Technical Analysis & Forecast 29.08.2023

EURUSD, “Euro vs US Dollar”

EURUSD has completed a new structure of correction to 1.0836. Today the market is developing a structure of decline to 1.0790. And with a downward breakout of this level the potential for a decline to 1.0740 could open, from where the trend could continue to 1.0700. This is a local target.

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD has performed a new structure of correction to 1.2630. Today the wave of decline is expected to continue to 1.2567. And a downward breakout of this level could open the potential for the wave development to 1.2505, from where the trend could continue to 1.2483. This is a local target.

USDJPY, “US Dollar vs Japanese Yen”

USDJPY continues developing a consolidation range around 146.50. An escape from the range upwards to 146.81 is expected, followed by a decline to 146.50 (with a test from above). Next, a rise to 147.26 might start, from where the trend could continue to 148.43.

USDCHF, “US Dollar vs Swiss Franc”

USDCHF continues developing a consolidation range around 0.8838 without any strong trend. An escape from the range upwards and an extension of the wave to 0.8866 could follow today, from where the trend might continue to 0.8903. This is a local target.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD might develop another structure of correction to 0.6458. After the correction is over, a wave of decline to 0.6400 could start. A breakout of this level might open the potential for a wave to 0.6344, from where the trend could continue to 0.6316.

BRENT

Brent has completed a wave of growth to 84.66. Today the market is forming a link of correction to 83.37. After the correction will be over, a link of growth to 85.70 might start, from where the trend could continue to 86.76. This is a local target.

XAUUSD, “Gold vs US Dollar”

Gold has completed a new link of correction to 1925.00. Today the market is forming a consolidation range around this level. An extension of the range to 1929.00 is not excluded. Next, a wave of decline to 1905.00 is expected to begin. A breakout of this level could open the potential for a decline to 1894.00, from where the trend might continue to 1883.00.

S&P 500

The stock index continues developing a correction to 4444.4. After it is over, a new wave of decline to 4351.0 is expected to start. And if this level also breaks, the potential for a decline to 4254.0 could open. This is a local target.