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Market Analysis 16th August 2023

EURUSD

EURUSD spiked higher on Tuesday and reach our resistance level before moves back lower. Currently EURUSD running at 1.0902.

At the time of writing, the four-hour Stochastic indicator is moving lower targeting the oversold area, the price is now moving below the 20-period moving average. We are expected that EURUSD might move lower for today and try to reach our support level at 1.0874.

Resistance: 1.0941, 1.1046

Support: 1.0874, 1.0813

GOLD

Gold moves lower on Tuesday and able to move below our support level. Gold currently is running at $1,901.

At the time of writing, the four-hour Stochastic indicator is moving in the middle with no clear direction, the price is moving below the 20-period moving average. We expect that Gold will moves higher and reach our 20-period moving average at $1,908.

Resistance: $1,912, $1,923

Support: $1,900, $1,892

GBPUSD

GBPUSD moves higher on Tuesday but able to moves back lower below our resistance level. Currently, GBPUSD is trading at 1.2695.

As of this writing, the four-hour Stochastic indicator is moving lower in the middle, the price is moving around the 20-period moving average. We expect GBPUSD to move lower and reach our support level at 1.2646.

Resistance: 1.2706, 1.2785

Support: 1.2646, 1.2593

moves lower on Tuesday after reached our resistance as expected and able to break below our support level. SPXUSD currently is running at 4435. SPXUSD

As of this writing, the four-hour Stochastic indicator is moving lower entering the oversold area, the price is moving above the 20-period moving average. We expect that SPXUSD might moves higher today and reach above our resistance level at 4459.

Resistance: 4459, 4497

Support: 4428, 4384

USOUSD

USOUSD (WTI) moves lower on Tuesday and able to break our support level as expected. Currently USOUSD is running at 80.50.

As of the time of writing, the four-hour Stochastic indicator is moving inside the oversold area with potential of moving higher, the price is now moving below the 20-period moving average. We expect that USOUSD to move slightly higher for today and try to reach our resistance level at 81.77.

Resistance: 81.77, 83.09

Support: 79.72, 78.52

Key events for today:

NZD    Official Cash Rate

NZD    RBNZ Monetary Policy Statement

NZD    RBNZ Rate Statement

NZD    RBNZ Press Conference

GBP    CPI y/y