Forex technical analysis and forecast: Majors, equities and commodities

EUR/USD, “Euro vs US Dollar”

The EUR/USD pair continues developing a consolidation range. By now, a decline wave structure has been completed at 1.0700 alongside a correction towards 1.0733 (testing from below). Practically, a trend continuation pattern has formed around 1.0733. With an upward escape from the range, a correction link towards 1.0765 is not excluded. With a downward escape, the potential for a wave towards 1.0630 could open, from which level the trend might extend to 1.0580. This is a local target.

GBP/USD, “Great Britain Pound vs US Dollar”

The GBP/USD pair formed a decline wave to 1.2510 and corrected towards 1.2563 today. Practically, a consolidation range has formed, which can be interpreted as a trend continuation pattern. With an upward escape from the range, the correction could extend towards 1.2646. With a downward escape, the potential for a wave towards 1.2440 might open, from which level the trend could continue to 1.2384. This is a local target.

USD/JPY, “US Dollar vs Japanese Yen”

The USD/JPY pair continues developing a narrow consolidation range around 153.00. The range might expand to 153.38 today and then drop to 153.00. With an escape from this range downwards, a correction link to 152.00 is not excluded. With an upward escape, the potential for a wave by the trend towards 154.40 might open. This is a local target.

USD/CHF, “US Dollar vs Swiss Franc”

The USD/CHF pair is forming a consolidation range above 0.9090. A decline link to 0.9074 is not excluded today. Next, a new growth wave to 0.9166 is expected, which is a local target.

AUD/USD, “Australian Dollar vs US Dollar”

The AUD/USD pair continues developing a consolidation range around 0.6528. With an upward escape from the range, a correction link to 0.6565 is not excluded. With a downward escape, the trend could continue to 0.6422. This is a local target.

Brent

Brent has finished correcting at 88.88 and is forming a growth wave structure towards 90.37 today. Be this level also breached upwards, the potential for a wave towards 91.81 could open. This is a local target. Next, the quotes could correct to 90.40 (testing from above) and rise to 92.40, from where the trend might extend to 97.00. This is the first target.

XAU/USD, “Gold vs US Dollar”

Gold has broken the 2352.55 level and continues developing a growth wave. By now, a range extension link towards 2379.33 has formed. The trend could continue to 2384.84 today. Once this level is reached, a consolidation range is expected to form. With a downward escape from the range, a correction to 2323.23 could begin. With an upward escape, the wave might continue towards 2430.00. This is a local target.

S&P 500

The stock index has formed a decline wave to 5131.0. A correction link to 5205.0 has formed today. A consolidation range is expected to form under this level. With a downward escape from the range, the potential for a decline wave to 5100.00 might open. This is the first target. Once this level is reached, a correction to 5225.0 could start.