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Market Analysis 15th June 2023

EURUSD

EURUSD continue to move higher on Wednesday and able to break our resistance levels. EURUSD currently running at 1.0835.

At the time of writing, the four-hour Stochastic indicator is crossing back lower just below the overbought area, the price is moving above the 20-period moving average. We are expected that EURUSD will move lower and try to reach our support level at 1.0823. Today we will have ECB rate decision which will create a high volatility movement for the EURUSD.

Resistance: 1.0848, 1.0893

Support: 1.0823, 1.0803

GOLD

Gold moves back lower on Wednesday after reaching our resistance level as expected. Gold moves lower and just able to reach below our support level at $1,939. Gold currently is running at $1,937.

At the time of writing, the four-hour Stochastic indicator is crossing back lower in the middle, the price is now moving below at the 20-period moving average. We expect that Gold will move slightly lower for today and reach our next support level at $1,932.

Resistance: $1,955, $1,972

Support: $1,932, $1,913

GBPUSD

GBPUSD able to move higher on Wednesday and able to break our resistance level. Currently, GBPUSD is trading at 1.2651.

As of this writing, the four-hour Stochastic indicator is crossing back lower exiting 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: 1.2669, 1.2744

Support: 1.2578, 1.2527

SPXUSD

SPXUSD moves higher and lower on Wednesday and able to reach our resistance level as expected, but also spike lower and reach below our support level. SPXUSD currently is running at 4370.

As of this writing, the four-hour Stochastic indicator is moving lower just below the overbought area, the price is moving above the 20-period moving average. We expect that SPXUSD might moves lower and reach our support level at 4355.

Resistance: 4392, 4426

Support: 4355, 4318

USOUSD

USOUSD (WTI) moves higher on early session on Wednesday but then moves back lower. Currently USOUSD is trading lower from yesterday at 68.49 and still between our support and resistance levels as expected.

As of the time of writing, the four-hour Stochastic indicator is moving lower targeting the oversold area, the price is now moving just at the 20-period moving average. We expect that USOUSD to move lower and targeting our support level at 67.17.

Resistance: 69.42, 71.71

Support: 67.17, 64.99

Key events for today:

AUD    Employment Change

AUD    Unemployment Rate

EUR    Main Refinancing Rate

EUR    Monetary Policy Statement

USD    Core Retail Sales m/m

USD    Empire State Manufacturing Index

USD    Retail Sales m/m

USD    Unemployment Claims

EUR    ECB Press Conference