On Thursday, all eyes are on the Bank of England rate decision. The chances of a cut are barely over 50%. If it stays this way until Thursday, any outcome will cause a surge of volatility in the markets of England and pairs with the pound. GBPUSD has added over 3% since the start of the month to 17 July but has squandered half of that gain since then. This could well be a tactical retreat before a fresh attempt to break 1.30, which failed in mid-July. Bank of England's softness has the potential to erase last month's gains in GBPUSD rather quickly, pushing the pair back to 1.26.

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#WaveAnalysis

#AUDCHF reversed from key support level 0.5735;

Likely to rise to resistance level 0.5850.

AUDCHF currency pair recently reversed up with the daily Japanese candlestick Piercing Line from the key support level 0.5735 (the previous monthly low from April, as can be seen below).

The support level 0.5735 was strengthened by the nearby lower daily Bollinger Band.

Given the strength of the support level 0.5735 and the still oversold reading on the daily Stochastic indicator, AUDCHF currency pair can be expected to rise further to the next resistance level 0.5850.

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#WaveAnalysis

#USDJPY reversed from support level 151.95;

Likely to rise to resistance level 155.00.

USDJPY currency pair recently reversed up from the powerful support level 151.95 (former major resistance from 2022 and also the yearly high from last year), standing close to the 50% Fibonacci correction of the upward impulse from 2023.

The upward reversal from the support level 151.95 stopped the previous minor correction 4.

Given the clear daily uptrend, USDJPY currency pair can be expected to rise further to the next resistance level 155.00.

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The #crypto market pulled back 3% to a cap of $2.4 trillion, erasing gains for a while due to the Bitcoin 2024 conference.

#Bitcoin spent a few seconds above $70K on Monday before undergoing a powerful sell-off that took its price below $66K at the peak of the decline in Asian trading on Tuesday. The market was pressured by reports that the US government had put 30K Bitcoins ($2.1bn) into circulation.

One can only wonder whether this is part of a trend following the Mt Gox and German government sales, a game of anticipation before Trump came to power and banned these sales, or whether it's all about the "high price." Only further transactions will help us to find an answer. There are believed to be over 203k bitcoins on the balance sheet, a concentrated sale of which could sell off the market.

Technically, yesterday's breakout of resistance by Bitcoin may still be false, and the latest rise slightly changes the angle of the downtrend but does not break it.

📊 Eurozone GDP grew by 0.3% q/q and 0.6% q/q, showing some acceleration and exceeding average forecasts.

💲July inflation estimates were also released today across the euro region.

💶 Contradictory European data poisoned EURUSD to test the round level of 1.08.

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#WaveAnalysis #SP500

▪️S&P 500 index reversed from support zone

▪️Likely to rise to resistance level 5585.00

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#WaveAnalysis

▪️ #EURNZD under bearish pressure

▪️Likely to fall to support level 1.8045

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#Crypto

▫️The crypto market cap went back to $2.30tr, forming another lower local peak.
▫️#Bitcoin near $63.7K on Thursday, once again near the 50-day MA
▫️Mt.Gox-related wallets still hold 80,128 BTC worth $5.32bn.

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#WaveAnalysis

▪️ #EURAUD reversed from long-term resistance level 1.6670

▪️Likely to fall to support level 1.6400

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#WaveAnalysis

▪️ #Gold reversed from resistance zone

▪️Likely to fall to support level 2400

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#Crypto

▫️The crypto market lost 0.75% in 24 hours to $2.29 trillion

▫️#Bitcoin managed to push back from the 50-day MA

▫️#Solana ecosystem surpassed #Ethereum for the first time in terms of trading volume on DEX

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#NFP #EconomicReview

▫️The US economy added 114K jobs in July;

▫️Wage growth also missed expectations;

▫️Unemployment rate rose from 4.1% to 4.3%;

▫️Markets access chances of more than 3 rate cuts in 2024;

▫️Untypically, US Dollar weakens along with stocks.

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#WaveAnalysis #SPX

– S&P 500 Index under bearish pressure

– Likely to fall to support level 5200.00

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#Crypto

▫️ The cryptocurrency market lost 27% in a week to cap at $1.79

▫️ #Bitcoin plunged to $49K on Monday, risking breaking important cyclical support

▫️ All this is happening against the background of Bitcoin's "institutional acceptance" growing rapidly. What a cold reception.

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#Review

▫️ There is classic risk-aversion in the markets

▫️ Judging by the VIX, fear is really high.

▫️ Dow Jones, S&P500, Nasdaq100 at risk of falling to 200-week MA

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#WaveAnalysis

▫️#Nikkei225 reversed from support level 30600;

▫️Likely to rise to resistance level 35000.

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#Crypto

▫️ Crypto market cap +11.3% in 24h, but -17% in 7 days;

▫️ #Bitcoin recouped 2/3 of Monday's losses, giving food for thought for both optimists and pessimists;

▫️ Liquidations for 5th August reached $1.10bn, 5-month maximum.

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#Review #WTI

▫️ Oil continues to plummet, with only a brief rebound on Monday;

▫️ US commercial inventories are only down 1.5% y/y, while the SPR is up 8%;

▫️ Technical picture is on the sell side after falling below 200-week MA

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#EconomicReview

▫️ RBA keeps interest rate at 4.35%, warns it is prepared to keep it there for a long time

▫️ RBA doesn't seem spooked by recent sell-off and isn't ready to ease monetary conditions

▫️ #AUDUSD continues to struggle for support at 0.6500

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#WaveAnalysis

▫️#EURCAD reversed from resistance level 1.5110;

▫️Likely to fall to support level 1.5000.

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#WaveAnalysis #AAPL

▫️#Apple reversed from support zone;

▫️Likely to rise to resistance level 210.00.

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