Forex Technical Analysis & Forecast 02.08.2021

Article By RoboForex.com

EURUSD, “Euro vs US Dollar”

The currency pair us forming a consolidation area around 1.1880. Today a decline to 1.1840 looks probable, followed by a link of growth towards 1.1925. After this level is reached, we expect a new wave of decline to 1.1750 to begin.

GBPUSD, “Great Britain Pound vs US Dollar”

The currency pair is correcting to 1.3878. When the correction is over, a link of growth to 1.4000 might follow. And here, the wave of growth will fade. Then we should expect another wave of decline towards 1.3232 to develop.

USDRUB, “US Dollar vs Russian Ruble”

Having bounced off 73.43 downwards, the currency pair keeps developing a wave of decline towards 72.66. When this one is reached, a technical return to 73.43 (a test from below) is possible, followed by a decline to 71.66.

USDJPY, “US Dollar vs Japanese Yen”

The currency pair is trading in a structure of growth towards 109.96. When this level is reached, wait for another structure of decline to 109.30. And after a breakaway of this one downwards, the decline might continue to 108.05.

USDCHF, “US Dollar vs Swiss Franc”

The currency pair is forming a consolidation range above 0.9044. With an escape upwards, we should expect a link of growth to 0.9105. With an escape downwards, the wave of decline might extend to 0.9025.

AUDUSD, “Australian Dollar vs US Dollar”

The currency pair keeps developing a wave of decline to 0.7272. After this level is reached, a correction to 0.7383 will become possible, followed by a decline to 0.7200.

BRENT

Today, oil is trading in a structure of growth to 77.27. After this level is reached, a link of correction to 73.00 is possible. Then another wave of growth to 83.50 might begin.

XAUUSD, “Gold vs US Dollar”

Gold has completed a wave of decline to 1809.00. Today the market is trading in a consolidation range above this level. With an escape upwards, growth to 1833.00 is possible. After an escape downwards, a decline to 1790.40 might follow.

S&P 500

The stock index is forming a consolidation range under 4430.0. With an escape upwards, a wave of growth towards 4500.5 will become possible. With an escape downwards, a link of correction to 4333.0 looks possible, followed by growth to 4500.0.

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.