Technical Analysis & Forecast 31.07.2023

EURUSD, “Euro vs US Dollar”

EURUSD has completed the first corrective target at the 1.1046 level. Today a link of decline to the 1.0992 level might develop. After the price reaches this level, another structure of growth to 1.1035 could follow. An upward breakout of this level will open the potential for the structure development to the 1.1077 level with the prospect of trend continuation to 1.1122.

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD has completed the first target of a corrective wave at 1.2886. Today a link of decline to the 1.2814 level could form. After the price hits this level, another structure of growth to 1.2862 could follow. An upward breakout of this level will open the potential for growth to 1.2909 with the prospect of trend continuation to the 1.2959 level.

USDJPY, “US Dollar vs Japanese Yen”

USDJPY is forming a wave of growth to the 142.40 level. After the price reaches this level, a link of decline to 140.24 is expected, followed by growth to the 142.50 level.

USDCHF, “US Dollar vs Swiss Franc”

USDCHF continues to develop a consolidation range around the 0.8690 level. Today a link of decline to 0.8644 might develop, followed by growth to 0.8785. This is the first target. After the price hits this level, a correction to the 0.8644 level is possible, followed by growth to 0.8880.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD has completed a wave of decline to the 0.6623 level. An impulse of growth to 0.6684 and a correction to 0.6644 have been formed. A link of decline to the 0.6633 level is possible, followed by growth to 0.6693. With an upward breakout of this level, growth could continue to the 0.6720 level with the prospect of trend continuation to 0.6767.

BRENT

Brent has completed a wave of growth to 84.42. Today the market is forming a consolidation range above this level. A link of decline to 83.83 is not excluded, followed by growth to 84.84. This is a local target. After the price hits this level, a correction to the 81.63 level is expected to start.

XAUUSD, “Gold vs US Dollar”

Gold has completed a wave of growth to the 1962.30 level. Today the market is forming a structure of decline to the 1948.30 level. In fact, the market will indicate a consolidation range. A downward breakout will open the potential for a decline to 1933.30. With an upward breakout, growth to the 1980.00 level could start, followed by a decline to the 1914.44 level.

S&P 500

The stock index has formed a structure of growth to the 4593.3 level. Today the market is forming a consolidation range below this level. An upward breakout will open the potential for growth to 4620.0, while a downward breakout will open the potential for a decline to 4522.0. If this level is also broken down, a trend could continue to 4435.8.