Forex Technical Analysis & Forecast 08.07.2022

EURUSD, “Euro vs US Dollar”

After forming a new consolidation range around 1.0180 and breaking it to the downside, EURUSD is expected to continue falling towards 1.0110. Later, the market may start a new correction up to 1.0200 and then resume trading downwards with the target at 1.0090.

GBPUSD, “Great Britain Pound vs US Dollar”

Having finished the correctional wave at 1.2042, GBPUSD is falling towards 1.1960. After that, the instrument may break this level and start another decline with the short-term target at 1.1860, or even extend this structure down to 1.1711.

USDJPY, “US Dollar vs Japanese Yen”

USDJPY is still forming a new consolidation range around 135.55 without any specific direction. Possibly, today the pair may resume falling with the first target at 134.55. Later, the market may start another correction up to 135.75.

USDCHF, “US Dollar vs Swiss Franc”

Having formed a new consolidation range around 0.9730 and broken it to the upside, USDCHF is expected to resume growing with the target at 0.9799. After that, the instrument may start another correction down to 0.9650.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD is still consolidating around 0.6825. Today, the pair may grow to test 0.6888 from below and then resume trading downwards with the target at 0.6790, or even extend this structure down to 0.6717.

BRENT

Brent is forming one more ascending wave with the first target at 110.00. After that, the instrument may correct down to 105.20 and then resume growing with the short-term target at 114.05.

XAUUSD, “Gold vs US Dollar”

Gold is consolidating around 1744.40. Possibly, today the pair may break the range to the downside and resume falling towards 1721.05. Later, the market may start a new correction with the target at 1767.50, and then resume trading downwards to reach 1700.00.

S&P 500

Having formed a new consolidation range around 3842.0 and broken it to the upside, the S&P index is expected to continue growing with the target at 3942.7, or even extend this structure up to 4040.0.