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Market Analysis 4th August 2023

EURUSD

EURUSD moves flat on Thursday, and still moving between our support and resistance levels. Currently EURUSD running at 1.0950.

At the time of writing, the four-hour Stochastic indicator is moving higher targeting the overbought area, the price is still 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 flat on Thursday and move just between our support and resistance levels. Gold currently is running at $1,935.

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 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 lower in the early session on Thursday, and able to move back higher between our support and resistance levels. Currently, GBPUSD is trading at 1.2714.

As of this writing, the four-hour Stochastic indicator is moving higher entering the overbought area, the price is still 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 slightly lower on Thursday and able to reach our support level as expected. SPXUSD currently is running at 4510.

As of this writing, the four-hour Stochastic indicator is moving higher in the middle, the price is moving below the 20-period moving average. We expect that SPXUSD might moves slightly lower today and break below our support level at 4495.

Resistance: 4530, 4573

Support: 4495, 4456

USOUSD

USOUSD (WTI) able to reach our support level on Thursday as expected and moves higher in the later session to break our resistance level. Currently USOUSD is running at 81.45.

As of the time of writing, the four-hour Stochastic indicator is moving higher inside the overbought area, the price is now 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 79.76.

Resistance: 81.99, 83.19

Support: 79.76, 78.46

Key events for Today

CAD    Employment Change

CAD    Unemployment Rate

USD    Average Hourly Earnings m/m

USD    Non-Farm Employment Change

USD    Unemployment Rate