Forex Technical Analysis & Forecast for August 2022

EURUSD, “Euro vs US Dollar”

As we can see in the daily chart, after reaching the short-term downside target at 0.9964, EURUSD has completed the ascending impulse along with the correction; right now, it is forming one more ascending structure towards 1.0360 and may later consolidate there. If the price breaks the range to the upside, the market may start another growth with the short-term target at 1.0616 or even extend this correctional wave up to 1.0764. After that, the instrument may resume trading within the downtrend to reach 0.9300.

GBPUSD, “Great Britain Pound vs US Dollar”

On the daily chart, GBPUSD has finished the ascending impulse at 1.2222. Possibly, the pair may correct down to 1.2000 and then resume growing with the short-term target at 1.2444. The entire ascending structure is considered a correction of the previous decline towards 1.2665. After the correction is over, the instrument may start a new decline with the target at 1.1690, or even extend this wave down to 1.1500.

USDJPY, “US Dollar vs Japanese Yen”

On the daily chart, having completed the descending wave at 132.22, USDJPY is expected to grow and test 135.08 from below. Later, the market may resume falling with the first target at 130.37 and then start another correction up to 135.10.

BRENT

As we can see in the daily chart, after finishing the first ascending impulse at 108.00 along with the correction down to 100.00, Brent is expected to form the third ascending wave towards 118.18. Later, the market may correct to test 108.00 from above and then continue growing with the first target at 122.00.

XAUUSD, “Gold vs US Dollar”

On the daily chart, having completed the first ascending impulse along with the correction, Gold is forming one more ascending wave with the first target at 1799.33. After that, the instrument may correct down to 1740.00, and then resume growing to reach 1855.00, or even extend this structure up to 1888.30.

S&P 500

On the daily chart, the S&P index is still correcting up 4163.6 and may later start a new decline towards 3900.0. After that, the instrument may complete this ascending wave by reaching 4208.0, and then resume trading downwards with the target at 3500.0.