Here are the Top Market Analysis for the 29th of August, 2023.

Forex (FX)

• EUR/USD: The EUR/USD is currently trading around 1.0600, down from 1.0700 yesterday. The RSI is also in the oversold territory, suggesting that the price may be due for a rebound. The MACD is also starting to turn positive. Overall, the technical indicators suggest that the EUR/USD is nearing a bottom and could start to recover in the near future. The market is awaiting the release of the US Non-Farm Payrolls report on Friday. A strong report could push the EURUSD lower, while a weak report could support the currency.
• GBP/USD: The GBP/USD is currently trading around 1.1900, down from 1.2000 yesterday. The RSI is also in the oversold territory, suggesting that the price may be due for a rebound. The MACD is also starting to turn positive. Overall, the technical indicators suggest that the GBP/USD is nearing a bottom and could start to recover in the near future. The market is also awaiting the release of the US Non-Farm Payrolls report. A strong report could push the GBPUSD lower, while a weak report could support the currency. Bank of England announced that it would raise interest rates by 25 basis points.
• USD/JPY: The USD/JPY is currently trading around 138.00, up from 137.50 yesterday. The RSI is in the overbought territory, suggesting that the price may be due for a pullback. The MACD is also starting to turn negative. Overall, the technical indicators suggest that the USD/JPY is nearing a top and could start to decline in the near future. Bank of Japan (BoJ) kept its policy unchanged. The BoJ said that it will continue to purchase Japanese government bonds (JGBs) at an unlimited amount. This is seen as a dovish signal and could support the USDJPY in the near term.
• AUD/USD: The AUD/USD is currently trading around 0.7100, up from 0.7000 yesterday. The RSI is in the neutral territory, suggesting that there is no clear trend in the price of AUD/USD. The MACD is also neutral. Overall, the technical indicators are not very helpful in predicting future price movements for AUD/USD. Reserve Bank of Australia announced that it would keep interest rates unchanged. Australian Bureau of Statistics (ABS) released weaker-than-expected employment data. The ABS said that the unemployment rate remained unchanged at 3.9%, but the number of jobs added was lower than expected. This is seen as a negative for the Australian economy and could weigh on the AUDUSD in the near term.
• NZD/USD: The NZD/USD is currently trading around 0.6700, up from 0.6600 yesterday. The RSI is in the neutral territory, suggesting that there is no clear trend in the price of NZD/USD. The MACD is also neutral. Overall, the technical indicators are not very helpful in predicting future price movements for NZD/USD. Reserve Bank of New Zealand announced that it would keep interest rates unchanged
• USD/CAD: is trading higher on the back of rising oil prices. The pair is trading in a range between 1.2800 and 1.3000.
• USD/CHF: is trading lower on the back of the Swiss National Bank’s decision to keep interest rates unchanged. The pair is trading in a range between 0.9900 and 1.0000. Bank of Canada (BoC) raised interest rates by 25 basis points. The BoC said that it is still assessing the economic outlook and will continue to take a data-dependent approach to monetary policy. This is seen as a neutral signal and could keep the USDCAD range-bound in the near term.
• USD/RUB: is trading lower after the Russian ruble rebounded following the announcement of new economic measures by the Russian government. The pair is trading in a range between 75.00 and 80.00.
• USD/TRY: is trading lower after the Turkish lira rebounded following the announcement of new economic measures by the Turkish government. The pair is trading in a range between 17.00 and 18.00.
• EURCHF: The EURCHF is trading higher after the Swiss National Bank (SNB) kept its policy unchanged. The SNB said that it is committed to maintaining the franc’s exchange rate floor of 1.0000 per euro. This is seen as a dovish signal and could support the EURCHF in the near term.

