Technical Analysis & Forecast for July 2023

EURUSD, “Euro vs US Dollar”

EURUSD has completed a wave of growth to 1.1001. The market has formed a consolidation range under this level and today is being pushed down to its lower border. With an escape from the range downwards, the potential for yet another wave of decline to 1.0570 could open. After the price reaches this level, a new correction to 1.0800 (a test from below) might start. Next, the trend is expected to continue downwards to 1.0280. And if the price breaks the consolidation range upwards, the link of growth could continue to 1.1096. Next, a decline to 1.0570 might follow. This is an estimated target.

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD formed a consolidation range around 1.2680 and, escaping it downwards completed a wave of decline to 1.2590. A link of correction to 1.2680 (a test from below) is not excluded. Next, a decline to 1.2525 is expected. The target is local. After the price reaches it, a correction to 1.2680 could develop, followed by a decline to 1.2500, from where the trend might continue to 1.2310.

USDJPY, “US Dollar vs Japanese Yen”

USDJPY has completed a wave of growth to 145.03. Practically, it has reached the local target of this wave. A consolidation range is expected to form around this level. With an escape from the range downwards, a correction to 139.02 could follow. If the price breaks the range upwards, the wave of growth might continue to its main target of 148.58. Next, a decline to 139.20 could follow.

BRENT

Brent continues developing a wide consolidation range around 76.00. At the moment, it has expanded to 71.50. An extension upwards to 80.00 looks quite probable. Next, a decline to 76.00 might follow. With an escape from the range upwards, the potential for a wave of growth to 87.77 could open. And an escape downwards might open the potential for a wave of decline to 63.33.

XAUUSD, “Gold vs US Dollar”

Gold has reached the target of a wave of decline to 1895.00. A consolidation range might form around this level today. With an escape from the range upwards, the potential for a correction to 1941.50 might open. If the price breaks the range downwards, a decline to 1846.00 could follow. This is a local target.

S&P 500

The stock index has completed a local target of a wave of growth at 4444.4. At a certain point, the S&P 500 performed an impulse of decline to 4333.3. Today the market is correcting to 4423.0. Practically, a consolidation range has formed here. With an escape from this range downwards, the wave could continue to 4120.5 (a test from above). Next, a rise to 4484.0 could follow. With an escape from the range upwards, the wave could extend to 4484.0, after which the price could drop to 4120.0.