Technical Analysis & Forecast for July 19, 2023
<div><img width="360" height="360" src="https://blog.roboforex.com/wp-content/uploads/2023/06/TA_18-360×360.jpg" class="attachment-thumbnail size-thumbnail wp-post-image" alt="Technical Analysis & Forecast" decoding="async" loading="lazy" style="margin-bottom: 15px;" /></div><p><a href="https://roboforex.com/beginners/info/charts/forex/eurusd/" data-internallinksmanager029f6b8e52c="35" title="EUR/USD">EUR</a> Prepares for a New Wave of Decline. The overview also includes the dynamics of <a href="https://roboforex.com/beginners/info/charts/forex/gbpusd/" data-internallinksmanager029f6b8e52c="36" title="GBP/USD">GBP</a>, <a href="https://roboforex.com/beginners/info/charts/forex/usdjpy/" data-internallinksmanager029f6b8e52c="40" title="USD/JPY">JPY</a>, <a href="https://roboforex.com/beginners/info/charts/forex/usdchf/" data-internallinksmanager029f6b8e52c="39" title="USD/CHF">CHF</a>, <a href="https://roboforex.com/beginners/info/charts/forex/audusd/" data-internallinksmanager029f6b8e52c="33" title="AUD/USD">AUD</a>, Brent, <a href="https://roboforex.com/beginners/info/charts/metals/xauusd/" data-internallinksmanager029f6b8e52c="43" title="XAU/USD">Gold</a>, and the S&P 500 index.</p>
<h2>EUR/USD (Euro vs US Dollar)</h2>
<figure><img decoding="async" loading="lazy" width="1593" height="707" src="https://blog.roboforex.com/wp-content/uploads/2023/07/EURUSDH1-2.png" alt="EUR/USD (Euro vs US Dollar)" class="wp-image-17013" srcset="https://blog.roboforex.com/wp-content/uploads/2023/07/EURUSDH1-2.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/07/EURUSDH1-2-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/07/EURUSDH1-2-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/07/EURUSDH1-2-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>EUR/USD (Euro vs US Dollar)</figcaption></figure><p>The <a href="https://blog.roboforex.com/blog/2020/06/19/how-to-choose-a-currency-pair-for-trading-in-forex/" data-internallinksmanager029f6b8e52c="142" title="Currency Pair">currency pair</a> continues to develop a consolidation range around 1.1242. Currently, the range has expanded upwards to 1.1275, and an impulse of decline to 1.1208 has formed. Today, a rebound towards 1.1242 is expected with a test from below. Next, a decline to 1.1200 might follow. If this level is breached downwards, the potential for a decline wave to 1.1128 could open. This is the first target.</p>
<h2>GBP/USD (Great Britain Pound vs US Dollar)</h2>
<figure><img decoding="async" loading="lazy" width="1593" height="707" src="https://blog.roboforex.com/wp-content/uploads/2023/07/GBPUSDH1-2.png" alt="GBP/USD (Great Britain Pound vs US Dollar)" class="wp-image-17014" srcset="https://blog.roboforex.com/wp-content/uploads/2023/07/GBPUSDH1-2.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/07/GBPUSDH1-2-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/07/GBPUSDH1-2-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/07/GBPUSDH1-2-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>GBP/USD (Great Britain Pound vs US Dollar)</figcaption></figure><p>The currency pair has completed a corrective structure to 1.3124. Currently, the market is forming a new declining wave towards 1.2954. After reaching this level, a correction to 1.3038 might occur with a test from below. Next, a decline to 1.2929 is expected. This is the first target.</p>
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<h2>USD/JPY (US Dollar vs Japanese Yen)</h2>
<figure><img decoding="async" loading="lazy" width="1593" height="707" src="https://blog.roboforex.com/wp-content/uploads/2023/07/USDJPYH4-2.png" alt="USD/JPY (US Dollar vs Japanese Yen)" class="wp-image-17015" srcset="https://blog.roboforex.com/wp-content/uploads/2023/07/USDJPYH4-2.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/07/USDJPYH4-2-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/07/USDJPYH4-2-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/07/USDJPYH4-2-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>USD/JPY (US Dollar vs Japanese Yen)</figcaption></figure><p>The currency pair has broken 139.09 upwards, forming a narrow consolidation range with an upward breakout. A further rise to 140.52 is expected. This is a local target. After the price reaches this level, a decline to 139.09 is not excluded, followed by a rise to 140.95. This is the first target.</p>
<h2>USD/CHF (US Dollar vs Swiss Franc)</h2>
