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Market Analysis 28th July 2023

EURUSD

EURUSD moves higher and able to reach our resistance level as expected in the early session on Thursday, but then falls down and break our support levels in the US session. Currently EURUSD running at 1.0981.

At the time of writing, the four-hour Stochastic indicator is moving lower entering the oversold area, 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 support level at 1.0942.

Resistance: 1.1037, 1.1108

Support: 1.0942, 1.0873

GOLD

Gold moved lower on Thursday and able to break our support level as expected. Gold currently is running at $1,972.

At the time of writing, the four-hour Stochastic indicator is moving lower entering the oversold area, the price is now moving below the 20-period moving average. We expect that Gold will moves lower and reach back our support level at $1,945.

Resistance: $1,954, $1,963

Support: $1,945, $1,934

GBPUSD

GBPUSD moves lower on Thursday and able to break above our support level as expected. Currently, GBPUSD is trading at 1.2791.

As of this writing, the four-hour Stochastic indicator is moving lower entering the oversold area, the price is moving below the 20-period moving average. We expect GBPUSD to move slightly lower for today and reach below our support level at 1.2773.

Resistance: 1.2873, 1.2960

Support: 1.2773, 1.2687

SPXUSD

SPXUSD moved lower on Thursday as expected and able to break our support level. SPXUSD currently is running at 4542.

As of this writing, the four-hour Stochastic indicator is moving lower entering the oversold area, the price is now moving below the 20-period moving average. We expect that SPXUSD might moves slightly lower today and reach our support level at 4530.

Resistance: 4577, 4607

Support: 4530, 4497

USOUSD

USOUSD (WTI) moves higher on Thursday and able to reach our resistance level as expected. Currently USOUSD is running at 79.52.

As of the time of writing, the four-hour Stochastic indicator is crossing back lower in the middle, 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 above our resistance level at 79.86.

Resistance: 79.86, 81.32

Support: 77.86, 76.42

Key Events for Today:

JPY    BOJ Outlook Report

JPY    Monetary Policy Statement

EUR    German Prelim CPI m/m

JPY    BOJ Press Conference

CAD    GDP m/m

USD    Core PCE Price Index m/m

USD    Employment Cost Index q/q

USD    Revised UoM Consumer Sentiment