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The shares of Apple, an American technology company, are in a corrective trend at around 172.

On the daily chart, the price is within the global Expanding formation pattern, completing another up wave and approaching the resistance line at 174. On the four-hour chart, it is seen that the current wave is the fifth one and, therefore, the last of the obligatory ones, and within its framework, the upper border of the pattern may be broken, and the year’s high of 183 will be the local target for the upward movement. The technical indicators confirm the high probability of continuation of positive dynamics: indicator Alligator’s EMA oscillation range expands upwards, and the histogram of the AO oscillator forms rising bars in the buying zone.

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EURJPY Technical Analysis

Despite the EURJPY pair’s trading within the bullish channel, the contradiction between the major indicators and the attempt to fluctuate below 136.60 level will postpone the bullish attack for now, to start suggesting the correctional negative trades that might target 135.50 and 134.40 levels. On the other hand, renewing the bullish attempts requires forming new bullish rally to manage to hold above 137.55 and open the way to target the positive stations near 138.60 and 139.70 levels.
The expected trading range for today is between 136.80 and 135.50

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BTC USD - short-term price correction possible

The main driver of positive dynamics was the July data on US inflation: a slowdown in its growth to 8.5% made many investors hope that the peak of consumer price growth in the country has passed, and the indicator will now begin to move towards the target level of 2.0%, which may force the US Federal Reserve to abandon a sharp rate hike of 75 or 100 percentage points at the next meetings. It, in turn, became a catalyst for the active decline of the dollar against its main competitors. Also, the transition of the Ethereum network to the Proof-of-Stake (PoS) proof algorithm, scheduled for mid-September, arouses the interest of traders in the entire cryptocurrency market and “digital gold” in particular. The price has rolled back down and not consolidated above 25000. Judging by the reversal of Stochastic near the overbought zone, the decline may continue to the middle line of Bollinger bands around 23650, and in case the quotes consolidate below it and 23437.5, return to 21875. Otherwise, growth will resume towards 25000, 26562.5, and 28125.

Resistance levels: 25000, 26562.5, 28125 | Support levels: 23437.5, 21875, 20312

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NZDUSD - Inflation in New Zealand remains high

On Friday, Stats NZ published a report on food prices, which rose by 7.4% in July in annual terms. Among the key categories of price increases are: basic food products (+7.5%), restaurant meals (+6.6%), fruits and vegetables (+10.0%), meat and fish (+7.7%) and non-alcoholic drinks (+4.6%). On a monthly basis, the growth in food inflation amounted to 2.1%, and the fact that the negative dynamics is recorded taking into account lower energy prices indicates that the measures taken by the Reserve Bank of New Zealand (RBNZ) are not enough yet. Quotes of NZDUSD continue to trade within the global downtrend, gradually approaching the resistance line.

Support levels: 0.6360, 0.6211 | Resistance levels: 0.6470, 0.6670

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GBPUSD - The UK economy is rapidly slowing down

The pound failed to continue active growth after the publication of poor macroeconomic data on Friday: the UK's gross domestic product (GDP) in July fell by 0.6% compared to the previous month, although in June, it showed a positive trend of 0.4%. The indicator declined by 0.1% in the second quarter, slowing down the value to 2.9% YoY from 8.7% a quarter earlier. Also to GDP, a significant weakening was recorded in the leading sectors of the economy: the volume of industrial production fell by 0.9%, and the volume of production in the manufacturing industry decreased by 1.6%. However, this is the first quarter when GDP is negative, which means formally a recession in the UK economy is not yet. The pair continues to trade within the global downward channel, coming close to the resistance line, indicator Alligator's EMA oscillation range expands upwards, and the histogram of the AO oscillator forms rising bars in the buy zone.

Resistance levels: 1.2240, 1.2630 | Support levels: 1.2048, 1.1761

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Dow Jones - The US market continues to rise

Tomorrow, investors will pay attention to the financial publications of two retail market leaders, Walmart Inc. and Home Depot Inc. From Walmart Inc. analysts expect revenue of 150.93 billion dollars, well above the 141.57 billion dollars shown in the previous quarter. At the same time, Home Depot Inc. also could well outperform the first quarter of 38.91 billion dollars to 43.36 billion dollars, and EPS could reach 4.94 dollars, which has never happened before in the company's history. Quotes of the index left the limits of a wide downward channel, having overcome the resistance line last week. Technical indicators have already reversed and are holding a steady buy signal: the range of EMA fluctuations on the Alligator indicator expands in the direction of growth, and the histogram of the AO oscillator is forming new ascending bars in the purchase zone.

