Technical Analysis & Forecast - June 13, 2023

GBP might continue growing. The overview also describes the dynamics of EUR, JPY, CHF, AUD, Brent, Gold, and the S&P 500 index.

EUR/USD - Euro vs US Dollar

The EUR/USD currency pair is currently consolidating around 1.0760. There is a possibility of an upward extension towards 1.0795. However, a subsequent decline to 1.0740 may follow, with a potential continuation to 1.0699. This level serves as a local target.

GBP/USD - Great Britain Pound vs US Dollar

GBP/USD experienced a downward impulse, reaching 1.2487. Currently, the market is in a corrective phase, with expectations of reaching 1.2542. Once the correction is complete, a new wave of decline towards 1.2429 might occur. This target represents a local level to monitor.

USD/JPY - US Dollar vs Japanese Yen

The USD/JPY currency pair is consolidating around 139.25. There is a possibility of a growth pattern towards 139.77, followed by a decline to 139.25 (a test from above). If the pair breaks out of this consolidation range to the upside, it could open up potential for further rise towards 140.47. Conversely, a downside breakout may lead to a continuation of the downward trend towards 138.60.

USD/CHF - US Dollar vs Swiss Franc

USDCHF has broken out of its consolidation range, reaching 0.9108. Today, a corrective pullback towards 0.9060 (a test from above) is expected. Following the correction, a new upward structure towards 0.9133 might develop, with a potential continuation to 0.9153.

AUD/USD - Australian Dollar vs US Dollar

The AUD/USD currency pair is currently forming a consolidation range around 0.6733. A decline towards 0.6690 is expected, followed by a rise towards 0.6733 (a test from below). If the pair breaks below the consolidation range, it could lead to a wave of decline towards 0.6640.

BRENT

Brent crude oil has completed a downward wave, reaching 71.60. The market is now forming a consolidation range above this level. An upward movement towards 74.10 is expected, followed by a correction to 72.80, and then a rise to 75.40.

XAU/USD - Gold vs US Dollar

Gold has completed a downward wave, reaching 1949.20. Currently, the market has corrected this decline to 1962.00. A new downward structure towards 1942.50 is expected to develop, serving as a local target.

S&P 500

The S&P 500 stock index is currently consolidating around 4314.0. If the index breaks out of this range to the upside, the wave might extend towards 4365.0. Once the price reaches this level, a wave of decline towards 4260.0 could follow. This represents the first target to watch.

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