Technical Analysis & Forecast 23.08.2023

EURUSD, “Euro vs US Dollar”

EURUSD has completed a wave of decline to 1.0833. Today the market is correcting this wave of decline. The correction target might be 1.0874 (with a test from below). After the correction will be over, a new wave of decline to 1.0816 could start. Next, a link of growth to 1.0950 is expected.

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD has performed an impulse of decline to 1.2717. Today a link of correction to 1.2759 is expected. After the correction is over, a new wave of decline to 1.2680 could be expected, from where the trend could continue to 1.2640.

USDJPY, “US Dollar vs Japanese Yen”

USDJPY continues developing a wave of decline to 145.30. After the price reaches this level, a new structure of growth to 145.75 might form. Next, a structure of decline to 144.88 is not excluded, followed by a rise to 146.77. This is a local target.

USDCHF, “US Dollar vs Swiss Franc”

USDCHF has completed an impulse of growth to 0.8808. Today the market is forming a narrow consolidation range under this level. Exiting this range downwards, the price could form a link of correction to 0.8788, followed by a rise to 0.8825, from where the trend might continue to 0.8888.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD continues developing a consolidation range around 0.6404. A decline to 0.6340 is expected. And with a breakout of this range downwards, the potential for a decline to 0.6277 could open. This is a local target.

BRENT

Brent continues developing a consolidation range around 84.20. A new link of growth to 85.77 is not excluded today, followed by a decline to 82.00. Practically, the correction range will be exhausted there. After the correction is over, a new wave of growth to 87.77 could start. This is a local target.

XAUUSD, “Gold vs US Dollar”

Gold continues developing a consolidation range around 1894.63. A link of growth to 1904.94 is expected today. Escaping this range upwards, the price might continue the correction to 1929.00. And with an escape from the range downwards, the potential for further development of the trend to 1868.50 might open.

S&P 500

The stock index has completed a wave of correction to 4428.0. A link of decline to 4383.3 happened today. Practically, the market has formed a consolidation range around 4383.3. An escape from the range upwards might lead to a further correction to 4490.0. An escape downwards could open the potential for a further decline to 4300.0.