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Market Analysis 19th July 2023

EURUSD

EURUSD moves flat on Tuesday and still between our support and resistance levels. Currently EURUSD running at 1.1223.

At the time of writing, the four-hour Stochastic indicator is moving slightly lower targeting the oversold area, the price is still moving just around the 20-period moving average. We are expected that EURUSD might move lower for today and try to reach our support level at 1.1174.

Resistance: 1.1271, 1.1339

Support: 1.1174, 1.1086

GOLD

Gold moved higher on Tuesday and able to break our resistance levels. Gold currently is running at $1,977.

At the time of writing, the four-hour Stochastic indicator is moving flat just below the overbought area, the price is moving above the 20-period moving average. We expect that Gold will moves lower and able to reach below our support level at $1,963.

Resistance: $1,982, $2,005

Support: $1,963, $1,938

GBPUSD

GBPUSD moves lower on Tuesday and able to break our support level as expected. Currently, GBPUSD is trading at 1.3032.

As of this writing, the four-hour Stochastic indicator is moving lower entering the oversold area, the price is moving below the 20-period moving average. We expect GBPUSD to move lower for today and reach our support level at 1.3001.

Resistance: 1.3064, 1.3142

Support: 1.3001, 1.2901

SPXUSD

SPXUSD moved higher on Tuesday and able to break our resistance level. SPXUSD currently is running at 4554.

As of this writing, the four-hour Stochastic indicator is moving higher entering the overbought area, the price is moving above the 20-period moving average. We expect that SPXUSD might moves slightly higher today and break our next resistance level at 4562.

Resistance: 4562, 4586

Support: 4526, 4493

USOUSD

USOUSD (WTI) moves higher on Tuesday and break our resistance level. Currently USOUSD is running at 75.56.

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 74.98.

Resistance: 75.95, 77.14

Support: 74.98, 73.78

Key events for today:

NZD    CPI q/q

GBP    CPI y/y

USD    Housing Starts