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Market Analysis 26th July 2023

EURUSD

EURUSD moves lower on Tuesday and able to break our support level as expected. Currently EURUSD running at 1.1046.

At the time of writing, the four-hour Stochastic indicator is moving higher in the middle, the price is moving below the 20-period moving average. We are expected that EURUSD might move lower for today and try to reach our new support level at 1.1015.

Resistance: 1.1108, 1.1174

Support: 1.1015, 1.0942

GOLD

Gold moved higher on Tuesday and still moving between our support and resistance levels. Gold currently is running at $1,965.

At the time of writing, the four-hour Stochastic indicator is moving inside the overbought area, the price is now moving above the 20-period moving average. We expect that Gold will moves slightly higher and reach our resistance level at $1,968.

Resistance: $1,968, $1,978

Support: $1,951, $1,938

GBPUSD

GBPUSD moves lower in early session on Tuesday and able to reach our support level as expected, but then move higher in the later session of the day. Currently, GBPUSD is trading at 1.2886.

As of this writing, the four-hour Stochastic indicator is moving inside the overbought area, the price is now moving above the 20-period moving average. We expect GBPUSD to move slightly lower for today and reach our 20-period moving average at 1.2853.

Resistance: 1.2901, 1.2970

Support: 1.2835, 1.2752

SPXUSD

SPXUSD moved slightly higher on Tuesday and reach above our resistance level. SPXUSD currently is running at 4565.

As of this writing, the four-hour Stochastic indicator is moving lower just below the overbought area, the price is still moving above the 20-period moving average. We expect that SPXUSD might moves slightly lower today and reach below our 20-period moving average.

Resistance: 4586, 4619

Support: 4543, 4520

USOUSD

USOUSD (WTI) moves higher on Tuesday and able to break above our resistance level. Currently USOUSD is running at 79.13.

As of the time of writing, the four-hour Stochastic indicator is moving just below the overbought area, the price is still moving above the 20-period moving average. We expect that USOUSD to move slightly lower for today and try to reach our support level at 77.86.

Resistance: 79.41, 81.32

Support: 77.86, 76.42

Key Events for Today:

AUD    Consumer Price Index q/q

AUD    Consumer Price Index y/y

USD    FOMC Statement

USD    Federal Funds Rate

USD    FOMC Press Conference