Technical Analysis & Forecast for July 20, 2023
<div><img width="360" height="360" src="https://blog.roboforex.com/wp-content/uploads/2023/06/TA_19-360×360.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/gbpusd/" data-internallinksmanager029f6b8e52c="36" title="GBP/USD">GBP</a> Continues a Wave of Decline. The overview also covers the dynamics 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/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/EURUSDH1-3.png" alt="EUR/USD (Euro vs US Dollar)" class="wp-image-17049" srcset="https://blog.roboforex.com/wp-content/uploads/2023/07/EURUSDH1-3.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/07/EURUSDH1-3-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/07/EURUSDH1-3-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/07/EURUSDH1-3-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>EUR/USD (Euro vs US Dollar)</figcaption></figure><p>EUR/USD has completed the first wave of decline, reaching 1.1174. Today, it might correct to 1.1232 with a test from below. After the correction, a new wave of decline to 1.1150 could start. This is a local 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/GBPUSDH1-3.png" alt="GBP/USD (Great Britain Pound vs US Dollar)" class="wp-image-17050" srcset="https://blog.roboforex.com/wp-content/uploads/2023/07/GBPUSDH1-3.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/07/GBPUSDH1-3-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/07/GBPUSDH1-3-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/07/GBPUSDH1-3-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>GBP/USD (Great Britain Pound vs US Dollar)</figcaption></figure><p>GBP/USD has completed a structure of a wave of decline to 1.2866. A correction to 1.2990 might form today. After the correction is over, a new wave of decline to 1.2848 could follow. This is the first target.</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/USDJPYH4-3.png" alt="USD/JPY (US Dollar vs Japanese Yen)" class="wp-image-17051" srcset="https://blog.roboforex.com/wp-content/uploads/2023/07/USDJPYH4-3.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/07/USDJPYH4-3-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/07/USDJPYH4-3-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/07/USDJPYH4-3-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>USD/JPY (US Dollar vs Japanese Yen)</figcaption></figure><p>USD/JPY continues forming a structure of growth to 140.50. Next, a decline to 139.09 and a rise to 140.95 are expected. After reaching this level, a link of decline to 136.83 is not excluded.</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/USDCHFH4-3.png" alt="USD/CHF (US Dollar vs Swiss Franc)" class="wp-image-17052" srcset="https://blog.roboforex.com/wp-content/uploads/2023/07/USDCHFH4-3.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/07/USDCHFH4-3-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/07/USDCHFH4-3-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/07/USDCHFH4-3-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>USD/CHF (US Dollar vs Swiss Franc)</figcaption></figure><p>USD/CHF continues forming a consolidation range around 0.8590 without any expressed <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>. Today, the range could expand to 0.8530. Next, a wave of growth to 0.8782 is expected to begin. 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/AUDUSDH1-3.png" alt="AUD/USD (Australian Dollar vs US Dollar)" class="wp-image-17053" srcset="https://blog.roboforex.com/wp-content/uploads/2023/07/AUDUSDH1-3.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/07/AUDUSDH1-3-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/07/AUDUSDH1-3-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/07/AUDUSDH1-3-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>AUD/USD (Australian Dollar vs US Dollar)</figcaption></figure><p>AUD/USD has completed the target of a declining wave at 0.6750. Today, the market is forming a corrective structure to 0.6833. The correction might expand to 0.6852. After the correction, a new wave of decline to 0.6695 is expected to begin. This is a local target.</p>
<h2>BRENT</h2>
<figure><img decoding="async" loading="lazy" width="1593" height="707" src="https://blog.roboforex.com/wp-content/uploads/2023/07/BRENTH4-3.png" alt="BRENT" class="wp-image-17054" srcset="https://blog.roboforex.com/wp-content/uploads/2023/07/BRENTH4-3.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/07/BRENTH4-3-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/07/BRENTH4-3-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/07/BRENTH4-3-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>BRENT</figcaption></figure><p>Brent continues forming a consolidation range around 79.71 without any expressed trend. A corrective link of decline to 77.90 is not excluded (with a test from above). After reaching this level, a new wave of growth to 82.42 could begin, and the trend might 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/XAUUSDH1-3.png" alt="XAU/USD (Gold vs US Dollar)" class="wp-image-17055" srcset="https://blog.roboforex.com/wp-content/uploads/2023/07/XAUUSDH1-3.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/07/XAUUSDH1-3-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/07/XAUUSDH1-3-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/07/XAUUSDH1-3-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>XAU/USD (Gold vs US Dollar)</figcaption></figure><p>Gold has completed a structure of growth to 1987.00. Today, the quotes might drop to 1979.50. Next, a link of growth to 1988.99 is not excluded. Subsequently, a wave of decline to 1964.64 might start. A breakout of this level could open the potential for a wave of decline to 1902.00.</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/US500CashH4-3.png" alt="S&P 500" class="wp-image-17056" srcset="https://blog.roboforex.com/wp-content/uploads/2023/07/US500CashH4-3.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/07/US500CashH4-3-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/07/US500CashH4-3-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/07/US500CashH4-3-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>S&P 500</figcaption></figure><p>The stock index has formed a link of growth to 4581.4. Today, it might correct to 4486.0. Next, a new structure of growth to 4591.0 is not excluded, followed by a decline to 4485.0. If a breakout of this level occurs, it could open the potential for a wave of decline to 4282.0.</p>
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