Forex Technical Analysis & Forecast 24.08.2022

EURUSD, “Euro vs US Dollar”

Having completed the descending wave at 0.9900, EURUSD is consolidating above this level. Possibly, the pair may grow to reach 1.0055 and then resume falling with the target at 0.9800.

GBPUSD, “Great Britain Pound vs US Dollar”

After finishing the descending wave at 1.1717 and forming a new consolidation range above this level, GBPUSD is expected to correct up to 1.1919 and then resume trading downwards with the target at 1.1700.

USDJPY, “US Dollar vs Japanese Yen”

Having completed the descending wave at 135.80 along with the correction up to 137.00, USDJPY is forming a new descending structure with the first target at 135.70.

USDCHF, “US Dollar vs Swiss Franc”

After finishing the descending structure at 0.9603, USDCHF is correcting up to 0.9658. Later, the market may resume trading downwards with the short-term target at 0.9555.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD has completed the descending wave at 0.6855. Today, the pair may correct up to 0.6966 and then start another decline with the target at 0.6800.

BRENT

Brent continues forming the ascending wave with the short-term target at 101.50. After that, the instrument may start a new correction towards 97.40 and then resume growing to reach 102.10.

XAUUSD, “Gold vs US Dollar”

After finishing the ascending wave at 1753.70, Gold is correcting down to 1742.24. Later, the market may form one more ascending structure with the target at 1757.30.

S&P 500

The S&P index has completed the descending wave at 4114.0. Possibly, today the asset may start a new pullback towards 4160.0, or even extend this correctional structure up to 4208.0. After that, the instrument may resume trading downwards with the target at 4090.0.