EUR is currently in a consolidation phase before an anticipated decline. This overview also encompasses the dynamics of GBP, JPY, CHF, AUD, Brent, Gold, and the S&P 500 index.

EUR/USD (Euro vs US Dollar)

EUR/USD (Euro vs US Dollar)
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 (Great Britain Pound vs US Dollar)
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 (US Dollar vs Japanese Yen)
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.

Start trading now!

Choose from 12,000 instruments including Stocks, Indices, Gold, and Currencies. Enjoy zero spreads and 0.01-second execution

trading-conditions
Open an Account
trading-conditions

USD/CHF (US Dollar vs Swiss Franc)

USD/CHF (US Dollar vs Swiss Franc)
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.

See also:  Technical Analysis & Forecast for August 8, 2023

AUD/USD (Australian Dollar vs US Dollar)

AUD/USD (Australian Dollar vs US Dollar)
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

BRENT
BRENT

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)

XAU/USD (Gold vs US Dollar)
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.

S&P 500

S&P 500
S&P 500

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.

Open Trading Account