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

Currencies (Forex – FX)

• EUR/USD: The EUR/USD pair is currently trading in a narrow range between 1.055 and 1.0750. A break above 1.0750 could lead to a further upside towards 1.0850, while a break below 1.0550 could lead to a decline towards 1.0350.
• USD/JPY: The USD/JPY pair is currently trading in a bullish trend. A break above 150.00 could lead to a further upside towards 152.00, while a break below 148.00 could lead to a decline towards 147.00.
• GBP/USD: The GBP/USD pair is currently trading in a bearish trend. A break below 1.2000 could lead to a further decline towards 1.1900, while a break above 1.2300 could lead to a rebound towards 1.2400.
• AUD/USD: The AUD/USD pair is currently trading in a bullish trend. A break above 0.6400 could lead to a further upside towards 0.6500, while a break below 0.6300 could lead to a decline towards 0.6200.
• NZD/USD: The NZD/USD pair is currently trading in a bearish trend. A break below 0.5800 could lead to a further decline towards 0.5700, while a break above 0.6000 could lead to a rebound towards 0.6100.
• CAD/USD: The CAD/USD pair is currently trading in a neutral range. A break above 0.7400 could lead to a further upside towards 0.7600, while a break below 0.7300 could lead to a decline towards 0.7200.

Metals

• Gold: Gold is currently trading in a bullish trend, with a strong support level at $1,800 and a resistance level at $1,900. A break above $1,900 could lead to a further upside towards $2000, while a break below $1,800 could lead to a decline towards $1,700.
• Silver: Silver is also trading in a bullish trend, with a strong support level at $22 and a resistance level at $24. A break above $24 could lead to a further upside towards $26, while a break below $22 could lead to a decline towards $20.
• Copper: Copper is currently trading in a neutral range, with a support level at $3.60 and a resistance level at $3.80. A break above $3.80 could lead to a further upside towards $4, while a break below $3.60 could lead to a decline towards $3.40.
• Aluminum: Aluminum is currently trading in a bearish trend, with a support level at $2,100 and a resistance level at $2,300. A break below $2,100 could lead to a further decline towards $2,000, while a break above $2,300 could lead to a rebound towards $2,500.

Commodities

• Crude Oil: Crude oil is currently trading in a bearish trend. A break below $85 could lead to a further decline towards $82, while a break above $90 could lead to a rebound towards $92.
• Natural Gas: Natural gas is currently trading in a neutral range. A break above $3.30 could lead to a further upside towards $3.40, while a break below $3.20 could lead to a decline towards $3.00.
• Corn: Corn is currently trading in a bullish trend. A break above $6.00 could lead to a further upside towards $6.20, while a break below $5.80 could lead to a decline towards $5.60.
• Soybeans: Soybeans are currently trading in a bearish trend. A break below $12.80 could lead to a further decline towards $12.60, while a break above $13.00 could lead to a rebound towards $13.20.
• Wheat: Wheat is currently trading in a bearish trend. A break above $590 could lead to a further upside towards $600, while a break below $570 could lead to a decline towards $550.
• Gold, Silver, Copper: Please check Metals category

Cryptocurrencies

• Bitcoin (BTC): Bitcoin is currently trading in a bullish trend. A break above $35,000 could lead to a further upside towards $46,000, while a break below $34,000 could lead to a decline towards $33,000.
• Ethereum (ETH): Ethereum is also trading in a bullish trend. A break above $1,800 could lead to a further upside towards $1,900, while a break below $1,700 could lead to a decline towards $1,600.
• Tether (USDT): Tether is a stablecoin and is pegged to the US dollar. As such, it does not have a technical analysis.
• Binance Coin (BNB): Binance Coin is currently trading in a bullish trend. A break above $240 could lead to a further upside towards $280, while a break below $230 could lead to a decline towards $220.
• Solana (SOL): Solana is currently trading in a bullish trend. A break above $33 could lead to a further upside towards $38, while a break below $31 could lead to a decline towards $29.
• Cardano (ADA): Cardano is currently trading in a neutral range. A break above $0.30 could lead to a further upside towards $0.35, while a break below $0.25 could lead to a decline towards $0.20.

Current Factors Affecting the Markets and Events to Watch Out For

• The global economic outlook: Investors will be closely watching the global economic outlook for signs of a recession. A recession would be negative for demand for currencies, and could lead to lower currency prices.
• The US dollar: The US dollar is a key factor that affects currency prices. A stronger US dollar makes other currencies less expensive for buyers who are using US dollars.
• Central bank policy: Central banks around the world are raising interest rates in an effort to combat inflation. Higher interest rates can make currencies more attractive to investors, as they can raise the yield on currency investments.
• Geopolitical tensions: Geopolitical tensions, such as the war in Ukraine, can also affect currency prices. Investors tend to sell currencies from countries that are involved in geopolitical conflicts, as they are seen as riskier investments.
• The US dollar: The US dollar is a key factor that affects market prices.
• US-China trade war: The US-China trade war is still ongoing, and could continue to weigh on the global economy and the forex market.
• The Chinese government’s recent efforts to stimulate the economy
• Central bank monetary policy decisions
• Changes in investor sentiment
• The adoption of cryptocurrencies by businesses and individuals is growing, but it is still in its early stages.
• The weather.