Forex Technical Analysis & Forecast 05.07.2022

EURUSD, “Euro vs US Dollar”

EUTUSD is still consolidating around 1.0430. Possibly, today the pair may start a new correction to test 1.0480 from below and then resume trading downwards with the target at 1.0355 or even extend this structure down to 1.0300.

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD continues consolidating around 1.2100. Today, the pair may grow towards 1.2200 and may later resume falling with the target at 1.2100 or even extend this structure down to 1.1955.

USDJPY, “US Dollar vs Japanese Yen”

After completing the ascending structure at 135.50 and then forming a new consolidation range around this level, USDJPY has broken it to the upside to extend the correction up to 136.36. Possibly, the pair may resume falling to break 135.50 and then continue trading downwards with the first target at 134.55.

USDCHF, “US Dollar vs Swiss Franc”

USDCHF has completed the ascending wave at 0.9610; right now, it is consolidating below this level. Possibly, the pair may resume growing to break 0.9660 and then form one more ascending structure with the target at 0.9720.

AUDUSD, “Australian Dollar vs US Dollar”

After finishing the correctional wave at 0.6886, AUDUSD is forming a new consolidation range below this level. Later, the market may break this range to the downside and resume trading downwards to reach 0.6800 or even extend this structure with the short-term target at 0.6717.

BRENT

Brent has completed the ascending wave at 116.06; right now, it is consolidating around this level. If the price breaks this range to the upside, the market may form one more ascending wave to reach 119.22 and then resume trading downwards with the target at 117.00. Later, the market may start another growth towards 121.27.

XAUUSD, “Gold vs US Dollar”

Having completed the correctional wave at 1814.00, Gold is consolidating below this level. Today, the metal may grow to test 1817.00 from below and then resume falling with the target at 1758.77 or even extend this structure down to 1735.00.

S&P 500

The S&P index is still consolidating around 3789.0. Possibly, the asset may expand the range down to 3700.0 and then form one more ascending wave to reach 3910.0 or even extend this structure up to 4100.0.