Technical Analysis & Forecast for June 27, 2023
27.06.2023
2 minutes for reading
EUR may extend correction - overview of GBP, JPY, CHF, AUD, Brent, Gold, and the S&P 500 Index.
EUR/USD (Euro vs US Dollar)
The currency pair has established a consolidation range around 1.0890 and signals the potential for another upward move towards 1.0951 upon breaking out of the range. However, after reaching this level, a new wave of decline towards 1.0840 could commence. If that level is breached as well, the pair may target 1.0750 as a local target for further downward movement.
GBP/USD (Great Britain Pound vs US Dollar)
The currency pair continues its correction towards 1.2751. Once this level is reached, a new wave of decline towards 1.2650 is anticipated. If a downward breakout occurs, the potential for further decline towards 1.2600 could come into play.
USD/JPY (US Dollar vs Japanese Yen)
The currency pair is currently consolidating around 143.30. An upward breakout could lead to a rise towards 144.88, while a downward breakout might trigger a corrective move towards 141.66. Following the completion of the correction, a further rise towards 144.88 could be expected.
USD/CHF (US Dollar vs Swiss Franc)
The currency pair has completed a declining wave, reaching 0.8911. A potential upward move towards 0.8977 could develop today. If this level is surpassed, further upside potential towards 0.9040 may be seen, with the trend possibly extending to 0.9055.
AUD/USD (Australian Dollar vs US Dollar)
The currency pair has broken above the level of 0.6696, indicating a potential correction towards 0.6727. Upon reaching this level, a decline towards 0.6696 could follow. However, a subsequent move towards 0.6733 cannot be ruled out.
BRENT
Brent is currently forming an upward structure towards 76.00. After reaching this level, a potential decline towards 74.20 is possible. Subsequently, a rise towards 78.50 might occur, with the wave potentially continuing towards 80.00.
XAU/USD (Gold vs US Dollar)
Gold continues to consolidate within a range around 1924.94, which may extend towards 1936.86. Upon reaching this level, a new wave of decline towards 1905.55 could begin.
S&P 500
The stock index is currently in a declining wave towards 4308.0. The market is currently forming a consolidation range around 4346.0. If an upward breakout occurs, a corrective move towards 4379.0 is possible. Conversely, a downward breakout could lead to a wave of decline towards 4308.0. Following this level, a correction towards 4379.0 might develop, with a potential decline towards the first target of 4296.0.
