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Market Analysis 9th June 2023

EURUSD

EURUSD moved higher on Thursday and able to break our resistance level as expected. EURUSD currently running at 1.0782.

At the time of writing, the four-hour Stochastic indicator is moving inside the overbought area, the price is now moving above the 20-period moving average. We are expected that EURUSD will move higher and try to reach our next resistance levels at 1.0808.

Resistance: 1.0808, 1.0847

Support: 1.0757, 1.0721

GOLD

Gold moves higher on Thursday and able to break our resistance level at $1,962 as expected. Gold currently is running at $1,964.

At the time of writing, the four-hour Stochastic indicator is moving higher targeting to enter the overbought area, the price is moving above the 20-period moving average. We expect that Gold will move higher for today and reach our next resistance level at $1,972.

Resistance: $1,972, $1,982

Support: $1,955, $1,939

GBPUSD

GBPUSD moved higher on Thursday and able to break above our resistance level as expected. Currently, GBPUSD is trading at 1.2554.

As of this writing, the four-hour Stochastic indicator is moving inside the overbought area, the price is moving above the 20-period moving average. We expect GBPUSD to move higher and try to reach above our next resistance level at 1.2585.

Resistance: 1.2585, 1.2651

Support: 1.2534, 1.2464

SPXUSD

SPXUSD still moving slightly higher but still in narrow range between our support and resistance level as expected. SPXUSD currently is running at 4288.

As of this writing, the four-hour Stochastic indicator is moving higher near the overbought area, the price still moving just above the 20-period moving average. We expect that SPXUSD might moves in narrow range but try to move higher to reach above our resistance level at 4303.

Resistance: 4304, 4353

Support: 4265, 4233

USOUSD

USOUSD (WTI) moves lower and able to reach our support levels before goes back higher and move back between our support and resistance levels as expected. Currently USOUSD is trading at 71.15 just above our support level.

As of the time of writing, the four-hour Stochastic indicator is crossing back higher just above the oversold area, the price is now moving just below the 20-period moving average. We expect that USOUSD to move slightly lower and try to reach back below our support levels at 70.04.

Resistance: 72.73, 73.83

Support: 70.88, 70.04

Key Events for Today,

CAD    Employment Change

CAD    Unemployment Rate