Technical Analysis & Forecast August 2, 2023
3 minutes for reading
EUR/USD (Euro vs US Dollar)
EUR/USD has concluded its downward wave, reaching the 1.0955 level, followed by a corrective link to the 1.1018 level. Today, there's a potential for another downward movement towards 1.0950. A broad consolidation range is taking shape around 1.0999. An upward breakout could prolong the correction towards the 1.1122 level. Conversely, a downward breakout might indicate the potential for a trend continuation towards the 1.0888 level.
GBP/USD (Great Britain Pound vs US Dollar)
GBP/USD has successfully completed a decline structure, reaching the 1.2742 level. Currently, a consolidation range is forming above this level. An upward breakout could lead to growth towards the 1.2825 level. A downward breakout might prompt a decline towards 1.2660. Upon reaching this level, an upward movement towards 1.2825 is expected.
USD/JPY (US Dollar vs Japanese Yen)
USD/JPY has concluded an upward wave, reaching the 143.50 level. Today, the market is experiencing a consolidation phase below this level. In case of a downward breakout from this range, a correction towards the 142.06 level could initiate, with a prospect of continuing the correction towards the 140.66 level. Subsequently, another upward wave towards the 144.62 level might follow.
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USD/CHF (US Dollar vs Swiss Franc)
USD/CHF continues to remain within a consolidation range around the 0.8722 level, lacking a strong trend. Today, a potential upward movement towards 0.8784 is possible, followed by a decline towards 0.8722 (a test from above). In case of a downward breakout, a corrective movement towards 0.8666 could be envisaged. An upward breakout could pave the way for growth towards 0.8888, serving as the initial target.
AUD/USD (Australian Dollar vs US Dollar)
AUD/USD is still engaged in a downward wave towards the 0.6572 level. Once this level is reached, there's a possibility of an upward movement towards 0.6624 (a test from below), followed by a trend-driven decline towards 0.6513.
Brent is sustaining its upward wave towards the 87.22 level. Upon reaching this level, a correction towards 82.75 is anticipated, which could be succeeded by an advance towards 93.43, with the potential of further trend continuation towards 97.00.
XAU/USD (Gold vs US Dollar)
Gold has completed a downward wave, reaching the 1941.23 level. The market is presently forming a consolidation range above this level. A breakout above might lead to an upward movement towards the 1962.33 level. Conversely, a downward breakout could trigger a decline towards 1923.12, with a potential for further trend continuation towards 1914.44.
The stock index is currently in a consolidation phase around the 4578.6 level. Today, a decline towards the 4555.5 level is plausible. Subsequently, another upward movement towards 4578.6 (a test from below) might follow, succeeded by a decline towards 4521.8.