Technical Analysis & Forecast for July 28, 2023
<div><img width="360" height="360" src="https://blog.roboforex.com/wp-content/uploads/2023/06/TA_1-360×360.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/usdjpy/" data-internallinksmanager029f6b8e52c="40" title="USD/JPY">JPY</a> Initiates a Wave of Growth; Overview of <a href="https://roboforex.com/beginners/info/charts/forex/eurusd/" data-internallinksmanager029f6b8e52c="35" title="EUR/USD">EUR</a>, <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/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 S&P 500 Index</p>
<h2>EUR/USD (Euro vs US Dollar)</h2>
<figure><img decoding="async" loading="lazy" width="1593" height="697" src="https://blog.roboforex.com/wp-content/uploads/2023/07/EURUSDH1-9.png" alt="EUR/USD (Euro vs US Dollar)" class="wp-image-17219" srcset="https://blog.roboforex.com/wp-content/uploads/2023/07/EURUSDH1-9.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/07/EURUSDH1-9-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/07/EURUSDH1-9-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/07/EURUSDH1-9-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>EUR/USD (Euro vs US Dollar)</figcaption></figure><p>EUR/USD has successfully reached the target of the initial declining wave at 1.0950. A corrective wave is anticipated to begin today, with a consolidation range forming around 1.0985. We expect a potential upward movement to 1.1025, followed by a decline to 1.0985 (with a possible test from above). Subsequently, 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> may rise to 1.1080, after which the corrective wave could continue to 1.1124.</p>
<h2>GBP/USD (Great Britain Pound vs US Dollar)</h2>
<figure><img decoding="async" loading="lazy" width="1593" height="697" src="https://blog.roboforex.com/wp-content/uploads/2023/07/GBPUSDH1-9.png" alt="GBP/USD (Great Britain Pound vs US Dollar)" class="wp-image-17218" srcset="https://blog.roboforex.com/wp-content/uploads/2023/07/GBPUSDH1-9.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/07/GBPUSDH1-9-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/07/GBPUSDH1-9-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/07/GBPUSDH1-9-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>GBP/USD (Great Britain Pound vs US Dollar)</figcaption></figure><p>GBP/USD has achieved the target of the first declining wave at 1.2762. There is a possibility of a consolidation range forming at the current lows today. An upward escape from this range could mark the start of a corrective wave. We anticipate the first wave of growth to reach 1.2870, followed by a decline to 1.2814.</p>
<h2>USD/JPY (US Dollar vs Japanese Yen)</h2>
<figure><img decoding="async" loading="lazy" width="1593" height="697" src="https://blog.roboforex.com/wp-content/uploads/2023/07/USDJPYH4-9.png" alt="USD/JPY (US Dollar vs Japanese Yen)" class="wp-image-17217" srcset="https://blog.roboforex.com/wp-content/uploads/2023/07/USDJPYH4-9.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/07/USDJPYH4-9-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/07/USDJPYH4-9-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/07/USDJPYH4-9-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>USD/JPY (US Dollar vs Japanese Yen)</figcaption></figure><p>USD/JPY has undergone a corrective wave, reaching 138.08. Today, a new wave of growth is expected to commence, aiming for 140.22. If this level is also breached upwards, it may open the potential for a <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> continuation to 142.40, which represents the first target.</p>
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<h2>USD/CHF (US Dollar vs Swiss Franc)</h2>
<figure><img decoding="async" loading="lazy" width="1593" height="697" src="https://blog.roboforex.com/wp-content/uploads/2023/07/USDCHFH4-9.png" alt="USD/CHF (US Dollar vs Swiss Franc)" class="wp-image-17216" srcset="https://blog.roboforex.com/wp-content/uploads/2023/07/USDCHFH4-9.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/07/USDCHFH4-9-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/07/USDCHFH4-9-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/07/USDCHFH4-9-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>USD/CHF (US Dollar vs Swiss Franc)</figcaption></figure><p>USD/CHF has achieved the target of the declining wave at 0.8555. Following this, an upward impulse to 0.8698 was completed today. A consolidation range is likely to form, and a decline to 0.8636 is not ruled out (with a possible test from above). Subsequently, a rise to 0.8700 is expected. If this level is surpassed in an upward breakout, the wave might develop further towards 0.8842, representing the first target.</p>
<h2>AUD/USD (Australian Dollar vs US Dollar)</h2>
<figure><img decoding="async" loading="lazy" width="1593" height="697" src="https://blog.roboforex.com/wp-content/uploads/2023/07/AUDUSDH1-9.png" alt="AUD/USD (Australian Dollar vs US Dollar)" class="wp-image-17215" srcset="https://blog.roboforex.com/wp-content/uploads/2023/07/AUDUSDH1-9.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/07/AUDUSDH1-9-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/07/AUDUSDH1-9-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/07/AUDUSDH1-9-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>AUD/USD (Australian Dollar vs US Dollar)</figcaption></figure><p>AUD/USD has completed the structure of a declining wave, reaching 0.6644. A consolidation range might form around this level today. An upward escape from the range could lead to a corrective wave, targeting the first goal of 0.6730.</p>
<h2>BRENT</h2>
<figure><img decoding="async" loading="lazy" width="1593" height="697" src="https://blog.roboforex.com/wp-content/uploads/2023/07/BRENTH1-3.png" alt="BRENT" class="wp-image-17214" srcset="https://blog.roboforex.com/wp-content/uploads/2023/07/BRENTH1-3.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/07/BRENTH1-3-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/07/BRENTH1-3-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/07/BRENTH1-3-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>BRENT</figcaption></figure><p>Brent has completed a wave of growth at 84.04. Presently, the market is forming a consolidation range below this level. A decline to 82.60 is expected, and with a downward breakout below this level, the potential for a corrective wave to 81.30 may emerge.</p>
<h2>XAU/USD (Gold vs US Dollar)</h2>
<figure><img decoding="async" loading="lazy" width="1593" height="697" src="https://blog.roboforex.com/wp-content/uploads/2023/07/XAUUSDH1-9.png" alt="XAU/USD (Gold vs US Dollar)" class="wp-image-17213" srcset="https://blog.roboforex.com/wp-content/uploads/2023/07/XAUUSDH1-9.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/07/XAUUSDH1-9-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/07/XAUUSDH1-9-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/07/XAUUSDH1-9-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>XAU/USD (Gold vs US Dollar)</figcaption></figure><p>Gold has completed a wave of decline, reaching 1942.56. The market has formed a consolidation range above this level, and an upward escape from this range might lead to a link of growth to 1960.30 (with a possible test from below). Subsequently, a decline to 1937.00 is not excluded.</p>
<h2>S&P 500</h2>
<figure><img decoding="async" loading="lazy" width="1593" height="697" src="https://blog.roboforex.com/wp-content/uploads/2023/07/US500CashH1.png" alt="S&P 500" class="wp-image-17212" srcset="https://blog.roboforex.com/wp-content/uploads/2023/07/US500CashH1.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/07/US500CashH1-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/07/US500CashH1-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/07/US500CashH1-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>S&P 500</figcaption></figure><p>The stock index has completed an impulse of decline, reaching 4530.7. Today, it might rise to 4566.0, followed by a subsequent drop to 4522.0. This represents the first target of the declining wave. Following the price reaching this level, a correction to 4566.0 could ensue.</p>
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