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Market Analysis 24th July 2023

EURUSD

EURUSD moves flat on Friday after a few days of moving lower. Currently EURUSD running at 1.1128.

At the time of writing, the four-hour Stochastic indicator is moving higher in the middle, the price is now moving below the 20-period moving average. We are expected that EURUSD might move lower for today and try to reach our support level at 1.1086.

Resistance: 1.1174, 1.1245

Support: 1.1086, 1.1015

GOLD

Gold moved lower on Friday and able to reach below our support levels as expected. Gold currently is running at $1,961.

At the time of writing, the four-hour Stochastic indicator is moving slightly higher just above the oversold area, the price is moving below the 20-period moving average. We expect that Gold will moves lower and reach our next support level at $1,951.

Resistance: $1,968, $1,978

Support: $1,951, $1,938

GBPUSD

GBPUSD moves lower on Friday and able to reach our support level as expected. Currently, GBPUSD is trading at 1.2862.

As of this writing, the four-hour Stochastic indicator is moving higher in the middle, the price is moving below the 20-period moving average. We expect GBPUSD to move slightly lower for today and reach below our next support level at 1.2835.

Resistance: 1.2901, 1.2970

Support: 1.2835, 1.2752

SPXUSD

SPXUSD moved flat on Friday just above our support level at 4526. SPXUSD currently is running at 4533.

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 that SPXUSD might moves slightly lower today and reach below our support level at 4526.

Resistance: 4562, 4586

Support: 4526, 4493

USOUSD

USOUSD (WTI) moves higher on Friday as expected and able to break above our resistance level. Currently USOUSD is running at 76.63.

As of the time of writing, the four-hour Stochastic indicator is moving lower exiting the overbought area, the price is still moving above the 20-period moving average. We expect that USOUSD to move slightly lower for today and try to reach our support level at 75.94.

Resistance: 77.14, 78.93

Support: 75.94, 74.52

Key Events for Today:

EUR    French Flash Manufacturing PMI

EUR    French Flash Services PMI

EUR    German Flash Manufacturing PMI

EUR    German Flash Services PMI

GBP    Flash Manufacturing PMI

GBP    Flash Services PMI

USD    Flash Manufacturing PMI

USD    Flash Services PMI