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Market Analysis 8th August 2023

EURUSD

EURUSD moves flat but slightly lower on Monday, but still between our support and resistance levels. Currently EURUSD running at 1.0982.

At the time of writing, the four-hour Stochastic indicator is moving higher targeting the overbought area, the price is still moving above the 20-period moving average. We are expected that EURUSD might move slightly lower for today and try to reach below our 20-period moving average at 1.0970.

Resistance: 1.1046, 1.1140

Support: 1.0918, 1.0834

GOLD

Gold moves lower on Monday and try to reach our support level. Gold currently is running at $1,933.

At the time of writing, the four-hour Stochastic indicator is trying to cross back higher just at the edge of the oversold area, the price is moving below the 20-period moving average. We expect that Gold will moves lower and reach below our support level at $1,931.

Resistance: $1,943, $1,952

Support: $1,931, $1,921

GBPUSD

GBPUSD moves higher on Monday and able to reach above our resistance level as expected. Currently, GBPUSD is trading at 1.2760.

As of this writing, the four-hour Stochastic indicator is moving higher targeting the overbought area, the price is still moving above the 20-period moving average. We expect GBPUSD to move higher and reach above our resistance level at 1.2785.

Resistance: 1.2785, 1.2887

Support: 1.2687, 1.2601

higher on Monday and able to break above our resistance level as expected. SPXUSD currently is running at 4510. SPXUSD

As of this writing, the four-hour Stochastic indicator is moving higher targeting the overbought area, the price is moving above the 20-period moving average. We expect that SPXUSD might moves slightly higher today and break above our resistance level at 4531.

Resistance: 4531, 4562

Support: 4497, 4456

USOUSD

USOUSD (WTI) moves lower on Monday and able to reach our support level as expected. Currently USOUSD is running at 81.62.

As of the time of writing, the four-hour Stochastic indicator is crossing back higher in the middle, 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 below our support level at 81.61.

Resistance: 82.54, 83.19

Support: 81.61, 80.48