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Market Analysis 31st March 2023

EURUSD

On Thursday, EURUSD moves higher and break our resistance levels at 1.0903. As of now, EURUSD is trading at 1.0921.

At the time of writing, the four-hour Stochastic indicator is moving higher entering the overbought level, and the price is moving ABOVE the 20-period moving average. We anticipate that EURUSD will continue to move higher to reach our next resistance level at 1.0937 before goes back lower.

Resistance: 1.0937, 1.1016

Support: 1.0880, 1.0824

GOLD

On Wednesday, Gold moves higher and able to break our resistance level at $1,976. Currently, Gold is trading at $1,983.

At the time of writing, the four-hour Stochastic indicator is moving inside the overbought level. The price is moving ABOVE the 20-period moving average. We expect that Gold might move higher today and try to reach our resistance level at $1,988 before goes back lower.

Resistance: $1,988, $2,008

Support: $1,968, $1,947

GBPUSD

GBPUSD moves higher on Thursday and break our resistance level at 1.2393. Currently, GBPUSD is trading at 1.2407.

    

As of this writing, the four-hour Stochastic indicator is entering the overbought level. The price is moving ABOVE the 20-period moving average. We anticipate that GBPUSD will move slightly higher and reach our resistance level at 1.2420 before goes back lower.

Resistance: 1.2420, 1.2448

Support: 1.2379, 1.2347

SPXUSD

SPXUSD able to moves higher and break our resistance level at 4038 as expected. Currently, SPXUSD is trading at 4061.

As of this writing, the four-hour Stochastic indicator is moving higher inside the overbought level, and the price is now moving ABOVE the 20-period moving average. We expect that SPXUSD will continue to move higher today and try to reach our next resistance level at 4077.

Resistance: 4077, 4119

Support: 4040, 3999

USOUSD

On Thursday, USOUSD (WTI) moves higher and break our resistance level at 74.42. Currently, USOUSD is trading at 74.55

As of the time of writing, the four-hour Stochastic indicator is entering the overbought level. The price is now moving ABOVE the 20-period moving average. We expect that USOUSD will moves higher and try to reach our resistance level at 74.91.

Resistance: 74.91, 77.16

Support: 72.70, 69.82

Key Events for Today:

CAD    Gross Domestic Product

USD    Core PCE Price Index