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Market Analysis 25th May 2023

EURUSD

EURUSD able to moves flat but slightly lower on Wednesday, able to break slightly below our support level. EURUSD currently running at 1.0750.

At the time of writing, the four-hour Stochastic indicator is moving back inside the oversold level, the price is now moving below the 20-period moving average. We are expected that EURUSD will move slightly higher to reach our new resistance level at 1.0788.

Resistance: 1.0788, 1.0828

Support: 1.0738, 1.0702

GOLD

Gold moves slightly higher on early Wednesday just to move back lower on the end of the US session. Gold currently is running at $1,958.

At the time of writing, the four-hour Stochastic indicator is moving lower entering the oversold level. The price is moving BELOW the 20-period moving average. We expect that Gold will move slightly lower and reach our support level at $1,952.

Resistance: $1,982, $2,000

Support: $1,952, $1,934

GBPUSD

GBPUSD able to moves higher on early Wednesday and reach our resistance level as expected but moves back lower in the US Session and break our support level at 1.2374. Currently, GBPUSD is trading at 1.2361.

As of this writing, the four-hour Stochastic indicator is moving lower inside the oversold area. The price is now moving BELOW the 20-period moving average. We expect GBPUSD to move slightly lower and try to break our nearest support level at 1.2344.

Resistance: 1.2383, 1.2443

Support: 1.2344, 1.2273

SPXUSD

SPXUSD moves lower on Tuesday and able to reach our support level at 4109 before goes back higher. SPXUSD currently is running at 4132.

As of this writing, the four-hour Stochastic indicator is moving higher after exited the oversold area, the price is moving BELOW the 20-period moving average. We expect that SPXUSD might move slightly higher and try to reach our new resistance level at 4152.

Resistance: 4152, 4175

Support: 4109, 4089

USOUSD

USOUSD (WTI) moves flat on Wednesday and keep between our support and resistance levels. Currently USOUSD is trading at 74.16.

As of the time of writing, the four-hour Stochastic indicator is moving flat but lower just below the overbought area, the price is moving ABOVE the 20-period moving average. We expect that USOUSD to move higher and reach our next resistance level at 75.11.

Resistance: 75.11, 76.76

Support: 73.03, 71.73

Key events for the day:

USD    Prelim Gross Domestic Product q/q

USD    Unemployment Claims