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Market Analysis 4th July 2023

EURUSD

EURUSD moves slightly higher on Monday and able to reach our resistance level as expected. Currently EURUSD running at 1.0912.

At the time of writing, the four-hour Stochastic indicator is trying to cross back lower just below the overbought area, the price is moving above the 20-period moving average. We are expected that EURUSD will move higher for today and try to reach our next resistance level at 1.0962.

Resistance: 1.0918, 1.0962

Support: 1.0865, 1.0811

GOLD

Gold moves lower on in the early session on Monday and able to reach our support level, but then moves higher on the later session to reach our resistance level. Gold currently is running at $1,921.

At the time of writing, the four-hour Stochastic indicator is moving in the middle, the price is now moving above the 20-period moving average. We expect that Gold will move slightly lower for today and try to reach our support level at $1,911.

Resistance: $1,923, $1,931

Support: $1,911, $1,903

GBPUSD

GBPUSD moves lower on Monday and able to reach our 20-period moving average. Currently, GBPUSD is trading at 1.2697.

As of this writing, the four-hour Stochastic indicator is moving in the middle, the price is moving above the 20-period moving average. We expect GBPUSD to slightly higher for today and try to reach above our next resistance level at 1.2752.

Resistance: 1.2752, 1.2804

Support: 1.2685, 1.2626

SPXUSD

SPXUSD moves flat around our resistance level on Monday. SPXUSD currently is running at 4452.

As of this writing, the four-hour Stochastic indicator is moves flat just below the overbought area, the price is moving above the 20-period moving average. We expect that SPXUSD might moves slightly higher for today and reach above our resistance level at 4456.

Resistance: 4456, 4513

Support: 4415, 4366

USOUSD

USOUSD (WTI) moves higher in the early session on Monday and able to reach above our resistance level as expected, but then in the later session moves back lower and reach back to our support level. Currently USOUSD is running at 70.14.

As of the time of writing, the four-hour Stochastic indicator is moving lower targeting the oversold area, the price is moving just at the 20-period moving average. We expect that USOUSD to continue to move lower for today and try to reach below our support level at 70.03.

Resistance: 70.88, 71.85

Support: 70.03, 68.94

Key events for Today:

AUD    Cash Rate

AUD    RBA Rate Statement