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Market Analysis 10th August 2023

EURUSD

EURUSD moves flat on Wednesday, slightly lower but unable to reach our support level and goes back higher to move around our 20-period moving average. Currently EURUSD running at 1.0973.

At the time of writing, the four-hour Stochastic indicator is moving lower in the middle, the price is now moving just around the 20-period moving average. We are expected that EURUSD might move higher for today and try to reach our resistance level at 1.1046.

Resistance: 1.1046, 1.1140

Support: 1.0918, 1.0834

GOLD

Gold moves lower on Wednesday and able to reach below our support level expected. Gold currently is running at $1,916.

At the time of writing, the four-hour Stochastic indicator is trying to cross back higher but still inside the oversold area, the price is moving below the 20-period moving average. We expect that Gold will moves higher and reach our resistance level at $1,923.

Resistance: $1,923, $1,931

Support: $1,910, $1,902

GBPUSD

GBPUSD moves flat on Wednesday but able to reach our resistance level as expected but then moves back lower. Currently, GBPUSD is trading at 1.2785.

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 higher and reach above our resistance level at 1.2785.

Resistance: 1.2785, 1.2887

Support: 1.2687, 1.2601

moves lower on Wednesday and able to reach below our support level. SPXUSD currently is running at 4478. SPXUSD

As of this writing, the four-hour Stochastic indicator is moving lower targeting the oversold area, the price is moving below the 20-period moving average. We expect that SPXUSD might moves slightly higher today and reach our resistance level at 4497.

Resistance: 4497, 4531

Support: 4456, 4428

USOUSD

USOUSD (WTI) moves higher on Wednesday and able to break above our resistance levels. Currently USOUSD is running at 83.45.

As of the time of writing, the four-hour Stochastic indicator is moving just below the overbought 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 above our resistance level at 85.82.

Resistance: 85.82, 88.36

Support: 83.42, 80.73

Key events for today:

USD    CPI m/m

USD    CPI y/y

USD    Core CPI m/m

USD    Unemployment Claims