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Market Analysis 5th June 2023

EURUSD

EURUSD able to moves back lower on Friday and break below our support level at 1.0706 and our 20-period moving average as expected. EURUSD currently running at 1.0695.

At the time of writing, the four-hour Stochastic indicator is moving inside the oversold area, the price is now moving BELOW the 20-period moving average. We are expected that EURUSD will move slightly lower for today and reach our next support level at 1.0671.

Resistance: 1.0706, 1.0766

Support: 1.0671, 1.0634

GOLD

Gold moves back lower on Friday and able to break below our support level at $1,963 as expected. Gold currently is running at $1,949.

At the time of writing, the four-hour Stochastic indicator is inside the oversold area, the price is moving BELOW the 20-period moving average. We expect that Gold will move lower for today and reach our support level at $1,939.

Resistance: $1,962, $1,982

Support: $1,914, $1,939

GBPUSD

GBPUSD able to moves back lower on Friday and able to break below our support level as expected. Currently, GBPUSD is trading at 1.2427.

As of this writing, the four-hour Stochastic indicator is moving inside the oversold area, the price is moving BELOW the 20-period moving average. We expect GBPUSD to move lower and try to reach our support level at 1.391.

Resistance: 1.2443, 1.2492

Support: 1.2391, 1.2335

SPXUSD

SPXUSD moving higher on Friday and able to break our resistance level at 4230 as expected. SPXUSD currently is running at 4277.

As of this writing, the four-hour Stochastic indicator is moving inside the overbought area, the price now moving ABOVE the 20-period moving average. We expect that SPXUSD might moves slightly lower for today but still between our new support and resistance levels.

Resistance: 4304, 4371

Support: 4233, 4193

USOUSD

USOUSD (WTI) moves higher on Friday and able to break our resistance level at 72.25. Currently USOUSD is trading at 73.41.

As of the time of writing, the four-hour Stochastic indicator is moving inside the overbought area, the price is moving ABOVE the 20-period moving average. We expect that USOUSD to move lower and try to reach our support level at 72.42.

Resistance: 73.83, 75.65

Support: 72.42, 70.88

Key Events for Today,

CHF    Consumer Price Index

USD    ISM Services PMI