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Market Analysis 17th July 2023

EURUSD

EURUSD moves flat but slightly higher on Friday as expected and able to break our resistance levels. Currently EURUSD running at 1.1218.

At the time of writing, the four-hour Stochastic indicator is moving strongly lower in the middle, the price is moving above the 20-period moving average. We are expected that EURUSD might move lower for today and try to reach our support level at 1.1174.

Resistance: 1.1271, 1.1339

Support: 1.1174, 1.1086

GOLD

Gold moves flat on Friday and consolidate between our support and resistance levels. Gold currently is running at $1,952.

At the time of writing, the four-hour Stochastic indicator is moving lower targeting the oversold area, the price is moving around the 20-period moving average. We expect that Gold will moves lower and able to reach below our support level at $1,951.

Resistance: $1,966, $1,980

Support: $1,951, $1,939

GBPUSD

GBPUSD moves flat and slightly lower on Friday. Currently, GBPUSD is trading at 1.3085.

As of this writing, the four-hour Stochastic indicator is moving inside the oversold area, the price is moving above the 20-period moving average. We expect GBPUSD to move lower for today and reach our support level at 1.3063.

Resistance: 1.3142, 1.3204

Support: 1.3063, 1.3001

SPXUSD

SPXUSD moves lower on Friday and able to reach our support level. SPXUSD currently is running at 4499.

As of this writing, the four-hour Stochastic indicator is moving lower entering the oversold 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 4465.

Resistance: 4514, 4562

Support: 4465, 4417

USOUSD

USOUSD (WTI) able to moves lower on Friday as expected and break our support level. Currently USOUSD is running at 74.57.

As of the time of writing, the four-hour Stochastic indicator is moving inside the oversold area, the price is moving below the 20-period moving average. We expect that USOUSD to move slightly lower for today and try to reach below our support level at 73.78.

Resistance: 75.20, 76.70

Support: 73.78, 72.20

Key events for today:

USD    Empire State Manufacturing Index