Technical Analysis & Forecast for August 10, 2023
3 minutes for reading
EUR/USD (Euro vs US Dollar)
EUR/USD is currently in the process of forming a consolidation range centered around the 1.0978 level. An anticipated downside breakout from this range might lead to a decline wave towards the 1.0944 level. Should this level be breached, the potential for a trend-driven movement towards 1.0899 might unfold, with a continuation possibility to 1.0846.
GBP/USD (Great Britain Pound vs US Dollar)
GBP/USD is currently establishing a consolidation range around the 1.2730 level. An expected downside breakout from this range could usher in a continuing decline wave towards the 1.2678 level. Subsequently, a corrective phase towards 1.2730 (tested from below) might ensue, followed by a descent to 1.2595.
USD/JPY (US Dollar vs Japanese Yen)
USD/JPY is progressing in an upward wave towards the 144.03 level. Following the attainment of this level, a correction towards 142.90 could initiate. After the completion of this correction, a new upward wave towards 144.30 might follow, marking a local target.
USD/CHF (US Dollar vs Swiss Franc)
USD/CHF has successfully concluded an upward wave, reaching 0.8781. Presently, the market is forming a consolidation range centered around the 0.8764 level. An anticipated upward breakout from this range might lead to a growth wave towards 0.8797. A further breakout above this level could open the door to growth towards 0.8855 as a local target.
AUD/USD (Australian Dollar vs US Dollar)
AUD/USD has completed a decline wave towards the 0.6522 level. Today, a corrective phase towards 0.6548 is expected. Following the completion of this correction, a downward movement towards 0.6495 might follow, with the prospect of trend continuation to 0.6474 as the first target.
Brent has successfully breached the 86.00 level upwards and is currently ascending towards 89.00. After reaching this level, a corrective phase towards 86.00 (tested from above) could develop, followed by an upward movement towards 90.80. The possibility of trend continuation to 93.85 is a local target.
XAU/USD (Gold vs US Dollar)
Gold has concluded a decline wave towards the 1914.00 level. Presently, the market is forming a consolidation range above this level. An upward movement towards 1921.11 (testing from below) is plausible, followed by a decline to 1903.85, constituting a local target.
The stock index has concluded a decline wave towards 4462.0. Currently, the market is forming a consolidation range above this level. An expected downside breakout from this range might lead to a continuation of the decline wave towards 4451.0. Following this level, an upward movement towards 4477.0 (tested from below) might develop, followed by a descent to 4437.3, marking the first target.