Forex Technical Analysis & Forecast 31.08.2022

EURUSD, “Euro vs US Dollar”

After completing the descending structure at 0.9982, EURUSD is growing towards 1.0057 and may later fall to return to 0.9982, thus forming a wide consolidation range around the latter level. If the price breaks this range to the downside, the market may resume moving downwards with the target at 0.9800; if to the upside – start another growth to reach 1.0097.

GBPUSD, “Great Britain Pound vs US Dollar”

Having finished the descending wave at 1.1620, GBPUSD is expected to grow and reach 1.1708. After that, the instrument may resume falling with the target at 1.1600.

USDJPY, “US Dollar vs Japanese Yen”

USDJPY is still consolidating around 138.55. Possibly, today the pair may fall towards 138.29 and then grow to return to 138.55. If later the price breaks this range to the downside, the market may form a new descending wave with the target at 137.60; if to the upside – start another growth to reach 139.37.

USDCHF, “US Dollar vs Swiss Franc”

USDCHF has finished the ascending wave at 0.9760; right now, it is forming the first descending impulse towards 0.9700 and may later grow to reach 0.9733, thus forming a new consolidation range around the latter level. If the price breaks this range to the downside, the market may resume the correction with the target at 0.9664.

AUDUSD, “Australian Dollar vs US Dollar”

Having completed the descending wave 0.6844 along with the ascending structure towards 0.6882, AUDUSD is consolidating around the latter level. If later the price breaks this range to the upside, the market may form one more ascending wave with the target at 0.6950; if to the downside – resume trading downwards to reach 0.6800.

BRENT

Having finished the ascending wave at 104.98; right now, it is correcting towards 97.56. After that, the instrument may extend this structure down to 96.88 and then resume growing towards 101.00, thus forming a new consolidation range between these two levels. If later the price breaks this range to the upside, the market may resume trading upwards with the target at 112.00.

XAUUSD, “Gold vs US Dollar”

Gold is consolidating around 1727.51. Today, the metal may expand the range down to 1717.00, or even extend this descending structure to reach 1707.77.

S&P 500

After finishing the descending structure at 3967.0, the S&P index is correcting up to 4019.0 and may later resume falling towards 3930.0. If later the price breaks this range to the upside, the market may start another correction with the target at 4072.0; if to the downside – form a new descending wave to expand the range down to 3900.0.