Technical Analysis & Forecast for July 25, 2023
25.07.2023
3 minutes for reading
Gold Continues to Decline - Overview of EUR, GBP, JPY, CHF, AUD, Brent, and S&P 500 Index
EUR/USD (Euro vs US Dollar)
EUR/USD has completed another decline, reaching 1.1059. Today, the market is forming a consolidation range above this level. The price is expected to break downwards and continue this wave to the level of 1.1024. This is a local target. After the price reaches this level, a correction to 1.1125 (a test from below) could develop, followed by a decline to 1.0977.
GBP/USD (Great Britain Pound vs US Dollar)
GBP/USD has completed a decline to the 1.2797 level. Today, the market is forming a consolidation range above this level. The price is expected to break downwards and continue the wave to the level of 1.2770. This is a local target. After the price reaches this level, a correction to 1.2860 could start.
USD/JPY (US Dollar vs Japanese Yen)
USD/JPY continues developing a correction to the level of 139.80. Once the correction is over, another wave of growth to 142.33 could follow.
USD/CHF (US Dollar vs Swiss Franc)
USD/CHF continues forming a consolidation range around the 0.8677 level. An upward breakout could open the potential for growth to the 0.8750 level. With a downward breakout, a correction to the 0.8625 level is possible, followed by growth to 0.8800.
AUD/USD (Australian Dollar vs US Dollar)
AUD/USD has completed a decline to the 0.6714 level. Today, a correction to the 0.6766 level has formed. A further wave of decline is expected to the 0.6688 level. After this level is reached, a correction to 0.6760 could start, followed by a decline to 0.6638.
BRENT
Brent has completed a growth to 82.88. Today, a consolidation range is forming above this level. The price is expected to break upwards and continue to rise to the 83.25 level. After this level is reached, a correction to 81.00 (a test from above) is possible, followed by growth to the 84.00 level with the prospect of trend continuation to 85.00. This is a local target.
XAU/USD (Gold vs US Dollar)
Gold has completed a decline to 1953.20. Today, a correction could develop to the 1962.30 level, with the trend continuing to the 1950.40 level. After the price reaches this level, another correction to 1960.30 is possible, followed by a decline to 1937.15. This is the first target.
S&P 500
The stock index suggests a correction to 4572.0. Once the correction is over, a decline to 4486.6 could start, followed by growth to the 4534.4 level.
