Technical Analysis & Forecast for August 14, 2023
14.08.2023
3 minutes for reading
Gold's Decline Trend Continuation Likely. Comprehensive Analysis of EUR, GBP, JPY, CHF, AUD, Brent, and the S&P 500 Index.
EUR/USD (Euro vs US Dollar)
EUR/USD has established a consolidation range around 1.0980 and, upon breaking downward, is continuing its descending pattern towards 1.0914. Following the attainment of this level, the possibility of a corrective upswing to 1.0980 (with a test from underneath) remains. Subsequently, an anticipated dip to 1.0890 is in sight, with the potential for an extended trend to 1.0880.
GBP/USD (Great Britain Pound vs US Dollar)
GBP/USD has breached the 1.2688 mark downward, progressing in its downtrend towards 1.2634. Upon reaching this threshold, the potential for an upward correction to 1.2688 (tested from below) is present. Subsequent to this, an anticipated decline to 1.2582 is plausible, potentially paving the way for the trend's extension to 1.2500.
USD/JPY (US Dollar vs Japanese Yen)
USD/JPY has successfully concluded an upward wave, reaching 145.15. Presently, the market is constructing a consolidation phase beneath this level. A bearish breach could lead to a correction toward 144.40. Furthermore, a subsequent breach of this level could prolong the correction to 143.44. Conversely, an upward exit from the range might unlock potential for an ascent to 145.45, followed by a descent to 144.40.
USD/CHF (US Dollar vs Swiss Franc)
USD/CHF remains engaged in an upward wave aiming for 0.8810, constituting its initial target. Following this achievement, a potential downward correction to 0.8750 cannot be discounted. Upon completion of this correction, an impending upward wave towards 0.8870 is anticipated, denoting a local target.
AUD/USD (Australian Dollar vs US Dollar)
AUD/USD has concluded a new downward pattern, reaching 0.6464. Subsequently, the market initiated a phase of consolidation upon attaining this level. An upward breakout from the range might usher in a corrective phase to 0.6520, succeeded by a decline to 0.6433. Conversely, a downward breakout could unveil potential for a descent to 0.6433, followed by a correction to 0.6520.
BRENT
Brent oil prices have achieved the localized target within an ascending wave, reaching 87.71. It is conceivable that the current session might witness the formation of a consolidation phase under this benchmark. A bearish escape from the range could instigate a correction towards 82.75. Upon its culmination, a new ascending phase to 90.75 could take shape, potentially extending to 93.57.
XAU/USD (Gold vs US Dollar)
Gold has finalized its downward sequence, arriving at 1910.06. Today's market activity is characterized by a narrow consolidation phase above this level. A bearish breakout from this range is projected, contributing to an elongation of the downward trend towards 1904.66. Post this development, an upward correction to 1912.12 is possible, followed by a decline to 1895.55
S&P 500
The stock index has successfully wrapped up a correctional phase at 4450.7, with the market embarking on a fresh ascending structure targeting 4483.5. Upon attaining this level, an impending downward wave towards 4440.0 is expected.
