Technical Analysis & Forecast for June 26, 2023
26.06.2023
3 minutes for reading
Gold Poised to Revisit Lows - Analysis of EUR, GBP, JPY, CHF, AUD, Brent, and the S&P 500 Index.
EUR/USD (Euro vs US Dollar)
The EUR/USD currency pair has completed its initial downward impulse, reaching 1.0844. Today, the market is forming a corrective structure towards 1.0930. Following the completion of the correction, a new downward impulse towards 1.0840 may ensue. If this level is also breached, the potential for a decline to 1.0750 could open up. This serves as a local target for the pair.
GBP/USD (Great Britain Pound vs US Dollar)
The GBP/USD currency pair is currently forming a consolidation range around 1.2744. The market has recently extended the range downwards to 1.2683. A technical test from below at 1.2744 is expected today. Next, the pair may break out of the range to the downside, targeting 1.2650. This represents only half of the anticipated downward wave.
USD/JPY (US Dollar vs Japanese Yen)
The USD/JPY currency pair has completed a wave of growth, reaching 143.85. Today, a correction towards 141.70 is expected. Following the completion of the correction, a new upward move may develop towards 144.88.
USD/CHF (US Dollar vs Swiss Franc)
The USD/CHF currency pair has completed a wave of growth, reaching 0.9011. Today, the market is correcting towards 0.8942. Following the completion of the correction, a new wave of growth towards 0.9040 may commence.
AUD/USD (Australian Dollar vs US Dollar)
The AUD/USD currency pair continues to develop a consolidation range around 0.6696. In the event of an upward breakout from the range, a corrective move towards 0.6755 cannot be ruled out. Conversely, a downward breakout may lead to a continuation of the trend towards 0.6588.
BRENT
Brent crude oil has completed a correction wave towards 72.30. Today, a upward move towards 76.00 is expected. After reaching this level, a downward move towards 74.15 is possible. Following that, a new wave of growth towards 78.47 may begin, with the potential for further upward movement towards 80.00.
XAU/USD (Gold vs US Dollar)
Gold has experienced a correction towards 1936.80 (a test from below). Currently, the market has completed a downward impulse towards 1917.90. Today, the market is correcting this impulse, targeting 1928.50. Following the completion of the correction, the wave of decline may continue towards 1905.55.
S&P 500
The S&P 500 stock index continues to develop a downward wave towards 4336.0. After reaching this level, a correction towards 4379.0 may follow. Next, a decline towards 4296.0 is expected. This serves as the initial target for the index.
