Technical Analysis & Forecast 19.07.2023

EURUSD, “Euro vs US Dollar”

The currency pair continues developing a consolidation range around 1.1242. Currently, the range has expanded upwards to 1.1275, and an impulse of decline to 1.1208 has formed. A link of growth to 1.1242 is expected today with a test from below. Next, a decline to 1.1200 might follow. And with a breakout of this level downwards, the potential for a wave of decline to 1.1128 could open. This is the first target.

GBPUSD, “Great Britain Pound vs US Dollar”

The currency pair has completed a structure of correction to 1.3124. At the moment, the market is forming a structure of a new declining wave to 1.2954. After it reaches the level, a correction to 1.3038 could form with a test from below. Next, a decline to 1.2929 is expected. This is the first target.

USDJPY, “US Dollar vs Japanese Yen”

The currency pair has broken 139.09 upwards. At the break, a narrow consolidation range with an escape upwards has formed. A further rise to 140.52 is expected. This is a local target. After the price reaches this level, a link of decline to 139.09 is not excluded, followed by a rise to 140.95. This is the first target.

USDCHF, “US Dollar vs Swiss Franc”

The currency pair continues forming a consolidation range around 0.8590. Today the quotes could rise to 0.8670. And a breakout of this level upwards might open the potential for a wave of growth to 0.8782. This is the first target.

AUDUSD, “Australian Dollar vs US Dollar”

The currency pair has reached the correction target at 0.6833. Today the market is forming a structure of decline to 0.6774. This is the first target. After the price reaches this level, the quotes could correct to 0.6883. Next, a decline to 0.6696 might follow.

BRENT

Brent continues forming a consolidation range around 79.71. A link of corrective decline to 77.90 is not excluded (with a test from above). After the correction is over, a new wave of growth to 82.42 might develop, from where the trend could continue to 84.00. This is a local target.

XAUUSD, “Gold vs US Dollar”

Gold has broken the 1964.64 level upwards, extending the consolidation range to 1983.95. A link of decline to 1964.64 is expected today. In case this level also breaks downwards, the potential for a wave of decline to 1945.85 could open. If the price rebounds from 1964.64 upwards, the structure of growth might expand to 1988.44, and a decline to 1945.85 could follow.

S&P 500

The stock index formed a consolidation range around 4517.0. After escaping it upwards, the market extended the range to 4566.6. A decline to 4517.0 is expected today. And if this level also breaks downwards, the wave of decline might continue to 4466.6. This is the first target.