Technical Analysis & Forecast August 4, 2023
04.08.2023
3 minutes for reading
Gold is currently undergoing consolidation prior to an anticipated correction. This overview also delves into the dynamics of EUR, GBP, JPY, CHF, AUD, Brent, and the S&P 500 index.
EUR/USD (Euro vs US Dollar)
EUR/USD has concluded a downward wave, reaching the 1.0917 level. At present, the market is establishing a consolidation range above this level. A potential growth phase could follow, extending the range towards the 1.0964 level. In the event of an upward breakout from this range, a correction towards 1.0997 is possible. Conversely, a downward breakout might pave the way for the trend to continue towards 1.0869.
GBP/USD (Great Britain Pound vs US Dollar)
GBP/USD has successfully completed a descending structure, reaching the 1.2620 level. Today, the market has experienced a correction to 1.2737 (a test from below). An additional decline structure towards 1.2600 is projected as a local target. After reaching this level, another correction to the 1.2737 level might develop, followed by a decline towards the 1.2488 level.
USD/JPY (US Dollar vs Japanese Yen)
USD/JPY has wrapped up a corrective link, reaching the 142.11 level. Presently, the market is forming a consolidation range above this level. In the scenario of a downward breakout, the correction could continue towards the 140.20 level. Alternatively, with an upward breakout, a growth link towards 145.45 might ensue, with the potential for trend continuation to 146.22.
USD/CHF (US Dollar vs Swiss Franc)
USD/CHF has concluded a corrective wave, reaching the 0.8730 level (a test from above). An additional growth structure towards the 0.8800 level is anticipated. An upward breakout from this level could lead to a trend-driven movement towards 0.8900, representing the initial target.
AUD/USD (Australian Dollar vs US Dollar)
AUD/USD has finalized a downward wave, reaching the 0.6514 level. Today, the market has concluded a correction link to the 0.6577 level. Another phase of correction towards 0.6613 could follow. Following the completion of the correction, a fresh downward wave towards 0.6500 could initiate. In case of a breakout below this level, the trend might extend towards the 0.6425 level.
BRENT
Brent has undergone a correction to the 82.25 level. Today, the market has completed a growth structure towards 85.40. Currently, a consolidation range is taking shape around this level. An upward breakout could lead to a wave towards 87.40, with the potential for trend continuation towards the 91.50 level.
XAU/USD (Gold vs US Dollar)
Gold has concluded a downward wave, reaching the 1929.14 level. Today, the market continues to establish a consolidation range above this level. In case of an upward breakout, a correction link towards the 1951.60 level might follow. Conversely, a downward breakout could pave the way for trend continuation towards 1920.90, with a potential extension of the wave to 1914.40.
S&P 500
The stock index has wrapped up a downward wave, reaching the 4486.5 level. Today, the market is undergoing a correction towards 4522.2. Upon completion of the correction, another descending structure towards 4440.4 could evolve, representing a local target.
