Currency technical analysis and forecast for July 2024

We are discussing the July 2024 prospects for EURUSD, USDJPY, GBPUSD, AUDUSD, USDCHF, NZDUSD, and USDCAD.

EURUSD

The EURUSD pair has completed a decline wave towards 1.0666, the first target. After reaching this level, the market is forming a correction towards 1.0790 (testing from below). Subsequently, the price could fall to the local target of 1.0566 and rise to 1.0680. Once the price reaches this level, it could decline by trend to 1.0450, potentially continuing the wave to 1.0400.

USDJPY

The USDJPY pair has completed a part of the fifth growth wave, reaching 159.30. The market has formed a consolidation range around this level. With an upward breakout, the wave might extend to 163.33, representing the main target. A decline wave could begin after the price reaches this target, aiming for 157.60 and potentially continuing to 151.75, the first target.

GBPUSD

The GBPUSD pair declined to 1.2612, with a corrective wave towards 1.2735 forming now. Once complete, a new decline wave could start, aiming for 1.2540 and potentially continuing to 1.2422.

AUDUSD

The AUDUSD pair is currently in a consolidation phase around 0.6660. An upward breakout will open the potential for a growth wave towards 0.6730. A downward breakout might enable a dip to 0.6555, followed by growth to 0.6750.

USDCHF

The USDCHF pair continues to develop a corrective wave, reaching the local target of 0.8828. Today, the market is forming a growth structure towards 0.9035. Once the price reaches this level, another decline wave might begin, aiming for 0.8767, where the potential for correction will end. A new growth wave is expected to start, targeting 0.9300.

NZDUSD

The NZDUSD pair is currently in a consolidation phase around 0.6083. With a downward breakout, a decline wave might continue to 0.6022, the first target. After the price reaches this level, a new decline wave could begin, aiming for 0.5940 and potentially continuing to 0.5855.

USDCAD

The USDCAD pair continues to form a wide consolidation range around 1.3686. With a downward breakout, a correction might continue to 1.3582, possibly extending to 1.3474. With an upward breakout, the uptrend will likely continue to 1.3790, potentially reaching the local target of 1.3870.