Technical Analysis & Forecast - June 21, 2023
21.06.2023
3 minutes for reading
Gold's downward trend is expected to continue, while this overview also covers the performance of EUR, GBP, JPY, CHF, AUD, Brent, and the S&P 500 index.
EUR/USD (Euro vs US Dollar)
The EUR/USD currency pair is currently in a declining wave formation towards 1.0880. Once it reaches this level, a correction to 1.0915 may occur (a test from below). Subsequently, a decline to 1.0820 is anticipated as a local target.
GBP/USD (British Pound vs US Dollar)
The GBP/USD currency pair has concluded a downward wave at 1.2713, followed by a correction to 1.2767. A decline to 1.2672 is expected today, potentially leading to a consolidation range around this level. If a breakout occurs downwards, there is potential for a further decline to 1.2680. Conversely, an upward breakout may result in a correction towards 1.2760, followed by a decline to 1.2626 as a local target.
USD/JPY (US Dollar vs Japanese Yen)
The USD/JPY currency pair is currently within a consolidation range around 141.71, which could extend to 141.10. A rise to 142.33 is a likely possibility. Furthermore, if a breakout occurs above this level, there is potential for the wave to develop towards 143.17.
USD/CHF (US Dollar vs Swiss Franc)
The USD/CHF currency pair is forming a consolidation range around 0.8984, with a potential extension to 0.8944, followed by a rise to 0.9030. In the event of an upward breakout from this range, there is potential for the wave to reach 0.9109 as a local target.
AUD/USD (Australian Dollar vs US Dollar)
The AUD/USD currency pair has completed a declining wave structure at 0.6752. A correction to 0.6802 is anticipated today (a test from below). Subsequently, a decline to 0.6727 is expected as a local target.
BRENT
The Brent crude oil price continues to develop within a consolidation range around 75.70. At certain points, the market has extended the range to 77.05 and then downwards to 74.74. Today, there is a possibility of an upward breakout towards 78.50 as a local target.
XAU/USD (Gold vs US Dollar)
Gold has concluded a wave of decline at 1929.80. Today, the market may experience a correction towards 1942.42 (a test from below). Subsequently, a decline to 1927.47 is expected, with the potential for the trend to continue towards 1918.00. After reaching this level, a correction towards 1940.00 is possible, followed by a decline to 1914.50.
S&P 500
The S&P 500 stock index has completed a declining wave structure at 4371.0. A correction towards 4411.0 could be expected today, followed by a decline to 4357.0. In the event of a downward breakout from this range, there is potential for a decline to 4300.0 as a local target.
