Forex Technical Analysis & Forecast 16.08.2021

August 16, 2021

EURUSD, “Euro vs US Dollar”

After finishing the ascending wave at 1.1755 and breaking this level to the upside, EURUSD is expected to continue the correction towards 1.1800; right now, it is consolidating around the latter level. Possibly, today the pair may break this range to the downside to return to 1.1755 and then form one more ascending structure to reach 1.1780, 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 with the target at 1.1700; if to the upside – continue the correction towards 1.1827 and then form a new descending structure to reach the above-mentioned target.

GBPUSD, “Great Britain Pound vs US Dollar”

After rebounding from 1.3790 and completing the ascending wave at 1.3870, GBPUSD is trading downwards. Today, the pair may reach 1.3833 and then start another growth to reach 1.3890. Later, the market may form a new descending wave with the target at 1.3780.

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USDRUB, “US Dollar vs Russian Ruble”

USDRUB is still consolidating around 73.33. Today, the pair may fall to break the downside border of the range at 73.10 and then continue falling with the target at 72.72.

USDJPY, “US Dollar vs Japanese Yen”

After completing the descending wave at 109.45, USDJPY is consolidating around this level. Possibly, the pair may break the range to the downside and continue falling within the downtrend with the first target at 108.11. On the other hand, the price may break the range to the upside and correct to test 110.00 from below. Later, the market may form a new descending structure to reach the above-mentioned target.

USDCHF, “US Dollar vs Swiss Franc”

After completing the correction at 0.9150, USDCHF is expected to start another growth towards 0.9191 and then fall to reach 0.9170, thus forming a new consolidation range between the two latter levels. If later the price breaks this range to the upside, the market may resume growing with the target at 0.9250; if to the downside – start a new decline towards 0.9145 and then form one more ascending structure to reach the above-mentioned target.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD is falling towards 0.7324. Possibly, the pair may break this level and then continue trading within the downtrend with the short-term target at 0.7272.

BRENT

Brent has completed the correction at 69.69. Today, the asset is expected to consolidate around this level. If later the price breaks this range to the upside, the market may resume growing with the target at 71.00; if to the downside – start a new decline towards 68.10.

XAUUSD, “Gold vs US Dollar”

After completing the ascending wave at 1781.48, Gold is falling towards 1750.30 and may later grow to reach 1767.00, thus forming a new consolidation range between the two latter levels. If the price breaks this range to the upside, the market may form one more ascending structure with the target at 1830.00; if to the downside – start a new decline towards 1717.00.

S&P 500

The S&P index is consolidating around 4462.0 If later the price breaks this range to the downside, the market may form a new descending structure with the target at 4440.9; if to the upside – start another growth towards 4483.0.

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

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Forex Technical Analysis & Forecast 16.08.2021