Technical Analysis & Forecast 31.08.2023
EURUSD, “Euro vs US Dollar”
EURUSD has corrected to 1.0943. Today the market is forming a consolidation range under this level. An escape from the range downwards might lead to a link of decline to 1.0860.
GBPUSD, “Great Britain Pound vs US Dollar”
GBPUSD has completed a wave of correction to 1.2744. Today a consolidation range is forming under this level. An escape from the range downwards could open the potential for a descending structure to 1.2650.
USDJPY, “US Dollar vs Japanese Yen”
USDJPY has formed a consolidation range around 146.05. An escape upwards could form a link of growth to 147.37. An escape downwards could open the potential for a decline to 144.74.
USDCHF, “US Dollar vs Swiss Franc”
USDCHF has completed a wave of correction to 0.8750. A link of growth to 0.8815 could form today (with a test from below). Next, the correction might continue to 0.8757. After the correction is over, a new wave of growth to 0.8900 might begin.
AUDUSD, “Australian Dollar vs US Dollar”
AUDUSD has completed a link of correction to 0.6520. Today the market is forming a consolidation range under this level. An escape downwards could open the potential for a declining wave to 0.6460, from where the trend might continue to 0.6400.
BRENT
Brent has formed a wave of growth to 85.55. Today the market is shaping a consolidation range under this level. A link of correction to 83.47 is not excluded, followed by a rise to 87.60, from where the trend might continue to 89.50.
XAUUSD, “Gold vs US Dollar”
Gold has completed a wave of correction to 1948.77. Today the market is forming a consolidation range under this level. An escape upwards could lead to a link of growth to 1954.94. An escape downwards might start a wave of decline to 1935.00, from where the trend could continue to 1904.00.
S&P 500
The stock index has completed a correction to 4520.0. Today a consolidation range might form under this level. An escape upwards might form a link of growth to 4545.0. An escape downwards might extend the trend to 4311.5.
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.