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Morning Market Review

EUR is showing ambiguous trading dynamics against USD during today's Asian session, consolidating after a strong decline last Friday, which was the response of investors to the publication of the US labor market report for July. The data reflected an increase in the number of new jobs created by the US economy outside of agriculture in July by 1763K, which was slightly better than market expectations of 1600K. At the same time, Average Hourly Earnings rose by 4.8% YoY against the forecast of an increase of 4.2% YoY, and the Unemployment Rate in July fell from 11.1% to 10.2%, while analysts expected its reduction only to 10.5%.

XAU/USD: wave analysis

The pair is in a correction, a fall is possible.

On the daily chart, the third wave of the higher level (3) develops, within which the wave 5 of (3) forms. Now, the wave iii of 5 of the lower level is developing, within which the wave (iii) of iii has formed, and a downward correction is developing as the wave (iv) of iii. If the assumption is correct, the price will fall to the levels of 2007.60–1967.22. In this scenario, critical stop loss level is 2074.60.

AUD/USD: wave analysis

The pair may grow.

On the 4-hour chart, the first wave of the higher level (1) of C develops, within which the fifth wave 5 of (1) forms. Now, the third wave of the lower level iii of 5 has formed, a local correction has ended as the wave iv of 5, and the wave v of 5 is forming. If the assumption is correct, the pair will grow to the levels of 0.7300–0.7400. In this scenario, critical stop loss level is 0.7073.

Unemployment Rate. Switzerland, 07:45 (GMT+2)

Swiss Unemployment Rate data for July are due at 07:45 (GMT+2). The indicator records the percentage of the number of unemployed citizens older than 18 to the total number of the population able to work. Only registered unemployed citizens are counted. The figure is expected to rise from 3.2% to 3.4% not seasonally adjusted, and from 3.3% to 3.6% if seasonally adjusted. The implementation of the forecast can put pressure on CHF.

Consumer Price Index. China, 03:30 (GMT+2)

July data on China's Consumer Price Index are due at 03:30 (GMT+2). It is the main indicator of inflation in the country and determines the change in the level of retail prices for a particular basket of goods and services: food, transportation, utilities, healthcare, etc. It has a significant impact on monetary policy decisions. It is expected that the Consumer Price Index on an annualized basis will increase from 2.5% to 2.6%, and on a monthly basis it is expected to grow from –0.1% to 0.4%.