Technical Analysis & Forecast for August 28, 2023
28.08.2023
3 minutes for reading
Brent Continues its Uptrend. In this report, we'll also explore the dynamics of EUR, GBP, JPY, CHF, AUD, Gold, and the S&P 500 index.
EUR/USD (Euro vs US Dollar)
EUR/USD experienced a downtrend, reaching 1.0765. Today, the market is forming a corrective pattern towards 1.0815, possibly with a test from below. Subsequently, we anticipate a decline to 1.0740, from where the trend might extend to 1.0711. This is a local target.
GBP/USD (Great Britain Pound vs US Dollar)
GBP/USD completed a downtrend to 1.2547. Presently, the market is constructing a correction towards 1.2606. Following this correction, we expect a downtrend to 1.2536, from where the trend could persist to 1.2490. This is a local target.
USD/JPY (US Dollar vs Japanese Yen)
USD/JPY concluded an uptrend at 146.62. The market is currently forming a consolidation range beneath this level. We do not rule out the possibility of a corrective pullback to 146.62, followed by an ascent to 146.90, from where the trend could proceed to 147.50.
USD/CHF (US Dollar vs Swiss Franc)
USD/CHF completed an uptrend to 0.8875. There's a chance of a corrective decline to 0.8823, followed by another uptrend to 0.8909. This is a local target.
AUD/USD (Australian Dollar vs US Dollar)
AUD/USD wrapped up a downtrend at 0.6380. We might see a correction to 0.6444 today. After this correction, a decline to 0.6372 is anticipated, from where the trend could extend to 0.6372.
BRENT
Brent concluded an uptrend at 84.39. Presently, the market is establishing a consolidation range below this level. We anticipate a breakout to the upside, targeting 85.00. Further, an upward breakout might lead to an uptrend to 86.76, from where the trend could continue to 86.76. This is a local target.
XAU/USD (Gold vs US Dollar)
Gold finalized a downtrend at 1903.70. The market is presently forming a corrective pattern towards 1918.30. After reaching this level, we may see a decline to 1901.50. Subsequently, a rise to 1911.80 and a decline to 1900.50 are expected. This is the initial target.
S&P 500
The stock index wrapped up a downtrend at 4356.0. Currently, the market is constructing a correction towards 4434.0. After the correction, we anticipate a downtrend to 4265.5, from where the trend could extend to 4230.0. This is a local target.
