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Market Analysis 12th May 2023

EURUSD

EURUSD move lower and able to break our support level on Thursday following positive PPI data from the US. EURUSD currently running at 1.0917.

At the time of writing, the four-hour Stochastic indicator is moving in the oversold area, the price is moving BELOW the 20-period moving average. We are expected that EURUSD will move slightly higher as this is the end of the week and reach our new resistance level at 1.0950.

Resistance: 1.0950, 1.0986

Support: 1.0911, 1.0881

GOLD

Gold moves lower on Thursday as the US released their PPI data better than expected and reach our support level at $2,013. Gold currently is running at $2,017.

At the time of writing, the four-hour Stochastic indicator is entering the oversold area. The price is now moving BELOW the 20-period moving average. We expect that Gold will move slightly higher for today to try reach our new resistance level at $2,023.

Resistance: $2,023, $2,036

Support: $2,010, $2,000

GBPUSD

GBPUSD moves strong higher movement due to BOE raise their interest rates, but back lower and break our support level affected by PPI data by the US. Currently, GBPUSD is trading at 1.2515.

As of this writing, the four-hour Stochastic indicator is moving inside the oversold area. The price is moving BELOW the 20-period moving average. We expect GBPUSD to move back higher for today and try to reach back new our resistance level at 1.2552.

Resistance: 1.2552, 1.2596

Support: 1.2484, 1.2435

SPXUSD

SPXUSD moved lower and able to reach our support level at 4115 before goes back higher. SPXUSD currently is running at 4135, just below our resistance level at 4141.

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

Resistance: 4141, 4171

Support: 4115, 4094

USOUSD

USOUSD (WTI) moves flat on Thursday but able to move lower and reach our support level at 70.91. Currently USOUSD is trading at 71.31.

As of the time of writing, the four-hour Stochastic indicator is moving lower targeting the oversold area, the price is now moving BELOW the 20-period moving average. We expect that USOUSD to move higher and try to reach our 20-period moving average.

Resistance: 74.41, 76.68

Support: 70.91, 68.44

Key events for Today 12th May 2023:

NZD    Inflation Expectations

GBP    Gross Domestic Product

USD    Prelim UoM Consumer Sentiment