Technical Analysis & Forecast for July 19, 2023
19.07.2023
3 minutes for reading
EUR Prepares for a New Wave of Decline. The overview also includes the dynamics of GBP, JPY, CHF, AUD, Brent, Gold, and the S&P 500 index.
EUR/USD (Euro vs US Dollar)
The currency pair continues to develop a consolidation range around 1.1242. Currently, the range has expanded upwards to 1.1275, and an impulse of decline to 1.1208 has formed. Today, a rebound towards 1.1242 is expected with a test from below. Next, a decline to 1.1200 might follow. If this level is breached downwards, the potential for a decline wave to 1.1128 could open. This is the first target.
GBP/USD (Great Britain Pound vs US Dollar)
The currency pair has completed a corrective structure to 1.3124. Currently, the market is forming a new declining wave towards 1.2954. After reaching this level, a correction to 1.3038 might occur with a test from below. Next, a decline to 1.2929 is expected. This is the first target.
USD/JPY (US Dollar vs Japanese Yen)
The currency pair has broken 139.09 upwards, forming a narrow consolidation range with an upward breakout. A further rise to 140.52 is expected. This is a local target. After the price reaches this level, a decline to 139.09 is not excluded, followed by a rise to 140.95. This is the first target.
USD/CHF (US Dollar vs Swiss Franc)
The currency pair continues to form a consolidation range around 0.8590. Today, the quotes could rise to 0.8670. If there is an upward breakout of this level, the potential for a growth wave to 0.8782 might open. This is the first target.
AUD/USD (Australian Dollar vs US Dollar)
The currency pair has reached the correction target at 0.6833. Today, the market is forming a decline structure towards 0.6774. This is the first target. After the price reaches this level, the quotes could correct to 0.6883. Next, a decline to 0.6696 might follow.
BRENT
Brent continues to form a consolidation range around 79.71. A corrective decline to 77.90 is not excluded (with a test from above). After the correction is over, a new wave of growth to 82.42 might develop, from where the trend could continue to 84.00. This is a local target.
XAU/USD (Gold vs US Dollar)
Gold has broken the 1964.64 level upwards, extending the consolidation range to 1983.95. Today, a decline to 1964.64 is expected. In case this level also breaks downwards, the potential for a decline wave to 1945.85 could open. If the price rebounds from 1964.64 upwards, the structure of growth might expand to 1988.44, followed by a decline to 1945.85.
S&P 500
The stock index has formed a consolidation range around 4517.0. After breaking out upwards, the market extended the range to 4566.6. Today, a decline to 4517.0 is expected. If this level is breached downwards, the wave of decline might continue to 4466.6. This is the first target.
