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Market Analysis 16th June 2023

EURUSD

EURUSD able to reach lower in the early session on Wednesday but then moving back higher when the ECB release their interest rate and able to break our resistance levels. EURUSD currently running at 1.0943.

At the time of writing, the four-hour Stochastic indicator is moving inside 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 1.0892.

Resistance: 1.0982, 1.1034

Support: 1.0892, 1.0803

GOLD

Gold moves lower in the early session on Wednesday and able to reach our support level at $1,932 as expected and moves back higher and break our resistance levels in the US session. Gold currently is running at $1,957.

At the time of writing, the four-hour Stochastic indicator is entering the overbought area, the price is now moving above at the 20-period moving average. We expect that Gold will move slightly lower for today and reach our 20-period moving average at $1,950.

Resistance: $1,963, $1,972

Support: $1,939, $1,932

GBPUSD

GBPUSD continue to move higher on Thursday and able to break our resistance levels. Currently, GBPUSD is trading at 1.2778.

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 GBPUSD to slightly lower to reach our support level at 1.2698.

Resistance: 1.2850, 1.2981

Support: 1.2698, 1.2631

SPXUSD

SPXUSD moves higher and lower in the early session on Thursday and able to reach our support level as expected, but then moves higher in the US session and able to break our resistance levels. SPXUSD currently is running at 4415.

As of this writing, the four-hour Stochastic indicator is moving at the edge of the overbought area, the price is moving above the 20-period moving average. We expect that SPXUSD might moves slightly higher and reach above our resistance level at 4426.

Resistance: 4426, 4462

Support: 4391, 4355

USOUSD

USOUSD (WTI) moves slightly higher in the early session on Thursday, but the moves back higher. Currently USOUSD is running at 70.74.

As of the time of writing, the four-hour Stochastic indicator is moving higher entering the overbought area, the price is now moving above the 20-period moving average. We expect that USOUSD to move slightly higher and targeting our resistance level at 71.71.

Resistance: 71.71, 73.30

Support: 69.14, 67.17

Key events for today:

JPY    Monetary Policy Statement

JPY    BOJ Press Conference

USD    Prelim UoM Consumer Sentiment