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• The GBP/USD Exchange Rate Falls to a Month’s Minimum
• Fitch Downgrades US Credit Rating
• Gold Starts August with a Sell-Off despite Bullish Headline
• AMD Share Price on the Rise After Financial Statement Release

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GBP/USD Struggles While EUR/GBP Aims Higher


GBP/USD is struggling to gain pace above the 1.2800 resistance. EUR/GBP is rising and might rise above the 0.8650 resistance.

Important Takeaways for GBP/USD and EUR/GBP Analysis Today

• The British Pound is attempting a fresh increase above 1.2680.
• There was a break above a key bearish trend line with resistance near 1.2725 on the hourly chart of GBP/USD at FXOpen.
• EUR/GBP is rising and trading above the 0.8600 zone.
• There is a major bullish trend line forming with support near 0.8625 on the hourly chart at FXOpen.

GBP/USD Technical Analysis


On the hourly chart of GBP/USD at FXOpen, the pair started a fresh decline from the 1.2880 zone. As mentioned in the previous analysis, the British Pound extended losses below the 1.2800 pivot level against the US Dollar.

The pair even tested the 1.2620 support zone. A low was formed near 1.2620 and the pair is now attempting a fresh increase. There was a move above the 1.2680 resistance zone. Besides, there was a break above a key bearish trend line with resistance near 1.2725.

However, the pair struggled to clear the 1.2800 resistance zone. A high is formed near 1.2792 and the pair is now correcting gains. It is trading near the 50-hour simple moving average at 1.2725 and approaching the 50% Fib retracement level of the upward move from the 1.2620 swing low to the 1.2792 high.

On the downside, there is a key support forming near 1.2680. It is close to the 61.8% Fib retracement level of the upward move from the 1.2620 swing low to the 1.2792 high.

If there is a downside break below the 1.2680 support, the pair could accelerate lower. The next major support is near the 1.2620 zone, below which the pair could test 1.2550. Any more losses could lead the pair toward the 1.2500 support.

On the upside, the GBP/USD chart indicates that the pair is facing resistance near 1.2750. The next major resistance is near the 1.2800 zone. A close above the 1.2800 resistance zone could open the doors for a move toward 1.2880.

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Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

BTC/USD Price Analysis: ADX Indicator Falls to the Lowest Level of 2023


The latest news from the world of cryptocurrencies could be both bearish and bullish drivers:

→ PayPal launches a stablecoin that will be pegged to the dollar and backed by US Treasuries;

→ Cathie Wood believes that the SEC can approve several BTC ETFs at the same time;

→ the Central Bank of Brazil plans to launch its digital currency called DREX in 2024;

→ rumors about problems with the USDC stablecoin are spreading in the network;

→ the US Department of Justice is considering filing fraud charges against Binance.

However, the BTC/USD rate has stabilized around USD 29,000 per coin since July 25th. The bitcoin market is showing unusually low volatility (except for the surge associated with news from the Fed). At the same time, the ADX indicator, which helps determine the presence of a trend, fell to its lowest level since 2023. Obviously, this indicates that the market is flat. But note the trend that followed in early 2023 as the ADX fell close to its current low.


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Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

The Price of Brent Oil Approaching the Highs of the Year


The price is driven up by:

→ the policy of limiting oil production by OPEC+ countries. For example, Saudi Arabia last week announced a cut in production by 1 million barrels per day until the end of September, adding that the decision could be extended. Russia is also reducing production volumes. We wrote about the scenario of increasing growth in the price of Brent oil due to production cuts in a post dated July 7;
→ hopes/rumors that the Chinese authorities will stimulate the economy, which is not recovering enough after the lifting of COVID-related restrictions.

Selling pressure is driven by:

→ raising rates by Western central banks to fight high inflation.

Under the influence of these and other factors, the price of Brent oil rose close to the highs of the year around USD 87 per barrel, forming an upward channel. At the same time, in August, the price bounced strongly from its lower border twice, indicating the strength of demand. On the other hand, the progress of the bulls in the formation of the August high is very small, if you compare this peak with the previous one, set on the 2nd of August — a sign of the exhaustion of the bullish momentum.

