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Market Analysis 10th May 2023

EURUSD

EURUSD continue to move lower on Tuesday and break our support levels at 1.0986. EURUSD currently running at 1.0972.

At the time of writing, the four-hour Stochastic indicator is moving higher after reaching the oversold area, the price is still moving BELOW the 20-period moving average. We are expected that EURUSD will move back slightly higher and reach our new resistance level at 1.0986.

Resistance: 1.0986, 1.1008

Support: 1.0962, 1.0941

GOLD

Gold moves higher on Tuesday and able to break our resistance level at $2,033 as expected. Gold currently is running at $2,035.

At the time of writing, the four-hour Stochastic indicator is moving higher targeting the overbought area. The price is now moving ABOVE the 20-period moving average. We expect that Gold will move slightly higher for today to try reaching our next resistance level at $2,045.

Resistance: $2,045, $2,053

Support: $2,023, $2,013

GBPUSD

GBPUSD moves slightly lower but back higher and still in consolidation mode between our support and resistance levels. Currently, GBPUSD is trading at 1.2632.

As of this writing, the four-hour Stochastic indicator is moving higher targeting the overbought area. The price is moving just above the 20-period moving average. We expect GBPUSD 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 flat on Tuesday, slightly lower but still between our support and resistance levels as expected. SPXUSD currently is running at 4124.

As of this writing, the four-hour Stochastic indicator is cross back higher just above the oversold area, and the price is now moving at the 20-period moving average. We expect that SPXUSD might move slightly higher, but still between our support and resistance level.

Resistance: 4141, 4171

Support: 4115, 4095

USOUSD

USOUSD (WTI) moves higher on Tuesday but still below our resistance levels. Currently USOUSD is trading at 73.53.

As of the time of writing, the four-hour Stochastic indicator is moving higher targeting the overbought area, the price is now moving ABOVE the 20-period moving average. We expect that USOUSD to move higher and reach our resistance level at 74.41.

Resistance: 74.41, 76.68

Support: 70.91, 68.44

Key events for Today 10th May 2023:

USD    Consumer Price Index

USD    Core Consumer Price Index