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Market Analysis 20th July 2023

EURUSD

EURUSD still in consolidation mode on Wednesday, able to reach our support level as expected but still between our support and resistance levels. Currently EURUSD running at 1.1219.

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

Resistance: 1.1271, 1.1339

Support: 1.1174, 1.1086

GOLD

Gold moved flat on Wednesday near our resistance level. Gold currently is running at $1,978.

At the time of writing, the four-hour Stochastic indicator is moving higher targeting the overbought area, 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 $1,982.

Resistance: $1,982, $2,005

Support: $1,963, $1,938

GBPUSD

GBPUSD moves lower on Wednesday and able to break our support level as expected. Currently, GBPUSD is trading at 1.2946.

As of this writing, the four-hour Stochastic indicator is moving higher after exited the oversold area, the price is moving below the 20-period moving average. We expect GBPUSD to move slightly higher for today and reach our new resistance level at 1.2970.

Resistance: 1.2970, 1.3064

Support: 1.2866, 1.2776

SPXUSD

SPXUSD moved higher on Wednesday and able to reach above our resistance level but then back lower. SPXUSD currently is running at 4556.

As of this writing, the four-hour Stochastic indicator is moving lower targeting the oversold area, the price is moving above the 20-period moving average. We expect that SPXUSD might moves slightly higher today and reach above our next resistance level at 4562.

Resistance: 4562, 4586

Support: 4526, 4493

USOUSD

USOUSD (WTI) moves lower on Wednesday and reach our support level as expected. Currently USOUSD is running at 75.26.

As of the time of writing, the four-hour Stochastic indicator is entering the oversold area, the price is still moving above the 20-period moving average. We expect that USOUSD to move slightly higher for today and try to reach our resistance level at 75.95.

Resistance: 75.95, 77.14

Support: 74.98, 73.78

Key events for today:

AUD    Employment Change

AUD    Unemployment Rate

USD    Unemployment Claims