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Market Analysis 28th March 2023

EURUSD

On Monday, EURUSD was able to move slightly higher and target our 20-period moving average, but it was not able to reach our expected resistance level. As of now, EURUSD is trading at 1.0804.

At the time of writing, the four-hour Stochastic indicator is moving inside the overbought level, and the price is moving just at the 20-period moving average. We anticipate that EURUSD will move slightly higher today and reach our resistance level at 1.0829.

Resistance: 1.0829, 1.0903

Support: 1.0735, 1.0689

GOLD

On Monday, Gold continued to move lower and reached our support level at $1,947. Currently, Gold is trading at $1,958.

At the time of writing, the four-hour Stochastic indicator is moving slightly higher in the middle, and the price is moving below the 20-period moving average. We expect that Gold might move higher today and try to reach our resistance level at $1,972.

Resistance: $1,972, $1,997

Support: $1,947, $1,926

GBPUSD

GBPUSD was able to move higher on Monday and break our resistance level at 1.2258 as expected. Currently, GBPUSD is trading at 1.2298.

    

As of this writing, the four-hour Stochastic indicator is moving inside the overbought level, and the price is moving just above the 20-period moving average. We anticipate that GBPUSD will move higher today and reach our next resistance level at 1.2305.

Resistance: 1.2305, 1.2336

Support: 1.2252, 1.2202

SPXUSD

SPXUSD was able to move higher on Monday but failed to reach our resistance level at 4016. Currently, SPXUSD is trading at 3982.

As of this writing, the four-hour Stochastic indicator is moving in the middle, and the price is now moving just above the 20-period moving average. We expect that SPXUSD will move higher today and try to reach our resistance level at 4016.

Resistance: 4016, 4077

Support: 3928, 3885

USOUSD

On Monday, USOUSD (WTI) was able to move higher and break our resistance levels at 70.68 and 72.66 as expected. Currently, USOUSD is trading at 72.94.

As of the time of writing, the four-hour Stochastic indicator is moving inside the overbought level, and the price is now moving above the 20-period moving average. We expect that USOUSD will continue to move higher and reach our resistance level at 74.42.

Resistance: 74.42, 77.16

Support: 71.33, 68.94

Key Events for Today:

USD    CB Consumer Confidence