Forex Technical Analysis & Forecast 02.09.2022

EURUSD, “Euro vs US Dollar”

After completing the descending structure at 0.9910, EURUSD is expected to correct up to 0.9980. Later, the market may resume trading downwards with the target at 0.9888.

GBPUSD, “Great Britain Pound vs US Dollar”

Having finished the descending wave at 1.1500, GBPUSD is expected to grow and reach 1.1644. After that, the instrument may resume falling with the target at 1.1400.

USDJPY, “US Dollar vs Japanese Yen”

After completing the ascending wave at 140.24 and forming a new consolidation range below this level, USDJPY has broken it to the upside. Possibly, the pair may form one more ascending wave with the short-term target at 141.14.

USDCHF, “US Dollar vs Swiss Franc”

USDCHF has finished the ascending wave at 0.9856 along with the correction down to 0.9800; right now, it is consolidating above the latter level. If later the price breaks this range to the upside, the market may resume trading upwards to reach 0.9870 and then start a new correction with the target at 0.9725.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD has completed the descending wave at 0.6777; right now, it is consolidating there. If later the price breaks this range to the downside, the market may start another decline with the short-term target at 0.6730; if to the upside – correct up to 0.6844.

BRENT

Having finished the descending structure at 92.60, Brent is trading upwards to reach 95.35. After that, the instrument may start another decline towards 92.00 and then form one more ascending structure with the first target at 98.70.

XAUUSD, “Gold vs US Dollar”

Gold has completed the descending structure at 1688.90. Today, the metal may correct up to 1723.55 and then resume falling towards 1688.00, or even extend this structure down to 1682.00. Later, the market may start a new growth with the first target at 1725.00.

S&P 500

After finishing the descending structure at 3903.5 along with the correction up to 3969.5, the S&P index is expected to resume falling towards 3870.0. Later, the market may form one more ascending wave with the target at 3970.0.