Forex technical analysis and forecast: Majors, equities and commodities
|EUR/USD, “Euro vs US Dollar”
The currency pair has completed a wave of correction to 1.0729. At the moment, a consolidation range is forming around this level. We expect the price to escape the range downwards and go on developing the wave to 1.0620. The target is local. After the quotes reach this level, a link of growth to 1.0670 might follow, after which we might see a decline to 1.0515.
GBP/USD, “Great Britain Pound vs US Dollar”
The currency pair has completed a structure of growth to 1.2283. Today the market is forming a consolidation range under this level. With an escape from the range downwards, a wave of decline might develop to 1.2140. Next, we might see growth to 1.2210 and a decline to 1.2010.
USD/JPY, “US Dollar vs Japanese Yen”
The currency pair is forming a consolidation range around 130.96. If the price escapes the range downwards, it might decline to 130.50. And if the price escapes the range upwards, a link of growth to 132.20 might develop. After this level is reached, a structure of decline to 131.31 might develop. Then growth to 132.50 might follow.
USD/CHF, “US Dollar vs Swiss Franc”
The currency pair continues developing a consolidation range above 0.9266. The range might extend downwards to 0.9222. Then growth to 0.9358 and a link of decline to 0.9266 (a test from above) might follow. After the price reaches this level, it might grow to 0.9400.
AUD/USD, “Australian Dollar vs US Dollar”
The currency pair has completed a structure of a wave of growth to 0.6728. Today the market continues forming a consolidation range under this level. We expect the price to escape it downwards and continue the decline to 0.6645, from where the wave might develop a further decline to 0.6565.
Brent
Brent continues developing a consolidation range around 72.80. Then it might grow to 75.50. After the quotes reach this level, it might form a link of correction to 72.80. Then growth to 78.40 should follow.
XAU/USD, “Gold vs US Dollar”
Gold quotes have extended the consolidation range upwards to 2009.00. Today the market has declined to the lower border of the range at 1970.00. We then escape the price to escape the range downwards to 1940.00, from where the range might continue developing to 1893.40.
S&P 500
The stock index continues developing a consolidation range around 3905.5. Today the consolidation range might extend to 4000.0. Then a decline to 3800.0 might follow. And when this level breaks, the wave might continue to 3600.0.
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