Technical Analysis & Forecast for August 30, 2023
3 minutes for reading
EUR/USD (Euro vs US Dollar)
EUR/USD found support at 1.0783 and initiated an upward move to 1.0836. The market then formed a consolidation range around this level. Breaking out of this range to the upside, it continued the correction to 1.8900. Today, a downward move to 1.0840 (with a test from above) is expected. Subsequently, another corrective phase to 1.0907 might occur. At this point, the corrective potential will likely be exhausted, leading to a new downward wave targeting 1.0780 and possibly extending to 1.0700.
GBP/USD (Great Britain Pound vs US Dollar)
GBP/USD found support at 1.2564 and advanced to 1.2607. The market then established a consolidation range around this level. Breaking out of the range to the upside, it continued the correction to 1.2651. Today, a decline to 1.2607 (with a test from above) is anticipated. The correction could then extend to 1.2663. Following this correction, a new downward wave targeting 1.2560 might commence, potentially extending to 1.2484.
USD/JPY (US Dollar vs Japanese Yen)
USD/JPY saw an upward wave to 147.35, followed by a downward wave to 145.68. Another upward move to 147.35 might occur today. A breakout above this level could open the door to a rise to 148.18.
USD/CHF (US Dollar vs Swiss Franc)
USD/CHF completed a correction to 0.8774. Today, an upward move to 0.8815 might follow (with a test from below). Subsequently, the correction might continue to 0.8757, after which a new upward wave targeting 0.8900 could start.
AUD/USD (Australian Dollar vs US Dollar)
AUD/USD experienced a correction to 0.6484. A decline to 0.6444 is possible today (with a test from above). The correction could then continue to 0.6500 before the quotes potentially descend along the trend to 0.6316.
Brent broke above the 84.50 level and is continuing its upward wave to 85.73. After reaching this mark, a decline to 84.50 is possible (with a test from above), followed by a rise to 86.82. This represents a local target.
XAU/USD (Gold vs US Dollar)
Gold extended its corrective wave to 1937.97. A decline to 1919.30 might occur today (with a test from above). The correction could then continue to 1953.60, with the trend potentially extending to 1904.14. This is a local target.
The stock index continued its correction to 4500.0. Today, it might drop to 4428.6 (with a test from above). Subsequently, a corrective phase to 4527.5 is possible, followed by a trend-based decline to 4311.0.