Forex Technical Analysis & Forecast 06.07.2022

Article By RoboForex.com

EURUSD, “Euro vs US Dollar”

After breaking the consolidation range downwards, completing the descending wave at 1.0300, and then forming a new consolidation range around the latter level, EURUSD has broken it to the downside as well and may continue falling with the target at 1.0220 or even extend this structure down to 1.0000. Later, the market may start a new correction to return to 1.0300.

GBPUSD, “Great Britain Pound vs US Dollar”

Having broken the consolidation range downwards and reaching the predicted target at 1.1990, GBPUSD has broken this level as well and may later continue falling towards 1.1860. After that, the instrument may return to 1.1990 to test it from below and then form a new descending structure with the target at 1.1822.

USDJPY, “US Dollar vs Japanese Yen”

After completing the descending structure at 135.50 and then forming a new consolidation range around this level, USDJPY has broken it to the downside and may continue falling towards 134.55. Later, the market may start another correction up to 135.77.

USDCHF, “US Dollar vs Swiss Franc”

Having completed the ascending wave at 0.9630 and forming a new consolidation range around this level, USDCHF has broken it to the upside to reach 0.9703. Possibly, the pair may correct to test 0.9630 from above and then resume growing with the first target at 0.9766.

AUDUSD, “Australian Dollar vs US Dollar”

After finishing the descending wave at 0.6800 and breaking this level, AUDUSD has finished the descending wave at 0.6760 along with the correction up to 0.6800. Possibly, today the pair may resume trading downwards with the target at 0.6717.

BRENT

Having completed the descending wave at 111.00 and breaking this level, Brent has reached the short-term correctional target at 103.88. Today, the asset may form one more ascending wave to test 110.74 from below and then resume trading downwards with the target at 102.00.

XAUUSD, “Gold vs US Dollar”

After rebounding from 1814.00, reaching 1784.60, and then breaking the latter level, Gold is expected to continue falling with the short-term target at 1755.30. Later, the market may correct to test 1784.60 from below and then resume falling to reach 1700.00.

S&P 500

The S&P index is still consolidating around 3787.0. Possibly, the asset may expand the range down to 3700.0 and then form one more ascending wave to reach 3910.0 or even extend this structure up to 4100.0. On the other hand, if the price breaks the range to the upside, the market may resume trading downwards to reach 3500.0.

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.