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Market Analysis 5th May 2023

EURUSD

EURUSD moves in high volatility as the ECB released their interest rates, able to move as low as our support level at 1.0986 and move back slightly higher. EURUSD currently running at 1.1030.

At the time of writing, the four-hour Stochastic indicator is moving lower near the oversold area, the price is moving just ABOVE the 20-period moving average. We are expected that EURUSD will move back higher and reach our resistance levels at 1.1051.

Resistance: 1.1051, 1.1073

Support: 1.1015, 1.0986

GOLD

Gold is not moving much on Thursday and keep between our support and resistance levels. Gold currently is running at $2,049.

At the time of writing, the four-hour Stochastic indicator is moving in the middle, showing some neutral trend. The price is still moving ABOVE the 20-period moving average. We expect that Gold will be keep consolidating between our support and resistance levels.

Resistance: $2,068, $2,058

Support: $2,046, $2,033

GBPUSD

GBPUSD were in consolidating but still around our resistance level. Currently, GBPUSD is trading at 1.2592 just below our resistance level at 1.2598.

As of this writing, the four-hour Stochastic indicator is moving lower near the overbought level. The price is still moving ABOVE the 20-period moving average. We expect GBPUSD to continue to move higher for today and try to reach above our resistance level at 1.2598.

Resistance: 1.2598, 1.2656

Support: 1.2544, 1.2495

SPXUSD

SPXUSD moved lower and reach our support level at 4050 as expected. SPXUSD currently is running at 4075.

As of this writing, the four-hour Stochastic indicator is moving higher just above the oversold area, and the price is moving BELOW the 20-period moving average. We expect that SPXUSD might move slightly higher and reach our resistance level at 4092.

Resistance: 4092, 4114

Support: 4070, 4050

USOUSD

USOUSD (WTI) moves flat but able to reach our resistance level at 69.73 as expected. Currently USOUSD is trading at 68.64.

As of the time of writing, the four-hour Stochastic indicator is moving lower near the overbought area, the price is still moving BELOW the 20-period moving average. We expect that USOUSD to move slightly higher and reach back our resistance level at 69.73.

Resistance: 69.73, 72.66

Support: 66.85, 64.76

Key event for the day:

CHF    Consumer Price Index

CAD    Employment Change

CAD    Unemployment Rate

USD    Average Hourly Earnings

USD    Non-Farm Employment Change

USD    Unemployment Rate