Daily summary: Oil rebound accelerates, US stocks extend gains

• The New Zealand dollar is the strongest among major currencies
• Crude oil continues to move higher
• Mixed sentiment in the European stock market
• The US indices remain near all-time highs

During Tuesday's session no important macro data were published, so the volatility was not impressive. It is possible that this state of affairs will continue until the end of the week. Investors are waiting for Friday's speech by Fed chairman Jerome Powell at the symposium in Jackson Hole. Today in the afternoon only data from the US housing market were released. In July, 708 thousand properties were sold on the primary market, while analysts expected 698 thousand.Despite yesterday's records on Wall Street, volatility in the European session was moderate. The German DAX stock index consolidated in the tight range, finally closing 0.33% higher, while the French CAC40 lost 0.28%.As for the US stock market, after yesterday's strong upward move, we observe a continuation of the current trend, but with much lower volatility. The S&P500 and Dow Jones gain around 0.2%, while the Nasdaq is trading 0.4% higher and Russell2000 adds over 0.5%. It appears the market is assuming the Fed chairman will use the fourth wave of the pandemic as an excuse to maintain current policies.

Looking at the currency market, the winners of today's session are the New Zealand and Australian dollars, which broke the recent losing streak. In the evening, the NZD appreciates 0.8% against the USD and the AUD is up 0.7%. The strengthening of the antipode currencies can be explained by a rebound in the commodity market.

Looking at precious metals, silver and palladium are trading today, while gold resin flat and platinum fell slightly. Crude oil, on the other hand, continues to move higher, with both Brent and WTI gaining over 3%. So, "Black Gold" already had two strong sessions and the data on inventories may decide about the further direction. The API report will be released today at 9:40 pm BST, and the DoE report will be published tomorrow at 3:30 pm BST.

Major cryptocurrencies pull back slightly today. Bitcoin fell 3.5% and is currently trading slightly below $48,000. Current behavior of the most popular cryptocurrency has plenty of historical context — after Bitcoin broke above $50,000 for the first time in February, the price also pulled back to the $48,000–$49,000 area. Meanwhile Ethereum retreated from local high at $3345 and is heading towards psychological $3000 level in what it appears to be a healthy downward correction.

Ethereum price failed to break above the resistance at $ 3,335 which coincides with 61.8% Fibonacci retracement of the last downward wave and price pulled back. If the downward move continues, an attack on the support zone at $ 3,000, which is marked by earlier price reactions and the lower limit of the 1: 1 structure is possible. If this level is negated, the next target for sellers is located at $ 2,870. Nevertheless, it is also worth paying attention to the EMA100 which recently halted downward correction. Source: xStation5