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Market Analysis 29th March 2023

EURUSD

On Tuesday, EURUSD was able to move higher and break our resistance level as expected. As of now, EURUSD is trading at 1.0843.

At the time of writing, the four-hour Stochastic indicator is moving inside the overbought level, and the price is moving ABOVE the 20-period moving average. We anticipate that EURUSD will move slightly lower today and reach our 20-period moving average which also our support level at 1.0797.

Resistance: 1.0865, 1.0903

Support: 1.0797, 1.0750

GOLD

On Tuesday, Gold able to move higher and reach our resistance level at $1,972 as expected. Currently, Gold is trading at $1,971.

At the time of writing, the four-hour Stochastic indicator is entering the overbought level. The price is moving at the 20-period moving average. We expect that Gold might move lower today and try to reach our support level at $1,947.

Resistance: $1,976, $1,997

Support: $1,947, $1,926

GBPUSD

GBPUSD was able to move higher on Tuesday and break our resistance level at 1.2305 as expected. Currently, GBPUSD is trading at 1.2335.

    

As of this writing, the four-hour Stochastic indicator is moving inside the overbought level and sloping down trying to exit. The price is moving just above the 20-period moving average. We anticipate that GBPUSD will move lower today and reach our support level at 1.2300.

Resistance: 1.2340, 1.2393

Support: 1.2300, 1.2252

SPXUSD

SPXUSD moves flat on Tuesday and not able to reach our support or resistance levels. Currently, SPXUSD is trading at 3984.

As of this writing, the four-hour Stochastic indicator is moving higher in the middle, and the price is now moving just above the 20-period moving average. We expect that SPXUSD will move slightly higher today and try to reach our tighter resistance level at 4002.

Resistance: 4002, 4038

Support: 3954, 3920

USOUSD

On Monday, USOUSD (WTI) able to move slightly higher near our resistance level at 74.42. Currently, USOUSD is trading at 73.81.

As of the time of writing, the four-hour Stochastic indicator is moving inside the overbought level and preparing to exit. The price is now moving above the 20-period moving average. We expect that USOUSD will moves lower and try to reach our support level which also our 20-period moving average at 71.33.

Resistance: 74.42, 77.16

Support: 71.33, 68.94

Key Events for Today:

AUD    Consumer Price Index