Forex Technical Analysis & Forecast 05.08.2022

EURUSD, “Euro vs US Dollar”

After breaking 1.0186 upwards, EURUSD is expected to continue growing towards 1.0256. Later, the market may resume trading downwards with the target at 1.0115, or even extend this structure down to 1.0080.

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD has completed the descending wave at 1.2065; right now, it is correcting up to 1.2188. After that, the instrument may start another decline to reach 1.2090, or even extend this structure down to 1.1990.

USDJPY, “US Dollar vs Japanese Yen”

USDJPY continues falling towards 132.40 and may later form ту more ascending wave to reach 133.33. After that, the instrument may start a new decline with the target at 131.10, or even extend this structure down to 129.50.

USDCHF, “US Dollar vs Swiss Franc”

Having completed the correctional wave at 0.9538, USDCHF is expected to form one more ascending structure with the short-term target at 0.9705. After that, the instrument may start a new correction to reach 0.9622.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD has finished the correction at 0.6977. Possibly, today the pair may resume falling with the target at 0.6900, or even extend this structure down to 0.6815.

BRENT

After forming a new consolidation range around 98.74 and breaking it to the downside, Brent is expected to continue the correction towards 93.00, or even extend this structure down to 92.55. Later, the market may resume trading upwards with the target at 104.35.

XAUUSD, “Gold vs US Dollar”

Gold has completed the ascending wave at 1789.80. Today, the metal may correct down to 1751.30. After that, the instrument may resume trading upwards with the target at 1820.10, or even extend this structure up to 1852.15.

S&P 500

The S&P index is consolidating above 4140.9. Possibly, the asset may continue growing towards 4211.0 and then resume trading downwards with the first target at 4070.0.