Forex Technical Analysis and Forecast: Majors, Stocks and Commodities
EUR/USD, “Euro versus US dollar”
After ending the downward impulse at 1.0643 with the correction down to 1.0705, EURUSD is forming a new downward pattern to break 1.0640 and may later continue to trade lower with the target at short term at 1.0575.
GBP/USD, “British pound against US dollar”
GBP/USD has formed a new consolidation range below 1.2596. It is possible that today the pair could form another descending pattern towards 1.2355. After that, the instrument may form another uptrend to test 1.2470 and resume trading lower with the target at 1.2155.
USD/JPY, “US Dollar versus Japanese Yen”
USD/JPY is still consolidating around 127.20. It is possible that the pair will advance towards 128.02 and then start a fresh decline with the target at 126.20.
USD/CHF, “US dollar against Swiss franc”
USD/CHF is consolidating above 0.9575. Today, the pair may rise towards 0.9750 and then start a further decline to reach 0.9662. After that, the instrument can resume trading higher with the target at 0.9920.
AUD/USD, “Australian dollar against US dollar”
After completing the downward impulse at 0.7035 as well as the correction down to 0.7107, AUDUSD is likely to start a further decline to break 0.7030 and then continue lower with the target at 0.6920.
Brent is still consolidating above 112.00. It is possible for the asset to form another uptrend to break 114.90 and then continue the uptrend with the target at 118.36.
XAU/USD, “Gold against US dollar”
Gold is still correcting to 1839.36 and may later form another ascending pattern with the target at 1888.08. After that, the instrument can correct towards 1850.00 and then resume its rise to reach 1909.80.
The S&P index is still consolidating around 3952.8 with no particular direction. It is possible that the asset could rise towards 4084.5. Later, the market may resume trading lower to break 3860.0 and then continue lower with the first target at 3655.7.