Technical Analysis & Forecast August 31, 2023
31.08.2023
3 minutes for reading
Gold May Extend Its Corrective Wave - Overview of EUR, GBP, JPY, CHF, AUD, Brent, and the S&P 500 Index
EUR/USD (Euro vs US Dollar)
EUR/USD has undergone a correction to 1.0943. The market is currently forming a consolidation range beneath this level. If it breaks out of the range to the downside, it could initiate a correction to 1.0860.
GBP/USD (Great Britain Pound vs US Dollar)
GBP/USD has completed a corrective wave to 1.2744. A consolidation range is currently forming beneath this level. If it breaks out of the range to the downside, it might trigger a descending structure to 1.2650.
USD/JPY (US Dollar vs Japanese Yen)
USD/JPY has established a consolidation range around 146.05. An upward breakout could lead to a growth link to 147.37. Conversely, a downward breakout might create the potential for a decline to 144.74.
USD/CHF (US Dollar vs Swiss Franc)
USD/CHF has completed a corrective wave to 0.8750. A growth link to 0.8815 could form today (with a test from below). Afterward, the correction might continue to 0.8757. Once the correction concludes, a new growth wave to 0.8900 may commence.
AUD/USD (Australian Dollar vs US Dollar)
AUD/USD has finished a corrective link to 0.6520. Currently, the market is shaping a consolidation range beneath this level. If it breaks out of the range to the downside, it could set the stage for a declining wave to 0.6460, potentially extending to 0.6400.
BRENT
Brent has formed a growth wave to 85.55. Presently, the market is creating a consolidation range beneath this level. A corrective link to 83.47 is possible, followed by a rise to 87.60. From there, the trend might continue to 89.50.
XAU/USD (Gold vs US Dollar)
Gold has completed a corrective wave to 1948.77. Currently, the market is forming a consolidation range beneath this level. An upward breakout could result in a growth link to 1954.94. Conversely, a downward breakout might initiate a declining wave to 1935.00, potentially extending to 1904.00.
S&P 500
The stock index has undergone a correction to 4520.0. Currently, a consolidation range may form beneath this level. An upward breakout could lead to a growth link to 4545.0. Conversely, a downward breakout might extend the trend to 4311.5.
