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Market Analysis 7th June 2023

EURUSD

EURUSD moved lower on Tuesday and able to move below our support level. EURUSD currently running at 1.0699.

At the time of writing, the four-hour Stochastic indicator is moving in the middle, showing some neutral movement, the price is now moving just below the 20-period moving average. We are expected that EURUSD will move slightly higher for today and reach our next resistance level at 1.0720.

Resistance: 1.0720, 1.0747

Support: 1.0692, 1.0669

GOLD

Gold moves higher on Tuesday as expected and able to reach above our previous resistance level at $1,962. Gold currently is running at $1,965.

At the time of writing, the four-hour Stochastic indicator is moving near the overbought area, the price is moving just above the 20-period moving average. We expect that Gold will move higher for today and reach our next resistance level at $1,972.

Resistance: $1,972, $1,982

Support: $1,954, $1,939

GBPUSD

GBPUSD moved lower on Tuesday but able to moves back higher after reaching our support level at the early session. Currently, GBPUSD is trading at 1.2431.

As of this writing, the four-hour Stochastic indicator is still not showing clear direction as it moved in the middle, the price is still moving BELOW the 20-period moving average. We expect GBPUSD to move higher and try to reach above our resistance level at 1.2443.

Resistance: 1.2443, 1.2492

Support: 1.2391, 1.2335

SPXUSD

SPXUSD moved flat on Tuesday and keep the range narrow. SPXUSD currently is running at 4284.

As of this writing, the four-hour Stochastic indicator is moving higher targeting the overbought area, the price still moving ABOVE the 20-period moving average. We expect that SPXUSD might moves slightly lower for today and try to reach our narrower support level at 4265.

Resistance: 4304, 4353

Support: 4265, 4233

USOUSD

USOUSD (WTI) moves lower on Tuesday and able to reach below our support level at 70.88 as expected, but then moves back higher in the US session and moved back between our support and resistance levels. Currently USOUSD is trading at 71.95.

As of the time of writing, the four-hour Stochastic indicator is moving higher targeting the overbought area, the price is now moving just at the 20-period moving average. We expect that USOUSD to move higher and try to reach our resistance level at 72.73.

Resistance: 72.73, 73.83

Support: 70.88, 70.04

Key Events for Today,

AUD    Gross Domestic Product

CAD    BOC Rate Statement

CAD     Overnight Rate