Technical Analysis & Forecast for July 17, 2023
17.07.2023
3 minutes for reading
Brent could undergo a correction before a new wave of growth. Additionally, this overview includes insights on EUR, GBP, JPY, CHF, AUD, Gold, and the S&P 500 index.
EUR/USD (Euro vs US Dollar)
The currency pair has concluded a growth wave, reaching 1.1244. Presently, the market is consolidating below this level. The range might expand to 1.1278, followed by a potential decline to 1.1128. From there, the downward wave could continue towards 1.1010.
GBP/USD (Great Britain Pound vs US Dollar)
After completing a growth wave structure at 1.3142, the currency pair is currently forming a consolidation range below this level. A downside breakout may lead to a correction towards 1.2927, while an upward breakout could expand the range to 1.3200. Subsequently, a decline to 1.2927 might follow.
USD/JPY (US Dollar vs Japanese Yen)
Having completed a corrective wave to 137.40, the currency pair may rise to 139.30 today, followed by a potential decline to 138.00. Expectations include a rise to 140.50, from where further growth towards 141.25 is anticipated. This represents the initial target.
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USD/CHF (US Dollar vs Swiss Franc)
Following a wave of decline to 0.8583, the currency pair is forming a consolidation range above this level. A corrective move towards 0.8799 is expected. After the correction, a downward wave to 0.8485 might commence.
AUD/USD (Australian Dollar vs US Dollar)
The currency pair has achieved the target of a growth wave at 0.6895. Currently, a correction to 0.6789 is taking place. Subsequently, a new growth structure towards 0.6930 might ensue, followed by a decline to 0.6655.
BRENT
This instrument has completed a growth wave structure at 81.50. Currently, a corrective structure to 77.15 is forming with a test from above. After the correction concludes, a new wave of growth towards 82.40 might begin, representing a local target. Once this level is reached, a new correction to 77.00 might commence.
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XAU/USD (Gold vs US Dollar)
Gold has completed a growth wave reaching 1963.53. The market is currently forming a consolidation range below this level. A downward breakout might lead to a correction towards 1935.20. After the correction concludes, a new growth structure towards 1967.50 might commence. A decline to 1935.00 is expected afterwards.
S&P 500
The stock index has completed a growth wave structure at 4515.5. Currently, the market has formed a consolidation range around this level. A potential upward breakout may extend the growth structure towards 4534.4. Once the price reaches this level, a new wave of decline towards 4400.0 is expected to begin. This represents the initial target.
