Forex technical analysis and forecast: Majors, equities and commodities

EUR/USD, “Euro vs US Dollar”

The EUR/USD pair has extended a consolidation range towards 1.0806. Today, a decline structure is forming, aiming for 1.0766. A breakout of this level will open the potential for a wave to 1.0744, with the trend potentially continuing to the local target of 1.0680.

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

The GBP/USD pair has extended a consolidation range towards 1.2565. Today, the price could decline to the range’s lower boundary at 1.2505. A breakout of this level will open the potential for a wave to 1.2444, with the trend potentially continuing to the local target of 1.2333.

USD/JPY, “US Dollar vs Japanese Yen”

The USD/JPY pair has completed a growth wave, reaching 156.15. Today, the market has formed a narrow consolidation range around this level and, breaking above it, enables the extension of the growth wave towards 156.66. After the price reaches this level, a new consolidation range could form below this level. With a downward breakout of this range, a decline wave could start, aiming for 154.00 as the first target.

USD/CHF, “US Dollar vs Swiss Franc”

The USD/CHF pair has extended a consolidation range towards 0.9045. Today, a growth wave structure is forming, targeting 0.9129. After the price hits this level, a new consolidation range could develop around this level. With an upward breakout, the trend might continue to the local target of 0.9218.

AUD/USD, “Australian Dollar vs US Dollar”

The AUD/USD pair has extended a consolidation range towards 0.6626. Today, a decline structure is forming, targeting 0.6580. A downward breakout of this level will open the potential for a wave to 0.6464, potentially continuing to the local target of 0.6420.

Brent

Brent has received support at 82.01 and continues to develop a growth structure, aiming for 83.80. Once the price reaches this level, a new consolidation range is expected to develop. With an upward breakout, the growth wave might expand to 85.55, potentially continuing to the local target of 86.00.

XAU/USD, “Gold vs US Dollar”

Gold has completed a decline wave, reaching 2331.50. Today, the market is forming a consolidation range above this level. A rise to 2351.65 (testing from below) is not ruled out, followed by a decline to 2323.50. A breakout of this level will open the potential for a wave to 2270.00, from where the trend might continue to 2245.70. This is the first target of the decline wave.

S&P 500

The stock index is currently in a consolidation phase around 5222.2 without any strong trend. The consolidation range might expand to 5246.5. With a downward breakout, a new decline wave could start, aiming for 5165.0 and potentially continuing to 5081.0. This is the first target of another decline wave.