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Market Analysis 6th July 2023

EURUSD

EURUSD moves slightly lower on Wednesday and able to break our support level. Currently EURUSD running at 1.0847.

At the time of writing, the four-hour Stochastic indicator is moving lower inside the oversold area, the price is moving below the 20-period moving average. We are expected that EURUSD will continue to move lower for today and try to reach our next support level at 1.0811.

Resistance: 1.0867, 1.0902

Support: 1.0811, 1.0773

GOLD

Gold moves slightly lower on Wednesday and able to break below our support level as expected. Gold currently is running at $1,918.

At the time of writing, the four-hour Stochastic indicator is moving lower entering the oversold area, the price is now moving below 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, $1,933

Support: $1,911, $1,903

GBPUSD

GBPUSD moves flat but slightly lower on Wednesday but keep between our support and resistance levels. Currently, GBPUSD is trading at 1.2693.

As of this writing, the four-hour Stochastic indicator is moving lower targeting the oversold area, the price is moving at the 20-period moving average. We expect GBPUSD to slightly lower for today and try to reach our support level at 1.2685.

Resistance: 1.2752, 1.2804

Support: 1.2685, 1.2626

SPXUSD

SPXUSD moves lower on Wednesday, but still between our support and resistance levels. SPXUSD currently is running at 4440.

As of this writing, the four-hour Stochastic indicator is still moves in the middle, the price is moving below 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 on Wednesday and able to break our resistance level. Currently USOUSD is running at 71.88.

As of 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 expect that USOUSD to move lower for today and try to reach our support level at 71.57.

Resistance: 72.57, 73.42

Support: 71.57, 70.87

Key Events for Today:

USD     ADP Non-Farm Employment Change

USD    Unemployment Claims

USD    ISM Services PMI

USD    JOLTS Job Openings