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Market Analysis 17th April 2023

EURUSD

EURUSD moves lower on Friday and able to break our support level as expected. EURUSD currently running at 1.0962 just at our support level.

At the time of writing, the four-hour Stochastic indicator is moving lower, entering the oversold level, and the price is now moving BELOW the 20-period moving average. We are expected a slightly higher EURUSD for today to reach back above the 1.1 level.

Resistance: 1.1026, 1.1052

Support: 1.0962, 1.0921

GOLD

Gold was moving lower on Friday and able to break our support level at $2,039 as expected. Gold is currently being traded at $1,997.

At the time of writing, the four-hour Stochastic indicator is moving around the oversold level. The price is moving BELOW the 20-period moving average. We expect that Gold might move slightly lower today and try to reach below our support level at $1,990.

Resistance: $2,005, $2,017

Support: $1,990, $1,984

GBPUSD

GBPUSD moves lower on Friday and break our support levels. Currently, GBPUSD is trading at 1.2384.

    

As of this writing, the four-hour Stochastic indicator is moving inside the oversold level. The price is now moving BELOW the 20-period moving average. We expect GBPUSD to try to continue moving lower for today and try to reach the next support level at 1.2344.

Resistance: 1.2404, 1.2467

Support: 1.2344, 1.2296

SPXUSD

SPXUSD able to move lower on the early session and reach our support level at 4119 as expected just to move back higher. Currently, SPXUSD is trading at 4142 just below our resistance level at 4157.

As of this writing, the four-hour Stochastic indicator is moving in the middle, and the price is still 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 4119.

Resistance: 4157, 4176

Support: 4119, 4080

USOUSD

USOUSD (WTI) is still moving in consolidation and tried to reach our support level at 81.53 as expected. Currently USOUSD is trading at 82.29.

As of the time of writing, the four-hour Stochastic indicator is moving in the middle with No clear direction. We expect that USOUSD will still moves in range between our support and resistance levels.

Resistance: 83.26, 84.45

Support: 81.53, 80.30

Key events for today:

USD    Empire State Manufacturing Index