Technical Analysis & Forecast for July 24, 2023
<div><img width="360" height="360" src="https://blog.roboforex.com/wp-content/uploads/2023/06/TA_21-360×360.jpg" class="attachment-thumbnail size-thumbnail wp-post-image" alt="Technical Analysis & Forecast" decoding="async" loading="lazy" style="margin-bottom: 15px;" /></div><p>Brent Extends its 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/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/EURUSDH1-5.png" alt="EUR/USD (Euro vs US Dollar)" class="wp-image-17103" srcset="https://blog.roboforex.com/wp-content/uploads/2023/07/EURUSDH1-5.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/07/EURUSDH1-5-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/07/EURUSDH1-5-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/07/EURUSDH1-5-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>EUR/USD (Euro vs US Dollar)</figcaption></figure><p>EUR/USD has experienced a second declining impulse, reaching 1.1107. Today, the market is forming a consolidation range above this level. An escape from the range downwards and an extension of this wave to 1.1025 is expected. This is a local target. After reaching this level, a correction to 1.1125 might follow (with a test from below). Next, the quote could drop to 1.0977.</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/GBPUSDH1-5.png" alt="GBP/USD (Great Britain Pound vs US Dollar)" class="wp-image-17104" srcset="https://blog.roboforex.com/wp-content/uploads/2023/07/GBPUSDH1-5.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/07/GBPUSDH1-5-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/07/GBPUSDH1-5-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/07/GBPUSDH1-5-1536×682.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 1.2815. Today, the market is forming a consolidation range above this level. An escape from the range downwards and an extension of this wave to 1.2771 is expected. This is a local target. After the price hits this level, a correction to 1.2868 could 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/USDJPYH4-5.png" alt="USD/JPY (US Dollar vs Japanese Yen)" class="wp-image-17110" srcset="https://blog.roboforex.com/wp-content/uploads/2023/07/USDJPYH4-5.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/07/USDJPYH4-5-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/07/USDJPYH4-5-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/07/USDJPYH4-5-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>USD/JPY (US Dollar vs Japanese Yen)</figcaption></figure><p>USD/JPY has completed a wave of growth to 141.92. Today, the market is forming a consolidation range under this level. A link of correction to 139.80 is not excluded. After it is over, a new wave of growth to 142.33 is expected.</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/USDCHFH4-5.png" alt="USD/CHF (US Dollar vs Swiss Franc)" class="wp-image-17105" srcset="https://blog.roboforex.com/wp-content/uploads/2023/07/USDCHFH4-5.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/07/USDCHFH4-5-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/07/USDCHFH4-5-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/07/USDCHFH4-5-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>USD/CHF (US Dollar vs Swiss Franc)</figcaption></figure><p>USD/CHF has completed a wave of growth to 0.8683. Today, the market is forming a consolidation range around this level. An escape from this range upwards might open the potential for a rise to 0.8750. With an escape downwards, a link of correction to 0.8625 is not excluded. Next, an increase to 0.8800 could follow.</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/AUDUSDH1-5.png" alt="AUD/USD (Australian Dollar vs US Dollar)" class="wp-image-17106" srcset="https://blog.roboforex.com/wp-content/uploads/2023/07/AUDUSDH1-5.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/07/AUDUSDH1-5-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/07/AUDUSDH1-5-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/07/AUDUSDH1-5-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>AUD/USD (Australian Dollar vs US Dollar)</figcaption></figure><p>AUD/USD has reached the target of a declining wave at 0.6715. A consolidation range could develop above this level today. The price is expected to break the range downwards and extend the wave to 0.6699. After the price reaches this level, a correction to 0.6740 might develop, followed by a decline to 0.6638.</p>
<h2>BRENT</h2>
<figure><img decoding="async" loading="lazy" width="1593" height="707" src="https://blog.roboforex.com/wp-content/uploads/2023/07/BRENTH4-5.png" alt="BRENT" class="wp-image-17109" srcset="https://blog.roboforex.com/wp-content/uploads/2023/07/BRENTH4-5.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/07/BRENTH4-5-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/07/BRENTH4-5-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/07/BRENTH4-5-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>BRENT</figcaption></figure><p>Brent has completed a structure of growth to 81.05. A consolidation range is forming under this level. A breakout of the range upwards and a rise to 81.81 are expected. After the price reaches this level, a link of correction to 80.80 is not excluded (with a test from above). Next, a rise to 83.00 might follow, 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/XAUUSDH1-5.png" alt="XAU/USD (Gold vs US Dollar)" class="wp-image-17107" srcset="https://blog.roboforex.com/wp-content/uploads/2023/07/XAUUSDH1-5.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/07/XAUUSDH1-5-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/07/XAUUSDH1-5-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/07/XAUUSDH1-5-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>XAU/USD (Gold vs US Dollar)</figcaption></figure><p>Gold has completed a structure of decline to 1956.70. A consolidation range could form above this level today. An escape from the range downwards might let the trend continue to 1950.40. After the price hits this level, a link of correction to 1960.30 is not excluded, followed by a decline to 1937.20.</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/US500CashH4-5.png" alt="S&P 500" class="wp-image-17108" srcset="https://blog.roboforex.com/wp-content/uploads/2023/07/US500CashH4-5.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/07/US500CashH4-5-360×160.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/07/US500CashH4-5-768×341.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/07/US500CashH4-5-1536×682.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>S&P 500</figcaption></figure><p>The stock index continues developing a wave of decline. Today, the 4534.4 level could break downwards. The estimated decline target is 4504.0. After the price reaches this level, a link of correction to 4530.0 is not excluded, followed by a decline to 4486.6. This is the first target.</p>
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