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Market Analysis 12th June 2023

EURUSD

EURUSD moved slightly lower on Friday and able to reach below our support level. EURUSD currently running at 1.0746.

At the time of writing, the four-hour Stochastic indicator is moving inside the oversold area, the price is now moving above the 20-period moving average. We are expected that EURUSD will move higher and try to reach our resistance levels at 1.0768.

Resistance: 1.0768, 1.0800

Support: 1.0721, 1.0686

GOLD

Gold moves in high volatility on Friday, reaching both our support and resistance level. Gold currently is running at $1,958.

At the time of writing, the four-hour Stochastic indicator is moving lower targeting the oversold area, the price is moving above the 20-period moving average. We expect that Gold will move slightly lower for today and reach our support level at $1,955.

Resistance: $1,972, $1,982

Support: $1,955, $1,939

GBPUSD

GBPUSD able to move higher on Friday and reach our resistance level as expected. Currently, GBPUSD is trading at 1.2577 just below our resistance level.

As of this writing, the four-hour Stochastic indicator is moving inside the overbought area with potential to crossing back lower, the price is moving above the 20-period moving average. We expect GBPUSD to slightly lower to reach our support level at 1.2534.

Resistance: 1.2585, 1.2651

Support: 1.2534, 1.2464

SPXUSD

SPXUSD continue to move higher and just able to break our resistance level at 4304 as expected. SPXUSD currently is running at 4308.

As of this writing, the four-hour Stochastic indicator is crossing back higher in the middle, showing that even though the movement is higher, but the market is still in neutral mood. The price still moving just above the 20-period moving average. We expect that SPXUSD might moves in narrow range but try to move higher to reach our resistance level at 4321.

Resistance: 4321, 4353

Support: 4292, 4263

USOUSD

USOUSD (WTI) moves lower and able to reach our support levels and able to break our support level as expected. Currently USOUSD is trading at 69.95 just below our support level.

As of 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 USOUSD to move slightly lower and try to reach back our support levels at 69.10.

Resistance: 70.96, 72.42

Support: 69.10, 67.61