Forex technical analysis and forecast: Majors, equities and commodities
|EUR/USD, “Euro vs US Dollar”
The EUR/USD pair has completed a correction structure towards 1.0689. Today the market has formed a decline wave to 1.0610 and a growth link towards 1.0638 (testing from below). The decline wave is expected to extend to 1.0585. This is a local target. Once this level is reached, a correction to 1.0733 might start, followed by a decline to 1.0480. This is the first target.
GBP/USD, “Great Britain Pound vs US Dollar”
The GBP/USD pair has finished correcting at 1.2483. Today the market continues developing the decline wave. A wave structure targeting 1.2389 has formed by now. A growth link to 1.2427 is not excluded, followed by a decline to 1.2380. This is a local target. Once this level is reached, a correction to 1.2380 might start, followed by a decline to 1.2222. This is the first target.
USD/JPY, “US Dollar vs Japanese Yen”
The USD/JPY pair has corrected to 153.59. Today the market is forming a growth wave to 154.66. Once this level is reached, a decline to 154.10 is expected, after which a new growth wave towards 155.20 might begin, from which level the trend could continue to 155.75.
USD/CHF, “US Dollar vs Swiss Franc”
The USD/CHF pair has broken a consolidation range downwards, reaching the correction target of 0.9009. Today the market is forming a growth structure to 0.9111. Once this level is reached, a decline link to 0.9060 is not excluded. Next, a new growth wave to 0.9150 might start, from which level the trend could continue to 0.9196. This is the first target.
AUD/USD, “Australian Dollar vs US Dollar”
The AUD/USD pair has completed a correction wave targeting 0.6455. Today the market continues developing the decline wave. A wave targeting 0.6360 has formed by now. A growth link towards 0.6419 is not excluded (testing from below). Next, a decline to 0.6350 might follow, from which level the trend could extend to 0.6314. This is the first target.
Brent
Brent has completed a correction wave targeting 85.65. Today the market is forming a growth wave targeting 90.30. Once this level is reached, a decline wave targeting 88.00 is not excluded, followed by a rise to 92.00, from which level the trend might extend to 95.00.
XAU/USD, “Gold vs US Dollar”
Gold has escaped a consolidation range upwards, completing a growth structure targeting 2417.66. Today the market has returned to 2380.70 (testing from above). Another growth structure targeting 2435.78 is not excluded. Once this level is reached, a decline wave towards 2324.55 might begin. This is the first target.
S&P 500
The stock index has formed a consolidation range around 5045.5, forming a wave structure towards 4928.0 with a downward escape. A growth link to 4978.0 is not excluded today (testing from below). Next, a decline to 4908.0 might follow, from where the trend could continue to 4875.8. This is a local target.
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