Support levels: 33290, 31626 | Resistance levels: 34050, 35274

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NZDUSD - Technical analysis

On the four-hour chart, at the resistance level of 0.6453, there is the formation of an Evening Doji Star reversal candlestick pattern, as well as a Three Black Crows pattern, which included a Bear Marubozu candlestick. The combination of these figures indicates pressure on the price from sellers and indicates a continuation of the downtrend with the target of 0.6279, overcoming which will allow the "bears" to continue moving to the area of 0.6107–0.5944. An alternative scenario can be realized if the quotes consolidate above 0.6453; then the asset will be able to restore its positions in the range of 0.6598–0.6748.
After the uptrend on the daily chart at the level of 0.6453, a Bearish Harami candlestick pattern appeared, which signals an imminent price reversal, and there is also a red long Engulfing reversal candle, warning the "bulls" of the upcoming trend change. In this situation, it is more likely that the quotes will fall to the support level of 0.6279, consolidation below which will allow the "bears" to head to the area of 0.5944.

Support levels: 0.6279, 0.6107, 0.5944 | Resistance levels: 0.6453, 0.6598, 0.6748

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EURUSD - Growth is possible.

On the daily chart, a downward correction of the higher level ended as the wave (B), within which the wave C of (B) formed, and the upward wave (C) started. Now, the first entry wave of the lower level (i) of i of 1 of (C) is developing, within which the wave i of (i) has formed, and the local correction is developing as the wave ii of (i).

If the assumption is correct, after the end of the correction, the EURUSD pair will grow to the area of 1.0612 – 1.0787. In this scenario, critical stop loss level is 1.

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GBPUSD - Growth is possible
On the daily chart, the first wave of the higher level (1) formed, a downward correction ended as the second wave (2), and the third upward the wave (3) started. Now, the first entry wave of the lower level (i) of i of 1 of (3) has started, and a local correction is developing as the second wave (ii) of i.

If the assumption is correct, after the end of the correction, the GBPUSD pair will grow to the area of 1.239 – 1.2674. In this scenario, critical stop loss level is 1.176.
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Crude Oil - Reports of a reduction in oil exports from the Russian Federation lead to lower prices

According to Bloomberg, in general, the volume of "black gold" transported by sea from Russia decreased to 3.24 million barrels per day from 3.32 million barrels per day, and exports to Asian countries decreased to 1.75 million barrels per day from 2.1 million barrels per day earlier. First of all, experts attribute the decline in imports to Asian countries' purchases of about 16.0 million barrels of cheaper American oil, which turned out to be much more profitable for them than the new proposal from Saudi Arabia, which significantly increased selling prices at the beginning of the month, adding a premium of 10.8 dollars per barrel. On the weekly chart of the asset, the price remains within the local descending channel, declining towards the support line. Technical indicators keep a clear sell signal, which excludes the possibility of a reversal of quotes: fast EMAs of the Alligator indicator are moving away from the signal line, and the AO oscillator histogram, being in the sell zone, is forming new descending bars.

Support levels: 92.1, 85.6 | Resistance levels: 96.35, 105.23

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Shares of Starbucks, one of the largest companies in the world that owns the coffee chain of the same name, are trading around 89.

On the daily chart, the price has left the global downwards channel, having consolidated above the initial Fibonacci 23.6% correction at 82.5, and is currently correcting upwards. On the four-hour timeframe, the quotes of the trading instrument have almost reached another correctional level — the basic Fibonacci correction of 38.2% around 90.80, consolidation above which will be the main signal to continue the confident upward dynamics and reach the full correction level of 61.8% Fibonacci at 104.40, coinciding with the resistance line of the global downtrend. Technical indicators keep a buy signal: fast EMAs on the Alligator indicator are above the signal line and continue to move away from it, while the AO oscillator histogram forms upward bars in the buying zone.

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Crude Oil - Reports of a reduction in oil exports from the Russian Federation lead to lower prices

According to Bloomberg, in general, the volume of "black gold" transported by sea from Russia decreased to 3.24 million barrels per day from 3.32 million barrels per day, and exports to Asian countries decreased to 1.75 million barrels per day from 2.1 million barrels per day earlier. First of all, experts attribute the decline in imports to Asian countries' purchases of about 16.0 million barrels of cheaper American oil, which turned out to be much more profitable for them than the new proposal from Saudi Arabia, which significantly increased selling prices at the beginning of the month, adding a premium of 10.8 dollars per barrel. On the weekly chart of the asset, the price remains within the local descending channel, declining towards the support line. Technical indicators keep a clear sell signal, which excludes the possibility of a reversal of quotes: fast EMAs of the Alligator indicator are moving away from the signal line, and the AO oscillator histogram, being in the sell zone, is forming new descending bars.

