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Market Analysis 3rd August 2023

EURUSD

EURUSD moves slightly lower on Wednesday, able to break below our support level. Currently EURUSD running at 1.0938.

At the time of writing, the four-hour Stochastic indicator is moving lower just above 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 below our support level at 1.0919.

Resistance: 1.0975, 1.1046

Support: 1.0919, 1.0843

GOLD

Gold moves lower on Wednesday and able to break below our support levels. Gold currently is running at $1,935.

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 expect that Gold will moves lower and reach our support level at $1,930.

Resistance: $1,941, $1,952

Support: $1,930, $1,921

GBPUSD

GBPUSD moves slightly lower on Wednesday, and able to break our support level. Currently, GBPUSD is trading at 1.2710.

As of this writing, the four-hour Stochastic indicator is moving slightly lower just above the oversold area, the price is moving below the 20-period moving average. We expect GBPUSD to move lower and break our support level at 1.2687.

Resistance: 1.2763, 1.2873

Support: 1.2687, 1.2601

SPXUSD

SPXUSD moved lower on Wednesday and able to break our support level. SPXUSD currently is running at 4517.

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 that SPXUSD might moves slightly lower today and reach our support level at 4495.

Resistance: 4530, 4573

Support: 4495, 4456

USOUSD

USOUSD (WTI) moves lower on Wednesday and able to break our support level. Currently USOUSD is running at 79.35.

As of 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 USOUSD to move slightly lower for today and try to reach below our support level at 78.49.

Resistance: 80.50, 81.99

Support: 78.49, 77.17

Key events for Today

CHF    CPI m/m

GBP    BOE Monetary Policy Report

GBP    MPC Official Bank Rate Votes

GBP    Monetary Policy Summary

GBP    Official Bank Rate

GBP    BOE Gov Bailey Speaks

USD    Unemployment Claims

USD    ISM Services PMI