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Market Analysis 19th May 2023

EURUSD

EURUSD continue to move lower and able to break our support level as expected. EURUSD currently running at 1.0773.

At the time of writing, the four-hour Stochastic indicator is moving inside the oversold level, the price is moving BELOW the 20-period moving average. We are expected that EURUSD will move slightly higher to reach our resistance level at 1.0815.

Resistance: 1.0815, 1.0848

Support: 1.0750, 1.0715

GOLD

Gold continues to move lower on Thursday and break our support level at $1,966. Gold currently is running at $1,958.

At the time of writing, the four-hour Stochastic indicator is moving inside the oversold level. The price is moving BELOW the 20-period moving average. We expect that Gold will move back slightly higher and try to reach our new resistance level at $1,974.

Resistance: $1,974, $1,991

Support: $1,950, $1,934

GBPUSD

GBPUSD continue to moves lower on Thursday and break our support levels at 1.2446. Currently, GBPUSD is trading at 1.2413

As of this writing, the four-hour Stochastic indicator is moving higher just near the oversold area. The price is now moving BELOW the 20-period moving average. We expect GBPUSD to move slightly higher and reach our resistance level at 1.2444.

Resistance: 1.2444, 1.2499

Support: 1.2395, 1.2355

SPXUSD

SPXUSD moves higher on Thursday and break our resistance level at 4186 as expected. SPXUSD currently is running at 4204.

As of this writing, the four-hour Stochastic indicator is moving inside the overbought area, and the price is moving ABOVE the 20-period moving average. We expect that SPXUSD might move slightly higher and try to reach our new resistance level at 4250.

Resistance: 4250, 4309

Support: 4185, 4158

USOUSD

USOUSD (WTI) still in consolidation mode and keep between our support and resistance level as expected. Currently USOUSD is trading at 71.86.

As of the time of writing, the four-hour Stochastic indicator is just above the oversold area, the price is now moving just ABOVE the 20-period moving average. We expect that USOUSD to move slightly higher and reach our resistance level at 73.78.

Resistance: 73.78, 76.68

Support: 71.75, 69.39