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Market Analysis 19th April 2023

EURUSD

EURUSD moves higher on Tuesday and able to break our resistance level at 1.0974 as expected. EURUSD currently running at 1.0981.

At the time of writing, the four-hour Stochastic indicator is moving higher targeting the overbought level, and the price is now moving at the 20-period moving average. We are expected a slightly higher EURUSD for today to reach our tighter resistance level at 1.0998.

Resistance: 1.0998, 1.1026

Support: 1.0966, 1.0923

GOLD

Gold was moving in consolidation mode on Tuesday and able to reach our support and resistance levels. Gold currently is being traded at $2,006.

At the time of writing, the four-hour Stochastic indicator is moving lower just below the overbought level. The price is moving at the 20-period moving average. We expect that Gold might continue to move in consolidation mode between our tight support and resistance level for today.

Resistance: $2,010, $2,020

Support: $2,000, $1,990

GBPUSD

GBPUSD moves higher on Tuesday and able to break our resistance level at 1.2404. Currently, GBPUSD is trading at 1.2432.

As of this writing, the four-hour Stochastic indicator is moving lower just outside the overbought level. The price is now moving at 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 1.2467.

Resistance: 1.2467, 1.2502

Support: 1.2401, 1.2355

SPXUSD

SPXUSD still move in consolidation, but SPXUSD able to move higher and reach above our resistance level at 4157 as expected. SPXUSD then move back lower and currently is trading at 4151 just below our resistance level at 4157.

As of this writing, the four-hour Stochastic indicator is moving lower targeting the oversold level, and the price is still moving ABOVE the 20-period moving average. We expect that SPXUSD will move slightly lower and will try to reach our support level at 4136.

Resistance: 4157, 4176

Support: 4136, 4107

USOUSD

USOUSD (WTI) is still moving in consolidation mode between our support and resistance levels. Currently USOUSD is trading at 81.07.

As of the time of writing, the four-hour Stochastic indicator is moving higher just near the overbought level. We expect that USOUSD will still moves in range between our support and resistance levels.

Resistance: 81.58, 83.26

Support: 80.30, 79.35

Key events for today:

GBP    Consumer Price Index