Here are the Top Market Analysis for the 24th of August, 2023.

Forex (FX)

• EUR/USD: The euro is trading higher after breaking above the 1.0950 level yesterday. The next resistance level to watch is 1.1000. If the euro breaks above this level, it could extend its gains towards the 1.1050 level. However, if the euro fails to break above 1.1000, it could move back down to the 1.0950 level.
• GBP/USD: The pound is trading lower after breaking below the 1.3450 level yesterday. The next support level to watch is 1.3400. If the pound breaks below this level, it could extend its losses towards the 1.3350 level. However, if the pound manages to hold above 1.3400, it could move back up to the 1.3450 level.
• USD/JPY: The dollar is trading lower after breaking below the 138.50 level yesterday. The next support level to watch is 138.00. If the dollar breaks below this level, it could extend its losses towards the 137.50 level. However, if the dollar manages to hold above 138.00, it could move back up to the 138.50 level.
• AUD/USD: The Australian dollar is trading higher after breaking above the 0.7150 level yesterday. The next resistance level to watch is 0.7200. If the Australian dollar breaks above this level, it could extend its gains towards the 0.7250 level. However, if the Australian dollar fails to break above 0.7200, it could move back down to the 0.7150 level.

Metals

• Gold: Gold is trading higher after breaking above the $1,800 level yesterday. The next resistance level to watch is $1,825. If gold breaks above this level, it could extend its gains towards the $1,850 level. However, if gold fails to break above $1,825, it could move back down to the $1,800 level.
• Silver: Silver is trading lower after failing to break above the $21.00 level yesterday. The next support level to watch is $20.50. If silver breaks below this level, it could extend its losses towards the $20.00 level. However, if silver manages to hold above $20.50, it could move back up to the $21.00 level.
• Platinum: Platinum is trading higher after breaking above the $900 level yesterday. The next resistance level to watch is $925. If platinum breaks above this level, it could extend its gains towards the $950 level. However, if platinum fails to break above $925, it could move back down to the $900 level.
• Platinum: Platinum is trading higher after breaking above the $900 level yesterday. The next resistance level to watch is $925. If platinum breaks above this level, it could extend its gains towards the $950 level. However, if platinum fails to break above $925, it could move back down to the $900 level.
• Copper: Copper is trading higher after breaking above the $3.90 level yesterday. The next resistance level to watch is $3.95. If copper breaks above this level, it could extend its gains towards the $4.00 level. However, if copper fails to break above $3.95, it could move back down to the $3.90 level.

Commodities

• Crude Oil: Crude oil is trading lower after breaking below the $78.50 level yesterday. The next support level to watch is $78.00. If crude oil breaks below this level, it could extend its losses towards the $77.50 level. However, if crude oil manages to hold above $78.00, it could move back up to the $78.50 level.
• Natural Gas: Natural gas is trading lower after breaking below the $5.50 level yesterday. The next support level to watch is $5.45. If natural gas breaks below this level, it could extend its losses towards the $5.40 level. However, if natural gas manages to hold above $5.45, it could move back up to the $5.50 level.
• Corn: Corn is trading higher after breaking above the $7.00 level yesterday. The next resistance level to watch is $7.20. If corn breaks above this level, it could extend its gains towards the $7.40 level. However, if corn fails to break above $7.20, it could move back down to the $7.00 level.
• Wheat: Wheat is trading lower after failing to break above the $8.00 level yesterday. The next support level to watch is $7.80. If wheat breaks below this level, it could extend its losses towards the $7.60 level. However, if wheat manages to hold above $7.80, it could move back up to the $8.00 level.
• Soybeans: Soybeans are trading higher after breaking above the $16.00 level yesterday. The next resistance level to watch is $16.20. If soybeans break above this level, it could extend its gains towards the $16.40 level. However, if soybeans fail to break above $16.20, it could move back down to the $16.00 level.
• Sugar: Sugar is trading lower after failing to break above the $19.00 level yesterday. The next support level to watch is $18.80. If sugar breaks below this level, it could extend its losses towards the $18.60 level. However, if sugar manages to hold above $18.80, it could move back up to the $19.00 level.
• Gold, Silver, Copper: Please check Metals category

Indices

• Dow Jones Industrial Average: The Dow Jones Industrial Average is trading lower after breaking below the 35,000 level yesterday. The next support level to watch is 34,500. If the Dow Jones Industrial Average breaks below this level, it could extend its losses towards the 34,000 level. However, if the Dow Jones Industrial Average manages to hold above 34,500, it could move back up to the 35,000 level.
• S&P 500: The S&P 500 is trading lower after breaking below the 4,400 level yesterday. The next support level to watch is 4,350. If the S&P 500 breaks below this level, it could extend its losses towards the 4,300 level. However, if the S&P 500 manages to hold above 4,350, it could move back up to the 4,400 level.
• Nasdaq 100: The Nasdaq 100 is trading lower after breaking below the 15,000 level yesterday. The next support level to watch is 14,500. If the Nasdaq 100 breaks below this level, it could extend its losses towards the 14,000 level. However, if the Nasdaq 100 manages to hold above 14,500, it could move back up to the 15,000 level.
• DAX: The DAX is trading higher after breaking above the 15,500 level yesterday. The next resistance level to watch is 15,750. If the DAX breaks above this level, it could extend its gains towards the 16,000 level. However, if the DAX fails to break above 15,750, it could move back down to the 15,500 level.
• FTSE 100: The FTSE 100 is trading lower after breaking below the 7,500 level yesterday. The next support level to watch is 7,450. If the FTSE 100 breaks below this level, it could extend its losses towards the 7,400 level. However, if the FTSE 100 manages to hold above 7,450, it could move back up to the 7,500 level.

Cryptocurrencies

• Bitcoin: Bitcoin is trading lower after breaking below the $18,000 level yesterday. The next support level to watch is $17,500. If Bitcoin breaks below this level, it could extend its losses towards the $17,000 level. However, if Bitcoin manages to hold above $17,500, it could move back up to the $18,000 level.
• Ethereum: Ethereum is trading lower after breaking below the $1,000 level yesterday. The next support level to watch is $950. If Ethereum breaks below this level, it could extend its losses towards the $900 level. However, if Ethereum manages to hold above $950, it could move back up to the $1,000 level.
• Tether: Tether is trading slightly lower after breaking below the $0.99 level yesterday. The next support level to watch is $0.98. If Tether breaks below this level, it could extend its losses towards the $0.97 level. However, if Tether manages to hold above $0.98, it could move back up to the $0.99 level.
• Solana: Solana is trading lower after breaking below the $40 level yesterday. The next support level to watch is $38. If Solana breaks below this level, it could extend its losses towards the $36 level. However, if Solana manages to hold above $38, it could move back up to the $40 level.
• Cardano: Cardano is trading lower after breaking below the $0.45 level yesterday. The next support level to watch is $0.43. If Cardano breaks below this level, it could extend its losses towards the $0.41 level. However, if Cardano manages to hold above $0.43, it could move back up to the $0.45 level.
• Binance Coin (BNB) is currently trading around $240, up from yesterday’s price of $230. The RSI is also in the oversold territory, but it is starting to move up. The MACD is also starting to turn positive. Overall, the technical indicators for Binance Coin are similar to those for Bitcoin and Ethereum, suggesting that it is also still in a downtrend, but it may be starting to bottom out.

Current Factors Affecting the Makets and Events to Watch Out For

• Not much market events for today!
• The ongoing war in Ukraine.
• The adoption of cryptocurrencies by businesses and individuals is growing, but it is still in its early stages.