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Market Analysis 1st June 2023

EURUSD

EURUSD continue moving lower on Wednesday and able to break our support level at 1.0702. EURUSD currently running at 1.0684.

At the time of writing, the four-hour Stochastic indicator is moving higher targeting in the middle, the price is now moving BELOW the 20-period moving average. We are expected that EURUSD will move slightly higher to try reaching our resistance level at 1.0706 before goes back lower.

Resistance: 1.0706, 1.0766

Support: 1.0671, 1.0634

GOLD

Gold moves higher on Wednesday and able to break above our previous resistance level at $1,963. Gold currently is running at $1,965.

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

Resistance: $1,972, $1,984

Support: $1,951, $1,939

GBPUSD

GBPUSD able to moves higher on Wednesday and able to reach our resistance level as expected. Currently, GBPUSD is trading at 1.2436 just below our 1 resistance level.st

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

Resistance: 1.2443, 1.2492

Support: 1.2391, 1.2334

SPXUSD

SPXUSD moving lower on Wednesday and able to break our support level at 4193. SPXUSD currently is running at 4181.

As of this writing, the four-hour Stochastic indicator is moving higher after exited the oversold area, the price now moving BELOW the 20-period moving average. We expect that SPXUSD might moves back higher for today and try to reach our new resistance level at 4210.

Resistance: 4210, 4230

Support: 4175, 4153

USOUSD

USOUSD (WTI) moves lower on Wednesday and break our support level at 68.39 as expected. Currently USOUSD is trading at 67.83.

As of the time of writing, the four-hour Stochastic indicator is crossing back lower just above 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 next support level at 67.25.

Resistance: 69.07, 70.95

Support: 67.25, 65.04

Key Events for Today,

EUR    CPI Flash Estimate y/y

USD    ADP Non-Farm Employment Change

USD    Unemployment Claims

USD    ISM Manufacturing PMI