Technical Analysis & Forecast 10.08.2023

EURUSD, “Euro vs US Dollar”

EURUSD continues to develop a consolidation range around the 1.0978 level. A downward breakout is expected, with the wave of decline developing to the 1.0944 level. A downward breakout of this level will open the potential for a movement by the trend to 1.0899 with the prospect of continuing the wave to 1.0846.

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD is forming a consolidation range around the 1.2730 level. A downward breakout of the range is expected, with the wave continuing to the 1.2678 level. A link of correction to 1.2730 (a test from below) could form next, followed by a decline to 1.2595.

USDJPY, “US Dollar vs Japanese Yen”

USDJPY continues to develop a wave of growth to the 144.03 level. Once the price hits this level, a correction to 142.90 could start. After the correction is completed, a new wave of growth to 144.30 could follow. This is a local target.

USDCHF, “US Dollar vs Swiss Franc”

USDCHF has completed a wave of growth to the 0.8781 level. Today the market is forming a consolidation range around the 0.8764 level. An upward breakout of the range is expected, with a wave of growth continuing to 0.8797. An upward breakout of this level will open the potential for growth to 0.8855. This is a local target.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD has completed a wave of decline to the 0.6522 level. Today a link of correction to 0.6548 is expected. Once the correction is over, a downward movement to 0.6495 could follow with the prospect of trend continuation to 0.6474. This is the first target.

BRENT

Brent has broken the 86.00 level upwards and continues to rise to the 89.00 level. After the price reaches this level, a link of correction to 86.00 (a test from above) could form, followed by growth to 90.80 with the prospect of trend continuation to 93.85. This is a local target.

XAUUSD, “Gold vs US Dollar”

Gold has completed a wave of decline to the 1914.00 level. Today the market is forming a consolidation range above this level. A link of growth to the 1921.11 level (a test from below) is not excluded, followed by a decline to the 1903.85 level. This is a local target.

S&P 500

The stock index has completed a wave of decline to the 4462.0 level. Today the market is forming a consolidation range above this level. A downward breakout of the range is expected, with the wave continuing to the 4451.0 level. Once the price hits this level, a link of growth to 4477.0 (a test from below) could form, followed by a decline to 4437.3. This is the first target.