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Market Analysis 24th May 2023

EURUSD

EURUSD able to moves flat but slightly lower on Tuesday, able to break slightly below our support level. EURUSD currently running at 1.0773.

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 are expected that EURUSD will move slightly higher to reach our new resistance level at 1.0788.

Resistance: 1.0788, 1.0828

Support: 1.0759, 1.0716

GOLD

Gold moves lower on Tuesday as expected but able to move back higher and keep in consolidation mode, Gold still moving between our support and resistance levels. Gold currently is running at $1,975.

At the time of writing, the four-hour Stochastic indicator is moving higher entering the overbought level. The price is moving above the 20-period moving average. We expect that Gold will move slightly higher and reach our resistance level at $1,991.

Resistance: $1,991, $2,005

Support: $1,966, $1,952

GBPUSD

GBPUSD moves slightly lower on Tuesday and able to moves below our support levels before goes back slightly higher. Currently, GBPUSD is trading at 1.2427.

As of this writing, the four-hour Stochastic indicator is moving higher targeting the overbought area. The price is now moving at the 20-period moving average. We expect GBPUSD to move slightly higher and reach our resistance level at 1.2450.

Resistance: 1.2450, 1.2481

Support: 1.2413, 1.2374

SPXUSD

SPXUSD moves lower on Tuesday and able to break our support level at 4158. SPXUSD currently is running at 4153.

As of this writing, the four-hour Stochastic indicator is entering the oversold area, the price is moving BELOW the 20-period moving average. We expect that SPXUSD might move slightly higher and try to reach our new resistance level at 4175.

Resistance: 4175, 4213

Support: 4142, 4109

USOUSD

USOUSD (WTI) moves higher on Tuesday and able to break our resistance level at 73.31 as expected. Currently USOUSD is trading at 73.85.

As of the time of writing, the four-hour Stochastic indicator is higher entering the overbought area, the price is now moving ABOVE the 20-period moving average. We expect that USOUSD to move higher and reach our next resistance level at 75.11.

Resistance: 75.11, 76.76

Support: 73.03, 71.73

Key events for the day:

NZD    Official Cash Rate

NZD    RBNZ Monetary Policy Statement

NZD    RBNZ Rate Statement

NZD    RBNZ Press Conference

GBP    Consumer Price Index