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Market Analysis 6th April 2023

EURUSD

EURUSD moves back lower after reaching higher movement. EURUSD currently running at 1.0889.

At the time of writing, the four-hour Stochastic indicator is moving lower entering the oversold level, and the price is moving just BELOW the 20-period moving average. We anticipate that EURUSD will continue to move lower, 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

Gold jumps higher above $2,000 breaks our resistance levels, but then moving flat on Wednesday. Currently, Gold is trading at $2,013.

At the time of writing, the four-hour Stochastic indicator is moving lower in the middle targeting the oversold 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 $2,002.

Resistance: $2,032, $2,068

Support: $2,002, $1,987

GBPUSD

GBPUSD moves higher on Tuesday and flat on Wednesday. Currently, GBPUSD is trading at 1.2444.

    

As of this writing, the four-hour Stochastic indicator is moving lower in the middle. The price is still moving ABOVE the 20-period moving average. We anticipate that GBPUSD will move slightly lower and reach below our tight support level at 1.2423.

Resistance: 1.2455, 1.2499

Support: 1.2423, 1.2350

SPXUSD

SPXUSD continue to move slightly lower on Wednesday and reach our support level. Currently, SPXUSD is trading at 4080.

As of this writing, the four-hour Stochastic indicator is moving in the middle, and the price is now moving BELOW the 20-period moving average. We expect that SPXUSD will continue to move lower and try to reach our nearest support level at 4071.

Resistance: 4135, 4177

Support: 4071, 4040

USOUSD

USOUSD (WTI) is consolidating in a tight range, this was affected by the jump which happen early this week. USOUSD is trading at 80.19 after moving slightly lower.

As of the time of writing, the four-hour Stochastic indicator is moving lower in the middle. The price is now moving just BELOW the 20-period moving average. We expect that USOUSD will moves lower but still between our support and resistance level.

Resistance: 80.15, 82.40

Support: 77.57, 76.15

Key Events for Today:

CAD    Employment Change

CAD    Unemployment Rate

USD    Unemployment Claims