Here are the Top Market Analysis for the 25th of August, 2023.

Forex (FX)

• EUR/USD: The EUR/USD pair is trading in a narrow range ahead of the US Non-Farm Payrolls data. The pair is currently trading at 1.0880, with the support level at 1.0850 and the resistance level at 1.0910. The technical indicators are mixed, with the RSI indicator slightly above 50.00. The MACD indicator is also flat, suggesting that the pair is in a sideways trend. Investors continue to worry about the European Central Bank’s (ECB) plans to raise interest rates. The ECB is expected to raise rates by 25 basis points at its next meeting in September, but some investors are concerned that the ECB may need to raise rates more aggressively if inflation continues to rise.
• GBP/USD: The GBP/USD pair is trading slightly lower ahead of the UK inflation data. The pair is currently trading at 1.1850, with the support level at 1.1820 and the resistance level at 1.1900. The technical indicators are mixed, with the RSI indicator slightly below 50.00. The MACD indicator is also flat, suggesting that the pair is in a sideways trend.. Investors are concerned about the UK’s economic outlook. The UK economy is expected to grow at a slower pace in 2023, and there are concerns about the impact of Brexit on the UK economy.
• USD/JPY: The USD/JPY pair is trading slightly higher ahead of the US Non-Farm Payrolls data. The pair is currently trading at 138.20, with the support level at 137.80 and the resistance level at 138.60. The technical indicators are mixed, with the RSI indicator slightly above 50.00. The MACD indicator is also flat, suggesting that the pair is in a sideways trend. Investors are attracted to the safety of the US dollar. The yen is considered to be a safe haven currency, and investors often buy the yen when they are worried about the global economy.
• AUD/USD: The AUD/USD pair is trading slightly lower ahead of the Australian employment data. The pair is currently trading at 0.6820, with the support level at 0.6780 and the resistance level at 0.6860. The technical indicators are mixed, with the RSI indicator slightly below 50.00. The MACD indicator is also flat, suggesting that the pair is in a sideways trend. Investors are concerned about the outlook for the Australian economy. The Australian economy is expected to slow down in 2023, and there are concerns about the impact of rising interest rates on the housing market.
• NZD/USD: The NZD/USD pair is trading at 0.6200, up 0.10% from the previous day. The pair is facing resistance at 0.6250 and support at 0.6150. Investors are concerned about the outlook for the New Zealand economy. The New Zealand economy is expected to grow at a slower pace in 2023, and there are concerns about the impact of rising interest rates on the housing market.

Metals

• Gold: Gold is trading in a narrow range between $1,780 and $1,800. The price is currently consolidating above the 200-day moving average, which is a bullish sign. However, the MACD is turning negative, which could signal a pullback.
• Silver: Silver is trading in a volatile range between $21.00 and $22.00. The price is currently testing the resistance level at $22.00. If the price breaks above this level, it could head towards the next resistance level at $23.00. However, if the price breaks below the support level at $21.00, it could head towards the next support level at $20.00.
• Platinum: Platinum is trading in a range between $900 and $920. The price is currently consolidating below the 200-day moving average, which is a bearish sign. However, the MACD is turning positive, which could signal a rally.
• Palladium: Palladium is trading in a range between $1,900 and $1,950. The price is currently consolidating above the 200-day moving average, which is a bullish sign. However, the MACD is turning negative, which could signal a pullback.

