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Market Analysis 7th August 2023

EURUSD

EURUSD moves higher on Friday, and able to break above our resistance levels. Currently EURUSD running at 1.1009.

At the time of writing, the four-hour Stochastic indicator is moving higher targeting the overbought area, the price is now moving above the 20-period moving average. We are expected that EURUSD might move slightly lower for today and try to reach our 20-period moving average at 1.0965.

Resistance: 1.1046, 1.1140

Support: 1.0918, 1.0834

GOLD

Gold moves higher on Friday and able to reach above our resistance level. Gold currently is running at $1,942.

At the time of writing, the four-hour Stochastic indicator is moving higher targeting the overbought area, the price is moving above the 20-period moving average. We expect that Gold will moves higher and reach above our resistance level at $1,943.

Resistance: $1,943, $1,952

Support: $1,931, $1,921

GBPUSD

GBPUSD moves higher on Friday and able to reach above our resistance level before goes back lower. Currently, GBPUSD is trading at 1.2749.

As of this writing, the four-hour Stochastic indicator is moving below the overbought area, the price is still moving above the 20-period moving average. We expect GBPUSD to move higher and reach above our resistance level at 1.2763.

Resistance: 1.2763, 1.2873

Support: 1.2687, 1.2601

SPXUSD

SPXUSD moved lower on Friday and able to break below our support level as expected. SPXUSD currently is running at 4477.

As of this writing, the four-hour Stochastic indicator is moving lower 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 4456.

Resistance: 4495, 4531

Support: 4456, 4418

USOUSD

USOUSD (WTI) moves higher on Friday and able to break above our resistance level. Currently USOUSD is running at 82.29.

As of the time of 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 that USOUSD to move slightly lower for today and try to reach our support level at 81.61.

Resistance: 82.54, 83.19

Support: 81.61, 80.48