Forex technical analysis and forecast: Majors, equities and commodities
|EUR/USD, “Euro vs US Dollar”
The EUR/USD pair has completed a growth phase, reaching 1.0890. Today, a consolidation range could form around this level, possibly extending to 1.0909. Next, a decline wave might start, aiming for 1.0820 and potentially continuing to the first target of 1.0730.
GBP/USD, “Great Britain Pound vs US Dollar”
The GBP/USD pair has completed a growth phase, reaching 1.2700. A consolidation range is currently forming around this level, possibly extending to 1.2727. Next, a decline wave might start, aiming for 1.2580 and potentially continuing to the first target of 1.2444.
USD/JPY, “US Dollar vs Japanese Yen”
The USD/JPY pair has corrected towards 155.90. Today, the market is forming a consolidation range below this level. A downward breakout and a new wave targeting 152.20 are expected, from where the trend could develop to the local target of 151.40.
USD/CHF, “US Dollar vs Swiss Franc”
The USD/CHF pair has completed a growth impulse, reaching 0.9072. Today, a correction could follow, targeting 0.9027. Once the correction is complete, another growth wave might start, aiming for 0.9144 as the local target.
AUD/USD, “Australian Dollar vs US Dollar”
The AUD/USD pair has completed a decline impulse, reaching 0.6654. Today, the price is expected to rise to 0.6685. Practically, a new consolidation range is forming. A downward breakout will open the potential for a decline wave towards 0.6587, potentially continuing to the first target of 0.6555.
Brent
Brent has formed a consolidation range around 82.75. An upward breakout will open the potential for a wave towards 84.64. After reaching this level, the price could correct towards 82.75 (testing from above), subsequently rising to the local target of 86.40.
XAU/USD, “Gold vs US Dollar”
Gold has completed a decline impulse, reaching 2370.80. Today, a correction of this impulse towards 2389.00 is expected. Next, a new decline wave could start, aiming for 2339.15 and potentially continuing to the first target of 2331.00.
S&P 500
The stock index is forming a consolidation range around 5311.1. A decline impulse towards 5296.0 is complete today. A rise to 5311.1 (testing from below) is expected. An upward breakout of the range will open the potential for a wave towards 5333.0, followed by a decline towards 5264.0. A downward breakout will open the potential for a decline wave to 5252.0, potentially continuing to the first target of 5171.5.
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