Technical Analysis & Forecast 02.08.2023

EURUSD, “Euro vs US Dollar”

EURUSD has completed a wave of decline to the 1.0955 level and a link of correction to the 1.1018 level. Today another link of decline to 1.0950 could develop. A wide consolidation range is forming around 1.0999. With an upward breakout, a correction could continue to the 1.1122 level. A downward breakout could open the potential for trend continuation to the 1.0888 level.

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD has completed a structure of decline to the 1.2742 level. At the moment, a consolidation range is forming above this level. With an upward breakout, growth to the 1.2825 level could follow. A downward breakout will open the potential for a decline to 1.2660. Once the price hits this level, a link of growth to 1.2825 is expected.

USDJPY, “US Dollar vs Japanese Yen”

USDJPY has completed a wave of growth to the 143.50 level. Today the market is forming a consolidation range below this level. With a downward breakout of the range, a correction to the 142.06 level could start with the prospect of continuing the correction to the 140.66 level, followed by another wave of growth to the 144.62 level.

USDCHF, “US Dollar vs Swiss Franc”

USDCHF continues to develop a consolidation range around the 0.8722 level without any strong trend. Today a link of growth to 0.8784 could start, followed by a decline to 0.8722 (a test from above). With a downward breakout, a link of correction to 0.8666 is possible. An upward breakout will open the potential for growth to 0.8888. This is the first target.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD continues to develop a wave of decline to the 0.6572 level. Once the price reaches this level, a link of growth to 0.6624 (a test from below) is not excluded, followed by a decline by the trend to 0.6513.

BRENT

Brent continues developing a wave of growth to the 87.22 level. After the price hits this level, a correction to 82.75 is expected to start, which could be followed by growth to 93.43 with the prospect of trend continuation to 97.00.

XAUUSD, “Gold vs US Dollar”

Gold has completed a wave of decline to the 1941.23 level. Today the market is forming a consolidation range above this level. With an upward breakout, a link of growth to the 1962.33 level could develop. A downward breakout will open the potential for a decline to 1923.12 with the prospect of trend continuation to 1914.44.

S&P 500

The stock index has formed a consolidation range around the 4578.6 level. Today a decline to the 4555.5 level is possible. Another link of growth to 4578.6 (a test from below) could form next, followed by a decline to 4521.8.