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Market Analysis 14th June 2023

EURUSD

EURUSD moved slightly higher on Tuesday and able to reach our resistance level as expected. EURUSD currently running at 1.0791 slightly below our resistance level.

At the time of writing, the four-hour Stochastic indicator is moving lower in the middle, the price is still moving above the 20-period moving average. We are expected that EURUSD will move lower and try to reach our support level at 1.0767.

Resistance: 1.0800, 1.0825

Support: 1.0767, 1.0737

GOLD

Gold moves lower on Tuesday after trying to reach our resistance level. Gold able to break our support level and currently is running at $1,944.

At the time of writing, the four-hour Stochastic indicator is moving inside the oversold area, the price is moving below at the 20-period moving average. We expect that Gold will move slightly higher for today and reach our resistance level at $1,955.

Resistance: $1,955, $1,972

Support: $1,939, $1,913

GBPUSD

GBPUSD able to move higher on Tuesday as expected and able to break our resistance level. Currently, GBPUSD is trading at 1.2611.

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 slightly lower to reach our support level at 1.2578.

Resistance: 1.2651

Support: 1.2578, 1.2527

SPXUSD

SPXUSD continue to move higher and able to break our resistance level at 4353. SPXUSD currently is running at 4366.

As of this writing, the four-hour Stochastic indicator is moving around inside the overbought area, the price is moving above the 20-period moving average. We expect that SPXUSD might moves higher and reach our resistance level at 4392.

Resistance: 4392, 4426

Support: 4355, 4318

USOUSD

USOUSD (WTI) moves higher and able to reach our resistance level at 69.42. Currently USOUSD is trading at 69.23 just below our resistance level.

As of the time of writing, the four-hour Stochastic indicator is moving just below the overbought area, the price is now moving just at the 20-period moving average. We expect that USOUSD to move lower, but still between our support and resistance levels.

Resistance: 69.42, 71.71

Support: 67.17, 64.99

Key events for today:

GBP    Gross Domestic Products

USD    Core Produce Price Index

USD    Produce Price Index