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Market Analysis 16th May 2023

EURUSD

EURUSD move slow and slightly higher on Tuesday, but still consolidating between our support and resistance levels. EURUSD currently running at 1.0870.

At the time of writing, the four-hour Stochastic indicator is moving just above the overbought area, the price is moving at the 20-period moving average. We are expected that EURUSD will move slightly lower but still inside the range between support and resistance level.

Resistance: 1.0884, 1.0930

Support: 1.0822, 1.0787

GOLD

Gold moves falls down on Tuesday, affected by better retail sales data in the US, able to break our support levels. Gold currently is running at $1,991.

At the time of writing, the four-hour Stochastic indicator is moving inside the oversold level. The price is now moving BELOW the 20-period moving average. We expect that Gold will move back slightly higher and try to reach back above $2,000 level.

Resistance: $2,002, $2,017

Support: $1,986, $1,974

GBPUSD

GBPUSD moves lower on Tuesday affected by bad UK claimant change and US retail sales data. Currently, GBPUSD is trading at 1.2486.

As of this writing, the four-hour Stochastic indicator is moving lower targeting the oversold area. The price is now moving just below the 20-period moving average. We expect GBPUSD to move slightly higher and reach our new resistance level at 1.2503.

Resistance: 1.2503, 1.2532

Support: 1.2475, 1.2446

SPXUSD

SPXUSD able to reach below our support level on Tuesday. SPXUSD currently is running at 4115.

As of this writing, the four-hour Stochastic indicator is moving lower targeting the oversold area, and the price is now moving BELOW the 20-period moving average. We expect that SPXUSD might move slightly higher and reach our new resistance level and 20-period movinga average at 4128.

Resistance: 4128, 4147

Support: 4108, 4094

USOUSD

USOUSD (WTI) moves flat in consolidation on Tuesday. Currently USOUSD is trading at 70.49.

As of the time of writing, the four-hour Stochastic indicator is moving lower entering the oversold area, the price is now moving at the 20-period moving average. We expect that USOUSD to move slightly higher and reach our resistance level at 71.75.

Resistance: 71.75, 73.78

Support: 69.39, 67.24

Key events for Today 17th May 2023:

AUD    Wage Price Index

GBP    BOE Gov Bailey Speaks