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Ethereum, the second-largest cryptocurrency, went through a major upgrade, known as EIP-…

Ethereum, the second-largest cryptocurrency, went through a major upgrade, known as EIP- 1559 London, which is expected to reduce the supply of the token and stabilize the transaction fee

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Market Focus

Major US Indices edged higher on Thursday ahead of a key labor market report on Friday. The Dow Jones Industrial Average rose 271.58 points; the S&P 500 added 0.6% while the Nasdaq climbed 0.8%. Major indices were led by travel stocks, including airlines, rallying on Thursday after struggling over the past week.

Futures rose in Hong Kong and Japan after the S&P 500 and the Nasdaq 100 reached new peaks. Investors viewed the ADP report this Friday that stocked optimism, which might spark market swings.

In the latest Federal Reserve’s comments, Governor Walker is positive about the economic outlook, and he thinks that accommodative policy could sooner than expected. In the meantime, Senator Joe Manchin has urged Fed Chairman Jerome Powell to start tapering the bond purchases.

Ethereum, the second-largest cryptocurrency, went through a major upgrade, known as EIP- 1559 London, which is expected to reduce the supply of the token and stabilize the transaction fee. As a result, Ethereum was close to a two-month high.

Main Pairs Movement

GBPUSD rose as high as 1.3949 after the Bank of England’s decision, signaling some modest tightening of its monetary policy to keep inflation under control. As the British central bank starts leaning to a hawkish tone, it allows the members of the committee to begin discussing raising interest rates. The GBPUSD currency pair ended up closing at 1.3926.

AUDUSD climbed steadily, closing at 0.7399 as the Australian government bonds edged lower before the release of a quarterly statement on the monetary policy.

Platinum plunged to a seven-month low as the spread of the Covid hurt the outlook for industrial commodities while the Fed signaled the tapering plan.

The precious metal, gold, dropped to near one-week lows, closing at $1,804. The downside was mainly caused by the overnight hawkish comments from the Fed’s Clarida, who remarked on the non- yielding metal.

Technical Analysis

GBPUSD (4-hour Chart)

Cable rose as high as 1.3949 after the BoE decision but was unable to break the resistance needed for upside traction in the daily market which awaiting NFP data tomorrow, holding 1.3929 with 0.29% gains. BoE officials said they will kick off unwind their almost 900 billion-pound quantitative easing program when the interest rate reaches 0.5%, much earlier than previously thought. For the technical aspect, the RSI indicator pulls up from a slightly bearish condition to set at 57 figures, suggesting slightly bull movement ahead. For moving average side, 15 long SMA indicator holding a flat side movement and 60 long SMA indicator remaining up way traction.

All in all, we believe this pair still lacking a direction as it miring in a tiny horizontal channel which is choppy for nearly a week. If the price falls ahead, the market will eye on 1.385 level in short term and 1.38 level follow. On the up way, if the price could go over the last highs spot which is around 1.395, it will be heading to over 1.4 level.

Resistance: 1.3896, 1.3985, 1.4

Support: 1.3665, 1.3745, 1.38, 1.385

EURUSD (4- Hour Chart)

Earlier in the day, the modest greenback weakness helped the euro-dollar pair push higher, yet, failed to gather bullish momentum. As of writing, the pair was virtually unchanged on the day at 1.18351. Meanwhile, market eyes turn to the U.S. NFP report as ADP figures miss the expectation. From the technical perspective, the RSI indicator closes 43 figures as of writing, suggesting slightly bearish movement for the short term. For moving average side, 15 long SMA indicator retaining downward slope and 60 long SMA remaining flat.

For price action, If the price could breach 1.188 firmly again, it could be heading to a higher level. On the downside, we deem the most strong support level will be the 1.1766 level. Moreover, it seems like building a double head price action and neckline will be on 1.1848. For now, we think the price will consolidate in a tiny range between first immediately resistance and support.

Resistance: 1.1848, 1.188, 1.19

Support: 1.18, 1.1766

XAUUSD (4- Hour Chart)

As of writing, the price of gold is back above the psychological 1800 level, hit recently lowest spot, at 1804.6. In the absence of high-tier macroeconomic data released, the 3% rallied witnessed in the 10 years U.S. treasuries yields seems to help the greenback stay resilient then pressure on the yellow metal market. At the meantime, the risk-on mode it on the fire for market speculator hence save haven demand become scarcely. For the technical side, the RSI indicator slightly declines to 42 figures as of writing, suggesting a bearish movement ahead. From a moving average perspective, both 15 and 60 long SMAs indicators are moving in flat momentum at the same time, two indicators seem about to intersect.

For price action, we forecast the 1795 level is pivotal support for the buy-side investor. If the price goes down below it, the immediately but fragile support will be 1788.5 and the next support will eye on 1780. On the upside, we believe 10 year U.S. treasuries yields are still a barometer. If yield could continue to decline, it will fuel yellow metal to edge up.