It is reasonable to assume that the market can find a balance at current levels, and the price will enter the consolidation range, as holders of long positions can take profits after the increase in the price of Brent oil by more than 14% since July 1. At the same time, false breakdowns of the high of the year are not ruled out.



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Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

EUR/USD Dips Again While USD/JPY Gains Traction


EUR/USD started a fresh decline from 1.1040. USD/JPY is rising and might climb further toward the 145.00 resistance zone.

Important Takeaways for EUR/USD and USD/JPY Analysis Today

• The Euro started a fresh decline from the 1.1040 resistance zone.
• There is a key bearish trend line forming with resistance near 1.0975 on the hourly chart of EUR/USD at FXOpen.
• USD/JPY climbed higher above the 142.50 and 143.00 levels.
• There is a major bullish trend line forming with support near 143.00 on the hourly chart at FXOpen.

EUR/USD Technical Analysis


On the hourly chart of EUR/USD at FXOpen, the pair started a fresh decline from the 1.1040 zone. The Euro declined below the 1.1015 support zone against the US Dollar.

The pair even settled below the 1.1000 zone and the 50-hour simple moving average. A low is formed near 1.0929 and the pair is now correcting losses above the 23.6% Fib retracement level of the recent decline from the 1.1042 swing high to the 1.0929 low.

On the upside, the pair is now facing resistance near the 50-hour simple moving average at 1.0975 and a key bearish trend line. The next major resistance is near 1.1015.

The 76.4% Fib retracement level of the recent decline from the 1.1042 swing high to the 1.0929 low is also near 1.1015. The main resistance is still near 1.1040. An upside break above 1.1040 could set the pace for another increase. In the stated case, the pair might rise toward 1.1100.

If not, the pair might resume its decline. The first major support on the EUR/USD chart is near 1.0930. The next key support is near 1.0910. If there is a downside break below 1.0910, the pair could drop toward 1.0880. The main support is near 1.0850, below which the pair could start a major decline.

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Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

XNGUSD: Natural Gas Price Hits 5-month High


The hostilities in Ukraine have drastically changed the world's natural gas transportation routes, and yesterday's information about possible interruptions in the supply of liquefied gas from Australia due to the planned strikes of workers led to the fact that the XNG/USD quote jumped above the psychological level of USD 3.0.

Citigroup analysts believe that gas prices in Europe could double by January if strikes in Australia, which is an important supplier of liquefied gas to Europe and Asia, drag on through the autumn.

And the FT writes that yesterday's growth was accelerated due to the fact that traders closed short positions, thereby increasing demand.

The XNG price chart shows that the extremes of summer are forming an ascending channel, and its upper limit has not yet been reached. The ability of the bulls to gain a foothold above the psychological level of USD 3.0 will indicate the strength of demand.



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Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

AUD/USD and NZD/USD Could Extend Losses


AUD/USD declined below the 0.6560 and 0.6540 support levels. NZD/USD is gaining bearish momentum below the 0.6030 support zone.

Important Takeaways for AUD/USD and NZD/USD Analysis Today

• The Aussie Dollar started a fresh decline from well above the 0.6600 level against the US Dollar.
• There was a break below a key bullish trend line with support near 0.6540 on the hourly chart of AUD/USD at FXOpen.
• NZD/USD declined heavily from the 0.6120 resistance zone.
• There was a break below a major rising channel with support near 0.6060 on the hourly chart of NZD/USD at FXOpen.

AUD/USD Technical Analysis

On the hourly chart of AUD/USD at FXOpen, the pair struggled to stay above the 0.6600 level. The Aussie Dollar started a fresh decline below the 0.6560 support against the US Dollar.

There was a break below a key bullish trend line with support near 0.6540. The pair even settled below 0.6540 and the 50-hour simple moving average. A low is formed near 0.6509 and the pair is now consolidating losses.

