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Market Analysis 4th April 2023

EURUSD

EURUSD able to moves lower on the early session on Monday, but unable to continue and goes back higher and reach our resistance levels at 1.0903. EURUSD currently running at 1.0895.

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 goes back lower as EURUSD still in consolidation for today while waiting US Non Farm on Friday. We are expected EURUSD to reach our tight support level at 1.0865 for today.

Resistance: 1.0906, 1.0928

Support: 1.0865, 1.0838

GOLD

On Monday, Gold able to moves in consolidation and reach our support levels before goes higher and break our resistance level at $1.976. Currently, Gold is trading at $1,981.

At the time of writing, the four-hour Stochastic indicator is moving inside the overbought level. The price is moving ABOVE the 20-period moving average. We expect that Gold might move lower today and try to reach our tight support level at $1,968.

Resistance: $1,988, $2,003

Support: $1,968, $1,947

GBPUSD

GBPUSD moves lower in the early session and reach our support level as expected, but then it goes higher and break our resistance levels. Currently, GBPUSD is trading at 1.2401.

    

As of this writing, the four-hour Stochastic indicator is moving inside the overbought level. The price is moving ABOVE the 20-period moving average. We anticipate that GBPUSD will move slightly lower and reach below our tight support level at 1.2381.

Resistance: 1.2417, 1.2455

Support: 1.2381, 1.2350

SPXUSD

SPXUSD continue to move slightly higher on Monday, but still flat between our support and resistance level. Currently, SPXUSD is trading at 4120.

As of this writing, the four-hour Stochastic indicator is moving back higher from the middle and try to target the overbought level, and the price is now moving ABOVE the 20-period moving average. We expect that SPXUSD will continue to move slightly higher today and try to reach our nearest resistance level at 4146.

Resistance: 4146, 4177

Support: 4080, 4040

USOUSD

On Monday, USOUSD (WTI) jump in the open market and keep moving near our resistance level at 80.96. Currently, USOUSD is trading at 80.93 after moving slightly lower.

As of the time of writing, the four-hour Stochastic indicator is just outside 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 80.96.

Resistance: 80.96, 82.40

Support: 77.57, 76.15

Key Events for Today:

AUD    Cash Rate

AUD    RBA Rate Statement

USD    JOLTS Job Openings