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Market Analysis 8th May 2023

EURUSD

EURUSD moves in high volatility as the US released Jobs report on Friday, creating a lower movement and reached our support level before goes back higher. EURUSD currently running at 1.1018.

At the time of writing, the four-hour Stochastic indicator is moving higher targeting the overbought area, the price is moving BELOW the 20-period moving average. We are expected that EURUSD will move back higher and reach above our 20-period moving average at 1.1035.

Resistance: 1.1051, 1.1073

Support: 1.1015, 1.0986

GOLD

Gold falls on Friday as the US released jobs report. Gold currently is running at $2,016.

At the time of writing, the four-hour Stochastic indicator is moving in the middle. The price is now moving BELOW the 20-period moving average. We expect that Gold will move slightly higher for today to try reaching our resistance level at $2,033.

Resistance: $2,033, $2,045

Support: $2,013, $1,994

GBPUSD

GBPUSD able to moves higher on Friday and break our resistance levels as expected. Currently, GBPUSD is currently trading at 1.2627.

As of this writing, the four-hour Stochastic indicator is moving around 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 1.2656.

Resistance: 1.2656, 1.2743

Support: 1.2599, 1.2551

SPXUSD

SPXUSD moved higher on Friday and break our resistance levels as expected. SPXUSD currently is running at 4129.

As of this writing, the four-hour Stochastic indicator is moving inside the overbought area, and the price is now moving ABOVE the 20-period moving average. We expect that SPXUSD might move slightly higher and reach back to our resistance level at 4141.

Resistance: 4141, 4171

Support: 4115, 4095

USOUSD

USOUSD (WTI) moves higher on Friday and break our resistance level as expected. Currently USOUSD is trading at 71.27.

As of the time of writing, the four-hour Stochastic indicator is moving inside the overbought area, the price is now moving ABOVE the 20-period moving average. We expect that USOUSD to move slightly higher and reach our resistance level at 72.66.

Resistance: 72.66, 74.41

Support: 69.67, 66.85