Technical Analysis & Forecast 17.08.2023

EURUSD, “Euro vs US Dollar”

EURUSD has broken the 1.0890 mark downwards, opening the potential for a decline to 1.0850 is open. After the price reaches this level, a correction to 1.0892 is not excluded (with a test from below). Next, a decline to 1.0833 could follow, from where the trend could continue to 1.0750.

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD continues forming a wide consolidation range around 1.2689. A link of decline to the lower boundary of the range at 1.2650 is expected today. A downward breakout from the range could open the potential for a wave to 1.2533, from where the trend could continue to 1.2444.

USDJPY, “US Dollar vs Japanese Yen”

USDJPY has completed a structure of an ascending wave to 146.55. A link of corrective decline to 146.00 is not excluded, followed by a rise to 146.88 is expected, from where the trend could continue to 147.00. This is a local target.

USDCHF, “US Dollar vs Swiss Franc”

USDCHF continues developing a consolidation range around 0.8795 without any expressed trend. An escape from this range upwards to 0.8844 is expected today. And if this level breaks, the wave might continue to 0.8888, from where the trend could extend to 0.8988.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD has completed a wave of decline to 0.6364. A corrective link to 0.6420 is not excluded today (with a test from below). Next, a decline to 0.6336 could follow, from where the trend might continue to 0.6300.

BRENT

Brent has performed a correction to 82.75. A consolidation range is expected to form above this level today. With an escape from this range upwards, the wave might extend to 90.75, from where the trend could continue to 93.55. This is a local target.

XAUUSD, “Gold vs US Dollar”

Gold has completed a structure of decline to 1889.50. A link of correction to 1900.00 is not excluded today. After it is over, the wave of decline might continue to 1868.50, and this is only half of the descending wave. The estimated target for this move is the 1715.00 mark.

S&P 500

The stock index formed a consolidation range around 4440.0 and, exiting it downwards, continues developing a wave of decline to 4390.0. After it reaches this level, a link of growth to 4415.0 is not excluded (with a test from below). Next, a decline to 4377.0 is expected. This is a local target.