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Market Analysis 17th August 2023

EURUSD

EURUSD moved lower on Wednesday and reach our support level as expected. Currently EURUSD running at 1.0880.

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 break our support level at 1.0874.

Resistance: 1.0941, 1.1046

Support: 1.0874, 1.0813

GOLD

Gold moves lower on Wednesday and able to move below our support level. Gold currently is running at $1,894.

At the time of writing, the four-hour Stochastic indicator is moving 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 $1,901.

Resistance: $1,901, $1,912

Support: $1,892, $1,880

GBPUSD

GBPUSD moves higher on Wednesday and able to break our resistance level. Currently, GBPUSD is trading at 1.2730.

As of this writing, the four-hour Stochastic indicator is moving lower in the middle, the price is moving above the 20-period moving average. We expect GBPUSD to move higher and break our resistance level at 1.2743.

Resistance: 1.2743, 1.2785

Support: 1.2694, 1.2646

moves lower on Wednesday and able to break below our support level. SPXUSD currently is running at 4405. SPXUSD

As of this writing, the four-hour Stochastic indicator is moving inside the oversold area, the price is moving below the 20-period moving average. We expect that SPXUSD might moves higher today and reach above our resistance level at 4416.

Resistance: 4416, 4450

Support: 4384, 4347

USOUSD

USOUSD (WTI) moves lower on Wednesday and able to break our support level. Currently USOUSD is running at 78.82.

As of the time of writing, the four-hour Stochastic indicator is moving lower entering the oversold area, 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 79.97.

Resistance: 79.97, 81.77

Support: 78.52, 77.12

Key events for today:

AUD    Employment Change

AUD    Unemployment Rate

USD    Unemployment Claims