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Brent Extends its Growth - Overview of EUR, GBP, JPY, CHF, AUD, Gold, and the S&P 500 Index

EUR/USD (Euro vs US Dollar)

EUR/USD has experienced a second declining impulse, reaching 1.1107. Today, the market is forming a consolidation range above this level. An escape from the range downwards and an extension of this wave to 1.1025 is expected. This is a local target. After reaching this level, a correction to 1.1125 might follow (with a test from below). Next, the quote could drop to 1.0977.

GBP/USD (Great Britain Pound vs US Dollar)

GBP/USD has completed a structure of a wave of decline to 1.2815. Today, the market is forming a consolidation range above this level. An escape from the range downwards and an extension of this wave to 1.2771 is expected. This is a local target. After the price hits this level, a correction to 1.2868 could follow.

USD/JPY (US Dollar vs Japanese Yen)

USD/JPY has completed a wave of growth to 141.92. Today, the market is forming a consolidation range under this level. A link of correction to 139.80 is not excluded. After it is over, a new wave of growth to 142.33 is expected.

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USD/CHF (US Dollar vs Swiss Franc)

USD/CHF has completed a wave of growth to 0.8683. Today, the market is forming a consolidation range around this level. An escape from this range upwards might open the potential for a rise to 0.8750. With an escape downwards, a link of correction to 0.8625 is not excluded. Next, an increase to 0.8800 could follow.

AUD/USD (Australian Dollar vs US Dollar)

AUD/USD has reached the target of a declining wave at 0.6715. A consolidation range could develop above this level today. The price is expected to break the range downwards and extend the wave to 0.6699. After the price reaches this level, a correction to 0.6740 might develop, followed by a decline to 0.6638.

BRENT

Brent has completed a structure of growth to 81.05. A consolidation range is forming under this level. A breakout of the range upwards and a rise to 81.81 are expected. After the price reaches this level, a link of correction to 80.80 is not excluded (with a test from above). Next, a rise to 83.00 might follow, from where the trend could continue to 84.00. This is a local target.

XAU/USD (Gold vs US Dollar)

Gold has completed a structure of decline to 1956.70. A consolidation range could form above this level today. An escape from the range downwards might let the trend continue to 1950.40. After the price hits this level, a link of correction to 1960.30 is not excluded, followed by a decline to 1937.20.

S&P 500

The stock index continues developing a wave of decline. Today, the 4534.4 level could break downwards. The estimated decline target is 4504.0. After the price reaches this level, a link of correction to 4530.0 is not excluded, followed by a decline to 4486.6. This is the first target.

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The post Technical Analysis & Forecast for July 24, 2023 appeared first at R Blog - RoboForex.

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By: Igor Sayadov
Title: Technical Analysis & Forecast for July 24, 2023
Sourced From: blog.roboforex.com/blog/2023/07/24/technical-analysis-forecast-for-july-24-2023/
Published Date: Mon, 24 Jul 2023 08:24:44 +0000

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