Forex technical analysis and forecast: Majors, equities and commodities
|EUR/USD, “Euro vs US Dollar”
The EURUSD pair has completed a growth wave towards 1.0733 and a decline link to 1.0678. Practically, the boundaries of a consolidation range have been set. Today the market is hovering at its upper boundary. Range extension towards 1.0750 is not excluded. Next, a decline wave targeting the lower boundary of the range could start. And if the 1.0670 level is breached, the potential for a decline towards 1.0585 might open.
GBP/USD, “Great Britain Pound vs US Dollar”
The GBPUSD pair has completed a growth wave towards 1.2500 and a decline link to 1.2456. Practically, the boundaries of a consolidation range have been set. Today the market might extend the range towards 1.2538. Next, a decline wave targeting the 1.2444 level could start. And if this level is breached, the potential for a decline by the trend towards 1.2360 might open.
USD/JPY, “US Dollar vs Japanese Yen”
The USDJPY pair has completed a growth wave towards 155.95. Today the market is forming a consolidation range around this level. With an upward escape from the range, the potential for a rise to 156.46 could open, and once this level is reached, a decline wave targeting 154.54 could begin. This is the first target of the decline wave.
USD/CHF, “US Dollar vs Swiss Franc”
The USDCHF pair has completed a growth wave towards 0.9155. A decline link targeting 0.9101 is not excluded today. Next, a growth wave might extend towards 0.9195. This is the first target of the growth wave. Once this level is reached, a correction towards 0.9100 could follow.
AUD/USD, “Australian Dollar vs US Dollar”
The AUDUSD pair has completed a growth wave towards 0.6537 and a decline link to 0.6458. Practically, the market has set the boundaries of a consolidation range. A growth link to 0.6544 is not excluded. Next, a new decline wave towards 0.6480 is expected to start. And if this level also breaks, the potential for a wave targeting 0.6420 might open. This is the first target of a new decline wave.
Brent
Brent has completed a growth wave to 88.00. A consolidation range is expected to form around this level today. With an upward escape from the range, the potential for a wave targeting 89.30 might open, from which level the trend could extend towards 92.00. With a downward escape, a correction link to 86.30 is not excluded. Next, the trend is expected to extend towards 92.00. This is a local target.
XAU/USD, “Gold vs US Dollar”
Gold has completed a growth wave targeting 2344.44. The market is forming a consolidation range under this level today. An escape downwards is expected, after which a decline wave targeting 2306.90 could start. Once this level is reached, a growth link to 2323.00 (testing from below) is not excluded. Next, a decline wave targeting 2275.00 could continue. This is a local target of the decline wave.
S&P 500
The stock index has formed a correction wave towards 5092.2 and a decline wave targeting 4990.0. Practically, the market has set the boundaries of a consolidation range. Today the market is at the upper boundary of this range. A decline towards 4990.0 is expected. And if this level also breaks, the potential for a wave towards 4904.0 could open. This is a local target of the decline wave.
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