Technical Analysis & Forecast 16.08.2023

16.08.2023

EURUSD, “Euro vs US Dollar”

EURUSD finished a wave of correction at 1.0951. Today the market has performed an impulse of decline to 1.0898. At the moment, a consolidation range is forming above this level. The price is expected to exit the range downwards and extend the wave to 1.0850, from where the trend could continue to 1.0830. This is a local target.

EURUSD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD has finished a structure of a wave of correction at 1.2750 (with a test from below). Practically, the price keeps forming a wide consolidation range around 1.2720. Today it might drop to 1.2644. And a downward breakout of this level could open the potential for a wave to 1.2533, from where the trend might continue to 1.2480. This is a local target.

GBPUSD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

USDJPY, “US Dollar vs Japanese Yen”

USDJPY continues developing a consolidation range around 145.44. A link of decline to 144.90 is not excluded. Next, the price could rise to 146.30. This is a local target.

USDJPY
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

USDCHF, “US Dollar vs Swiss Franc”

USDCHF continues developing a consolidation range around 0.8777. Today the price is expected to exit the range to 0.8844. And if this level also breaks, the wave might expand to 0.8888, from where the trend could continue to 0.8988.

USDCHF
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD broke the 0.6460 mark. Today the pair reached the local target of 0.6427 and returned to 0.6460 (with a test from below). The decline is expected to continue to 0.6400.

AUDUSD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

BRENT

Brent continues a wave of correction to 82.75. After this correction will be over, a new wave of growth to 90.75 might start, from where the trend could continue to 93.57. This is a local target.

BRENT
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

XAUUSD, “Gold vs US Dollar”

Gold completed a structure of decline to 1896.05 and a correction to 1911.60. Today the pair performed a declining impulse to 1900.20. At the moment, a consolidation range is forming above this level. A link of growth to 1905.85 is not excluded (with a test from below), followed by a decline to 1895.05.

GOLD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

S&P 500

The stock index has completed a wave of decline to 4433.0. Today the market is forming a consolidation range above this level. With an escape from the range upwards, a link of growth to 4455.0 is not excluded (with a test from below), followed by a decline to 4407.7. This is a local target.

S&P 500
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

Attention!

Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.