JPY Initiates an Uptrend. Also in Focus: EUR, GBP, CHF, AUD, Brent, Gold, and the S&P 500 Index.
EUR/USD (Euro vs US Dollar)
EUR/USD completed a downtrend wave at 1.0818. Today, the market is correcting this decline with a potential upward movement to 1.0885, followed by a drop to 1.0795. The trend might extend to 1.0750, which is a local target.
GBP/USD (Great Britain Pound vs US Dollar)
GBP/USD wrapped up a bearish impulse at 1.2614. We anticipate a correction to 1.2750 today. Once this correction is done, a new bearish wave to 1.2550 might develop, potentially leading to a continuation down to 1.2480.
USD/JPY (US Dollar vs Japanese Yen)
USD/JPY completed a correction wave at 144.55. Today, the market has initiated a new uptrend with an initial target at 145.55. Following this, a decline to 145.05 is possible, followed by a rise to 146.30. From there, the trend could persist to 146.77.
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USD/CHF (US Dollar vs Swiss Franc)
USD/CHF is currently undergoing a correction to 0.8740. After this correction wraps up, a fresh uptrend to 0.8822 may commence, potentially breaking out to 0.8888.
AUD/USD (Australian Dollar vs US Dollar)
AUD/USD completed a correction wave at 0.6486. Today, the market is establishing a consolidation range beneath this level. If it breaks out below the range, the price could initiate a bearish wave to 0.6418. A further breakout might extend the trend down to 0.6352, which is a local target.
BRENT
Brent completed a correction wave at 81.70. Today, the market is forming the first wave of an uptrend, targeting 83.73. After reaching this level, a drop to 82.70 is possible, followed by a rise to 86.77. From there, the trend could continue to 88.30.
XAU/USD (Gold vs US Dollar)
Gold has established a consolidation range around 1905.00. A breakout upward may provoke a correction to 1923.00. Subsequently, a drop to 1905.00 (with a test from above) and a rise to 1925.00 might occur. After completing this correction, the trend could continue down to 1868.50, which is a local target.
S&P 500
The stock index concluded a correction wave at 4434.0, forming a consolidation range around this level. If it breaks out upward, the price may continue the correction to 4479.0. Following that, a drop to 4434.0 (with a test from above) and a rise to 4484.0 could ensue. After completing this correction, a new downward wave to 4333.0 might initiate.
The post Technical Analysis & Forecast for August 24, 2023 appeared first at R Blog – RoboForex.
