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Market Analysis 13th April 2023

EURUSD

EURUSD moves higher and able to break above our resistance level at 1.0968 as expected on Wednesday. EURUSD currently running at 1.0996.

At the time of writing, the four-hour Stochastic indicator is moving higher inside the overbought level, and the price is now moving ABOVE the 20-period moving average. We are expected another stronger EURUSD for today as the US will release another inflation data in PPI and will try to reach our resistance level at 1.1026.

Resistance: 1.1026, 1.1052

Support: 1.0962, 1.0921

GOLD

Gold was moving higher on Wednesday and able to break our 1 resistance at $2,009 a expected and reach as high as our resistance level at $2,026. Gold is currently being traded at $2,015.st

At the time of writing, the four-hour Stochastic indicator is crossing back higher in the middle. 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 $2,026.

Resistance: $2,026, $2,039

Support: $2,010, $1,997

GBPUSD

GBPUSD able to moves higher on Wednesday and break our resistance level at 1.2447 as expected. Currently, GBPUSD is trading at 1.2486.

    

As of this writing, the four-hour Stochastic indicator is entering to the overbought level. The price is now moving ABOVE the 20-period moving average. We expect GBPUSD to try to continue moving higher for today and try to reach the next resistance level at 1.2509.

Resistance: 1.2509, 1.2570

Support: 1.2457, 1.2399

SPXUSD

SPXUSD able to move higher on the early session and reach our resistance level at 4119 as expected, but not able to break above it and goes back lower on the end of Wednesday session. Currently, SPXUSD is trading at 4088 just above our support level.

As of this writing, the four-hour Stochastic indicator is moving strongly lower targeting in the oversold level, and the price is now moving BELOW the 20-period moving average. We expect that SPXUSD will move lower for today and will try to break our nearest support level at 4080.

Resistance: 4119, 4157

Support: 4080, 4040

USOUSD

USOUSD (WTI) is continuing to move higher on Wednesday and break our 1 resistance level at 82.40 and able to reach our next resistance level at 83.26. Currently USOUSD is trading at 83.00. st

As of 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 USOUSD will moves slightly higher to try break above our resistance level at 83.26.

Resistance: 83.26, 84.45

Support: 81.53, 80.30

Key events for today:

AUD    Employment Change

AUD    Unemployment Rate

GBP    Gross Domestic Product

USD    Core Producer Price Index

USD    Producer Price Index

USD    Unemployment Claims

CAD    BOC Gov Macklem Speaks