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EUR prepares for a correction. The overview also covers the dynamics of GBP, JPY, CHF, AUD, Brent, Gold, and the S&P 500 index.

EUR/USD (Euro vs US Dollar)

EUR/USD has reached the local target of the declining wave at 1.1020. The market is currently consolidating above this level. A corrective uptrend to 1.1070 is expected to develop, followed by a retracement to 1.1046. Next, the pair could rise to 1.1100, from where the correction might expand to 1.1125 (with a test from below). Once this correction is complete, a new wave of decline to 1.0977 could start. This is the first target.

GBP/USD (Great Britain Pound vs US Dollar)

GBP/USD has completed a wave of growth to 1.2903. Currently, a consolidation range is forming below this level. Breaking out of the range upwards could open the potential for further growth to 1.2929, followed by a decline to 1.2872 and another rise to 1.2946. If the price breaks the range downwards, the wave of decline might extend to 1.2770.

USD/JPY (US Dollar vs Japanese Yen)

USD/JPY has completed a decline to 140.74 and a rise to 141.70. Today the market continues to develop a declining structure towards 139.93. Next, a rise to 141.03 (with a test from below) and a drop to 139.80 could follow. The correction is expected to be over at that point. After reaching this level, a wave of growth to 142.33 might start.

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USD/CHF (US Dollar vs Swiss Franc)

USD/CHF has completed a wave of growth to 0.8698. Currently, the market is forming a correction structure towards 0.8624. After the correction is over, a new wave of growth to 0.8799 could begin.

AUD/USD (Australian Dollar vs US Dollar)

AUD/USD has completed a correction structure to 0.6793. Today a new wave of decline to 0.6726 might start, from where the downtrend could continue to 0.6655.

BRENT

Brent has completed a wave of growth to 83.43. Currently, a consolidation range is forming below this level. A decline to 82.50 is possible, followed by a rise to 83.60. This is a local target. After the price reaches this level, a correction to 81.10 might occur, followed by another rise towards 84.00.

XAU/USD (Gold vs US Dollar)

Gold completed a decline structure to 1951.33. This is a local target. Today, the market has seen a rise to 1966.16, and a consolidation range is forming below this level. Breaking out of the range upwards could extend the wave of growth to 1972.12. If the price breaks the range downwards, a new wave of decline to 1937.00 might begin.

S&P 500

The stock index has formed a consolidation range around 4560.0 and suggests an extension of the range to 4591.0 by breaking out upwards. Once this level is reached, the price might drop to 4530.0. If this level also breaks, the potential for a decline to 4488.0 could open.

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The post Technical Analysis & Forecast for July 26, 2023 appeared first at R Blog - RoboForex.

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By: Igor Sayadov
Title: Technical Analysis & Forecast for July 26, 2023
Sourced From: blog.roboforex.com/blog/2023/07/26/technical-analysis-forecast-for-july-26-2023/
Published Date: Wed, 26 Jul 2023 08:45:20 +0000

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