Technical Analysis & Forecast 03.08.2023

EURUSD, “Euro vs US Dollar”

EURUSD has completed a wave of decline to the 1.0920 level. Today the market is forming a consolidation range above this level. A downward breakout is expected with the wave continuing by the trend to the 1.0868 level and the structure potentially extending to the 1.0840 level. A correction to 1.0944 (a test from below) could develop next, followed by a decline to 1.0738.

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD has completed a structure of decline to the 1.2680 level. At the moment, a consolidation range is forming above this level. The price is expected to decline to 1.2672, then rise to 1.2737 (a test from below) and fall to 1.2600 with the prospect of trend continuation to 1.2488.

USDJPY, “US Dollar vs Japanese Yen”

USDJPY has completed a link of correction to the 142.22 level. Today the market continues to develop a wave of growth to the 144.44 level with the prospect of extending the wave to the 145.35 level. After the price hits this level, a link of correction to 142.22 is not excluded, followed by growth to 146.60.

USDCHF, “US Dollar vs Swiss Franc”

USDCHF has completed a wave of growth to the 0.8803 level and a correction to the 0.8757 level. A decline to 0.8720 is possible as part of the correction. Once the correction is completed, the trend is expected to continue to 0.8844 with the prospect of extending the wave to 0.8888.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD continues to develop a wave of decline to the 0.6488 level. After the price reaches this level, a link of growth to 0.6622 (a test from below) could develop, followed by a decline by the trend to 0.6424.

BRENT

Brent has completed a wave of growth to the 85.85 level. Today the market has corrected to the 82.74 level. Another link of decline to 82.50 is possible, followed by growth to 87.40. An upward breakout of this level will open the potential for trend continuation to the 91.50 level. This is a local target.

XAUUSD, “Gold vs US Dollar”

Gold continues to develop a wave of decline to the 1923.12 level. Once the price hits this level, a correction to 1945.00 (a test from below) could develop, followed by a decline to 1914.40.

S&P 500

The stock index has completed a wave of decline to the 4518.8 level. Today a consolidation range is expected to form around this level. A downward breakout will open the potential for a movement by the trend to the 4440.0 level. After the price reaches this level, a correction to 4518.0 (a test from below) could develop, followed by a drop to 4427.5.