Forex technical analysis and forecast: Majors, equities and commodities
|EUR/USD, “Euro vs US Dollar”
The EUR/USD pair completed a decline wave to 1.0900 and corrected to 1.0941. Practically, the market set the frames for a consolidation range. A decline link to 1.0878 is expected today. If this level breaks, the trend might extend to 1.0815, from which level a wave structure could reach 1.0778. This is the first target.
GBP/USD, “Great Britain Pound vs US Dollar”
The GBP/USD pair has completed a decline wave to 1.2747 and might correct to 1.2820 today. Thus the market will set the frames for a consolidation range. With an escape from this range downwards, the decline wave could continue to 1.2646. This is a local target.
USD/JPY, “US Dollar vs Japanese Yen”
The USD/JPY pair performed a growth wave to 148.15 and corrected to 147.36. A growth link towards 148.30 is expected today. This is the first target. Once this level is reached, a correction link to 147.40 is not excluded, and when it is over, a growth wave to 149.24 might begin. This is a local target.
USD/CHF, “US Dollar vs Swiss Franc”
The USD/CHF pair is forming a consolidation range around 0.8781. With an upward escape from the range, the growth wave might extend to 0.8818, from which level the trend could continue to 0.8834. This is the first target.
AUD/USD, “Australian Dollar vs US Dollar”
The AUD/USD pair has completed a decline wave to 0.6530. A correction structure to 0.6625 is forming today. Once this level is reached, a decline wave to 0.6570 might start, from which level the trend could extend to 0.6500. This is a local target.
Brent
Brent is forming a consolidation range around 82.38. A growth link to 84.00 is expected. Once the quotes reach this level, a correction link to 82.40 (testing from above) is not excluded, from which level the trend might continue to 85.85. This is a local target.
XAU/USD, “Gold vs US Dollar”
Gold has formed a consolidation range around 2171.50 and, escaping in downwards, extends the wave towards 2147.88. Once this level is reached, a correction link to 2170.00 is not excluded. Next, a decline wave to 2123.60 could begin. This is a local target.
S&P 500
The stock index continues developing a consolidation range around 5136.0. Today the range could expand to 5202.0. Once this level is reached, a decline wave to 5057.0 could begin, from which level a growth link to 5136.0 might form (testing from below).
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