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    Home»Cryptocurrency»Deeper decline ahead for global indices amid cryptocurrency turbulence
    Cryptocurrency

    Deeper decline ahead for global indices amid cryptocurrency turbulence

    August 5, 20241 Min Read


    [AI generated]

    This video was created on 5 August for IG audiences by ausbiz.

    IG’s Tony Sycamore delves into the current unstable market conditions, focusing on significant downturns in indices such as the NASDAQ and S&P. Pointing out breaks in uptrend support that might signal further declines amid global tensions and recession worries. A potential drop in the NASDAQ 100 towards its 200-day moving average, noting the absence of market capitulation signs.

    Australian equities are also wrestling with uncertainty. Fluctuating support levels for the S&P and upcoming economic data, like the ISM services PMI, are likely to affect both US and Australian markets and their currencies, especially with differing central bank policies contributing to the volatility.

    In regards to the oil markets, where pricing strategies now have to consider not only demand concerns but also geopolitical tensions. A cautious buying strategy is suggested as that current levels might offer support despite the broader risk-off environment impacting global markets.

    Cryptocurrencies, notably Bitcoin, were discussed as highly sensitive to risk aversion and economic indicators. The rapid price changes in digital currencies underscore the broader market instability and the high-risk nature of these investments during tumultuous times.



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