Technical Analysis & Forecast 01.08.2023

EURUSD, “Euro vs US Dollar”

EURUSD has completed a wave of decline to the 1.0990 level. At the moment, a consolidation range is forming around this level. A downward breakout will open the potential for a decline to 1.0940. With an upward breakout, a wave of growth to the 1.1033 level could develop with the prospect of trend continuation to the 1.1090 level.

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD has completed a structure of decline to the 1.2827 level. At the moment, a consolidation range is forming around this level. A downward breakout will open the potential for a decline to 1.2770. With an upward breakout, the price could rise to the 1.2880 level with the prospect of trend continuation to the 1.2909 level.

USDJPY, “US Dollar vs Japanese Yen”

USDJPY has formed a consolidation range around the 141.99 level. Today the market is making efforts to break the range upwards. With an upward breakout, a wave of growth could be extended to the 143.28 level. A downward breakout will open the potential for a correction to the 140.66 level.

USDCHF, “US Dollar vs Swiss Franc”

USDCHF continues to develop a consolidation range around the 0.8690 level without any strong trend. With a downward breakout, a link of correction to 0.8644 is not excluded. An upward breakout will open the potential for growth to 0.8836. This is the first target.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD has completed a wave of decline to the 0.6659 level. At the moment, a consolidation range is forming above this level. A downward breakout could extend the structure to 0.6623. An upward breakout will open the potential for growth to 0.6763.

BRENT

Brent has completed a wave of growth to the 85.49 level. Today the market is forming a consolidation range below this level. A link of decline to 81.50 is not excluded, followed by growth to 91.00. This is a local target. After the price hits this level, a correction to 81.53 is expected to start.

XAUUSD, “Gold vs US Dollar”

Gold continues falling to the 1952.50 level. A link of growth to the 1962.33 level is expected next, followed by a decline to 1933.00 with the prospect of trend continuation to 1924.20.

S&P 500

The stock index is forming a consolidation range around the 4586.0 level. Today the price could rise to 4605.0 and then drop to 4586.0 (a test from above), which could be followed by growth to 4620.7.