Forex technical analysis and forecast: Majors, equities and commodities

EUR/USD, “Euro vs US Dollar”

The EUR/USD pair has completed a growth wave to 1.0914. A consolidation range is expected to form around the 1.0899 level today. With a downward escape from the range, a correction structure could target 1.0884 (testing from above). When the correction is over, a growth structure to 1.0919 is not excluded. Next, a decline wave to 1.0858 is expected, from where the trend might extend to 1.0795. This is the first target.

GBP/USD, “Great Britain Pound vs US Dollar”

The GBP/USD pair has performed a growth wave to 1.2760. A correction to 1.2717 might form. Once the correction is over, a growth structure to 1.2770 is not excluded, followed by a decline to 1.2670. This is the first target.

USD/JPY, “US Dollar vs Japanese Yen”

The USD/JPY pair formed a consolidation range around 149.47. With a downward escape from the range today, the market extended the growth wave to 148.40. Currently, a new consolidation range is forming above this level. An upward escape from the range and a growth link towards 149.47 (testing from below) is expected. Next, a new correction link to 148.24 might form.

USD/CHF, “US Dollar vs Swiss Franc”

The USD/CHF pair continues developing a consolidation range around 0.8838, and today the market has expanded it downwards to 0.8804. A growth link to 0.8838 (testing from below) is not excluded, followed by a decline link to 0.8787. Next, a growth wave to 0.8930 could start. This is the first target.

AUD/USD, “Australian Dollar vs US Dollar”

The AUD/USD pair has performed a growth wave to 0.6580. A consolidation range is forming around this level today, probably expanding to 0.6591. Next, a decline wave to 0.6522 might start. This is the first target.

Brent

Brent has completed a growth link to 83.71. Further correction to 81.81 is expected today. Once this correction is over, a new growth wave to 85.85 might begin, from where the trend could continue to 86.60. This is the first target.

XAU/USD, “Gold vs US Dollar”

Gold has completed a growth wave to 2150.00. Today the market is forming a consolidation range around this level. With an upward escape from the range, the wave might extend to 2182.00. With a downward escape, the potential for a correction to 2083.63 could open. Once the correction is over, the trend might extend to 2196.00. This is a local target.

S&P 500

The stock index has completed a correction to 5127.7 and a decline impulse to 5093.0. A consolidation range is expected to develop around this level. With a downward escape from the range, the potential for a wave to 5050.5 might open. This is a local target. Once this level is reached, a correction link to 5090.0 is expected, followed by a decline to 4959.0. This is the first target.