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Market Analysis 22nd May 2023

EURUSD

EURUSD able to moves higher on Friday and break our resistance level as expected. EURUSD currently running at 1.0822.

At the time of writing, the four-hour Stochastic indicator is moving near the overbought level, the price is now moving just above the 20-period moving average. We are expected that EURUSD will move slightly higher to reach our resistance level at 1.0847.

Resistance: 1.0847, 1.0892

Support: 1.0810, 1.0759

GOLD

Gold able to move back higher on Friday and break our resistance level at $1,974 as expected. Gold currently is running at $1,979.

At the time of writing, the four-hour Stochastic indicator is moving higher targeting the overbought level. The price is moving just above the 20-period moving average. We expect that Gold will move slightly higher and try to reach our new resistance level at $1,991 before goes back lower between our support and resistance level.

Resistance: $1,991, $2,005

Support: $1,966, $1,952

GBPUSD

GBPUSD able to moves higher on Friday and break our resistance level at 1.2444 as expected. Currently, GBPUSD is trading at 1.2461

As of this writing, the four-hour Stochastic indicator is moving flat but near the overbought area. The price is now moving just above the 20-period moving average. We expect GBPUSD to move slightly higher and reach our nearest resistance level at 1.2473.

Resistance: 1.2483, 1.2503

Support: 1.2446, 1.2421

SPXUSD

SPXUSD moves flat but lower on Friday and reach our support level at 4185. SPXUSD currently is running at 4190.

As of this writing, the four-hour Stochastic indicator is moving lower near the oversold area, and the price is moving ABOVE the 20-period moving average. We expect that SPXUSD might move slightly higher and try to reach our new resistance level at 4202.

Resistance: 4202, 4250

Support: 4185, 4158

USOUSD

USOUSD (WTI) still in consolidation mode and keep between our support and resistance level as expected. Currently USOUSD is trading at 71.77.

As of the time of writing, the four-hour Stochastic indicator is lower, just above the oversold area, the price is now moving just below the 20-period moving average. We expect that USOUSD to move in consolidation but lower to reach below our support level at 71.23.

Resistance: 73.31, 75.11

Support: 71.23, 69.43