Support levels: 92.1, 85.6 | Resistance levels: 96.35, 105.23

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Nasdaq 100 - the US stock market recovers
Yesterday, the chief executive officer of investment fund Third Point LLC announced the buyout of a substantial stake in entertainment company The Walt Disney Co. and plans to discuss strategic changes with its management, as a result of which the papers of the corporation began to grow actively. Another leader in the information background is the manufacturer of electric vehicles Tesla Inc., whose head Elon Musk is preparing to appear in court and argue his refusal to purchase the social network Twitter Inc. Already, the businessman is trying to form a positive fundamental background around his company so that if a decision is made in favor of the plaintiff, he will be able to pay penalties. In particular, he said that Tesla Inc. has already produced more than 1.0M vehicles at the new plant in Shanghai, which was the reason for the growth of its stock quotations by more than 3.0%. The trading instrument continues its positive dynamics, leaving the limits of the downwards channel. Technical indicators keep a buy signal: fast EMAs on the Alligator indicator are moving above the signal line, expanding the range of fluctuations, and the AO oscillator histogram is steadily rising in the buying zone.

Resistance levels: 13891, 15148 | Support levels: 13318, 12574

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USDJPY - Technical analysis

H4
On the four-hour chart, the quotes of USDJPY are moving in an uptrend channel. After a false breakout of its lower border at the level of 132.54, a Hammer reversal pattern is formed. Next, a Three Advancing White Soldiers pattern was formed, signaling the continuation of the uptrend; however, the emerging Long-Legged Doji pattern warns market participants about the existing uncertainty and signals a possible downward reversal. In this situation, a likely scenario may be a decrease in the quotes of the trading instrument to the support level of 132.54, consolidation of the price below which will allow the "bears" to go lower, to the area of 130.45–126.78. An alternative scenario can be realized if the price consolidates above the resistance level of 135.39. Then the quotes may recover to the range of 136.85 – 139.46. D1
On the daily chart, at the resistance level of 135.39, there is the formation of a Tower Top candlestick analysis pattern, which is formed in the area of high prices and is a downward reversal pattern. At the moment, the price is moving in an uptrend; however, a possible scenario could be that it overcomes the lower border of the trend channel and consolidates below the level of 132.54, which will strengthen the downtrend to the area of 130.45 – 126.78.

Support levels: 132.54, 130.45, 126.78 | Resistance levels: 135.39, 136.85, 139.46

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USDCHF - A fall is possible.

On the daily chart, the downward fifth wave of the higher level 5 develops, within which the first wave (1) of 5 forms. Now, the third wave of the lower level 3 of (1) is developing, within which the wave iii of 3 is forming.

If the assumption is correct, the USDCHF pair will fall to the area of 0.8916 – 0.8730. In this scenario, critical stop loss level is 0.9647.

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EURUSD - Rising gas prices put pressure on the euro

Since the beginning of the week, the European currency continues its downtrend, under pressure from rising natural gas prices and weak macroeconomic statistics. Now the quotes of the EURUSD pair are in a corrective trend, trading around 1.0182.

Earlier, the governments of the eurozone countries adopted a resolution under which they will voluntarily reduce gas consumption by 15% until the end of March next year in order to reduce fuel shortages due to supply restrictions from Russia. Against the background of this decision, the prices for "blue fuel" are showing a sharp increase, at the moment reaching record March levels in the region of 2.6 thousand euros per 1.0 thousand cubic meters. In turn, macroeconomic statistics turned out to be quite weak: the August ZEW Survey on Current Situation in Germany fell to –47.6 points, and ZEW Economic Sentiment was –55.3 points, while the same indicator in the eurozone adjusted to –54.9 points from –51.1 points a month earlier. The EURUSD pair is holding within the global downward channel, reversing to the downside again. Technical indicators, having reversed in the direction of growth, once again gave a signal to sell. The fast Alligator indicator EMAs crossed the signal line from above, and the histogram of the AO oscillator is forming descending bars approaching the transition level.

