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Market Analysis 31st May 2023

EURUSD

EURUSD moving higher on Tuesday after reaching our support level. EURUSD currently running at 1.0734.

At the time of writing, the four-hour Stochastic indicator is moving higher targeting the overbought area, the price is now moving just above the 20-period moving average. We are expected that EURUSD will move slightly higher to try reaching our resistance level at 1.0766.

Resistance: 1.0766, 1.0801

Support: 1.0702, 1.0671

GOLD

Gold moves higher on Tuesday and able to break above our previous resistance level at $1,954. Gold currently is running at $1,959.

At the time of writing, the four-hour Stochastic indicator is moving inside the overbought area, the price is moving ABOVE the 20-period moving average. We expect that Gold will move slightly lower for today and reach our new support level at $1,951.

Resistance: $1,963, $1,975

Support: $1,951, $1,939

GBPUSD

GBPUSD able to moves higher on Tuesday and break above our resistance level as expected. Currently, GBPUSD is trading at 1.2418.

As of this writing, the four-hour Stochastic indicator is moving slowly higher targeting the overbought area, the price is moving ABOVE the 20-period moving average. We expect GBPUSD to move slightly higher and try to reach our next resistance level at 1.2443.

Resistance: 1.2443, 1.2492

Support: 1.2391, 1.2334

SPXUSD

SPXUSD moving lower on Tuesday and able to break our support level at 4206. SPXUSD currently is running at 4205.

As of this writing, the four-hour Stochastic indicator is moving lower in the middle, and the price now moving just above the 20-period moving average. We expect that SPXUSD might moves back higher for today and try to reach our new resistance level at 4237.

Resistance: 4237, 4271

Support: 4193, 4153

USOUSD

USOUSD (WTI) moves lower on Tuesday and break our support level at 70.40. Currently USOUSD is trading at 69.62.

As of the time of writing, the four-hour Stochastic indicator is entering the oversold level, the price is moving BELOW the 20-period moving average. We expect that USOUSD to move lower and try to reach our new support level at 68.39.

Resistance: 70.93, 72.24

Support: 68.39, 67.25

Key Events for Today,

AUD    Consumer Price Index

EUR    German Prelim CPI

CAD    Gross Domestic Product

USD    JOLTS Job Openings