Technical Analysis & Forecast for August 22, 2023
22.08.2023
3 minutes for reading
Gold may extend its correction. This overview also covers the movements of EUR, GBP, JPY, CHF, AUD, Brent, and the S&P 500 index.
EUR/USD (Euro vs US Dollar)
EUR/USD found support at 1.0875 and could potentially extend its correction to 1.0933. A wide consolidation range is currently forming around 1.0900. If the price breaks out of this range downwards, it could continue its decline to 1.0817, and from there, the trend might push it further to 1.0733. This is a local target.
GBP/USD (Great Britain Pound vs US Dollar)
GBP/USD is still in the process of forming a broad consolidation range around 1.2700. We might witness an increase to 1.2786 today. After reaching this level, the price might drop to 1.2676. If it breaks below this level, it could open the potential for a decline to 1.2650, and the trend might continue to 1.2565.
USD/JPY (US Dollar vs Japanese Yen)
USD/JPY completed a wave of growth to 146.38. Currently, the market is forming a consolidation range below this level. A drop to 145.75 is possible. After reaching this level, a new wave of growth to 146.75 might begin. This is a local target.
USD/CHF (US Dollar vs Swiss Franc)
USD/CHF is still developing a consolidation range around 0.8795. If the quotes break out of this range upwards, it might open the potential to continue the wave to 0.8844 and extend the trend to 0.8888.
AUD/USD (Australian Dollar vs US Dollar)
AUD/USD is in the process of forming a consolidation range around 0.6404, which could potentially expand to 0.6444. Next, a decline to 0.6363 could follow, and from there, the trend might continue to 0.6277.
BRENT
Brent is continuing a decline to 83.55. After reaching this level, an increase to 85.77 is possible. The entire growth structure is seen as corrective. After the correction is complete, a new wave of decline to 82.00 might develop, followed by a rise to 87.77. This is a local target.
XAU/USD (Gold vs US Dollar)
Gold completed a decline to 1884.81 and is currently forming a consolidation range below this level. An increase to 1900.50 is expected. After that, a decline to 1868.50 might follow. This is a local target.
S&P 500
The stock index underwent a correction to 4404.4. A consolidation range might form below this level today. If the price breaks out of it downwards, the decline could continue to 4317.0. After reaching this level, a correction to 4418.0 might start.
