Technical Analysis & Forecast for July 17, 2023
<div><img width="360" height="360" src="https://blog.roboforex.com/wp-content/uploads/2023/06/TA_16-360×360.jpg" class="attachment-thumbnail size-thumbnail wp-post-image" alt="Technical Analysis & Forecast" decoding="async" loading="lazy" style="margin-bottom: 15px;" /></div><p>Brent could undergo a correction before a new wave of growth. Additionally, this overview includes insights on <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/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>, <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.png" alt="EUR/USD (Euro vs US Dollar)" class="wp-image-16927" srcset="https://blog.roboforex.com/wp-content/uploads/2023/07/EURUSDH1.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/07/EURUSDH1-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/07/EURUSDH1-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/07/EURUSDH1-1536×682.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> has concluded a growth wave, reaching 1.1244. Presently, the market is consolidating below this level. The range might expand to 1.1278, followed by a potential decline to 1.1128. From there, the downward wave could continue towards 1.1010.</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.png" alt="GBP/USD (Great Britain Pound vs US Dollar)" class="wp-image-16928" srcset="https://blog.roboforex.com/wp-content/uploads/2023/07/GBPUSDH1.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/07/GBPUSDH1-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/07/GBPUSDH1-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/07/GBPUSDH1-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>GBP/USD (Great Britain Pound vs US Dollar)</figcaption></figure><p>After completing a growth wave structure at 1.3142, the currency pair is currently forming a consolidation range below this level. A downside breakout may lead to a correction towards 1.2927, while an upward breakout could expand the range to 1.3200. Subsequently, a decline to 1.2927 might follow.</p>
<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.png" alt="USD/JPY (US Dollar vs Japanese Yen)" class="wp-image-16930" srcset="https://blog.roboforex.com/wp-content/uploads/2023/07/USDJPYH4.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/07/USDJPYH4-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/07/USDJPYH4-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/07/USDJPYH4-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>USD/JPY (US Dollar vs Japanese Yen)</figcaption></figure><p>Having completed a corrective wave to 137.40, the currency pair may rise to 139.30 today, followed by a potential decline to 138.00. Expectations include a rise to 140.50, from where further growth towards 141.25 is anticipated. This represents the initial target.</p>
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<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.png" alt="USD/CHF (US Dollar vs Swiss Franc)" class="wp-image-16929" srcset="https://blog.roboforex.com/wp-content/uploads/2023/07/USDCHFH4.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/07/USDCHFH4-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/07/USDCHFH4-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/07/USDCHFH4-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>USD/CHF (US Dollar vs Swiss Franc)</figcaption></figure><p>Following a wave of decline to 0.8583, the currency pair is forming a consolidation range above this level. A corrective move towards 0.8799 is expected. After the correction, a downward wave to 0.8485 might commence.</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.png" alt="AUD/USD (Australian Dollar vs US Dollar)" class="wp-image-16934" srcset="https://blog.roboforex.com/wp-content/uploads/2023/07/AUDUSDH1.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/07/AUDUSDH1-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/07/AUDUSDH1-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/07/AUDUSDH1-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>AUD/USD (Australian Dollar vs US Dollar)</figcaption></figure><p>The currency pair has achieved the target of a growth wave at 0.6895. Currently, a correction to 0.6789 is taking place. Subsequently, a new growth structure towards 0.6930 might ensue, followed by a decline to 0.6655.</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.png" alt="BRENT" class="wp-image-16931" srcset="https://blog.roboforex.com/wp-content/uploads/2023/07/BRENTH4.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/07/BRENTH4-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/07/BRENTH4-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/07/BRENTH4-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>BRENT</figcaption></figure><p>This instrument has completed a growth wave structure at 81.50. Currently, a corrective structure to 77.15 is forming with a test from above. After the correction concludes, a new wave of growth towards 82.40 might begin, representing a local target. Once this level is reached, a new correction to 77.00 might commence.</p>
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<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.png" alt="XAU/USD (Gold vs US Dollar)" class="wp-image-16932" srcset="https://blog.roboforex.com/wp-content/uploads/2023/07/XAUUSDH1.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/07/XAUUSDH1-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/07/XAUUSDH1-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/07/XAUUSDH1-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>XAU/USD (Gold vs US Dollar)</figcaption></figure><p>Gold has completed a growth wave reaching 1963.53. The market is currently forming a consolidation range below this level. A downward breakout might lead to a correction towards 1935.20. After the correction concludes, a new growth structure towards 1967.50 might commence. A decline to 1935.00 is expected afterwards.</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.png" alt="S&P 500" class="wp-image-16933" srcset="https://blog.roboforex.com/wp-content/uploads/2023/07/US500CashH4.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/07/US500CashH4-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/07/US500CashH4-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/07/US500CashH4-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>S&P 500</figcaption></figure><p>The stock index has completed a growth wave structure at 4515.5. Currently, the market has formed a consolidation range around this level. A potential upward breakout may extend the growth structure towards 4534.4. Once the price reaches this level, a new wave of decline towards 4400.0 is expected to begin. This represents the initial target.</p>
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