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Forex Technical Analysis & Forecast 23.08.2021

EURUSD, “Euro vs US Dollar”

After finishing another descending structure at 1.1633 along with the correction towards 1.1697, EURUSD has formed a new consolidation range around the latter level; right now, it is expected to break it to the upside and continue the correction to reach 1.1731. After that, the instrument may fall to return to 1.1697 and forming another consolidation range there. If later the price breaks this range to the downside, the market may resume falling with the target at 1.1600; if to the upside – continue the correction towards 1.1740.

Forex Technical Analysis & Forecast 23.08.2021 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 and reaching the short-term target at 1.3601, GBPUSD is trading correcting towards 1.3666. downwards. Possibly, the pair may test 1.3680 and then form a new descending wave with the target at 1.3599.

Forex Technical Analysis & Forecast 23.08.2021 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 falling towards 73.60 and may later correct to reach 74.04, thus forming a new consolidation range between these two levels. If later the price breaks this range to the downside, the market may resume falling within the downtrend with the target at 72.00; if to the upside – form one more ascending structure towards 75.00.

Forex Technical Analysis & Forecast 23.08.2021 USDRUB
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

USDJPY, “US Dollar vs Japanese Yen”

USDJPY is still correcting to the upside; by now, it has formed a new consolidation range around 109.73. Possibly, today the pair may form a new descending structure towards 109.59 and then start another growth to reach 109.97. Later, the market may resume falling with the short-term target at 109.19.

Forex Technical Analysis & Forecast 23.08.2021 USDJPY
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

USDCHF, “US Dollar vs Swiss Franc”

USDCHF is still consolidating above 0.9166. Today, the pair may fall to reach 0.9140 and then start another growth to return to 0.9166. Later, the market may complete the correction by falling towards 0.9126 and then form one more ascending structure with the target at 0.9222.

Forex Technical Analysis & Forecast 23.08.2021 USDCHF
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD has completed the descending wave at 0.7117. Possibly, today the pair may correct towards 0.7212 and then resume trading within the downtrend with the target at 0.7000.

Forex Technical Analysis & Forecast 23.08.2021 AUDUSD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

BRENT

Brent is still consolidating around 66.16 Today, the asset is expected to grow towards 67.27 and then fall to test 66.16 from above. If later the price breaks this range to the upside, the market may resume growing with the target at 69.40; if to the downside – start a new decline towards 64.50.

Forex Technical Analysis & Forecast 23.08.2021 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 consolidating around 1784.00 without any particular direction. Possibly, today the metal may start another decline falling towards 1722.22 and then form one more ascending structure with the target at 1819.00.

Forex Technical Analysis & Forecast 23.08.2021 GOLD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

S&P 500

After finishing the ascending structure at 4435.5 and forming a narrow consolidation range around this level, the S&P index has broken it to the upside due to the gap; right now, it is trading according to an alternative scenario towards 4494.3 and extending the ascending structure up to 4517.0. After that, the instrument may form a new descending structure to break 4377.0 and then continue falling with the target at 4300.0

Forex Technical Analysis & Forecast 23.08.2021 S&P 500
Risk Warning: the result of previous trading operations do not guarantee the same results in the future


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