Forex Technical Analysis & Forecast 02.08.2022

EURUSD, “Euro vs US Dollar”

Having formed the consolidation range around 1.0240 and broken it to the upside, EURUSD is expected to extend this ascending structure up to 1.0334 without any corrections. After that, the instrument may resume trading downwards to return to 1.0240 and then start another growth with the target at 1.0381.

GBPUSD, “Great Britain Pound vs US Dollar”

After completing the ascending wave at 1.2277, GBPUSD is expected to fall towards 1.2168, thus forming a new consolidation range between these two levels. If later the price breaks the range to the downside, the market may start a new decline to reach 1.1990; if to the upside – form one more ascending structure with the target at 1.2405.

USDJPY, “US Dollar vs Japanese Yen”

Having finished the descending wave at 130.50, USDJPY is expected to consolidate there. After that, the instrument may break the range to the upside and form one more ascending structure with the target at 132.90.

USDCHF, “US Dollar vs Swiss Franc”

After completing the descending wave at 0.9479, USDCHF is expected to grow towards 0.9567 and may later fall to reach 0.9520. If the price breaks the range to the upside, the market may resume trading upwards with the target at 0.9684.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD is still consolidating around 0.6980. Possibly, today the pair may fall towards 0.6930 and then resume trading upwards with the target at 0.7056.

BRENT

Brent has completed the correctional wave at 101.22; right now, it is consolidating around this level. Today, the asset may grow towards 106.40 and then fall to reach 103.40, thus forming a new consolidation range between these two levels. If later the price breaks the range to the downside, the market may start a new decline to reach 100.00; if to the upside – form one more ascending structure with the target at 111.77.

XAUUSD, “Gold vs US Dollar”

Gold is consolidating around 1766.10. Possibly, the metal may break the range to the upside and resume trading upwards with the short-term target at 1820.00. Later, the market may fall towards 1777.77 and then start another growth to reach 1852.15.

S&P 500

The S&P index is still consolidating below 4140.9 Possibly, the asset may break the range to the downside and start a new decline towards 3921.2. After that, the instrument may form one more ascending structure with the target at 4211.0.