{x} | Trading.live

Market Analysis 11th May 2023

EURUSD

EURUSD move back higher and able to break our resistance level at 1.0986 as expected. EURUSD currently running at 1.0990.

At the time of writing, the four-hour Stochastic indicator is moving higher in the middle, reaching the overbought area, the price is still moving at the 20-period moving average. We are expected that EURUSD will continue to move higher and reach our new resistance level at 1.1008.

Resistance: 1.1008, 1.1043

Support: 1.0962, 1.0930

GOLD

Gold moves spiked higher on Wednesday as the US released their CPI data lower than expected and reach our resistance level at $2,045 as expected before goes back lower and reach our support level at $2,023. Gold currently is running at $2,034.

At the time of writing, the four-hour Stochastic indicator is crossing back higher just above the oversold area. The price is still moving ABOVE the 20-period moving average. We expect that Gold will move slightly higher for today to try reach back our resistance level at $2,045.

Resistance: $2,045, $2,053

Support: $2,023, $2,013

GBPUSD

GBPUSD moves higher and back lower on Wednesday as the US released their CPI data which are lower than expected. Currently, GBPUSD is trading at 1.2635.

As of this writing, the four-hour Stochastic indicator is crossing back higher near the oversold area. The price is moving just above the 20-period moving average. We expect GBPUSD to move higher for today and try to reach back our resistance level at 1.2656.

Resistance: 1.2656, 1.2713

Support: 1.2599, 1.2551

SPXUSD

SPXUSD moved higher and back lower on Wednesday affected by the CPI data. SPXUSD currently is running at 4145, slightly break our previous resistance level at 4141.

As of this writing, the four-hour Stochastic indicator is moving higher targeting 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 our next resistance level at 4153.

Resistance: 4153, 4171

Support: 4136, 4115

USOUSD

USOUSD (WTI) moves flat on Wednesday as the market waits for more clear direction from the US. Currently USOUSD is trading at 72.84.

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

Resistance: 74.41, 76.68

Support: 70.91, 68.44

Key events for Today 11th May 2023:

GBP    BOE Monetary Policy Report

GBP    MPC Official Bank Rate Votes

GBP    Monetary Policy Summary

GBP    Official Bank Rate

GBP    BOE Gov Bailey Speaks

USD    Core PPI m/m

USD    PPI m/m

USD    Unemployment Claims