Technical Analysis & Forecast 31.08.2023

EURUSD, “Euro vs US Dollar”

EURUSD has corrected to 1.0943. Today the market is forming a consolidation range under this level. An escape from the range downwards might lead to a link of decline to 1.0860.

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD has completed a wave of correction to 1.2744. Today a consolidation range is forming under this level. An escape from the range downwards could open the potential for a descending structure to 1.2650.

USDJPY, “US Dollar vs Japanese Yen”

USDJPY has formed a consolidation range around 146.05. An escape upwards could form a link of growth to 147.37. An escape downwards could open the potential for a decline to 144.74.

USDCHF, “US Dollar vs Swiss Franc”

USDCHF has completed a wave of correction to 0.8750. A link of growth to 0.8815 could form today (with a test from below). Next, the correction might continue to 0.8757. After the correction is over, a new wave of growth to 0.8900 might begin.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD has completed a link of correction to 0.6520. Today the market is forming a consolidation range under this level. An escape downwards could open the potential for a declining wave to 0.6460, from where the trend might continue to 0.6400.

BRENT

Brent has formed a wave of growth to 85.55. Today the market is shaping a consolidation range under this level. A link of correction to 83.47 is not excluded, followed by a rise to 87.60, from where the trend might continue to 89.50.

XAUUSD, “Gold vs US Dollar”

Gold has completed a wave of correction to 1948.77. Today the market is forming a consolidation range under this level. An escape upwards could lead to a link of growth to 1954.94. An escape downwards might start a wave of decline to 1935.00, from where the trend could continue to 1904.00.

S&P 500

The stock index has completed a correction to 4520.0. Today a consolidation range might form under this level. An escape upwards might form a link of growth to 4545.0. An escape downwards might extend the trend to 4311.5.