August Issue

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With most of the Q2 earnings reports announced by August 3rd, big tech seemed to run out of steam, along with the other major indices. Given that many stocks were in overbought territory, this is likely to be a short-term sell-off, giving the moving averages a chance to catch up with price.

Meanwhile, Russia and Saudi Arabia have agreed to further cuts in the supply of oil with the aim of pushing crude to $100 a barrel. And we are already on the way there. On August 10th, Brent Oil hit $87 and WTI hit $83, with little sign of a pull-back in sight.

Gold, on the other hand, continues to slide lower towards the next major support line around 1907. If the recent up-move by the US dollar falters, Gold bulls will be looking to get in again to push the precious metal back up to 2050, highs not seen since early May of this year.


As the dollar index climbed higher during July, the pound came crashing down. The Bank of England’s decision to raise the base rate another quarter of a point on August 3rd quickly reversed the pound’s decline. Since then the pound has begun to base, ranging between 1.267 and 1.275. If the USDOLLAR Basket should break below its previous low around 12,635, there is a strong possibility the pound may break out, heading for previous highs at around 1.31.


The NAS100 has had a tremendous run for most of the year and hasn’t even come close to breaking the 50 EMA since March. So, it’s perhaps hardly surprising to see the bulls taking a holiday during August, allowing the bears to come in and cool things down a little. Price on August 11th has dropped below the 50 EMA (short term bearish) but remains well above the 200 EMA, and therefore bullish long-term.


Since the US2000 broke above the 200 EMA in early June, it has been making steady progress upwards, reaching 2002 by the end of the July. As with the other US indices the Russel 200 has seen some selling off in the past few days, although this may in large part be due to the low trading volume typical of August.


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Take a look at the client service response times across the FXCM Group in the month of July.

32 sec

Average time to pick-up your call.

1 sec

Average wait time for live chat support.

Source: FXCM Service data, review period: July 2023.

See the top instruments by trading volume during July 2023 across the FXCM Group.

Top 5 across all markets

Spot FX
Spot Gold
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E-Mini Nasdaq 100 Future

Top 5 Stock CFDs

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Advanced Micro Devices Inc
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2023 Annual Awards - Best In Class




Past Performance: Past Performance is not an indicator of future results.

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