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Market Analysis 12th July 2023

EURUSD

EURUSD moves higher on Tuesday as expected and moving near our resistance level. Currently EURUSD running at 1.1026.

At the time of writing, the four-hour Stochastic indicator is crossing back higher in the middle, the price is moving above the 20-period moving average. We are expected that EURUSD might higher for today and try to reach above our next resistance level at 1.1033.

Resistance: 1.1033, 1.1057

Support: 1.1002, 1.0965

GOLD

Gold moves able to moves higher on Tuesday and break our resistance level as expected. Gold currently is running at $1,938.

At the time of writing, the four-hour Stochastic indicator is crossing back higher in the middle, the price is moving above the 20-period moving average. We expect that Gold will moves higher and able to reach above our resistance level at $1,940.

Resistance: $1,940, $1,947

Support: $1,932, $1,922

GBPUSD

GBPUSD moves higher on Tuesday and able to break above our resistance level as expected. Currently, GBPUSD is trading at 1.2956.

As of this writing, the four-hour Stochastic indicator is moving back inside the overbought area, the price is moving above the 20-period moving average. We expect GBPUSD to move higher for today and reach our resistance level at 1.2998.

Resistance: 1.2998, 1.3085

Support: 1.2912, 1.2852

SPXUSD

SPXUSD moves higher on Tuesday and able to break above our resistance level as expected. SPXUSD currently is running at 4438 just below our next resistance level.

As of this writing, the four-hour Stochastic indicator is moving flat inside the overbought area, the price is moving above the 20-period moving average. We expect that SPXUSD might moves slightly lower today and reach back to our support level at 4417.

Resistance: 4439, 4455

Support: 4417, 4394

USOUSD

USOUSD (WTI) able to moves higher on Tuesday and break our resistance level. Currently USOUSD is running at 74.97.

As of the time of writing, the four-hour Stochastic indicator is moving higher entering the overbought area, the price is moving above the 20-period moving average. We expect that USOUSD to move slightly higher for today and try to reach above our resistance level at 75.12.

Resistance: 75.12, 76.70

Support: 73.78, 72.66

Key events for today:

NZD    Official Cash Rate

NZD    RBNZ Rate Statement

AUD    RBA Gov Lowe Speaks

GBP    BOE Gov Bailey Speaks

USD    CPI m/m

USD    CPI y/y

USD    Core CPI m/m

CAD    BOC Monetary Policy Report     

CAD    BOC Rate Statement     

CAD    Overnight Rate

CAD    BOC Press Conference