Technical Analysis & Forecast 28.07.2023

EURUSD, “Euro vs US Dollar”

EURUSD has reached the target of the first declining wave at 1.0950. Today a corrective wave might start. A consolidation range is currently forming at the lows around 1.0985. A link of growth to 1.1025 is expected, followed by a decline to 1.0985 (with a test from above). Next, an increase to 1.1080 could follow, from where the corrective wave might continue to 1.1124.

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD has reached the target of the first declining wave at 1.2762. A consolidation range could form at the current lows today. An escape from the range upwards could be the beginning of a corrective wave. The first wave of growth to 1.2870 is expected, followed by a decline to 1.2814.

USDJPY, “US Dollar vs Japanese Yen”

USDJPY has performed a wave of correction to 138.08. A new wave of growth to 140.22 is expected to begin today. And if this level also breaks upwards, the potential for trend continuation to 142.40 could open. This is the first target.

USDCHF, “US Dollar vs Swiss Franc”

USDCHF has reached the target of the declining wave at 0.8555. An impulse of growth to 0.8698 has been completed today. A consolidation range is expected to form. A link of decline to 0.8636 is not excluded (with a test from above). Next, a rise to 0.8700 is expected. And with a breakout of this level upwards, the wave might develop to 0.8842. This is the first target.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD has completed a structure of a declining wave to 0.6644. A consolidation range might form around this level today. With an escape from the range upwards, a correction might start developing. The first target for the correction is 0.6730.

BRENT

Brent has completed a wave of growth at 84.04. Today the market is forming a consolidation range under this level. A decline to 82.60 is expected. And with a downward breakout of this level, the potential for a corrective wave to 81.30 might open.

XAUUSD, “Gold vs US Dollar”

Gold has completed a wave of decline to 1942.56. At the moment, the market has formed a consolidation range above this level, and with an escape upwards a link of growth to 1960.30 could develop (with a test from below). Next, a link of decline to 1937.00 is not excluded.

S&P 500

The stock index has completed an impulse of decline to 4530.7. Today it might rise to 4566.0 and next drop to 4522.0. This is the first target of the declining wave. After the price hits this level, a correction to 4566.0 could form.