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Market Analysis 6th June 2023

EURUSD

EURUSD able to moves lower on early session on Monday as expected but then moves back higher after US Dollar weakened and break our resistance level at 1.0706. EURUSD currently running at 1.0715.

At the time of writing, the four-hour Stochastic indicator is entering the overbought area, the price is now moving just below the 20-period moving average. We are expected that EURUSD will move slightly higher for today and reach our next resistance level at 1.0733.

Resistance: 1.0733, 1.0766

Support: 1.0705, 1.0671

GOLD

Gold moves back higher at the end of the session on Monday after reaching our support level at $1,939 as expected. Gold currently is running at $1,960.

At the time of writing, the four-hour Stochastic indicator is entering the overbought area, the price is moving around the 20-period moving average. We expect that Gold will move higher for today and reach our next resistance level at $1,982.

Resistance: $1,962, $1,982

Support: $1,939, $1,9142

GBPUSD

GBPUSD able to moves back higher after reaching our support level at the early session on Monday as expected. Currently, GBPUSD is trading at 1.2435.

As of this writing, the four-hour Stochastic indicator is targeting to enter the overbought area, the price is still moving BELOW the 20-period moving average. We expect GBPUSD to move higher and try to reach above our resistance level at 1.2443.

Resistance: 1.2443, 1.2492

Support: 1.2391, 1.2335

SPXUSD

SPXUSD able to moves slightly lower on Monday but keep between our support and resistance levels as expected. SPXUSD currently is running at 4271.

As of this writing, the four-hour Stochastic indicator is moving strongly lower targeting the oversold area, the price still moving ABOVE the 20-period moving average. We expect that SPXUSD might moves slightly lower for today and try to reach our 20-period moving average at around 4250.

Resistance: 4304, 4371

Support: 4233, 4193

USOUSD

USOUSD (WTI) moves lower on Monday and able to break our support level at 72.42 as expected. Currently USOUSD is trading at 71.93.

As of the time of writing, the four-hour Stochastic indicator is moving lower targeting the oversold area, the price is still moving ABOVE the 20-period moving average. We expect that USOUSD to move lower and try to reach our support level at 70.88.

Resistance: 72.73, 73.83

Support: 70.88, 70.04

Key Events for Today,

AUD    Cash Rate

AUD    RBA Rate Statement