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Market Analysis 12th July 2023

EURUSD

EURUSD moves higher on Wednesday as expected and able to break our resistance levels. Currently EURUSD running at 1.1143.

At the time of writing, the four-hour Stochastic indicator is moving strongly higher inside the overbought area, the price is moving above the 20-period moving average. We are expected that EURUSD might higher for today and try to reach above our next resistance level at 1.1143.

Resistance: 1.1185, 1.1271

Support: 1.1086, 1.0990

GOLD

Gold moves able to moves higher on Wednesday and break our resistance level as expected. Gold currently is running at $1,959.

At the time of writing, the four-hour Stochastic indicator is moving inside the overbought area, the price is moving above the 20-period moving average. We expect that Gold will moves higher and able to reach above our resistance level at $1,966.

Resistance: $1,966, $1,980

Support: $1,951, $1,939

GBPUSD

GBPUSD moves higher on Wednesday and able to break above our resistance level as expected. Currently, GBPUSD is trading at 1.2998.

As of this writing, the four-hour Stochastic indicator is moving back inside the overbought area, the price is moving above the 20-period moving average. We expect GBPUSD to move higher for today and reach above our resistance level at 1.3004.

Resistance: 1.3004, 1.3085

Support: 1.2912, 1.2852

SPXUSD

SPXUSD moves higher on Wednesday and able to break above our resistance level. SPXUSD currently is running at 4478.

As of this writing, the four-hour Stochastic indicator is moving slightly lower below the overbought area, the price is moving above the 20-period moving average. We expect that SPXUSD might moves slightly lower today and reach back to our support level at 4465.

Resistance: 4514, 4562

Support: 4465, 4417

USOUSD

USOUSD (WTI) able to moves higher on Wednesday and break our resistance level as expected. Currently USOUSD is running at 75.71.

As of the time of writing, the four-hour Stochastic indicator is moving inside the overbought area, the price is moving above the 20-period moving average. We expect that USOUSD to move slightly lower for today and try to reach below our support level at 75.30.

Resistance: 76.70, 78.97

Support: 75.30, 73.78

Key events for today:

GBP    GDP m/m

USD    Core PPI m/m

USD    PPI m/m

USD    Unemployment Claims