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Forex Technical Analysis & Forecast 18.08.2021

EURUSD, “Euro vs US Dollar”

After finishing the descending wave at 1.1710, EURUSD is consolidating around this level. Possibly, today the pair may reach 1.1690 and then form one more ascending structure towards 1.1800. Later, the market may fall to break 1.1650 and then continue trading downwards with the target at 1.1600.

Forex Technical Analysis & Forecast 18.08.2021 EURUSD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

GBPUSD, “Great Britain Pound vs US Dollar”

After completing the descending wave at 1.3733, GBPUSD is consolidating. Today, the pair may fall towards 1.3700 and then grow to reach 1.3807, thus forming a new consolidation range between these two levels. If the price breaks this range to the downside, the market may resume falling with the target at 1.3650; if to the upside – form one more ascending structure towards 1.4000 and then start a new decline to reach the above-mentioned target.

Forex Technical Analysis & Forecast 18.08.2021 GBPUSD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

USDRUB, “US Dollar vs Russian Ruble”

USDRUB is still consolidating around 73.33. Possibly, the pair may correct and expand the range up to 73.63 to test it from below. Later, the market may resume trading downwards to break 73.00 and then continue falling with the target at 72.00.

Forex Technical Analysis & Forecast 18.08.2021 USDRUB
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

USDJPY, “US Dollar vs Japanese Yen”

After forming a new consolidation range around 109.50 and breaking it to the upside, USDJPY is expected to choose an alternative scenario and correct towards 109.90. At the same time, the main scenario implies a further downtrend with the first target at 108.00.

Forex Technical Analysis & Forecast 18.08.2021 USDJPY
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

USDCHF, “US Dollar vs Swiss Franc”

After completing the ascending wave at 0.9151 and rebounding from this level, USDCHF is trading downwards to reach 0.9100. After breaking this level, the instrument may continue falling to reach 0.9070 and then start a new growth to test 0.9100 from below.

Forex Technical Analysis & Forecast 18.08.2021 USDCHF
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

AUDUSD, “Australian Dollar vs US Dollar”

After completing the descending structure at 0.7290 and forming a downside continuation pattern, AUDUSD has reached the short-term target at 0.7237. Possibly, today the pair may return to 0.7290 to test it from below and then resume trading within the downtrend with the target at 0.7200.

Forex Technical Analysis & Forecast 18.08.2021 AUDUSD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

BRENT

After failing to break 70.00 to the upside, Brent is consolidating in the centre of the range at 69.30. If later the price breaks this range to the downside, the market may resume falling to reach 68.00 or even continue trading downwards to complete this descending wave at 67.00. After that, the instrument may form a reversal pattern to start a new growth with the target at 72.00.

Forex Technical Analysis & Forecast 18.08.2021 BRENT
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

XAUUSD, “Gold vs US Dollar”

Gold is still forming the second ascending impulse. Possibly, the metal may reach 1817.00 and then correct to test 1768.15 from above. After that, the instrument may form one more ascending structure with the first target at 1868.25.

Forex Technical Analysis & Forecast 18.08.2021 GOLD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

S&P 500

After finishing the descending impulse at 4417.7, the S&P index is correcting towards 4454.1. Possibly, the asset may rebound from the latter level and resume falling to reach 4436.0, thus forming a new consolidation range. If later the price breaks this range to the downside, the market may form a new descending structure with the target at 4384.8; if to the upside – start another growth towards 4480.0.

Forex Technical Analysis & Forecast 18.08.2021 S&P 500
Risk Warning: the result of previous trading operations do not guarantee the same results in the future


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