Forex technical analysis and forecast: Majors, equities and commodities

EUR/USD, “Euro vs US Dollar”

The EUR/USD pair practically finished a correction wave at 1.0884 and started developing a decline wave because of the news. By now, the quotes have finished the wave at 1.0728. A consolidation range is expected to form above this level today. With an escape upwards, a growth link towards 1.0773 (testing from below) is not excluded. Next, a decline to 1.0682 might follow. With a downward escape from the range, the wave could extend to 1.0682, from which level the trend might continue to 1.0662.

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

The GBP/USD pair finished correcting at 1.2708 and continued developing a new decline wave on the news. By now, a wave towards 1.2520 has formed. A consolidation range might form around this level today. With an escape upwards, a growth link towards 1.2570 is not excluded (testing from below). Next, a decline by the trend to 1.2450 might follow. With a downward escape from the range, the potential for a wave targeting 1.2450 could open, from which level the trend might continue to 1.2355.

USD/JPY, “US Dollar vs Japanese Yen”

The USD/JPY pair escaped a consolidation range upwards on the news and formed a growth wave towards 153.22. A consolidation range might form under this level today. With a downward escape, a decline link to 152.55 is not excluded. With an upward escape, the potential for a wave to 154.00 might open. This is a local target.

USD/CHF, “US Dollar vs Swiss Franc”

The USD/CHF pair has corrected to 0.9012. On the news, the market continued developing a growth wave towards 0.9146. A consolidation range might form under this level today. An escape downwards to 0.9090 is not excluded (testing from above). Next, a rise to 0.9165 could follow. With an upward escape from the range, the potential for a wave towards 0.9165 might open, from where the trend could extend to 0.9185.

AUD/USD, “Australian Dollar vs US Dollar”

The AUD/USD pair formed a correction wave targeting 0.6643. On the news, the market started a decline wave again. By now, a decline link to 0.6498 has formed. The market is completing a consolidation range above this level today. With an upward escape, a growth link towards 0.6537 is not excluded (testing from below). Next, a decline to 0.6435 could follow. With a downward escape from the range, the potential for a decline wave towards 0.6411 might open, from where the trend could extend to 0.6395.

Brent

Brent has finished correcting at 88.38. A growth impulse to 90.20 has formed today. A consolidation range is now forming under this level. With an upward escape from the range, the potential for a rise to 91.16 might open. Once this level is reached, a correction link to 89.90 is not excluded (testing from above). Next, a rise to 91.47 might follow. This is a local target.

XAU/USD, “Gold vs US Dollar”

Gold has formed a correction wave towards 2320.00. By now, the market has made a growth impulse to 2352.33. A consolidation range is expected to form under this level today. With an upward escape, the wave could extend to 2370.70, from where the trend might continue to 2377.77. This is a local target.

S&P 500

The stock index has completed a decline wave towards 5135.0. A correction link to 5182.0 has formed today. A consolidation range is expected to develop under this level. With a downward escape from the range, the potential for a decline wave to 5125.0 might open. This is the first target. Once this level is reached, a correction towards 5205.0 might start.