Technical Analysis & Forecast 18.07.2023

EURUSD, “Euro vs US Dollar”

The currency pair has broken the high of the consolidation range and might extend it to 1.1288. After they reach this level, the quotes could drop to 1.1200. And if this level also breaks downwards, the potential for a wave of decline to 1.1000 could open.

GBPUSD, “Great Britain Pound vs US Dollar”

The currency pair has completed a structure of a correction to 1.3050. At the moment, the market is forming a structure of growth to 1.3133. This wave of growth might extend to 1.3170. After the price reaches this level, a new wave of decline to 1.2929 might begin. This is the first target.

USDJPY, “US Dollar vs Japanese Yen”

The currency pair has completed a wave of correction to 139.39. Today it might drop to 137.95. An escape from this range upwards could open the potential for further correction to 140.94. With an escape from the range downwards, a new link of decline to 136.83 might form, followed by a rise to 140.94.

USDCHF, “US Dollar vs Swiss Franc”

The currency pair continues forming a consolidation range around 0.8580. It might additionally expand to 0.8550. After the price reaches this level, it could start a wave of growth to 0.8782. This is the first target.

AUDUSD, “Australian Dollar vs US Dollar”

The currency pair has reached the target of correction at 0.6790. Today the market is forming a growth structure to 0.6841. With an escape from this range upwards, a new wave of growth to 0.6924 might form. With an escape from the range downwards, the potential for a wave of decline to 0.6650 could open.

BRENT

Brent continues forming a consolidation range around 79.33. A corrective link of decline to 77.15 with a test of the level from above is not excluded. After the correction is over, a new wave of growth to 82.42 might start. This is a local target.

XAUUSD, “Gold vs US Dollar”

Gold has completed a correction to 1945.75. Today the market is forming a structure of growth to 1970.70, from where the wave might extend to 1976.00. After the price reaches this level, a new wave of decline to 1935.25 could start. This is the first target.

S&P 500

The stock index continues forming a consolidation range around 4515.0. Today it has expanded to 4534.4. Next, a structure of decline might develop to 4494.0. With an escape from the range downwards, the potential for a wave of decline to 4457.5 could open. This is the first target.