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Market Analysis 2nd June 2023

EURUSD

EURUSD able to moves higher on Thursday and break our resistance level at 1.0706 as expected. EURUSD currently running at 1.0761 just below our resistance level.

At the time of writing, the four-hour Stochastic indicator is moving inside the overbought area, the price is now moving ABOVE the 20-period moving average. We are expected that EURUSD will move slightly lower for today and reach our support level which also our 20-period moving average at 1.0706.

Resistance: 1.0766, 1.0824

Support: 1.0706, 1.0671

GOLD

Gold moves higher on Thursday and able to break above our resistance level at $1,972. Gold currently is running at $1,975.

At the time of writing, the four-hour Stochastic indicator is crossing back lower inside the overbought area, the price is moving ABOVE the 20-period moving average. We expect that Gold will move lower for today and reach our support level at $1,963.

Resistance: $1,984, $2,004

Support: $1,963, $1,951

GBPUSD

GBPUSD able to moves higher on Thursday and able to break our resistance level as expected. Currently, GBPUSD is trading at 1.2526.

As of this writing, the four-hour Stochastic indicator is moving inside the overbought area, the price is moving ABOVE the 20-period moving average. We expect GBPUSD to move lower and try to reach above our support level at 1.2502.

Resistance: 1.2544, 1.2587

Support: 1.2502, 1.2448

SPXUSD

SPXUSD moving higher on Thursday and able to break our resistance level at 4210 as expected. SPXUSD currently is running at 4222.

As of this writing, the four-hour Stochastic indicator is moving higher inside the overbought area, the price now moving ABOVE the 20-period moving average. We expect that SPXUSD might moves back higher for today and try to break our new resistance level at 4230.

Resistance: 4230, 4275

Support: 4197, 4166

USOUSD

USOUSD (WTI) moves higher on Thursday and able to break our resistance level at 69.07. Currently USOUSD is trading at 70.25.

As of the time of writing, the four-hour Stochastic indicator is moving higher near the overbought area, the price is moving just above the 20-period moving average. We expect that USOUSD to move lower and try to reach our support level at 69.38.

Resistance: 70.95, 72.25

Support: 69.38, 67.63

Key Events for Today,

USD    Average Hourly Earnings m/m

USD    Non-Farm Employment Change

USD    Unemployment Rate