Technical Analysis and Forex Forecast: Majors, Stocks and Commodities
EUR / USD, “Euro against US dollar”
After hitting the short term bearish target at 1.1730 and forming a new consolidation range, the EURUSD broke it lower to hit 1.1710. Today, the pair may form further ascending structure to break 1.1730, then continue the correction to test 1.1750 from the bottom. Later, the market may resume trading on the downtrend with the target at 1.1666.
GBP / USD, “British pound against the US dollar”
After hitting the short-term bearish target at 1.3734 and forming a new consolidation range below that level, the GBPUSD broke it lower. Maybe today the pair could continue to move lower towards 1.3697. Later, the market may initiate a further correction back to 1.3734 and then resume trading lower with the target at 1.3676.
USD / RUB, “US dollar against Russian ruble”
USDRUB continues to correct. Today the pair could reach 73.00 and then form a new descending pattern to break 72.50. Later, the market may continue to trade in the downtrend with the target at 72.00.
USD / JPY, “US dollar against Japanese yen”
USDJPY still consolidates above 109.89. Perhaps the pair could fall to break 109.50 and then continue to trade lower with the target at 108.85.
USD / CHF, “US dollar against Swiss franc”
After ending the rising wave at 0.9324, the USDCHF is consolidating around this level. Maybe today the pair could widen the range down and up to 0.9292 and 0.9357 respectively. If later the price breaks this range down, the market may initiate a further correction towards 0.9260; if rising – resume trading in the uptrend with the target at 0.9408.
AUD / USD, “Australian dollar against US dollar”
After finishing the descending structure at 0.7270 and breaking it lower, the AUDUSD hit 0.7227. Today the pair can correct to test 0.7270 from the bottom, then resume its fall with the target at 0.7220.
Brent still consolidates around 75.30. Today, assets may drop to 74.35 and then start to grow again with the short term target at 77.70.
XAU / USD, “Gold against US dollar”
Gold is still consolidating around 1752.22. Maybe today the metal can extend the range to 1741.12 and then form another ascending structure with the target at 1767.22.
After forming a new consolidation range above 4438.8 and breaking it lower, the S&P Index reached the short-term target at 4400.0; at present, it is consolidating near the latter level. It is possible that the asset will extend the range to 4390.1 and then start new growth to break 4414.0. After that the instrument may continue to trade higher to test 4438.8 from the bottom and then start to fall again with the target at 4350.0.