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Market Analysis 26th April 2023

EURUSD

EURUSD moves higher on the early session on Tuesday but then fell lower and break our previous support level at 1.1000. EURUSD currently running at 1.0976.

At the time of writing, the four-hour Stochastic indicator is now moving inside the oversold level, and the price is now moving BELOW the 20-period moving average. We are expected a slightly lower EURUSD for today to try reaching our next support level at 1.0949.

Resistance: 1.0997, 1.1053

Support: 1.0949, 1.0916

GOLD

Gold rose on Tuesday as expected and able to move above the $2,000 level. Gold currently is running at $2,000.

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

Resistance: $2,005, $2,018

Support: $1,997, $1,987

GBPUSD

GBPUSD were moving higher on the early session on Tuesday before then goes back lower and break our support level at 1.2437. Currently, GBPUSD is trading at 1.2414.

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 move higher for today and try to reach our next resistance level at 1.2445.

Resistance: 1.2445, 1.2482

Support: 1.2396, 1.2356

SPXUSD

SPXUSD fell on Tuesday and able to reach and break our support level at 4119 as expected. =SPXUSD currently is running at 4091.

As of this writing, the four-hour Stochastic indicator is moving inside the oversold level, and the price is moving BELOW the 20-period moving average. We expect that SPXUSD might to move back higher and reach our resistance level at 4117.

Resistance: 4117, 4140

Support: 4081, 4068

USOUSD

USOUSD (WTI) moves higher in the early session on Tuesday but then moves back lower, but still between our support and resistance levels. Currently USOUSD is trading at 77.18.

As of the time of writing, the four-hour Stochastic indicator is moving just above the oversold level, and the price is moving BELOW the 20-period moving average. We expect that USOUSD to continue to move slightly higher and reach our tighter resistance level at 77.91.

Resistance: 77.91, 79.13

Support: 76.67, 75.52

Key event for the day:

AUD    Consumer Price Index