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Market Analysis 25th April 2023

EURUSD

EURUSD moves higher on Monday as expected, able to break our resistance levels at 1.1026. EURUSD currently running at 1.1058.

At the time of writing, the four-hour Stochastic indicator is still moving inside the overbought level, and the price is still moving ABOVE the 20-period moving average. We are expected a slightly higher EURUSD for today to try reaching our next resistance level at 1.1073.

Resistance: 1.1073, 1.1131

Support: 1.1042, 1.1000

GOLD

Gold rose on Monday as expected and able to break our resistance level at $1,990. Gold currently is running at $1,996.

At the time of writing, the four-hour Stochastic indicator is moving higher entering the overbought level. The price is moving ABOVE the 20-period moving average. We expect that Gold might try to move higher to reach our resistance level at $2,005.

Resistance: $2,005, $2,018

Support: $1,988, $1,974

GBPUSD

GBPUSD were moving higher on Monday as expected and able to break above the previous resistance level at 1.2467. Currently, GBPUSD is trading at 1.2497.

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 move higher for today and try to reach above our next resistance level at 1.2502.

Resistance: 1.2502, 1.2525

Support: 1.2468, 1.2437

SPXUSD

SPXUSD still move in consolidation between our support and resistance levels but able slightly reach below our support level at 4119 as expected before goes back higher. SPXUSD currently is running at 4132.

As of this writing, the four-hour Stochastic indicator is moving higher near the overbought level, and the price is moving just above the 20-period moving average. We expect that SPXUSD will still moving in consolidation but slightly lower and reach back to the support level at 4119.

Resistance: 4140, 4157

Support: 4119, 4107

USOUSD

USOUSD (WTI) moves higher but still between our support and resistance levels. Currently USOUSD is trading at 78.72.

As of the time of writing, the four-hour Stochastic indicator is just entering the overbought level, and the price is moving above the 20-period moving average. We expect that USOUSD to continue to move slightly higher and reach our resistance level at 79.41.

Resistance: 79.41, 81.19

Support: 76.08, 74.06

Key event for the day:

NZD    Bank Holiday

AUD    Bank Holiday

EUR    Italian Bank Holiday

USD    CB Consumer Confidence