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Market Analysis 9th May 2023

EURUSD

EURUSD able to move higher and reach above our 20-period moving average as expected but then moves back lower and break below 1.1000 level. EURUSD currently running at 1.0992.

At the time of writing, the four-hour Stochastic indicator is moving lower entering the oversold area, the price is moving back BELOW the 20-period moving average. We are expected that EURUSD will move back slightly higher and reach our new resistance level at 1.1008.

Resistance: 1.1008, 1.1039

Support: 1.0986, 1.0962

GOLD

Gold moves between our support and resistance level on Monday. Gold currently is running at $2,023.

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 early Monday and reach our resistance level as expected but then moves lower but still between our support and resistance levels. Currently, GBPUSD is trading at 1.2613.

As of this writing, the four-hour Stochastic indicator is moving inside the oversold level. The price is moving at the 20-period moving average. We expect GBPUSD to move back 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 flat on Monday, but able to reach our resistance level as expected before goes lower. SPXUSD currently is running at 4135.

As of this writing, the four-hour Stochastic indicator is moving flatly lower just below the overbought area, and the price is now moving ABOVE the 20-period moving average. We expect that SPXUSD might move slightly lower, but still between our support and resistance level.

Resistance: 4141, 4171

Support: 4115, 4095

USOUSD

USOUSD (WTI) moves higher on Monday and break our resistance level as expected. Currently USOUSD is trading at 72.78.

As of the time of writing, the four-hour Stochastic indicator is trying to exit the overbought area, the price is now moving ABOVE the 20-period moving average. We expect that USOUSD to move slightly lower and reach our support level at 70.91.

Resistance: 74.41, 76.68

Support: 70.91, 68.44