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Market Analysis 27th July 2023

EURUSD

EURUSD moves higher on Wednesday and able to reach our resistance level. Currently EURUSD running at 1.1090.

At the time of writing, the four-hour Stochastic indicator is moving higher just below the overbought area, the price is moving just at the 20-period moving average. We are expected that EURUSD might move higher for today and try to reach our resistance level at 1.1108.

Resistance: 1.1108, 1.1174

Support: 1.1015, 1.0942

GOLD

Gold moved higher on Wednesday and able to break our resistance level as expected. Gold currently is running at $1,972.

At the time of writing, the four-hour Stochastic indicator is moving lower exiting the overbought area, the price is still moving above the 20-period moving average. We expect that Gold will moves slightly lower and reach our support level at $1,963.

Resistance: $1,978, $1,987

Support: $1,963, $1,951

GBPUSD

GBPUSD moves higher on Wednesday and able to break above our resistance level. Currently, GBPUSD is trading at 1.2938.

As of this writing, the four-hour Stochastic indicator is moving lower trying to exit the overbought area, the price is moving above the 20-period moving average. We expect GBPUSD to move slightly lower for today and reach our support level at 1.2891.

Resistance: 1.2960, 1.3051

Support: 1.2891, 1.2810

SPXUSD

SPXUSD moved slightly higher on Wednesday and reach near our resistance level. SPXUSD currently is running at 4573.

As of this writing, the four-hour Stochastic indicator is moving higher in the middle, 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 in consolidation on Wednesday and still between our support and resistance levels. Currently USOUSD is running at 79.18.

As of the time of writing, the four-hour Stochastic indicator is crossing back higher just above 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 79.41.

Resistance: 79.41, 81.32

Support: 77.86, 76.42

Key Events for Today:

EUR    Main Refinancing Rate

EUR    Monetary Policy Statement

USD    Advance GDP q/q

USD    Unemployment Claims

EUR    ECB Press Conference