Technical Analysis & Forecast for July 31, 2023
31.07.2023
3 minutes for reading
GBP initiates a correction wave, while an overview of other major currencies and assets includes EUR, JPY, CHF, AUD, Brent, Gold, and the S&P 500 index.
EUR/USD (Euro vs US Dollar)
EUR/USD has successfully reached its first corrective target at 1.1046 level. There's a possibility of a decline towards the 1.0992 level today. Subsequently, the price may experience another upward movement to reach 1.1035. A breakout above this level could lead to further gains towards 1.1077, with a potential continuation of the trend to 1.1122.
GBP/USD (Great Britain Pound vs US Dollar)
GBP/USD has completed its first corrective target at 1.2886. Today, a decline towards the 1.2814 level is likely. Following this, the price might experience another upward movement towards 1.2862. A successful breakout above this level could indicate further growth potential to 1.2909, with a perspective of continuing the trend towards the 1.2959 level.
USD/JPY (US Dollar vs Japanese Yen)
USD/JPY is currently forming an upward wave targeting the 142.40 level. After reaching this level, a decline towards 140.24 is anticipated, followed by another upward movement towards 142.50.
USD/CHF (US Dollar vs Swiss Franc)
USD/CHF is continuing its consolidation phase around the 0.8690 level. A decline towards 0.8644 could occur today, followed by a rise towards 0.8785, which represents the initial target. After hitting this level, a correction towards 0.8644 might take place, followed by a further rise towards 0.8880.
AUD/USD (Australian Dollar vs US Dollar)
AUD/USD has completed a downward wave, reaching the 0.6623 level. An upward impulse towards 0.6684, followed by a correction to 0.6644, has formed. There is a possibility of a decline towards the 0.6633 level, with subsequent growth towards 0.6693. If there is an upward breakout beyond this level, the growth could continue towards the 0.6720 level, with a potential trend continuation to 0.6767.
BRENT
Brent has reached its growth target at 84.42 and is currently forming a consolidation range above this level. A decline towards 83.83 is not excluded today, followed by another rise towards 84.84, representing a local target. After reaching this level, a correction towards 81.63 is expected to begin.
XAU/USD (Gold vs US Dollar)
Gold has successfully reached its growth target at the 1962.30 level. The market is now forming a downward structure towards 1948.30. This indicates the possibility of a consolidation range. A breakout below could lead to a decline towards 1933.30, while an upward breakout could initiate further growth towards the 1980.00 level, followed by a decline towards 1914.44.
S&P 500
The stock index has formed a growth structure targeting 4593.3. Currently, the market is consolidating below this level. An upward breakout could indicate potential growth towards 4620.0, while a downward breakout might lead to a decline towards 4522.0. If this level is breached as well, the trend could continue towards 4435.8.
