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Market Analysis 3 April 2023

EURUSD

EURUSD moves slightly higher on early session on Friday but end the day lower. EURUSD currently running at 1.0810, just above our support level at 1.0797.

At the time of writing, the four-hour Stochastic indicator is moving inside the oversold level, and the price is moving BELOW the 20-period moving average. We anticipate that EURUSD will continue to move lower to break below our support level at 1.0797.

Resistance: 1.0865, 1.0903

Support: 1.0797, 1.0750

GOLD

On Friday, Gold able to moves higher and reach our resistance level at $1,987, but end the day lower. Currently, Gold is trading at $1,963.

At the time of writing, the four-hour Stochastic indicator is moving inside the oversold level. The price is moving BELOW 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 moves higher in the early session on Friday and reach our resistance level at 1.2420 but end the day lower and break our support level at 1.2347. Currently, GBPUSD is trading at 1.2305.

    

As of this writing, the four-hour Stochastic indicator is entering the oversold level. The price is moving BELOW the 20-period moving average. We anticipate that GBPUSD will move slightly lower and reach below our support level at 1.2281.

Resistance: 1.2340, 1.2393

Support: 1.2281, 1.2228

SPXUSD

SPXUSD able to moves higher and break our resistance level at 4077 as expected. Currently, SPXUSD is trading at 4099.

As of this 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 SPXUSD will continue to move slightly lower today and reach our nearest support level at 4080.

Resistance: 4146, 4177

Support: 4080, 4040

USOUSD

On Friday, USOUSD (WTI) moves higher and break our resistance level at 75.74. Currently, USOUSD is trading at 79.55 after a jump in the open market to 81.30.

As of the time of writing, the four-hour Stochastic indicator is inside the overbought level. The price is now moving way ABOVE the 20-period moving average. We expect that USOUSD will moves higher and try to reach our next resistance level at 80.78.

Resistance: 80.78, 82.40

Support: 77.57, 76.15

Key Events for Today:

CHF    Consumer Price Index

USD    ISM Manufacturing PMI