Here are the Top Market Analysis for the 22nd of August, 2023.

Forex (FX)

• EUR/USD: The EUR/USD is trading lower, but is holding above the 1.0000 level. The pair is facing downward pressure from the hawkish stance of the US Federal Reserve, but is also being supported by the risk-off sentiment in the market. The bears are struggling to break below the key support level of 1.0500. The overall trend is bearish, but the recent price action suggests that the bears may be losing momentum.
• USD/CAD: The USD/CAD is trading in a narrow range between 1.2800 and 1.2900. The pair is expected to remain range-bound in the near term, with the focus on the upcoming Canadian employment report. The key support level is 1.2900, and the key resistance level is 1.3000. The overall trend is bearish, but the recent price action suggests that the bears may be losing momentum.
• GBP/USD: The GBP/USD is trading lower, but is holding above the 1.1800 level. The pair is facing downward pressure from the weakness in the UK economy, but is also being supported by the Bank of England’s dovish stance. The bulls are struggling to break above the key resistance level of 1.1900. The overall trend is bullish, but the recent price action suggests that the bulls may be losing momentum.
• AUD/USD: The AUD/USD is trading higher, but is facing resistance at the 0.6800 level. The pair is being supported by the strength in the Australian economy, but is also being weighed down by the risk-off sentiment in the market. The bears are struggling to break below the key support level of 0.6800. The overall trend is bearish, but the recent price action suggests that the bears may be losing momentum.
• NZD/USD: The NZD/USD is trading higher, but is facing resistance at the 0.6200 level. The pair is being supported by the strength in the New Zealand economy, but is also being weighed down by the risk-off sentiment in the market. The bulls are struggling to break above the key resistance level of 0.7200. The overall trend is bullish, but the recent price action suggests that the bulls may be losing momentum.
• USD/JPY: The US dollar is trading higher against the Japanese yen, supported by rising US treasury yields. The yield on the 10-year US Treasury note is currently at 3.25%, its highest level since 2018. This is making the US dollar more attractive to investors, as it offers a higher interest rate than the yen.

Gold (XAU/USD)

• Gold prices are trading slightly lower on Tuesday, but remain in a range between $1,400 and $1,450 per ounce. The Relative Strength Index (RSI) is currently at 45, which indicates that gold is neither overbought nor oversold. The moving averages (MACD) are all pointing down, which suggests that the trend is bearish.

Crude Oil

• Brent crude oil price is trading at $81.50 per barrel, down 0.5% from the previous day. WTI crude oil price is trading at $79.50 per barrel, down 0.7% from the previous day. Crude oil markets are under pressure from concerns about a slowdown in the global economy. China, the world’s second-largest economy, is facing a slowdown due to a number of factors, including COVID-19 lockdowns and the property crisis. The US dollar is also trading strong, which is making crude oil more expensive for buyers using other currencies. The US dollar index is up 0.3% today. Despite the downward pressure, crude oil prices are still supported by strong demand from the US and other developed countries. The US economy is growing at a healthy pace and demand for oil is expected to remain strong in the coming months.
• The price is approaching the 20-day moving average, which could act as a resistance level. If the price breaks above the 20-day moving average, it could continue to rise towards the 50-day moving average. However, if the price fails to break above the 20-day moving average, it could fall back to the support level of $95.00 per barrel. Overall, the technical indicators are bullish for crude oil, but the price is approaching a resistance level. It is important to monitor the price action closely and be prepared for a possible pullback.

Indices

• Dow Jones Industrial Average (DJIA): The DJIA closed down 36.97 points (-0.11%) at 34,463.69. The index was weighed down by losses in healthcare and financial stocks. The index is in a downtrend and is below its 50-day and 200-day moving averages.
• S&P 500 (SPX): The SPX closed up 30.06 points (0.69%) at 4,399.77. The index was boosted by gains in technology and consumer discretionary stocks. The index is in a neutral trend and is trading above its 50-day moving average but below its 200-day moving average.
• Nasdaq Composite (COMP): The COMP closed up 206.81 points (1.56%) at 13,497.59. The index was led by gains in software and semiconductor stocks. The index is in an uptrend and is above its 50-day and 200-day moving averages.
• FTSE 100 (FTSE): The FTSE closed down 33.52 points (-0.17%) at 19,784.87. The index was weighed down by losses in mining and energy stocks. The index is in a downtrend and is below its 50-day and 200-day moving averages.
• Nikkei 225 (N225): The N225 closed down 979 points (-0.85%) at 114,429.00. The index was weighed down by losses in technology and industrial stocks. The index is in a downtrend and is below its 50-day and 200-day moving averages.

Cryptocurrencies

• Bitcoin (BTC) is trading at $20,000, down 1.5% in the last 24 hours. BTC is currently consolidating after a sharp sell-off in recent weeks. The next support level for BTC is at $19,000.
• Ethereum (ETH) is trading at $1,100, down 2% in the last 24 hours. ETH is also consolidating after a sharp sell-off. The next support level for ETH is at $1,000.
• Tether (USDT) is trading at $1, up 0.01% in the last 24 hours. USDT is a stablecoin, which means it is designed to be pegged to the US dollar.
• Binance Coin (BNB) is trading at $230, down 1% in the last 24 hours. BNB is the native token of the Binance exchange.
• XRP (XRP) is trading at $0.32, down 1.5% in the last 24 hours. XRP is the native token of the Ripple blockchain.
• Solana (SOL) is trading at $30, down 15% from yesterday. SOL is a blockchain platform that is designed to be scalable and efficient.

Current Factors Affecting the Makets and Events to Watch Out For

• The release of the Canadian employment report.
• The release of the US non-farm payrolls report.
• The rising interest rates in the US.
• The speeches of FOMC members.
• The geopolitical situation in Ukraine.
• The risk sentiment in the market.
• Any news about the trade war between the US and China.
• The developments in the Russia-Ukraine conflict.
• The outcome of the OPEC+ meeting on August 30
• The geopolitical situation in the Middle East.