Chương 33  Market Analysis Articles May 16th

Market Analysis 16th May 2023

EURUSD

EURUSD move slow and flat on Monday, consolidating between our support and resistance levels. EURUSD currently running at 1.0873.

Market Analysis Articles May 16th-1

At the time of writing, the four-hour Stochastic indicator is moving just below the oversold area, the price is still moving BELOW the 20-period moving average. We are expected that EURUSD will move slightly higher and reach above our new resistance level at 1.0884.

Resistance: 1.0884, 1.0930

Support: 1.0822, 1.0787


GOLD

Gold moves flat on Monday, just around our 20-period moving average. Gold currently is running at $2,014 in the middle with our current support and resistance levels.

Market Analysis Articles May 16th-2

At the time of writing, the four-hour Stochastic indicator is moving in the middle. The price is now moving around the 20-period moving average. We expect that Gold will still move on consolidating mode but will try to move higher to reach our resistance level at $2,023.

Resistance: $2,023, $2,036

Support: $2,003, $1,989


GBPUSD

GBPUSD moves higher on Monday and able to break our resistance level at 1.2500. Currently, GBPUSD is trading at 1.2527.

Market Analysis Articles May 16th-3

As of this writing, the four-hour Stochastic indicator is moving inside the overbought area. The price is moving just above the 20-period moving average. We expect GBPUSD to move slightly higher and reach our next resistance level at 1.2552.

Resistance: 1.2552, 1.2585

Support: 1.2498, 1.2448


SPXUSD

SPXUSD able to reach our support level on early Monday but then goes back higher and reach our resistance level to close the day. SPXUSD currently is running around our 20-period moving average at 4131.

Market Analysis Articles May 16th-4

As of this writing, the four-hour Stochastic indicator is moving just below the overbought level, and the price is now moving just around the 20-period moving average. We expect that SPXUSD might move slightly higher and reach our current resistance level at 4141.

Resistance: 4141, 4171

Support: 4115, 4094


USOUSD

USOUSD (WTI) moves higher on Monday and able to reach our resistance level at 71.41. Currently USOUSD is trading at 71.34.

Market Analysis Articles May 16th-5

As of the time of writing, the four-hour Stochastic indicator is moving inside the overbought area, the price is now moving just above the 20-period moving average. We expect that USOUSD to move higher and break our next resistance level at 71.75.

Resistance: 71.75, 73.78

Support: 69.39, 67.24


Key events for Today 16th May 2023:

GBP    Claimant Count Change

CAD    Consumer Price Index

USD    Retail Sales


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