Technical Analysis & Forecast August 7, 2023
3 minutes for reading
EUR/USD (Euro vs US Dollar)
EUR/USD has concluded a correction at the 1.1040 level and is commencing a new downward wave. Today, a downward impulse to 1.1007 has been completed. A consolidation range has emerged around this level. A breakdown of this range could lead to a further decline towards the 1.0970 level, marking the initial target. Subsequently, upon reaching this level, an upward movement towards 1.1000 (a test from below) is anticipated, followed by a decline to 1.0940, with the potential for trend continuation towards 1.0880.
GBP/USD (Great Britain Pound vs US Dollar)
GBP/USD has undergone a correction to the 1.2790 level. The market has concluded a downward impulse to the 1.2748 level and formed a consolidation range around this level. In case of a downward breakout, the wave could extend towards 1.2704, constituting the primary target. After reaching this level, an upward movement towards 1.2748 (a test from below) is expected, followed by a decline to 1.2631, with the potential for trend continuation towards 1.2588.
USD/JPY (US Dollar vs Japanese Yen)
USD/JPY continues its corrective phase. The local target at the 141.50 level has been attained. A potential upward movement towards 142.60 (a test from below) might occur, followed by a decline to the 141.38 level. Upon reaching this level, a growth wave towards 144.70 could commence. Subsequently, upon achieving this level, a fresh corrective phase towards 142.60 might follow.
USD/CHF (US Dollar vs Swiss Franc)
USD/CHF has concluded a corrective wave at the 0.8698 level (a test from above). Today, the market is experiencing a new upward impulse towards the 0.8787 level. After reaching this level, a decline to 0.8742 could ensue, followed by growth towards 0.8800, with the potential for trend continuation towards 0.8890.
AUD/USD (Australian Dollar vs US Dollar)
AUD/USD has completed a corrective wave towards the 0.6608 level. Today, the market is continuing its downward wave towards 0.6511, with the potential for trend continuation towards 0.6495.
Brent is maintaining its upward wave towards the 87.50 level. Upon reaching this level, a corrective phase towards 82.66 might evolve, followed by a rise towards 91.50, with the potential for trend continuation towards 93.43.
XAU/USD (Gold vs US Dollar)
Gold has wrapped up a corrective wave at the 1946.90 level. Today, the market is progressing with its downward wave towards 1925.15. A downward breakout of this level might pave the way for a trend-driven movement towards 1903.85.
The stock index has finalized a downward wave towards the 4475.50 level. Today, the market is undergoing a corrective phase. A potential test of the 4518.0 level from below might occur, followed by a decline towards 4437.0, constituting the initial target.