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Market Analysis 28th April 2023

EURUSD

EURUSD moved lower on Thursday as expected and able to break our support level at 1.1042. EURUSD currently running at 1.1033.

At the time of writing, the four-hour Stochastic indicator is moving in the middle, and the price is now moving just ABOVE the 20-period moving average. We are expected a slightly higher EURUSD for today to try reaching our next resistance level at 1.1051.

Resistance: 1.1051, 1.1073

Support: 1.1015, 1.0986

GOLD

Gold fall on Thursday and break below our support level at $1,988. Gold currently is running at $1,985.

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 still consolidating between our support and resistance level. Gold range is between $1,974 and $2,002.

Resistance: $1,992, $2,002

Support: $1,982, $1,974

GBPUSD

GBPUSD were moving higher on Thursday as expected and able to reach near our resistance level at 1.2502. Currently, GBPUSD is trading at 1.2496.

As of this writing, the four-hour Stochastic indicator is moving strongly higher entering 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 break our resistance level at 1.2502.

Resistance: 1.2502, 1.2525

Support: 1.2468, 1.2437

SPXUSD

SPXUSD able to reach our support level at 4049 on Thursday, but the goes higher and break our resistance levels at 4092. SPXUSD currently is running at 4130.

As of this writing, the four-hour Stochastic indicator is moving inside the overbought level, and the price is moving ABOVE the 20-period moving average. We expect that SPXUSD might to move back lower and reach our next support level at 4112.

Resistance: 4140, 4157

Support: 4112, 4092

USOUSD

USOUSD (WTI) moves flat on Thursday but able to reach our support level at 74.06. Currently USOUSD is trading at 74.61.

As of the time of writing, the four-hour Stochastic indicator is moving in the middle, and the price is moving BELOW the 20-period moving average. We expect that USOUSD to continue to move slightly lower and reach below our support level at 74.06.

Resistance: 75.77, 76.94

Support: 74.06, 72.73

Key event for the day:

JPY    Tokyo Core CPI y/y

JPY    BOJ Outlook Report

JPY    Monetary Policy Statement

EUR    German Prelim CPI

JPY    BOJ Press Conference

CAD    Gross Domestic Product

USD    Core PCE Price Index

USD    Employment Cost Index