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Market Analysis 12th April 2023

EURUSD

EURUSD moves higher and able to break above our resistance level at 1.0890 as expected on Tuesday. EURUSD currently running at 1.0920.

At the time of writing, the four-hour Stochastic indicator is moving higher targeting the overbought level, and the price is now moving ABOVE the 20-period moving average. We are expected a stronger EURUSD for today as the US will release their inflation data in CPI and will try to reach our resistance level at 1.0968.

Resistance: 1.0928, 1.0968

Support: 1.0891, 1.0854

GOLD

Gold was moving higher on Tuesday and able to reach our resistance level at $2,005 as expected. Gold is currently being traded at $2,005.

At the time of writing, the four-hour Stochastic indicator is moving higher entering the overbought level. The price is moving ABOVE the 20-period moving average. We expect that Gold might move higher today and try to break above our next resistance level at $2,009.

Resistance: $2,009, $2,026

Support: $1,997, $1,984

GBPUSD

GBPUSD able to moves higher on Tuesday and break our resistance level at 1.2425 as expected. Currently, GBPUSD is trading at 1.2430.

    

As of this writing, the four-hour Stochastic indicator is moving back higher in the middle. The price is now moving just ABOVE the 20-period moving average. We expect GBPUSD to try to move higher for today and try to reach the next resistance level at 1.2447.

Resistance: 1.2447, 1.2509

Support: 1.2399, 1.2350

SPXUSD

SPXUSD moves slightly higher and reach our resistance level at 4119 but not able to break above it as expected. Currently, SPXUSD is trading at 4112.

As of this writing, the four-hour Stochastic indicator is moving strongly lower targeting in the middle, and the price is still moving ABOVE the 20-period moving average. We expect that SPXUSD will move higher for today and will try to breach our nearest resistance level at 4119.

Resistance: 4119, 4157

Support: 4080, 4040

USOUSD

USOUSD (WTI) is finally breaking our resistance level as expected at 80.96. Still in consolidating mode as currently USOUSD is trading at 81.56.

As of the time of writing, the four-hour Stochastic indicator is moving higher entering the overbought level. The price is now moving ABOVE the 20-period moving average. We expect that USOUSD will moves slightly higher to reach our resistance level at 82.40.

Resistance: 82.40, 83.26

Support: 80.30, 79.58

Key events for today:

USD    Consumer Price Index

GBP    BOE Gov Bailey Speaks

CAD    BOC Monetary Policy Report

CAD    BOC Rate Statement

CAD    Overnight Rate

CAD    BOC Press Conference