected. Gold currently is running at $1,928.

At the time of writing, the four-hour Stochastic indicator is trying to cross back higher but still inside the oversold area, the price is moving below the 20-period moving average. We expect that Gold will moves lower and reach below our support level at $1,921.

Resistance: $1,931, $1,943

Support: $1,921, $1,910

GBPUSD

GBPUSD moves lower in the early session on Tuesday and able to reach above our support level but then moves back higher. Currently, GBPUSD is trading at 1.2749.

As of this writing, the four-hour Stochastic indicator is moving higher targeting the overbought area, the price is moving just above the 20-period moving average. We expect GBPUSD to move higher and reach above our resistance level at 1.2785.

Resistance: 1.2785, 1.2887

Support: 1.2687, 1.2601

moves lower on Tuesday and able to reach below our support level but then moves back higher. SPXUSD currently is running at 4504. SPXUSD

As of this writing, the four-hour Stochastic indicator is moving higher in the middle, the price is moving just above the 20-period moving average. We expect that SPXUSD might moves slightly higher today and reach our resistance level at 4531.

Resistance: 4531, 4562

Support: 4497, 4456

USOUSD

USOUSD (WTI) moves lower in the early session on Tuesday and able to reach below our support level as expected but the moves back higher and reached our resistance level. Currently USOUSD is running at 82.38.

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 82.54.

Resistance: 82.54, 83.19

Support: 81.61, 80.48

Key events for today:

NZD    Inflation Expectations q/q