Forex Technical Analysis & Forecast 29.07.2021

Article By RoboForex.com

EURUSD, “Euro vs US Dollar”

EURUSD has completed the ascending wave at 1.1850; right now, it is consolidating around this level. If later the price breaks this range to the upside, the market may continue the correction towards 1.1924 and then start a new decline to test 1.1850 from above.

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD has formed the consolidation range around 1.3876. Possibly, the pair may continue the correction towards 1.3975 and then form a new descending structure to test 1.3876 from above. Later, the market may start another growth with the target at 1.4000.

USDRUB, “US Dollar vs Russian Ruble”

USDRUB has finished the descending wave at 73.45. Today, the pair may start another growth towards 73.88 and then resume trading downwards to break 73.00. After that, the instrument may continue falling with the short-term target at 72.66.

USDJPY, “US Dollar vs Japanese Yen”

After rebounding from 110.25, USDJPY is forming a new descending structure towards 109.40. Later, the market may start a new correction with the target at 110.20.

USDCHF, “US Dollar vs Swiss Franc”

After completing the descending wave at 0.9105 and forming a new consolidation range around this level, USDCHF has broken it to the downside. Today, the pair may extend the correction down to 0.9044.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD is still consolidating below 0.7388. Possibly, the pair may break the range to the upside and grow towards 0.7510. Later, the market may return to 0.7380 to test it from above and then resume trading upwards with the target at 0.7542.

BRENT

Brent is trading to break the upside border of the range. Possibly, the asset may continue growing to reach 77.00 and then start a new correction towards 73.00. After that, the instrument may form one more ascending structure with the target at 81.00.

XAUUSD, “Gold vs US Dollar”

After breaking 1810.00, Gold is expected to continue the correction up to 1825.95. Later, the market may fall to test 1810.00 from above and then start another growth with the target at 1828.88.

S&P 500

The S&P index is still consolidating above 4377.0 without any particular direction. If later the price breaks this range to the downside, the market may form a new descending structure towards 4331.4; if to the upside – resume growing to complete the ascending wave at 4430.0 and then start a new decline with the first target at 4232.2.

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.