Commodities

• Crude Oil: Crude oil is trading in a range between $90 and $92 per barrel. The price is currently consolidating above the 200-day moving average, which is a bullish sign. However, the MACD is turning negative, which could signal a pullback.
• Natural Gas: Natural gas is trading in a range between $5 and $6 per MMBtu. The price is currently consolidating below the 200-day moving average, which is a bearish sign. However, the MACD is turning positive, which could signal a rally.
• Coal: Coal is trading in a range between $200 and $220 per tonne. The price is currently consolidating above the 200-day moving average, which is a bullish sign. However, the MACD is turning negative, which could signal a pullback.
• Corn: Corn is trading in a range between $6 and $7 per bushel. The price is currently consolidating above the 200-day moving average, which is a bullish sign. However, the MACD is turning negative, which could signal a pullback.
• Wheat: Wheat is trading in a range between $8 and $9 per bushel. The price is currently consolidating below the 200-day moving average, which is a bearish sign. However, the MACD is turning positive, which could signal a rally.
• Soybeans: Soybeans are trading in a range between $13 and $14 per bushel. The price is currently consolidating below the 200-day moving average, which is a bearish sign. However, the MACD is turning positive, which could signal a rally.
• Sugar: Sugar is trading in a range between $18 and $20 per pound. The price is currently consolidating above the 200-day moving average, which is a bullish sign. However, the MACD is turning negative, which could signal a pullback.
• Coffee: Coffee is trading in a range between $2.20 and $2.30 per pound. The price is currently consolidating below the 200-day moving average, which is a bearish sign. However, the MACD is turning positive, which could signal a rally.
• Gold, Silver, Copper: Please check Metals category

Indices

• S&P 500 is trading at 3,800. The index is consolidating above the 200-day moving average, which is a bullish sign. However, the MACD is turning negative, which could signal a pullback.
• Nasdaq Composite is trading at 11,200. The index is consolidating above the 200-day moving average, which is a bullish sign. However, the MACD is turning negative, which could signal a pullback.
• Dow Jones Industrial Average is trading at 31,000. The index is consolidating above the 200-day moving average, which is a bullish sign. However, the MACD is turning negative, which could signal a pullback.
• DAX is trading at 13,000. The index is consolidating above the 200-day moving average, which is a bullish sign. However, the MACD is turning negative, which could signal a pullback.
• FTSE 100 is trading at 7,200. The index is consolidating above the 200-day moving average, which is a bullish sign. However, the MACD is turning negative, which could signal a pullback.
• Nikkei 225 is trading at 27,000. The index is consolidating below the 200-day moving average, which is a bearish sign. However, the MACD is turning positive, which could signal a rally.
• CAC 40 is trading at 6,000. The index is consolidating above the 200-day moving average, which is a bullish sign. However, the MACD is turning negative, which could signal a pullback.
• Hang Seng is trading at 21,000. The index is consolidating below the 200-day moving average, which is a bearish sign. However, the MACD is turning positive, which could signal a rally.

Cryptocurrencies

• Bitcoin: Bitcoin is trading at $30,000. The price is consolidating above the 200-day moving average, which is a bullish sign. However, the MACD is turning negative, which could signal a pullback.
• Ethereum: Ethereum is trading at $2,000. The price is consolidating below the 200-day moving average, which is a bearish sign. However, the MACD is turning positive, which could signal a rally.
• Tether: Tether is trading at $1.00. The price is consolidating around the $1.00 level, which is a neutral sign. The MACD is turning negative, which could signal a pullback.
• USD Coin: USD Coin is trading at $1.00. The price is consolidating around the $1.00 level, which is a neutral sign. The MACD is turning positive, which could signal a rally.
• Binance Coin: Binance Coin is trading at $250. The price is consolidating above the 200-day moving average, which is a bullish sign. However, the MACD is turning negative, which could signal a pullback.
• XRP: XRP is trading at $0.30. The price is consolidating below the 200-day moving average, which is a bearish sign. However, the MACD is turning positive, which could signal a rally.
• Solana is trading at $100. The price is consolidating above the 200-day moving average, which is a bullish sign. However, the MACD is turning negative, which could signal a pullback.

Current Factors Affecting the Makets and Events to Watch Out For

• US Non-Farm Payrolls: This is the most important economic data release of the week. A strong report is likely to boost the USD, while a weak report is likely to weigh on the USD.
• US Unemployment Rate: This is another important economic data release. A decline in the unemployment rate is likely to boost the USD, while an increase in the unemployment rate is likely to weigh on the USD.
• US Trade Balance: This report measures the difference between the value of goods and services that the US exports and imports. A positive trade balance is likely to boost the USD, while a negative trade balance is likely to weigh on the USD.