Forex Technical Analysis & Forecast 24.08.2021

EURUSD, “Euro vs US Dollar”

After breaking 1.1705 to the upside, EURUSD is still growing towards 1.1755. Later, the market may form a new descending structure to break 1.1700 and then continue falling with the target at 1.1600.

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD is correcting towards 1.3737 and may later trade downwards to break 1.3670. After that, the instrument may continue falling within the downtrend with the target at 1.3597.

USDRUB, “US Dollar vs Russian Ruble”

USDRUB is about to finish the correction towards 74.20 and may later form a new descending impulse to break 74.00. After that, the instrument may continue trading downwards with the short-term target at 73.73.

USDJPY, “US Dollar vs Japanese Yen”

After rebounding from 110.10 and completing the descending structure at 109.63, USDJPY is correcting upwards. Later, the market may start a new decline to break 109.45 and then continue falling within the downtrend with the target at 109.03. On the other hand, if the price grows and breaks 110.13, the market may form one more ascending structure to reach 110.77.

USDCHF, “US Dollar vs Swiss Franc”

USDCHF is still consolidating around 0.9126. Possibly, today the pair may break the range to the upside and reach 0.9166. After that, the instrument may start a decline towards 0.9141 and then form one more ascending structure with the target at 0.9222.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD is still correcting towards 0.7247. Later, the market may resume trading within the downtrend with the short-term target at 0.7070.

BRENT

After breaking 67.00 and finishing the ascending wave at 69.30, Brent is consolidating around the latter level. Possibly, the asset may expand the range up to 69.59 and then correct to reach 67.10. Later, the market may start another growth with the target at 72.50.

XAUUSD, “Gold vs US Dollar”

Gold has broken 1795.55 to the upside. Possibly, today the metal may continue growing with the short-term target at 1819.00. After that, the instrument may start a new correction to reach 1770.00.

S&P 500

The S&P index continues growing towards 4494.4 and may later correct downwards to reach 4435.5. After that, the instrument may form one more ascending structure towards 4517.0 and then resume falling with the target at 4343.0.