Here are the Top Market Analysis for the 23rd of August, 2023.

Forex (FX)

• EUR/USD: The euro is trading in a narrow range today, with the bulls and bears seemingly evenly matched. The pair is currently trading around 1.0880, after breaking the support level at 1.0876 yesterday. If the bulls can push the price above 1.0900, it could open the door for a move towards the resistance level at 1.0950. However, if the bears take control, the pair could fall to the support level at 1.0833.
• GBP/USD: The pound is also trading in a narrow range today, with the bulls and bears also evenly matched. The pair is currently trading around 1.2700, after breaking the support level at 1.2659 yesterday. If the bulls can push the price above 1.2750, it could open the door for a move towards the resistance level at 1.2800. However, if the bears take control, the pair could fall to the support level at 1.2600.
• USD/JPY: The dollar is trading higher against the yen today, as the risk-off sentiment in the markets continues to support the safe-haven currency. The pair is currently trading around 138.00, after breaking the resistance level at 137.50 yesterday. If the bulls can push the price above 138.50, it could open the door for a move towards the resistance level at 139.00. However, if the bears take control, the pair could fall to the support level at 137.00.
• AUD/USD: The Australian dollar is trading lower against the US dollar, after breaking below the support level of 0.7200. The pair is currently trading around 0.7150. The next support level is seen at 0.7100.
• NZD/USD: The New Zealand dollar is also trading lower against the US dollar, after failing to break above the resistance level of 0.6800. The pair is currently trading around 0.6750. The next support level is seen at 0.6700.

Metals

• Gold: Gold prices are trading in a narrow range between $1,800 and $1,820 per ounce. The Relative Strength Index (RSI) is neutral, suggesting that the market is neither overbought nor oversold. The moving averages are also converging, which could signal a possible breakout in either direction.
• Silver: Silver prices are trading below $22 per ounce. The RSI is oversold, suggesting that the market is due for a bounce. The moving averages are also diverging, which could signal a possible trend reversal.
• Platinum: Platinum prices are trading below $900 per ounce. The RSI is neutral, suggesting that the market is neither overbought nor oversold. The moving averages are also converging, which could signal a possible breakout in either direction.
• Palladium: Palladium prices are trading above $2,000 per ounce. The RSI is overbought, suggesting that the market is due for a pullback. The moving averages are also diverging, which could signal a possible trend reversal.
• Copper: Copper prices are trading below $3.50. The RSI is neutral, and the MACD is slightly bearish. Overall, the technicals are mixed, and copper prices are likely to remain range-bound in the near term.

Commodities

• Crude oil (WTI) is trading at $97.20 per barrel, up 0.7%. The crude oil market is in a strong buy zone, with the moving averages all pointing upwards. The daily stochastic oscillator is also in the overbought zone, which indicates that the market is overbought and could be due for a correction.
• Natural gas is trading at $6.01 per million British thermal units (MMBtu), up 1.4%. The natural gas market is also in a strong buy zone, with the moving averages all pointing upwards. The daily stochastic oscillator is also in the overbought zone.
• Silver is trading at $21.60 per ounce, down 0.2%. The silver market is in a sell zone, with the moving averages all pointing downwards. The daily stochastic oscillator is also in the oversold zone, which indicates that the market is oversold and could be due for a bounce.
• Corn is trading at $7.35 per bushel, up 0.8%. The corn market is in a strong buy zone, with the moving averages all pointing upwards. The daily stochastic oscillator is also in the overbought zone.
• Soybeans are trading at $15.75 per bushel, up 1.2%. The soybeans market is also in a strong buy zone, with the moving averages all pointing upwards. The daily stochastic oscillator is also in the overbought zone.
• Wheat is trading at $8.50 per bushel, up 0.5%. The wheat market is in a neutral zone, with the moving averages pointing in different directions. The daily stochastic oscillator is also in the neutral zone.

Indices

• Dow Jones Industrial Average (DJIA): The DJIA is currently trading at 35,281.40, up 12.6 points or 0.3%. The moving averages are all in bullish alignment, and the indicators are mostly positive. This suggests that the DJIA is likely to continue to rise in the near term.
• S&P 500 (SPX): The SPX is currently trading at 4,464.05, up 12.6 points or 0.28%. The moving averages are all in bullish alignment, but the indicators are mixed. This suggests that the SPX is likely to trade sideways in the near term.
• Nasdaq 100 (NDX): The NDX is currently trading at 15,028.07, up 64.3 points or 0.43%. The moving averages are all in bullish alignment, and the indicators are mostly positive. This suggests that the NDX is likely to continue to rise in the near term.
• DAX (DAX): The DAX is currently trading at 15,931.65, up 29.4 points or 0.18%. The moving averages are all in bullish alignment, and the indicators are mostly positive. This suggests that the DAX is likely to continue to rise in the near term.
• FTSE 100 (FTSE): The FTSE is currently trading at 7,514.22, up 10.8 points or 0.15%. The moving averages are all in bullish alignment, and the indicators are mostly positive. This suggests that the FTSE is likely to continue to rise in the near term.
• CAC 40 (CAC): The CAC is currently trading at 7,370.26, up 18.2 points or 0.25%. The moving averages are all in bullish alignment, and the indicators are mostly positive. This suggests that the CAC is likely to continue to rise in the near term.

Cryptocurrencies

• Bitcoin (BTC) is currently trading at $29,000, down 1.5% in the past 24 hours. The RSI is at 35, which is in the oversold territory. The MACD is also bearish, with the signal line crossing below the MACD line. This suggests that the trend is still bearish. However, the price is approaching the support level of $28,000, which could provide a bounce.
• Ethereum (ETH) is currently trading at $1,700, down 2.5% in the past 24 hours. The RSI is at 30, which is also in the oversold territory. The MACD is also bearish, but the signal line is starting to curve upwards. This suggests that the trend could be turning bullish. The price is also approaching the support level of $1,600, which could provide a bounce.
• Tether (USDT) is currently trading at $1, down 0.1% in the past 24 hours. The RSI is at 50, which is neutral. The MACD is also neutral, with the signal line crossing above the MACD line. This suggests that the trend is neither bullish nor bearish.
• Binance Coin (BNB) is currently trading at $235, down 1% in the past 24 hours. The RSI is at 38, which is in the oversold territory. The MACD is also bearish, but the signal line is starting to curve upwards. This suggests that the trend could be turning bullish. The price is also approaching the support level of $225, which could provide a bounce.
• XRP (XRP) is currently trading at $0.34, down 2% in the past 24 hours. The RSI is at 35, which is in the oversold territory. The MACD is also bearish, but the signal line is starting to curve upwards. This suggests that the trend could be turning bullish. The price is also approaching the support level of $0.32, which could provide a bounce.
• Solana (SOL) is currently trading around $30, which is down about 80% from its all-time high of $260. The RSI is in the oversold territory, and the MACD is starting to turn bullish. This suggests that Solana may be bottoming out.

Current Factors Affecting the Makets and Events to Watch Out For

• The release of US employment data.
• The outcome of the Jackson Hole meeting of the Federal Reserve.
• The ongoing war in Ukraine.
• The European Central Bank (ECB) is meeting today, and traders will be looking for any clues about the future direction of monetary policy.