Forex technical analysis and forecast: Majors, equities and commodities
|EUR/USD, “Euro vs US Dollar”
The EURUSD pair has completed a decline wave, reaching 1.0780. By now, the market has corrected to 1.0817. A decline wave targeting 1.0746 is forming today. Once the price reaches this level, a correction towards 1.0780 (testing from below) could start, with the movement continuing to the local target of 1.0700.
GBP/USD, “Great Britain Pound vs US Dollar”
The GBPUSD pair has completed a decline wave, reaching 1.2567, and corrected to 1.2631. A decline wave targeting 1.2595 is forming today. A breakout of this level will open the potential for a movement to 1.2540, from where the trend might continue to 1.2525.
USD/JPY, “US Dollar vs Japanese Yen”
The USDJPY pair is currently in a consolidation phase around 151.45 without any strong trend. A decline to 150.95 is not ruled out today. Next, the price could rise to 151.50. An upward breakout of this level will open the potential for a movement to 152.00, with the trend possibly continuing to 152.80.
USD/CHF, “US Dollar vs Swiss Franc”
The USDCHF pair is currently in a consolidation phase around 0.9033. Today, the price declined to 0.8998, practically forming a corrective wave. Growth to 0.9033 (testing from below) is expected. Subsequently, another corrective structure could develop, aiming for 0.8992. After this correction is over, a new growth wave towards 0.9100 could start.
AUD/USD, “Australian Dollar vs US Dollar”
The AUDUSD pair has completed a decline wave, reaching 0.6485, and corrected to 0.6527. Another decline wave targeting 0.6464 is expected today. After reaching this level, the price could correct to 0.6515 (testing from below).
Brent
Brent maintains its upward trajectory to 87.42. After hitting this level, the price could correct to 85.70 (testing from above). Next, a new growth wave towards 89.00 could start, with the trend potentially developing to the local target of 90.40.
XAU/USD, “Gold vs US Dollar”
Gold has formed a narrow consolidation range around 2194.11 and, breaking above it, surged to 2231.31. Today, a consolidation range is expected to form below this level. With a downward breakout, a corrective phase to 2194.11 (testing from above) could follow, with the price subsequently rising to 2239.33.
S&P 500
The stock index has completed a growth wave, reaching 5270.0. A decline to 5244.4 is not ruled out today. Next, another growth structure targeting 5277.7 could develop. Once the price reaches this level, the decline wave to 5211.1 could start. This is the first target.
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