Resistance: 1808.92, 1830.5

Support: 1795.25, 1788.5, 1765.5

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The loss before interest, tax, and other expenses was $509 million in…

The loss before interest, tax, and other expenses was $509 million in the period that ended in June, Uber said in a statement Wednesday

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Market Focus

US equities slumped after the vice-chair of the Federal Reserve suggested rates could rise by 2023 and mixed economic data for July showed US companies adding far fewer jobs than expected. The S&P 500 fell as General Motors Co. and CVS Health Corp. declined after earnings. Dow Jones dropped 0.92% to 34792.67, while the Nasdaq gained 0.13% as technology stocks outperformed.

Uber Technologies Inc. spent heavily to lure drivers back in the second quarter, resulting in a wider-than-predicted loss and raising fresh doubts about the reliability of its labor model long-term. Shares declined about 4% in extended trading.

The loss before interest, tax, and other expenses was $509 million in the period that ended in June, Uber said in a statement Wednesday. That’s wider than the prior quarter but narrower than a year earlier. Analysts expected a loss of $325 million, according to an average of analysts’ estimates compiled by Bloomberg.

Uber said the loss will be less than $100 million in the third quarter and that gross booking will be $22 billion to $24 billion. The forecast is about in line with analysts’ estimates. Uber cautioned that a wider outbreak of the delta variant could change the results.

“We invested in recovery by investing in drivers, and we made strong progress,” Uber Chief Executive Officer Dara Khosrowshahi said in a statement.

Main Pairs Movement

The dollar gained ground after US Federal Reserve Vice-Chair Clarida’s talk, saying that if core inflation hits 3% this year, he would consider it “much more” than a moderate overshoot. He added that he expects conditions for raising interest rates to be met by the end of 2022 if inflation and employment outcomes meet his forecasts.

On the macro side, the ISM Services PMI jumped to 64.1 in July, better than expectations. The ADP survey, however, showed that the private sector added just 330K in July.

Most of the greenback’s major rivals fell as the dollar index climbed above the 92.00 level. The euro pair hovers at weekly lows around 1.1840. Cable settles around 1.3900 ahead of BoE’s statements. Commodity-linked currencies edged lower, with Aussie slid back below 0.7400, and Loonie trading around 1.2540. NZD however remains bullish due to the excellent employment data of New Zealand.

USD/JPY recovered from a daily low of 108.72, a level that was last since in May, to the current 109.50 price zone, amid a rebound in the dollar’s demand. Japan is struggling with rising coronavirus cases, and the head of the local Medical Association called for a nationwide state of emergency.

Gold bounced $1830 a troy ounce intraday but lost most of its gains and finished the day at a familiar $1812. Crude oil prices were sharply down, with WTI plummeted to $68.00 a barrel, and Brent at $70.30.

Technical Analysis

GBPUSD (4-hour Chart)

Sterling drops below 1.39 after it rallied over 1.395 in an earlier session, amid hawkish comments from Fed’s members seem to be providing a propel to the greenback, despite the disappointing labor market data missing estimate by a wide margin. On Thursday, the BoE will announce its monetary policy decisions. For technical aspect, RSI indicator corrects it momentum then set 45 figure, suggesting slightly bear movement ahead. For moving average side, 15 long SMA indicator holding a flat side movement and 60 long SMA indicator remaining up way traction.

All in all, sterling break through the critical support level again but is not way off the last lowest point. If the price continues to fall, the market will eye on 1.385 level in short term and 1.38 level follow. On the up way, if the price could go over the last highs spot, it will head to over 1.4 level.

Resistance: 1.3896, 1.3985, 1.4

Support: 1.3665, 1.3745, 1.38, 1.385

EURUSD (4- Hour Chart)

Euro fiber reversed sharply amid a rally of the U.S. dollar and fell from the highest level in three days to a one-week low in a few minutes. The pair peaked at the 1.1899 thresholds after the beginning of the New York session and was boosted by U.S. data, as of writing, it trades at 1.1833. the lowest level in a week. From the technical perspective, the RSI indicator closes 43 figures as of writing, suggesting slightly bearish movement for the short term. For moving the average side, 15 long SMA indicators turn their slope to negative territory and 60 long SMA remaining flat.

For price action, If the price could breach 1.188 firmly again, it could be heading to a higher level. On the downside, we deem the most strong support level will be the 1.1766 level. Moreover, it seems like building a double head price action and neckline will be on 1.1848. For now, we think the price will consolidate in the tiny range between first immediately resistance and support.

Resistance: 1.1848, 1.188, 1.19

Support: 1.18, 1.1766

USDCHF (4- Hour Chart)

The USDCHF pair entended its daily losing streak to seven on Tuesday and touched its lowest level since mid-June at 0.9022. Nevertheless, the pair seems to have gone into a consolidation phase on Wednesday and was last seen gaining 0.15% on the day at 0.905. At the same time, after losing more than 7% in the two days, the 10 year Treasuries yields are up 0.5%, helping the pair stay in the positive territory. For the technical side, the RSI indicator rebounds from over sought zone to a 51 figure, suggesting a bearish movement ahead. From the moving average perspective, both 15 and 60 long SMAs indicators are moving to south way, yet 15 long indicator seems to turn flat.

