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The S&P 500 index initiates a downward movement. The article also provides insights on the performance of EUR, GBP, JPY, CHF, AUD, Brent, and Gold.

EUR/USD (Euro vs US Dollar)

EUR/USD has broken below 1.0920 and is currently undergoing a decline towards 1.0880. Once the price reaches this level, a potential upward correction to 1.0920 (a test from below) cannot be ruled out. Subsequently, a further decline to 1.0857 is anticipated, with a potential continuation of the downward wave towards 1.0750 as a local target.

GBP/USD (Great Britain Pound vs US Dollar)

GBP/USD has completed a downward wave, reaching 1.2606. The market is currently consolidating above this level. There is a possibility of a corrective bounce to 1.2686 (a test from below). However, a subsequent decline to 1.2538 is expected as the initial target.

USD/JPY (US Dollar vs Japanese Yen)

USD/JPY continues its upward movement towards 144.88. After reaching this level, a potential downward correction to 143.90, followed by a rise to 145.00, cannot be excluded. A subsequent downward wave towards 141.66 may ensue.

USD/CHF (US Dollar vs Swiss Franc)

USD/CHF is consolidating within a range around 0.8977. A potential upward movement towards 0.9004 is anticipated today. In the event of a breakout above this level, there is potential for further upward momentum towards 0.9055 as a local target.

AUD/USD (Australian Dollar vs US Dollar)

AUD/USD has completed a downward wave, reaching 0.6594. A potential corrective rally towards 0.6650 (a test from below) is not ruled out today. Subsequently, a decline to 0.6587 could follow. Once the target is reached, a new wave of growth towards 0.6717 might begin.

BRENT

Brent has concluded an upward wave, reaching 71.85. The market has recently completed a surge to 74.38. Currently, a consolidation range is forming below this level. If the price breaks above this range, it could extend the upward wave towards 77.34 and potentially reach 81.00.

XAU/USD (Gold vs US Dollar)

Gold continues its downward wave towards 1900.00. Following the price reaching this level, a potential upward wave towards 1918.15 may occur, followed by a decline to 1906.50. A subsequent wave of growth towards 1936.80 might initiate thereafter.

S&P 500

The stock index has completed a corrective structure, reaching 4389.5. A new downward wave towards 4326.8 is expected today, with the potential for further continuation towards 4282.2.

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The post Technical Analysis & Forecast for June 29, 2023 appeared first at R Blog - RoboForex.

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By: Igor Sayadov
Title: Technical Analysis & Forecast for June 29, 2023
Sourced From: blog.roboforex.com/blog/2023/06/29/technical-analysis-forecast-for-june-29-2023/
Published Date: Thu, 29 Jun 2023 08:16:58 +0000

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