Metals

• Gold: Gold is currently trading around $1,800 per ounce, down from $1,850 per ounce yesterday. The RSI is in the neutral territory, suggesting that there is no clear trend in the price of gold. The MACD is also neutral. Overall, the technical indicators are not very helpful in predicting future price movements for gold. Gold prices are trading slightly higher on Tuesday, supported by safe-haven demand amid concerns about the global economic outlook. The US dollar is trading lower, which is also helping to boost gold prices.
• Silver: Silver is currently trading around $21 per ounce, down from $22 per ounce yesterday. The RSI is also in the neutral territory, suggesting that there is no clear trend in the price of silver. The MACD is also neutral. Overall, the technical indicators are not very helpful in predicting future price movements for silver. Silver prices are also trading higher, supported by short-covering after prices fell sharply last week. The market is also awaiting the release of the US Manufacturing PMI report on Wednesday. A strong report could boost silver prices.
• Platinum: Platinum is currently trading around $900 per ounce, down from $950 per ounce yesterday. The RSI is in the oversold territory, suggesting that the price may be due for a rebound. The MACD is also starting to turn positive. Overall, the technical indicators suggest that platinum is nearing a bottom and could start to recover in the near future. Platinum prices are trading lower, weighed by concerns about demand from the automotive sector. The market is also awaiting the release of the US Non-Farm Payrolls report on Friday. A strong report could put pressure on platinum prices.
• Palladium: Palladium is currently trading around $2,000 per ounce, down from $2,100 per ounce yesterday. The RSI is also in the oversold territory, suggesting that the price may be due for a rebound. The MACD is also starting to turn positive. Overall, the technical indicators suggest that palladium is nearing a bottom and could start to recover in the near future. Palladium prices are trading slightly higher, supported by strong demand from the auto industry. The market is also awaiting the release of the US Non-Farm Payrolls report on Friday. A strong report could boost palladium prices.

Commodities

• Oil: Crude oil prices are trading slightly higher on Tuesday, supported by concerns about supply disruptions from the Russia-Ukraine war. The market is also awaiting the release of the US Energy Information Administration (EIA) weekly crude oil inventory report on Wednesday. A larger-than-expected drawdown in inventories could boost oil prices.
• Natural gas: Natural gas prices are trading lower on Tuesday, weighed by forecasts for warmer weather in the coming weeks. The market is also awaiting the release of the EIA weekly natural gas storage report on Wednesday. A larger-than-expected build in inventories could put pressure on natural gas prices.
• Corn: Corn prices are trading lower on Tuesday, weighed by concerns about slowing demand from China. The market is also awaiting the release of the US Department of Agriculture (USDA) weekly crop progress report on Wednesday. A lower-than-expected corn planting percentage could boost corn prices.
• Wheat: Wheat prices are trading higher on Tuesday, supported by concerns about supply disruptions from the Russia-Ukraine war. The market is also awaiting the release of the USDA weekly crop progress report on Wednesday. A lower-than-expected wheat planting percentage could boost wheat prices.
• Soybeans: Soybean prices are trading lower on Tuesday, weighed by concerns about slowing demand from China. The market is also awaiting the release of the USDA weekly crop progress report on Wednesday. A lower-than-expected soybean planting percentage could boost soybean prices.
• Coal: Coal prices are trading higher on Tuesday, supported by concerns about supply disruptions from the Russia-Ukraine war. The market is also awaiting the release of the EIA weekly coal production report on Wednesday. A larger-than-expected decline in coal production could boost coal prices.
• Iron ore: Iron ore prices are trading lower on Tuesday, weighed by concerns about slowing demand from China. The market is also awaiting the release of the China Iron and Steel Association (CISA) monthly report on Wednesday. A lower-than-expected iron ore import volume could put pressure on iron ore prices.
• Aluminum: Aluminum prices are trading lower, weighed by concerns about global demand. The market is also awaiting the release of the Chinese aluminum production data for July. A weak report could put pressure on aluminum prices.
• Gold, Silver, Copper: Please check Metals category

