Technical Analysis & Forecast for July 28, 2023
28.07.2023
3 minutes for reading
JPY Initiates a Wave of Growth; Overview of EUR, GBP, CHF, AUD, Brent, Gold, and S&P 500 Index
EUR/USD (Euro vs US Dollar)
EUR/USD has successfully reached the target of the initial declining wave at 1.0950. A corrective wave is anticipated to begin today, with a consolidation range forming around 1.0985. We expect a potential upward movement to 1.1025, followed by a decline to 1.0985 (with a possible test from above). Subsequently, the currency pair may rise to 1.1080, after which the corrective wave could continue to 1.1124.
GBP/USD (Great Britain Pound vs US Dollar)
GBP/USD has achieved the target of the first declining wave at 1.2762. There is a possibility of a consolidation range forming at the current lows today. An upward escape from this range could mark the start of a corrective wave. We anticipate the first wave of growth to reach 1.2870, followed by a decline to 1.2814.
USD/JPY (US Dollar vs Japanese Yen)
USD/JPY has undergone a corrective wave, reaching 138.08. Today, a new wave of growth is expected to commence, aiming for 140.22. If this level is also breached upwards, it may open the potential for a trend continuation to 142.40, which represents the first target.
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USD/CHF (US Dollar vs Swiss Franc)
USD/CHF has achieved the target of the declining wave at 0.8555. Following this, an upward impulse to 0.8698 was completed today. A consolidation range is likely to form, and a decline to 0.8636 is not ruled out (with a possible test from above). Subsequently, a rise to 0.8700 is expected. If this level is surpassed in an upward breakout, the wave might develop further towards 0.8842, representing the first target.
AUD/USD (Australian Dollar vs US Dollar)
AUD/USD has completed the structure of a declining wave, reaching 0.6644. A consolidation range might form around this level today. An upward escape from the range could lead to a corrective wave, targeting the first goal of 0.6730.
BRENT
Brent has completed a wave of growth at 84.04. Presently, the market is forming a consolidation range below this level. A decline to 82.60 is expected, and with a downward breakout below this level, the potential for a corrective wave to 81.30 may emerge.
XAU/USD (Gold vs US Dollar)
Gold has completed a wave of decline, reaching 1942.56. The market has formed a consolidation range above this level, and an upward escape from this range might lead to a link of growth to 1960.30 (with a possible test from below). Subsequently, a decline to 1937.00 is not excluded.
S&P 500
The stock index has completed an impulse of decline, reaching 4530.7. Today, it might rise to 4566.0, followed by a subsequent drop to 4522.0. This represents the first target of the declining wave. Following the price reaching this level, a correction to 4566.0 could ensue.
