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Market Analysis 14th July 2023

EURUSD

EURUSD moves higher on Thursday as expected and able to break our resistance levels. Currently EURUSD running at 1.1227.

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 move lower for today and try to reach above our support level at 1.1173.

Resistance: 1.1291, 1.1382

Support: 1.1173, 1.1086

GOLD

Gold moves flat on Thursday and consolidate between our support and resistance levels. Gold currently is running at $1,959.

At the time of writing, the four-hour Stochastic indicator is moving in the middle with the potential of going higher, 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 Thursday and able to break above our resistance level as expected. Currently, GBPUSD is trading at 1.3127.

As of this writing, the four-hour Stochastic indicator is moving 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 1.3142.

Resistance: 1.3142, 1.3204

Support: 1.3083, 1.3000

SPXUSD

SPXUSD moves higher on Thursday and able to reach our resistance level. SPXUSD currently is running at 4502.

As of this writing, the four-hour Stochastic indicator is moving slightly lower trying to exit 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 lower in the early session on Thursday as expected, but then goes back higher and break our resistance level. Currently USOUSD is running at 76.90.

As of the time of 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 that USOUSD to move slightly lower for today and try to reach below our support level at 76.75.

Resistance: 77.76, 78.97

Support: 76.75, 75.30

Key events for today:

USD    Prelim UoM Consumer Sentiment