<figure><img decoding="async" loading="lazy" width="1593" height="707" src="https://blog.roboforex.com/wp-content/uploads/2023/07/USDCHFH4-2.png" alt="USD/CHF (US Dollar vs Swiss Franc)" class="wp-image-17016" srcset="https://blog.roboforex.com/wp-content/uploads/2023/07/USDCHFH4-2.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/07/USDCHFH4-2-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/07/USDCHFH4-2-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/07/USDCHFH4-2-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>USD/CHF (US Dollar vs Swiss Franc)</figcaption></figure><p>The currency pair continues to form a consolidation range around 0.8590. Today, the quotes could rise to 0.8670. If there is an upward breakout of this level, the potential for a growth wave to 0.8782 might open. This is the first target.</p>
<h2>AUD/USD (Australian Dollar vs US Dollar)</h2>
<figure><img decoding="async" loading="lazy" width="1593" height="707" src="https://blog.roboforex.com/wp-content/uploads/2023/07/AUDUSDH1-2.png" alt="AUD/USD (Australian Dollar vs US Dollar)" class="wp-image-17017" srcset="https://blog.roboforex.com/wp-content/uploads/2023/07/AUDUSDH1-2.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/07/AUDUSDH1-2-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/07/AUDUSDH1-2-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/07/AUDUSDH1-2-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>AUD/USD (Australian Dollar vs US Dollar)</figcaption></figure><p>The currency pair has reached the correction target at 0.6833. Today, the market is forming a decline structure towards 0.6774. This is the first target. After the price reaches this level, the quotes could correct to 0.6883. Next, a decline to 0.6696 might follow.</p>
<h2>BRENT</h2>
<figure><img decoding="async" loading="lazy" width="1593" height="707" src="https://blog.roboforex.com/wp-content/uploads/2023/07/BRENTH4-2.png" alt="BRENT" class="wp-image-17018" srcset="https://blog.roboforex.com/wp-content/uploads/2023/07/BRENTH4-2.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/07/BRENTH4-2-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/07/BRENTH4-2-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/07/BRENTH4-2-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>BRENT</figcaption></figure><p>Brent continues to form a consolidation range around 79.71. A corrective decline to 77.90 is not excluded (with a test from above). After the correction is over, a new wave of growth to 82.42 might develop, from where the <a title="<div class="wpg-tooltip-content"><p>A trend is a direction in which the market or the price of an instrument is moving. Trends can be upward, downward or sideways and are common to all types of markets.</p></div>" href="https://blog.roboforex.com/glossary-terms/trend/">trend</a> could continue to 84.00. This is a local target.</p>
<h2>XAU/USD (Gold vs US Dollar)</h2>
<figure><img decoding="async" loading="lazy" width="1593" height="707" src="https://blog.roboforex.com/wp-content/uploads/2023/07/XAUUSDH1-2.png" alt="XAU/USD (Gold vs US Dollar)" class="wp-image-17019" srcset="https://blog.roboforex.com/wp-content/uploads/2023/07/XAUUSDH1-2.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/07/XAUUSDH1-2-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/07/XAUUSDH1-2-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/07/XAUUSDH1-2-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>XAU/USD (Gold vs US Dollar)</figcaption></figure><p>Gold has broken the 1964.64 level upwards, extending the consolidation range to 1983.95. Today, a decline to 1964.64 is expected. In case this level also breaks downwards, the potential for a decline wave to 1945.85 could open. If the price rebounds from 1964.64 upwards, the structure of growth might expand to 1988.44, followed by a decline to 1945.85.</p>
<h2>S&P 500</h2>
<figure><img decoding="async" loading="lazy" width="1593" height="707" src="https://blog.roboforex.com/wp-content/uploads/2023/07/US500CashH4-2.png" alt="S&P 500" class="wp-image-17020" srcset="https://blog.roboforex.com/wp-content/uploads/2023/07/US500CashH4-2.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/07/US500CashH4-2-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/07/US500CashH4-2-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/07/US500CashH4-2-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>S&P 500</figcaption></figure><p>The stock index has formed a consolidation range around 4517.0. After breaking out upwards, the market extended the range to 4566.6. Today, a decline to 4517.0 is expected. If this level is breached downwards, the wave of decline might continue to 4466.6. This is the first target.</p>
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