Technical Analysis & Forecast 24.08.2023

EURUSD, “Euro vs US Dollar”

EURUSD has completed a wave of decline to 1.0818. Today the market is correcting this wave of decline. A link of growth to 1.0885 is not excluded, followed by a decline to 1.0795, from where the trend might continue to 1.0750. This is a local target.

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD has completed an impulse of decline to 1.2614. A link of correction to 1.2750 is expected today. After it is over, a new wave of decline to 1.2550 could develop, from where the trend might continue to 1.2480.

USDJPY, “US Dollar vs Japanese Yen”

USDJPY has completed a wave of correction to 144.55. Today the market has started a new wave of growth with the first target at 145.55. After the quotes reach this level, a decline to 145.05 is not excluded, followed by a rise to 146.30, from where the trend could continue to 146.77.

USDCHF, “US Dollar vs Swiss Franc”

USDCHF continues developing a correction to 0.8740. After the correction is over, a new wave of growth to 0.8822 might start. And with a breakout of this level the potential for a rise to 0.8888 could open.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD has completed a wave of correction to 0.6486. Today the market is forming a consolidation range under this level. Exiting the range downwards, the price could open the potential for a wave of decline to 0.6418. And a breakout of this level downwards might let the trend extend to 0.6352. This is a local target.

BRENT

Brent has completed a wave of correction to 81.70. Today the market is forming the first wave of growth to 83.73. After the price reaches this level, a link of decline to 82.70 is not excluded, followed by a rise to 86.77, from where the trend could continue to 88.30.

XAUUSD, “Gold vs US Dollar”

Gold has formed a consolidation range around 1905.00. An escape from the range upwards might provoke a correction to 1923.00. Next, a link of decline to 1905.00 (with a test from above) and a rise to 1925.00 might follow. After the correction is over, the trend could continue to 1868.50. This is a local target.

S&P 500

The stock index has performed a wave of correction to 4434.0. A consolidation range has formed around this level. Escaping the range upwards, the price might continue the correction to 4479.0. Next, a decline to 4434.0 (with a test from above) and a rise to 4484.0 could follow. After the correction is over, a new wave of decline to 4333.0 might start.