GBP in Consolidation Phase Ahead of Potential Decline. Also Analyzing: EUR, JPY, CHF, AUD, Brent, Gold, and the S&P 500 Index.
EUR/USD (Euro vs US Dollar)
The EUR/USD pair concluded a correction wave at 1.0951. Today’s market witnessed a downward impulse to 1.0898. Currently, a consolidation range is taking shape above this level. It’s anticipated that the price will break out of the range in a downward direction, extending the wave to 1.0850, where the potential for a continuation to 1.0830 resides. This serves as a local target.
GBP/USD (Great Britain Pound vs US Dollar)
GBP/USD completed a correction wave structure at 1.2750 (tested from below). Presently, the price is involved in shaping a broad consolidation range centered around 1.2720. In the current scenario, it could dip to 1.2644. A downward breach of this level might unlock potential for a wave targeting 1.2533, from which the trend could extend to 1.2480. This marks a local target.
USD/JPY (US Dollar vs Japanese Yen)
The USD/JPY pair is progressing through a consolidation range near 145.44. The possibility of a dip to 144.90 cannot be ruled out. Subsequently, the price might surge to 146.30, representing a local target.
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USD/CHF (US Dollar vs Swiss Franc)
USD/CHF is actively shaping a consolidation range near 0.8777. Today’s expectation is for the price to break out of this range and reach 0.8844. Should this level also be surpassed, the wave’s potential might stretch to 0.8888, subsequently facilitating a trend continuation to 0.8988.
AUD/USD (Australian Dollar vs US Dollar)
The AUD/USD pair breached the 0.6460 mark. Today, it achieved the local target of 0.6427 before returning to 0.6460 (tested from below). Further decline towards 0.6400 is anticipated.
BRENT
Brent is currently undergoing a corrective wave towards 82.75. Post the completion of this correction, a fresh growth wave to 90.75 could emerge, paving the way for a trend continuation towards 93.57 as a local target.
XAU/USD (Gold vs US Dollar)
Gold wrapped up its declining structure at 1896.05 and embarked on a correction to 1911.60. Today’s move saw a downward impulse to 1900.20. The prevailing condition is forming a consolidation range above this level. There is potential for an upswing to 1905.85 (tested from below), followed by a decline to 1895.05.
S&P 500
The stock index completed a decline wave at 4433.0. The ongoing market situation is crafting a consolidation range above this level. In case of an upward breakout from the range, growth to 4455.0 (tested from below) could materialize, followed by a decline to 4407.7. This stands as a local target.
The post Technical Analysis & Forecast for August 16, 2023 appeared first at R Blog – RoboForex.