For now, the Swiss franc seems to stand above the 0.9047 level in the day market. However, it has to firmly defend immediately the support level that offers the advantage forbid buyer. In short term, we believe the market will test the support level again. If the price tamps down to 0.9047, then the market will be churning and choppy under 0.904.

Resistance: 0.9075, 0.9134

Support: 0.9047, 0.9

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Investors continue to wait on inflation-adjusted interest rates that support gold price…

Investors continue to wait on inflation-adjusted interest rates that support gold price against worries that the Fed might start tapering bond-buying programs

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Market Focus

US market edged higher on Tuesday as the market strength outweighed the concern of the new variant delta Covid. The Dow Jones Industrial Average surged 278.24 points. The Nasdaq 100 climbed 0.6%, led by the recovery from Chinese stocks while the S&P 500 notched all-time high at 4423.15 after Under Armour Inc. and Ralph Lauren Corp. reported gains. Moreover, the 10- year US Treasury yield stabilized on Tuesday.

Wheat price kicked off with 11- week highs as supplies angst. The dry and hot weather across major producers, including Canada, Russia, and the US, is limiting the production prospects for spring wheat. As a result, price increases amid the rising concerns of tightening global supplies.

The UK inflation was up 0.5% month-to-month in June, giving the Bank of England pressure on its patience to manage inflation. The BOE has projected that inflation will peak above 3% by the end of 2021. Investor’s eyes on the BOE’s key meeting.

Main Pairs Movement

Gold traded in a tight range, closing at $1810.22 as investors continue to wait on inflation-adjusted interest rates that support gold price against worries that the Fed might start tapering bond-buying programs. Investor eyes on Friday’s US payrolls report.

Kiwi rose 0.66% to four-week highs the unemployment rate declined more than the expectation. The rate dropped to 4% in Q2, pushing the kiwi upside.

AUDUSD advanced 0.49% on Tuesday as RBA kept rates at record low despite the economic outlook looks to improve. The RBA held the cash rate at 0.1 percent whilst remaining its bond-buying plan.

Technical Analysis

GBPUSD (4-hour Chart)

Sterling is trading at 1.3910 and 0.2 higher on the day so far, leading above G-10 currencies, supported by the risk-on sentiment that has improved as positive corporate earnings continue to offset worries over China’s pressure on the technology sector. On the other hand, U.K. also has been helped by recent falls in Covid-19 infection figures, optimism around Britain’s lockdown easing, and market anticipation of hawkish signals when BoE meets on Thursday. For technical aspect, RSI indicator corrects it momentum then set 53 figure, suggesting slightly bear movement ahead. For moving average side, 15 long SMA indicator holding a flat side movement and 60 long SMA indicator remaining up way traction.

All in all, sterling seems successfully defend critical support level at 1.3896 around in short term. Therefore, we still deem the 1.3896 to be efficient support at the current stage. On the up way, if the price could go over the last highs spot, it will be heading to over 1.4 level.

Resistance: 1,3985, 1.4

Support: 1.3665, 1.3745, 1.38, 1.3896

EURUSD (4- Hour Chart)

Euro fiber takes both a bullish and bearish prospect from a daily perspective, losses 0.03% in the day to 1.18625 as of writing. A scarce macroeconomic calendar and upcoming US employment-related data maintain speculative interest side-lined. From the technical perspective, the RSI indicator is close to 51 figures as of writing, suggesting slightly bull movement for the short term. For moving average side, 15 long SMA indicator shows flat movement side with lacking momentum and 60 long SMA remaining ascending movement.

For price action, the market seems to find a comfortable support level at 1.1848 and flirting around 1.1848~1.188. At the current stage. If the price could breach 1.188 firmly again, it could head to a higher level. On the downside, we deem the most strong support level will be the 1.1766 level. Moreover, it seems like building a double head price action and neckline will be on 1.1848.

Resistance: 1.188, 1.19

Support: 1.1848, 1.18, 1.1766

USDCHF (4- Hour Chart)

The USDCHF pair closed of negative territory and extend its slideway during the European trading hours on Monday. After touching its lowest level since mid-June at 0.9022, it seems to have gone into a consolidation phase and was last seen losing 0.27% at 0.903. On the other hand, the greenback remains on the back foot and supported the swiss franc to preserve its bearish momentum. The dollar index is currently losing 0.14% on the day at 91.93 as of writing. For the technical side, the RSI indicator rebound from over sought zone to 36 figure, suggesting a bearish movement ahead. From the moving average perspective, both 15 and 60 long SMAs indicators are moving south way.

For price action, the Swiss franc has penetrated the support at 0.9047 as we expect yesterday and stay below the level in the day market. For biding buyers, the most important level will be 0.9047 from our perspective. If not firmly stand above it, it will be churning and choppy between immediately resistance and 0.9 level.

Resistance: 0.9047, 0.9075, 0.9134

Support: 0.9

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