Technical Analysis & Forecast 09.08.2023

EURUSD, “Euro vs US Dollar”

EURUSD has completed a wave of decline to the 1.0928 level. Today the market is correcting at the 1.0973 level (a test from below) with a wide consolidation range formed around the 1.0970 level. A downward breakout of the range is expected, with the third wave of decline developing further. The estimated target is 1.0815.

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD has completed a wave of decline to the 1.2689 level. Today the market is correcting at 1.2755. Once the correction is completed, another structure of decline to 1.2620 could follow with the prospect of trend continuation to 1.2585. This is a local target.

USDJPY, “US Dollar vs Japanese Yen”

USDJPY continues to develop a consolidation range above the 142.94 level. An upward breakout to the 144.20 level is expected with the prospect of trend continuation to 144.70. After the price hits this level, a correction to 141.55 could start.

USDCHF, “US Dollar vs Swiss Franc”

USDCHF has completed a wave of growth to the 0.8781 level. Today the market is forming a corrective structure to 0.8740. Once the correction is completed, a new wave of growth to 0.8855 could follow with the prospect of trend continuation to 0.8895. This is a local target.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD has completed a wave of decline to the 0.6495 level. Today a link of correction to 0.6562 could develop. After the correction is completed, a wave of decline to the 0.6440 level could start. This is the first target.

BRENT

Brent has completed a wave of growth to the 86.46 level and corrected at the 83.15 level. Today an upward movement to 87.66 could develop with the prospect of trend continuation to 91.50. This is a local target.

XAUUSD, “Gold vs US Dollar”

Gold has completed a wave of decline to the 1922.65 level. Today the market is forming a consolidation range above this level. A link of growth to the 1932.63 level (a test from below) could form, followed by a decline to 1914.00 with the prospect of trend continuation to 1903.85.

S&P 500

The stock index has completed a wave of decline to the 4465.5 level. Today the market is forming a link of correction to the 4515.5 level. Once the correction is completed, another wave of decline to 4447.7 could follow with the prospect of trend continuation to 4437.0. This is the first target.