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Market Analysis 18th April 2023

EURUSD

EURUSD moves lower on Monday and able to break our support level at 1.0962. EURUSD currently running at 1.0921 just at our next support level.

At the time of writing, the four-hour Stochastic indicator is moving around 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 our resistance level at 1.0974.

Resistance: 1.0974, 1.1026

Support: 1.0921, 1.0866

GOLD

Gold was moving lower on Monday and reach below our support level at $1,990 as expected. But then goes back higher and currently is being traded at $1,995.

At the time of writing, the four-hour Stochastic indicator is moving in the middle. The price is moving BELOW the 20-period moving average. We expect that Gold might move in consolidating between our support and resistance level for today.

Resistance: $2,005, $2,017

Support: $1,990, $1,984

GBPUSD

GBPUSD moves lower on Monday and near our support level at 1.2344. Currently, GBPUSD is trading at 1.2373.

    

As of this writing, the four-hour Stochastic indicator is moving just outside 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 move in consolidation entering the earning seasons, SPXUSD able to move lower in the early session and end the session at higher tone. Currently, SPXUSD is trading at 4148 just below our resistance level at 4157.

As of this writing, the four-hour Stochastic indicator is moving higher targeting the overbought level, and the price is still moving ABOVE the 20-period moving average. We expect that SPXUSD will move slightly higher and will try to reach above our resistance level at 4157.

Resistance: 4157, 4176

Support: 4119, 4080

USOUSD

USOUSD (WTI) is still moving in consolidation but able to move lower and break our support level at 81.53. Currently USOUSD is trading at 80.76.

As of the time of writing, the four-hour Stochastic indicator is moving lower just near the oversold level. We expect that USOUSD will still moves in range and might move back slightly higher and reach our resistance level at 81.58.

Resistance: 81.58, 83.26

Support: 80.30, 79.35

Key events for today:

GBP    Claimant Count Change

CAD    Consumer Price Index

CAD    BOC Gov Macklem Speaks