Forex Technical Analysis & Forecast 02.07.2021

EURUSD, “Euro vs US Dollar”

After rebounding from 1.1870 to the downside, EURUSD continues falling towards 1.1830. Later, the market may correct to return to 1.1870 and then start another decline with the target at 1.1771.

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD has finished the descending structure at 1.3755. Possibly, today the pair may start another correction to reach 1.3800 and then resume falling within the downtrend with the target at 1.3671.

USDRUB, “US Dollar vs Russian Ruble”

USDRUB has expanded its consolidation range up to 73.53. Possibly, the pair may fall to reach 72.76 and then grow towards 73.15, thus forming a new consolidation range between these two levels. If later the price breaks the range to the downside, the market may start another decline with the target at 72.00.

USDJPY, “US Dollar vs Japanese Yen”

After completing the ascending wave at 111.44, USDJPY is expected to consolidate close to this level. Later, the market may form a new descending wave to reach 107.00. The first downside target is at 110.30.

USDCHF, “US Dollar vs Swiss Franc”

USDCHF is still growing to reach 0.9277. After that, the instrument may correct downwards to reach 0.9131 and then resume moving upwards with the target at 0.9340.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD is still falling towards 0.7411 and may later resume trading upwards to test 0.7612 from below. After that, the instrument may form a new descending structure with the first target at 0.7304.

BRENT

Brent has finished the ascending structure at 76.50; right now, it is correcting towards 75.15. Later, the market may form one more ascending wave to reach 78.00 and then start another correction to return to 75.15. After that, the instrument may resume trading within the uptrend with the target at 79.30.

XAUUSD, “Gold vs US Dollar”

After completing the correction at 1780.90, Gold is expected to fall and break 1740.40. Later, the market may continue falling within the downtrend with the short-term target at 1688.30.

S&P 500

The S&P index has finished the ascending wave at 4323.3. Today, the asset may extend this wave up to 4339.0. After that, the instrument may start another correction with the target at 4236.6 and then form one more ascending structure towards 4290.0, thus forming a new consolidation range between these two levels.