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Market Analysis 7th April 2023

EURUSD

EURUSD moves back lower and reach our support level at 1.0884 as expected on Thursday. EURUSD currently running at 1.0923.

At the time of writing, the four-hour Stochastic indicator is moving higher but looks to crossing back lower near the overbought level, and the price is moving at the 20-period moving average. We anticipate that EURUSD will continue to move lower, we are expected EURUSD to reach back our tight support level at 1.0848 for today.

Resistance: 1.0928, 1.0960

Support: 1.0884, 1.0854

GOLD

Gold moves back lower and reach our support level at $2,000 as expected. Currently, Gold is trading at $2,007.

At the time of writing, the four-hour Stochastic indicator is moving lower in the middle targeting the oversold level. The price is moving just BELOW the 20-period moving average. We expect that Gold might move lower today and try to reach our tight support level at $2,000.

Resistance: $2,019, $2,031

Support: $2,000, $1,984

GBPUSD

GBPUSD able to moves lower on Thursday and reach our support level at 1.2423 as expected. Currently, GBPUSD is trading at 1.2442.

    

As of this writing, the four-hour Stochastic indicator is moving lower in the middle. The price is now moving BELOW the 20-period moving average. We anticipate that GBPUSD will move slightly lower and reach below our tight support level at 1.2404.

Resistance: 1.2455, 1.2508

Support: 1.2404, 1.2350

SPXUSD

SPXUSD continue to move slightly lower on Thursday and reach our support level at 4080. Currently, SPXUSD is trading at 4100.

As of this writing, the four-hour Stochastic indicator is moving inside the overbought level, and the price is now moving just at the 20-period moving average. We expect that SPXUSD will continue to move lower and try to reach our nearest support level at 4080.

Resistance: 4111, 4146

Support: 4080, 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 80.44.

As of the time of writing, the four-hour Stochastic indicator is moving higher near the overbought level but trying to cross back lower. The price is now moving just around the 20-period moving average. We expect that USOUSD will moves lower but still between our support and resistance level and try to reach our tight support level at 79.58.

Resistance: 80.96, 82.40

Support: 79.58, 77.45

Key Events for Today:

USD    Average Hourly Earnings m/m

USD    Non-Farm Employment Change

USD    Unemployment Rate