Technical Analysis & Forecast for July 18, 2023
<div><img width="360" height="360" src="https://blog.roboforex.com/wp-content/uploads/2023/06/TA_17-360×360.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/metals/xauusd/" data-internallinksmanager029f6b8e52c="43" title="XAU/USD">Gold</a> Poised for New High. Overview includes <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>, Brent, and 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/EURUSDH1-1.png" alt="EUR/USD (Euro vs US Dollar)" class="wp-image-16994" srcset="https://blog.roboforex.com/wp-content/uploads/2023/07/EURUSDH1-1.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/07/EURUSDH1-1-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/07/EURUSDH1-1-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/07/EURUSDH1-1-1536×682.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 broken above the consolidation range high, suggesting potential extension to 1.1288. After reaching this level, quotes could drop to 1.1200. A further downward break might open the potential for a decline wave towards 1.1000.</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/GBPUSDH1-1.png" alt="GBP/USD (Great Britain Pound vs US Dollar)" class="wp-image-16995" srcset="https://blog.roboforex.com/wp-content/uploads/2023/07/GBPUSDH1-1.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/07/GBPUSDH1-1-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/07/GBPUSDH1-1-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/07/GBPUSDH1-1-1536×682.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 1.3050. Currently, the market is forming an upward structure towards 1.3133, with a possibility of extension to 1.3170. Once this level is reached, a new wave of decline to 1.2929 might begin, representing 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/USDJPYH4-1.png" alt="USD/JPY (US Dollar vs Japanese Yen)" class="wp-image-17000" srcset="https://blog.roboforex.com/wp-content/uploads/2023/07/USDJPYH4-1.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/07/USDJPYH4-1-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/07/USDJPYH4-1-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/07/USDJPYH4-1-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>USD/JPY (US Dollar vs Japanese Yen)</figcaption></figure><p>The currency pair has completed a correction wave to 139.39. Today it might drop to 137.95. An upward breakout from this range could open the potential for further correction to 140.94. On the other hand, a downward breakout might form a new decline wave towards 136.83, followed by a rise to 140.94.</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/USDCHFH4-1.png" alt="USD/CHF (US Dollar vs Swiss Franc)" class="wp-image-16996" srcset="https://blog.roboforex.com/wp-content/uploads/2023/07/USDCHFH4-1.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/07/USDCHFH4-1-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/07/USDCHFH4-1-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/07/USDCHFH4-1-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>USD/CHF (US Dollar vs Swiss Franc)</figcaption></figure><p>The currency pair continues forming a consolidation range around 0.8580, possibly expanding to 0.8550. After reaching this level, a growth wave to 0.8782 could begin, representing 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/AUDUSDH1-1.png" alt="AUD/USD (Australian Dollar vs US Dollar)" class="wp-image-16997" srcset="https://blog.roboforex.com/wp-content/uploads/2023/07/AUDUSDH1-1.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/07/AUDUSDH1-1-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/07/AUDUSDH1-1-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/07/AUDUSDH1-1-1536×682.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 0.6790. Today, the market is forming an upward structure towards 0.6841. An upward breakout from this range might form a new growth wave towards 0.6924. Conversely, a downward breakout might open the potential for a decline wave towards 0.6650.</p>
<h2>BRENT</h2>
<figure><img decoding="async" loading="lazy" width="1593" height="707" src="https://blog.roboforex.com/wp-content/uploads/2023/07/BRENTH4-1.png" alt="BRENT" class="wp-image-16998" srcset="https://blog.roboforex.com/wp-content/uploads/2023/07/BRENTH4-1.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/07/BRENTH4-1-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/07/BRENTH4-1-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/07/BRENTH4-1-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>BRENT</figcaption></figure><p>Brent is forming a consolidation range around 79.33. A corrective decline to 77.15, with a test of the level from above, is possible. After the correction concludes, a new growth wave to 82.42 could begin, representing 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/XAUUSDH1-1.png" alt="XAU/USD (Gold vs US Dollar)" class="wp-image-17001" srcset="https://blog.roboforex.com/wp-content/uploads/2023/07/XAUUSDH1-1.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/07/XAUUSDH1-1-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/07/XAUUSDH1-1-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/07/XAUUSDH1-1-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>XAU/USD (Gold vs US Dollar)</figcaption></figure><p>Gold has completed a correction to 1945.75. Today, the market is forming an upward structure towards 1970.70, with a possibility of extension to 1976.00. After reaching this level, a new decline wave to 1935.25 might start, representing the first target.</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/US500CashH4-1.png" alt="S&P 500" class="wp-image-16999" srcset="https://blog.roboforex.com/wp-content/uploads/2023/07/US500CashH4-1.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/07/US500CashH4-1-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/07/US500CashH4-1-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/07/US500CashH4-1-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>S&P 500</figcaption></figure><p>The stock index continues forming a consolidation range around 4515.0, and it has expanded to 4534.4 today. Next, a decline structure might develop towards 4494.0. A downward breakout from this range could open the potential for a decline wave towards 4457.5, representing the first target.</p>
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