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Market Analysis 14th April 2023

EURUSD

EURUSD continue to move higher, able to reach and break above our resistance level at 1.1026 as expected on Thursday. EURUSD currently running at 1.1056.

At the time of writing, the four-hour Stochastic indicator is still moving inside the overbought level, and the price is now moving ABOVE the 20-period moving average. We are expected a lower EURUSD for today as the US will release their retail sales and will try to reach our support level at 1.1031.

Resistance: 1.1076, 1.1136

Support: 1.1031, 1.0977

GOLD

Gold was moving higher on Wednesday and able to break our resistance level at $2,039 as expected. Gold is currently being traded at $2,042.

At the time of writing, the four-hour Stochastic indicator is crossing back lower near the overbought level. The price is moving ABOVE the 20-period moving average. We expect that Gold might move slightly lower today and try to reach below our support level at $2,039.

Resistance: $2,053, $2,068

Support: $2,039, $2,020

GBPUSD

GBPUSD able to moves higher on Thursday and break our resistance level at 1.2509 as expected. Currently, GBPUSD is trading at 1.2527.

    

As of this writing, the four-hour Stochastic indicator is moving inside 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 1.2570.

Resistance: 1.2570, 1.2615

Support: 1.2503, 1.2457

SPXUSD

SPXUSD able to move higher on Thursday and break our resistance level at 4119. Currently, SPXUSD is trading at 4147 just below our resistance level at 4157.

As of this writing, the four-hour Stochastic indicator is moving strongly higher entering the overbought level, and the price is now moving ABOVE the 20-period moving average. We expect that SPXUSD will move slightly lower for today and will try to reach our nearest support level at 4123.

Resistance: 4157, 4202

Support: 4123, 4080

USOUSD

USOUSD (WTI) is moves slightly lower on Thursday after reaching our resistance level at 83.26 as expected. Currently USOUSD is trading at 82.21.

As of the time of writing, the four-hour Stochastic indicator is moving lower entering the oversold level. The price is still moving ABOVE the 20-period moving average. We expect that USOUSD will moves slightly lower to try reaching our support level at 81.53.

Resistance: 83.26, 84.45

Support: 81.53, 80.30

Key events for today:

USD    Core Retail Sales m/m

USD    Retail Sales m/m

USD    Prelim UoM Consumer Sentiment