Technical Analysis & Forecast for June 29, 2023
2 minutes for reading
EUR/USD (Euro vs US Dollar)
EUR/USD has broken below 1.0920 and is currently undergoing a decline towards 1.0880. Once the price reaches this level, a potential upward correction to 1.0920 (a test from below) cannot be ruled out. Subsequently, a further decline to 1.0857 is anticipated, with a potential continuation of the downward wave towards 1.0750 as a local target.
GBP/USD (Great Britain Pound vs US Dollar)
GBP/USD has completed a downward wave, reaching 1.2606. The market is currently consolidating above this level. There is a possibility of a corrective bounce to 1.2686 (a test from below). However, a subsequent decline to 1.2538 is expected as the initial target.
USD/JPY (US Dollar vs Japanese Yen)
USD/JPY continues its upward movement towards 144.88. After reaching this level, a potential downward correction to 143.90, followed by a rise to 145.00, cannot be excluded. A subsequent downward wave towards 141.66 may ensue.
USD/CHF (US Dollar vs Swiss Franc)
USD/CHF is consolidating within a range around 0.8977. A potential upward movement towards 0.9004 is anticipated today. In the event of a breakout above this level, there is potential for further upward momentum towards 0.9055 as a local target.
AUD/USD (Australian Dollar vs US Dollar)
AUD/USD has completed a downward wave, reaching 0.6594. A potential corrective rally towards 0.6650 (a test from below) is not ruled out today. Subsequently, a decline to 0.6587 could follow. Once the target is reached, a new wave of growth towards 0.6717 might begin.
Brent has concluded an upward wave, reaching 71.85. The market has recently completed a surge to 74.38. Currently, a consolidation range is forming below this level. If the price breaks above this range, it could extend the upward wave towards 77.34 and potentially reach 81.00.
XAU/USD (Gold vs US Dollar)
Gold continues its downward wave towards 1900.00. Following the price reaching this level, a potential upward wave towards 1918.15 may occur, followed by a decline to 1906.50. A subsequent wave of growth towards 1936.80 might initiate thereafter.
The stock index has completed a corrective structure, reaching 4389.5. A new downward wave towards 4326.8 is expected today, with the potential for further continuation towards 4282.2.