Support levels: 1.0111, 0.9951 | Resistance levels: 1.0260, 1.0406

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XAGUSD - Global demand for silver is under threat again

The key negative factor that influenced the dynamics of the asset was the statistical data from China, as the price of the precious metal correlates with demand from the industry. Thus, according to the July statistics, the indicator fell to 3.8% instead of 4.6% expected by analysts, which led to a decrease in annual growth rates to 3.5%, while retail sales adjusted to 2.7% from 3.1 % a month earlier. Thus, the consequences of the recent coronavirus outbreak in China are still reflected in the dynamics, which is a negative signal for silver. Investor demand for the metal increased over the past week: according to the US Commodity Futures Trading Commission (CFTC), net speculative positions increased to 2.9K contracts from 1.0K contracts a week earlier. It should be noted that this indicator reflects only the total demand for aggregate positions, but if you pay attention to the balance of short and long deals, last week was left for sellers, who increased the number of contracts by 2,472K, while buyers showed a decrease by 160 contracts. Globally, the "bearish" position also prevails and amounts to 30.211K against 7.398K for the "bulls."

The trading instrument continues its upward correction and is approaching the resistance line of the global downward channel.

Resistance levels: 20.81, 22.31 | Support levels: 19.80, 18.40

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DAX 30 - German stock market continues its local growth

The day before, financial data were presented by the chemical-industrial group Henkel AG & Co. KGaA, having posted quarterly revenue of 5.64 billion euros, which exceeded the 5.36 billion euros expected by analysts. The EPS was 0.9126 euros, while the forecast was at the level of 0.8813 euros. In turn, one of the largest German food delivery services HelloFresh SE reported income of 1.96 billion euros, which was better than the projected 1.9 billion euros. The EPS figure also beat expectations, amounting to 0.35 euros per share. Finally, HelloFresh SE's main competitor, Delivery Hero SE, reaffirmed its financial targets for 2022, saying it expects turnover growth of around 7% in the third quarter. On the weekly chart of the asset, the price continues to attempt to consolidate in the uptrend, approaching the resistance line of the downward channel. Technical indicators have already reversed towards growth and issued a buy signal: the fast EMAs of the Alligator indicator are way above the signal line, and the histogram of the AO oscillator, having moved to the buy zone, is forming ascending bars.

Support levels: 13533, 12530 | Resistance levels: 14260, 15070

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GBPUSD - Trading instrument is preparing to continue to decline

After an unsuccessful attempt to break through the resistance level of 1.2262, the GBP/USD pair fell to the level of 1.2020 and is now preparing to continue its downtrend against the background of increasing inflationary pressure in the UK. Data on the Consumer Price Index were published the day before, which in annual terms amounted to 10.1% against the projected 9.8%, and in monthly terms it amounted to 0.6%, while market expectations were at the level of 0.4%. Thus, despite the aggressive increase in interest rates by the Bank of England, officials have not yet been able to contain inflation. Probably, at the next meeting of the regulator, scheduled for September 15, the value will be adjusted again, but the effectiveness of this measure remains in question.

The long-term trend is downward. Yesterday, market participants attempted to break through the support level of 1.2020, but failed to do so the first time. If successful, the decline in quotes of the trading instrument will continue with the target at the July low of 1.1768. The medium-term trend is upward. The growth target is the zone of 1.2448–1.2415; however, as part of the correction, the quotes may test the key trend support at 1.1932–1.1896, after which traders should consider long positions with the first target at last week's high at 1.2270.

Resistance levels: 1.2262, 1.2655 | Support levels: 1.2020, 1.1768.

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USDCAD - Technical analysis

H4
On the four-hour chart, a Bullish Flag price pattern is forming, the completion of which is expected above the resistance level of 1.2960, since the breakout of its upper border was carried out by impulsive green candles in the form of a Three Advancing White Soldiers pattern. However, the movement slowed down with the appearance of a Hanging Man reversal candlestick pattern below the level of 1.2960, which is observed in the area of prevailing "bullish" activity. Therefore, to confirm a reversal at the local top, the formation of other "bearish" signals is required. Since the asset continued to grow after the formation of this pattern, one can assume that the quotes will continue their uptrend or consolidation in a narrow range of 1.2900–1.2960. If the "bulls" manage to successfully overcome the level of 1.2960 and consolidate above it, one should expect the quotes to continue moving towards the area of 1.3228–1.3630. An alternative scenario is possible in case of overcoming the support level of 1.2762 by the "bears". Then the negative dynamics may intensify up to the level of 1.2295. D1

On the daily chart, there is a Falling Wedge price pattern. At the moment, it is clear that the price has broken through its upper limit, but confirmation of this has not yet been received. In addition, at the support level of 1.2762, one of the varieties of the Morning Star candlestick pattern has formed, which indicates the prevailing "bullish" sentiment. In case of successful testing of the broken level and fixing the price above 1.2960, the quotes will most likely go higher, to the area of 1.3228–1.3630.

Support levels: 1.2762, 1.2534, 1.2295 | Resistance levels: 1.296, 1.3228, 1.363


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