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Brent Expected to Continue its Upward Trend - Alongside Analysis of EUR, GBP, JPY, CHF, AUD, Gold, and the S&P 500 Index.

EUR/USD (Euro vs US Dollar)

The EUR/USD currency pair has broken out of a consolidation range to the upside, completing a growth pattern to 1.0994. Today, a corrective decline to 1.0950 is possible, followed by a rise to 1.1000. After reaching this level, a potential wave of decline to 1.0890 may occur.

GBP/USD (Great Britain Pound vs US Dollar)

The GBP/USD currency pair has completed a downward wave to 1.2690, followed by a correction to 1.2780. Today, a consolidation range is expected to form around this level. If there is a downward breakout from this range, it may lead to a decline to 1.2670. Conversely, if there is an upward breakout, a link of growth to 1.2840 is not excluded, followed by a decline to 1.2670.

USD/JPY (US Dollar vs Japanese Yen)

The USD/JPY currency pair has completed a growth pattern to 142.33. Today, a decline to 141.10 could occur. After reaching this level, a rise to 143.20 might ensue.

USD/CHF (US Dollar vs Swiss Franc)

The USD/CHF currency pair has completed a downward wave structure to 0.8920. Today, the market is forming a consolidation range above this level. An upward breakout to 0.8955 is expected, followed by a potential subsequent decline to 0.8914.

AUD/USD (Australian Dollar vs US Dollar)

The AUD/USD currency pair has completed a downward wave structure to 0.6740, followed by a correction to 0.6805. Today, a new downward movement may develop to 0.6717. After reaching this level, a wave of growth to 0.6800 is anticipated.

BRENT

Brent crude oil has completed a growth pattern to 77.20. Today, a decline to 76.06 is expected. Following this, a new upward pattern to 77.77 may ensue, and the trend could potentially continue to 79.25. This serves as a local target for Brent.

XAU/USD (Gold vs US Dollar)

Gold has completed a downward wave to 1919.19. Today, the market has experienced a correction to 1937.55 (a test from below). Next, a new downward structure is expected to develop to 1917.00, followed by a potential continuation of the trend to 1906.60. After reaching this level, a correction to 1940.00 is not excluded, followed by a decline to 1901.00.

S&P 500

The S&P 500 stock index continues its downward trend to 4357.2. After reaching this level, a correction to 4404.4 could occur. Next, a decline to 4300.7 is expected. This serves as a local target for the index.

The post Technical Analysis & Forecast for June 22, 2023 appeared first at R Blog - RoboForex.

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By: Igor Sayadov
Title: Technical Analysis & Forecast for June 22, 2023
Sourced From: blog.roboforex.com/blog/2023/06/22/technical-analysis-forecast-for-june-22-2023/
Published Date: Thu, 22 Jun 2023 07:17:26 +0000

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