Technical Analysis & Forecast 21.07.2023

EURUSD, “Euro vs US Dollar”

EURUSD has corrected to 1.1228. At a certain point, the market performed another wave of decline to 1.1118. This is a local target. A link of correction to 1.1170 might develop today. After it is over, a new wave of decline to 1.1077 could start.

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD has performed a corrective structure to 1.2962. At a certain point, the market demonstrated a new impulse of decline to 1.2840. A link of correction to 1.2915 is not excluded today. After it is over, the wave might continue to 1.2770. This is a local target.

USDJPY, “US Dollar vs Japanese Yen”

USDJPY goes on to develop a structure of growth to 140.55. After it reaches this level, a link of correction to 139.11 is expected. Next, the wave of growth might continue to 140.95, after which a decline to 139.00 could follow.

USDCHF, “US Dollar vs Swiss Franc”

USDCHF has broken the 0.8622 level upwards and goes on developing a wave of growth to 0.8697. After it reaches this level, a link of correction to 0.8620 is expected, followed by a rise to 0.8799.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD has reached a correction target of 0.6846. At a certain point, the market demonstrated a declining impulse to 0.6777. A consolidation range is forming around it today. The price is expected to break the range downwards and extend the wave to 0.6700. This is a local target.

BRENT

Brent continues forming a consolidation range around 79.71 without any expressed trend. Today a breakout of 80.00 is expected, after which the wave might extend to 82.42, and the trend might continue to 84.00. This is a local target. After the price hits this level, a correction to 78.00 could start.

XAUUSD, “Gold vs US Dollar”

Gold has completed a structure of decline to 1965.25. A correction to 1976.40 looks possible today. Next, a decline to 1960.85 is likely to follow. This is the first target. After the price hits this level, a correction to 1974.44 could start, followed by a decline to 1948.00.

S&P 500

The stock index is forming a structure of a declining wave to 4503.0 today. After it reaches this level, a link of correction to 4534.4 is not excluded, followed by a decline to 4486.6. This is the first target.