EUR/USD, “Euro vs US Dollar”
The EURUSD pair has performed a wave of decline to 1.0803. Today, the market is forming a consolidation range above this level, potentially further declining towards 1.0801. A subsequent correction towards 1.0830 is probable, followed by a potential decline to 1.0777, serving as a local target.
GBP/USD, “Great Britain Pound vs US Dollar”
The GBPUSD pair broke through 1.2702 and continues its decline towards 1.2678. After reaching this level, a rise towards 1.2702 (testing from below) is possible, followed by a potential decline to 1.2660, serving as a local target. Following this, a correction towards 1.2702 could be considered.
USD/JPY, “US Dollar vs Japanese Yen”
The USDJPY pair found support at 156.52 and may rise towards 157.26. Following this, the price may decline to 156.19, with a breakout below this level opening the potential for a wave towards 155.15, serving as the first target.
USD/CHF, “US Dollar vs Swiss Franc”
The USDCHF pair continues to develop a consolidation range above 0.9133. Today, a rise towards 0.9176 is expected, potentially extending to 0.9188. Following this, a correction towards 0.9090 could be considered.
AUD/USD, “Australian Dollar vs US Dollar”
The AUDUSD pair is undergoing a downward wave towards 0.6580. After reaching this level, a correction towards 0.6616 (testing from below) is possible. Subsequently, the price may decline to 0.6554, serving as a local target.
Brent
Brent oil continues to develop a correction, with the local target at 80.72 already reached. Today, a rise towards 82.00 is probable, followed by another correction towards 79.79. Subsequently, a new growth wave towards 84.10 is expected, serving as the first target.
XAU/USD, “Gold vs US Dollar”
Gold has performed a wave of decline to 2326.46. Today, the market is forming a consolidation range above this level. An upward breakout could initiate a correction towards 2384.80 (testing from below). Subsequently, the price may decline to 2319.50, serving as the first target of the decline wave.
S&P 500
After rebounding from 5351.1, the S&P 500 index has commenced a downward wave towards 5231.1. After reaching this level, a correction towards 5290.5 (testing from below) is possible, followed by a new decline wave towards 5200.0.
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GBP/USD struggles to find a foothold, trades near 1.3150
GBP/USD stays on the back foot and trades in negative territory at around 1.3150 on Friday. The US Dollar holds its ground following the July PCE inflation data and doesn't allow the pair to stage a rebound heading into the weekend.
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