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Market Analysis 11th August 2023

EURUSD

EURUSD moves higher on Thursday when the US CPI data is released and able to reach our resistance level as expected, but then end the day slightly lower between our support and resistance levels. Currently EURUSD running at 1.0985.

At the time of writing, the four-hour Stochastic indicator is moving lower targeting the oversold area, 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 back our resistance level at 1.1046.

Resistance: 1.1046, 1.1140

Support: 1.0918, 1.0834

GOLD

Gold moves higher on Thursday when US CPI data is released and able to reach our resistance level as expected, but then end the day lower and reach our support level. Gold currently is running at $1,913.

At the time of 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 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 higher on Thursday when the US CPI data is released but then able to reach our resistance level as expected but then moves back lower. Currently, GBPUSD is trading at 1.2678.

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 lower and reach below our support level at 1.2646.

Resistance: 1.2706, 1.2785

Support: 1.2646, 1.2593

spiked higher when the US CPI data is released on Thursday and able to reach above our resistance level as expected. SPXUSD currently is running at 4474. 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 lower today and reach our support level at 4456.

Resistance: 4497, 4531

Support: 4456, 4428

USOUSD

USOUSD (WTI) moves lower on Thursday and able to break above our support levels. Currently USOUSD is running at 82.44.

As of the time of writing, the four-hour Stochastic indicator is moving lower targeting the oversold area, the price is now moving around the 20-period moving average. We expect that USOUSD to move slightly lower for today and try to reach our support level at 80.73.

Resistance: 84.03, 85.82

Support: 80.73, 78.52

Key events for today:

GBP    GDP m/m

USD    Core PPI m/m

USD    PPI m/m

USD    Prelim UoM Consumer Sentiment