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Market Analysis 18th May 2023

EURUSD

EURUSD moved lower and reach our support level, but able to keep between our support and resistance levels as expected. EURUSD currently running at 1.0840.

At the time of writing, the four-hour Stochastic indicator is moving higher in the middle, the price is moving BELOW the 20-period moving average. We are expected that EURUSD will move slightly higher to reach our 20-period moving average before continue to move lower and try to break our support level at 1.0822.

Resistance: 1.0884, 1.0930

Support: 1.0822, 1.0787

GOLD

Gold continues to move lower on Wednesday and break our support level at $1,986. Gold currently is running at $1,982.

At the time of writing, the four-hour Stochastic indicator is moving higher in the middle after exited the oversold level. The price is moving BELOW the 20-period moving average. We expect that Gold will move back slightly higher and try to reach our new resistance level at $1,991.

Resistance: $1,991, $2,002

Support: $1,974, $1,966

GBPUSD

GBPUSD moves lower on Wednesday and reach below our support levels, but back higher to moves between our support and resistance levels. Currently, GBPUSD is trading at 1.2482.

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

Resistance: 1.2503, 1.2532

Support: 1.2475, 1.2446

SPXUSD

SPXUSD moves higher on Wednesday and able to break our resistance level at 4147 as expected. SPXUSD currently is running at 4155.

As of this writing, the four-hour Stochastic indicator is entering 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 above our new resistance level at 4162.

Resistance: 4162, 4186

Support: 4142, 4124

USOUSD

USOUSD (WTI) moves higher on Wednesday as expected and able to break our resistance level at 71.75. Currently USOUSD is trading at 72.67.

As of the time of writing, the four-hour Stochastic indicator is entering the overbought area, the price is now moving ABOVE the 20-period moving average. We expect that USOUSD to move in consolidation mode and keep between our support and resistance levels.

Resistance: 73.78, 76.68

Support: 71.75, 69.39

Key events for Today 18th May 2023:

AUD    Employment Change

AUD    Unemployment Rate

USD    Unemployment Claims

CAD    BOC Gov Macklem Speaks