CRYPTO: Ethereum-Break Below $4100 And Extends Lower As Leveraged longs Squeezed

• China's Industrial Profit in July declined, marking a third consecutive month.
• China Industrial Profits YoY contracted -1.5%, following -4.3% in June.
• This is the seventh monthly decline out of the prior 12.  
• The Year to date result of -1.70% was in  line with the prior month's result of -1.8%.
• The Year to date Industrial Company's Profit was CNY4.02tn. 

US Equities once again found buyers on the dip as the market concentrates selectively on the positives of a potentially more dovish Fed. This morning US futures have opened slightly higher, ESU5 +0.05%, NQU5 +0.07%. The AUD was helped by the return in risk appetite at the end of last week and is consolidating those recent gains, This morning's CPI has given them a nudge higher to start the day.

• EUR/AUD - Overnight range 1.7917 - 1.7976, Asia is currently trading around 1.7925. The area just above 1.8100 has seen decent supply cap it the last few months, a sustained move above 1.8100 is needed to see the move extend higher. The pair has drifted back towards 1.7900 where some demand has returned, next support is back towards the 1.7800 area.
• GBP/AUD - Overnight range 2.0742 - 2.0793, Asia is trading around 2.0750. The pair consolidated yesterday and is approaching the pivot toward 2.0700 within its wider range where you could expect some demand first up. 
• AUD/JPY - Overnight range 95.55 - 95.84, Asia is trading around 95.50. The pair continues to grind higher back towards the 96.00 area. This pair’s direction will be determined by the market's ability to follow on with this risk-on move or not. A sustained move back above 96.50 would turn the trend higher again but until then sellers should be around looking for this move to top out.
• AUD/NZD -  Overnight range 1.1076 - 1.1095, the cross is dealing in Asia around 1.1090. The dovish RBNZ has seen the Cross surge higher breaking back above 1.100 convincingly. This move continues to now see dips supported as it looks to build momentum to push higher.

Fig 1: GBP/AUD spot 2H Chart

Source: MNI - Market News/Bloomberg Finance L.P

The AUD went into the CPI print trading around 0.6490(-0.06%) and the SPI was trading around 8922.0(+0.30%). “AUSTRALIA JULY CONSUMER PRICES RISE 2.8% Y/Y; EST. 2.3%, *AUSTRALIA JULY TRIMMED MEAN CPI RISES 2.7% Y/Y.” The AUD has bounced in reaction to this print.

• AUD/USD - 0.6500, +0.05%
• AUD/NZD - 1.1105, +0.25%
• EUR/AUD - 1.7895, -0.18%
• AUD/JPY - 9595., +0.25%
• SPI(XPU5) - 8910, +0.15%