Forex Technical Analysis and Forecast: Majors, Stocks and Commodities
EUR/USD, “Euro versus US dollar”
After rebounding from 0.9914 and completing a new upward pattern at 1.0000, EURUSD is consolidating below this latest level. It is possible that the pair will widen the range to 1.0030 and then start lowering the target again at 0.9830.
GBP/USD, “British pound against US dollar”
After rebounding from 1.1648 and ending a new uptrend at 1.1744, GBPUSD is consolidating below this latest level. After that, the instrument can break the range to the downside and resume the decline with the target at 1.1600, or even extend this structure down to 1.1550.
USD/JPY, “US Dollar versus Japanese Yen”
After ending the upswing at 138.95, USDJPY is likely to correct down to 137.60 and may later form another upside pattern with the target at 139.37.
USD/CHF, “US dollar against Swiss franc”
USDCHF is consolidating around 0.9664. It is possible that today the pair could break the range to the upside and resume its rise towards 0.9755. After that, the instrument can start a new correction down to 0.9666.
AUD/USD, “Australian dollar against US dollar”
After rebounding from 0.6840 and ending the correction at 0.6920, AUDUSD is consolidating below this latest level. Today the pair may break the range lower and resume falling with the short term target at 0.6800.
After ending the upswing at 103.23 and forming a new consolidation range around that level, Brent broke it higher and may soon reach 106.08. Later, the market may correct to 103.23 and then begin further growth with a target at 109.00.
XAU/USD, “Gold against US dollar”
After rebounding from 1720.30 and completing the correctional structure at 1745.40, gold is consolidating below this latter level. Later, the market might break the lower range and resume trading lower with the target at 1716.77, or even extend this pattern down to 1707.77.
After rebounding from 4004.0 and ending the correctional structure at 4063.5, the S&P is expected to resume its slide towards 3929.0. Later, the market may start another correction with the target at 4100.0.