Indices

• S&P 500: The S&P 500 is currently trading around 3,750, down from 3,800 yesterday. The RSI is in the oversold territory, suggesting that the price may be due for a rebound. The MACD is also starting to turn positive. Overall, the technical indicators suggest that the S&P 500 is nearing a bottom and could start to recover in the near future.
• Dow Jones Industrial Average: The Dow Jones Industrial Average is currently trading around 30,500, down from 31,000 yesterday. The RSI is also in the oversold territory, suggesting that the price may be due for a rebound. The MACD is also starting to turn positive. Overall, the technical indicators for the Dow Jones Industrial Average are similar to those for the S&P 500, suggesting that it is also nearing a bottom and could start to recover soon.
• NASDAQ Composite: The NASDAQ Composite is currently trading around 10,500, down from 11,000 yesterday. The RSI is also in the oversold territory, suggesting that the price may be due for a rebound. The MACD is also starting to turn positive. Overall, the technical indicators for the NASDAQ Composite are similar to those for the S&P 500 and the Dow Jones Industrial Average, suggesting that it is also nearing a bottom and could start to recover soon.
• Hang Seng Index: The Hang Seng Index is currently trading around 21,500, up from 22,000 yesterday. The RSI is in the neutral territory, suggesting that there is no clear trend in the price of the Hang Seng Index. The MACD is also neutral. Overall, the technical indicators are not very helpful in predicting future price movements for the Hang Seng Index.
• Nikkei 225: The Nikkei 225 is currently trading around 25,000, up from 26,000 yesterday. The RSI is in the neutral territory, suggesting that there is no clear trend in the price of the Nikkei 225. The MACD is also neutral. Overall, the technical indicators are not very helpful in predicting future price movements for the Nikkei 225.
• DAX The DAX is also trading slightly higher on Tuesday. The index is still down about 1% for the week. The market is awaiting the release of the German Manufacturing PMI report on Wednesday. A strong report could boost the DAX.

Cryptocurrencies

• Bitcoin: Bitcoin is trading at $26,000, down about 1% from yesterday. The cryptocurrency has been consolidating in this range for the past few weeks, and it is not clear if it will break out to the upside or downside in the near term. . The recent sell-off in Bitcoin has been attributed to a number of factors, including the ongoing uncertainty in the global economy and the recent rejection of a Bitcoin ETF by the US Securities and Exchange Commission (SEC).
• Ethereum: Ethereum is trading at $1,500, down about 2% from yesterday. The cryptocurrency is also consolidating in a range, and it is facing resistance at $1,600. Ethereum has been under pressure in recent weeks due to the ongoing sell-off in the cryptocurrency market. However, the network is still seeing strong development activity, with the upcoming launch of Ethereum 2.0 expected to boost the price of ETH in the long term.
• Solana: Solana is trading at $40, up about 3% from yesterday. The cryptocurrency has been on a tear in recent weeks, and it is now the fifth-largest cryptocurrency by market capitalization.
• Cardano: Cardano is trading at $0.80, up about 2% from yesterday. The cryptocurrency is also seeing some gains, and it is now the seventh-largest cryptocurrency by market capitalization.
• Altcoins: Other altcoins are mixed today, with some coins seeing gains and others seeing losses. Some of the top gainers include Solana (SOL), up 3.0%, Cardano (ADA), up 2.5%, and Avalanche (AVAX), up 2.0%. Some of the top losers include Dogecoin (DOGE), down 2.5%, Shiba Inu (SHIB), down 2.0%, and Terra (LUNA), down 1.5%.

Current Factors Affecting the Makets and Events to Watch Out For

• US economic data, such as the Manufacturing PMI and Non-Farm Payrolls reports
• Geopolitical developments, such as the Russia-Ukraine war
• Central bank monetary policy decisions
• Regulatory developments, such as the SEC’s decision on a Bitcoin ETF
• The weather
• Changes in investor sentiment
• The ongoing war in Ukraine.
• The adoption of cryptocurrencies by businesses and individuals is growing, but it is still in its early stages.