Technical Analysis & Forecast 07.08.2023

EURUSD, “Euro vs US Dollar”

EURUSD has completed a correction at the 1.1040 level and started to develop another wave of decline. Today an impulse of decline to 1.1007 has been completed. A consolidation range has formed around this level. Breaking it down, the price continues to decline to the 1.0970 level. This is the first target. Once the price hits this level, a link of growth to 1.1000 (a test from below) is expected to form, followed by a decline to 1.0940 with the prospect of trend continuation to 1.0880.

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD has corrected to the 1.2790 level. The market has completed an impulse of decline to the 1.2748 level and formed a consolidation range around this level. With a downward breakout, the wave continues to develop to 1.2704. This is the first target. After the price reaches this level, a link of growth to 1.2748 (a test from below) is expected to form, followed by a decline to 1.2631 with the prospect of trend continuation to 1.2588.

USDJPY, “US Dollar vs Japanese Yen”

USDJPY continues to develop a correction. A local target at the 141.50 level has been achieved. A link of growth to 142.60 (a test from below) is not excluded, followed by a decline to the 141.38 level. After the price hits this level, a wave of growth to 144.70 could start. Once this level is reached, a new link of correction to 142.60 could follow.

USDCHF, “US Dollar vs Swiss Franc”

USDCHF has completed a corrective wave to the 0.8698 (a test from above). Today the market is forming a new growth impulse to the 0.8787 level. After the price hits this level, a decline to 0.8742 could start, followed by growth to 0.8800 with the prospect of trend continuation to 0.8890.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD has completed a corrective wave to the 0.6608 level. Today the market continues to develop a wave of decline to 0.6511 with the prospect of trend continuation to 0.6495.

BRENT

Brent continues to develop a wave of growth to the 87.50 level. Once the price hits this level, a link of correction to 82.66 could form, followed by growth to 91.50 with the prospect of trend continuation to 93.43.

XAUUSD, “Gold vs US Dollar”

Gold has completed a corrective wave at the 1946.90 level. Today the market continues developing a wave of decline to 1925.15. A downward breakout of this level will open the potential for a movement by the trend to 1903.85.

S&P 500

The stock index has completed a wave of decline to the 4475.50 level. Today the market is forming a correction. A test of the 4518.0 level from below is possible, followed by a decline to 4437.0. This is the first target.