Technical Analysis & Forecast August 1, 2023
01.08.2023
3 minutes for reading
Gold is experiencing a continued decline. This overview also covers the dynamics of EUR, GBP, JPY, CHF, AUD, Brent, and the S&P 500 index.
EUR/USD (Euro vs US Dollar)
EUR/USD has completed its downward wave, reaching the 1.0990 level. Currently, a consolidation range is forming around this level. A breakout below could lead to a decline towards 1.0940. Conversely, an upward breakout could initiate a growth wave towards the 1.1033 level, with the potential for further continuation of the trend to 1.1090.
GBP/USD (Great Britain Pound vs US Dollar)
GBP/USD has completed its downward structure, reaching the 1.2827 level. Currently, a consolidation range is forming around this level. A breakout below could lead to a decline towards 1.2770. On the other hand, an upward breakout could trigger a price increase towards the 1.2880 level, with the potential for further continuation of the trend to the 1.2909 level.
USD/JPY (US Dollar vs Japanese Yen)
USD/JPY is currently consolidating around the 141.99 level. The market is attempting to break above this range. If there's an upward breakout, a growth wave could extend towards the 143.28 level. Alternatively, a downward breakout might trigger a correction towards the 140.66 level.
USD/CHF (US Dollar vs Swiss Franc)
USD/CHF is experiencing a consolidation phase around the 0.8690 level without any strong trend. In case of a downward breakout, a correction towards 0.8644 is possible. However, an upward breakout could lead to a growth towards 0.8836, representing the first target.
AUD/USD (Australian Dollar vs US Dollar)
AUD/USD has completed its downward wave, reaching the 0.6659 level. Currently, a consolidation range is forming above this level. A breakout below might extend the structure to 0.6623, while an upward breakout could lead to growth towards 0.6763.
BRENT
Brent has successfully reached its growth target at the 85.49 level. The market is currently consolidating below this level. There's a possibility of a decline towards 81.50, followed by a rise to 91.00, representing a local target. After hitting this level, a correction towards 81.53 is expected to begin.
XAU/USD (Gold vs US Dollar)
Gold continues its descent towards the 1952.50 level. An upward movement towards the 1962.33 level is expected next, followed by a decline to 1933.00, with the potential for further continuation of the trend to 1924.20.
S&P 500
The stock index is forming a consolidation range around the 4586.0 level. Today, the price could rise to 4605.0 and then drop to 4586.0 (a test from above), which might be followed by growth towards 4620.7.