Immediate resistance on the upside is near the 23.6% Fib retracement level of the downward move from the 0.6616 swing high to the 0.6509 low at 0.6540.

The next major resistance is near the 50% Fib retracement level of the downward move from the 0.6616 swing high to the 0.6509 low at 0.6560, above which the price could rise toward 0.6600. Any more gains might send the pair toward 0.6615.

A close above the 0.6615 level could start another steady increase in the near term. The next major resistance on the AUD/USD chart could be 0.6650.

On the downside, initial support is near the 0.6510 level. The next support could be the 0.6500 level. If there is a downside break below 0.6500, the pair could extend its decline toward the 0.6450 region. Any more losses might send the pair toward the 0.6420 support.



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Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

XAU/USD Price Analysis: Bears Approach Important Support


Yesterday, fresh values of the CPI index were published, which testified to a moderate slowdown in inflation in the US. The actual value was 3.2% in annual terms (expected 3.3%, a month earlier = 3.0%, a year earlier = 9.1%).

In reaction to the news, the price of gold fell from a daily high around USD 1,930 an ounce to renew the August low. Such behavior can be interpreted as a decrease in the value of the precious metal, as it loses its relevance as a protective asset against inflation.

Earlier we wrote that August began for the gold market in a bearish way. The trend continues.

Technical analysis of the XAU/USD chart on the 4-hour timeframe shows that:

→ the price develops dynamics within the descending channel, which has been operating since May of this year;
→ yesterday there was a test of resistance at the level of USD 1,930, which served as support in early August. This is a bearish sign;
→ the price of gold is approaching an important support at the psychological level of USD 1,900 per ounce;
→ a series of lower highs is formed on the chart;
→ the RSI indicator rose from the oversold zone, forming a bullish divergence pattern.



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Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

LTC/USD Analysis: Litecoin Price Declines after Halving


On Wednesday, August 2, the planned halving took place in the Litecoin network. Now the reward of miners for each mined block has decreased by 2 times from 12.5 LTC to 6.25 LTC. Theoretically, this should make the cryptocurrency more scarce.

On the eve of the halving, experts were bullish. Thus, financier David Cox voiced a forecast about a possible increase in LTC to USD 189.2. Analyst Michaël van de Poppe provided a bolder upside scenario to USD 200. Also positive statements were made by the creator of the Litecoin project Charlie Lee. However, in fact, we see that the LTC/USD rate fell after the halving.



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Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

GBP/USD Turns Red While USD/CAD Climbs Higher


GBP/USD is showing bearish signs below 1.2700. USD/CAD is rising and might gain pace above the 1.3500 resistance zone.

Important Takeaways for GBP/USD and USD/CAD Analysis Today

• The British Pound started a fresh decline from the 1.2800 resistance zone.
• There is a key bearish trend line forming with resistance near 1.2700 on the hourly chart of GBP/USD at FXOpen.
• USD/CAD is rising steadily from the 1.3400 support zone.
• There is a major bullish trend line forming with support near 1.3450 on the hourly chart at FXOpen.

GBP/USD Technical Analysis

On the hourly chart of GBP/USD at FXOpen, the pair started a fresh decline from the 1.2800 zone. The British Pound traded below the 1.2740 support to move into a bearish zone against the US Dollar.

The pair even traded below 1.2700 and the 50-hour simple moving average. Finally, the bulls appeared near the 1.2665 level. A low is formed near 1.2665 and the pair is now consolidating losses. There is also a key bearish trend line forming with resistance near 1.2700.

The trend line is near the 23.6% Fib retracement level of the downward move from the 1.2818 swing high to the 1.2665 low. The first major resistance on the GBP/USD chart is near 1.2740.

The 50% Fib retracement level of the downward move from the 1.2818 swing high to the 1.2665 low is also near 1.2740. The next major resistance is near the 1.2800 level. Any more gains could lead the pair toward the 1.2880 resistance in the near term.

Initial support sits near 1.2665. The next major support sits at 1.2650 or 1.2640, below which there is a risk of a sharp decline. In the stated case, the pair could drop toward 1.2550.



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Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.