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Market Analysis 20th April 2023

EURUSD

EURUSD moves slightly lower on Wednesday and able to break our support level at 1.0966. EURUSD currently running at 1.0951.

At the time of writing, the four-hour Stochastic indicator is moving in the middle, and the price is now moving just below the 20-period moving average. We are expected a slightly lower EURUSD for today to reach our support level at 1.0923.

Resistance: 1.0975, 1.1026

Support: 1.0923, 1.0877

GOLD

Gold fell below $2,000 on Wednesday and able to fall as low as $1,963. Gold currently is running at $1,993.

At the time of writing, the four-hour Stochastic indicator is moving higher in the middle. The price is moving below the 20-period moving average. We expect that Gold might try to move back higher to reach above the $2,000 level.

Resistance: $2,003, $2,020

Support: $1,990, $1,975

GBPUSD

GBPUSD moves in consolidation on Wednesday able to reach both our support and resistance levels on the day. Currently, GBPUSD is trading at 1.2427.

As of this writing, the four-hour Stochastic indicator is moving in the middle. The price is now moving above the 20-period moving average. We expect GBPUSD to move 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 and able to reach both our support and resistance levels on Wednesday. SPXUSD currently is running at 4141 just above our support level at 4136.

As of this writing, the four-hour Stochastic indicator is moving in the middle, and the price is moving just below the 20-period moving average. We expect that SPXUSD will still moving in consolidation and move between our support and resistance level.

Resistance: 4157, 4176

Support: 4136, 4107

USOUSD

USOUSD (WTI) moves slightly lower on Wednesday and able to break our support level at 79.35. Currently USOUSD is trading at 78.83.

As of the time of writing, the four-hour Stochastic indicator is moving just around the oversold level. We expect that USOUSD to move slightly lower and reach our support level at 78.18.

Resistance: 79.41, 81.19

Support: 78.18, 76.08

Key events for today:

NZD    Consumer Price Index    

AUD    RBA Gov Lowe Speaks

USD    Unemployment Claims

CAD    BOC Gov Macklem Speaks