Technical Analysis & Forecast for July 27, 2023
<div><img width="360" height="360" src="https://blog.roboforex.com/wp-content/uploads/2023/06/TA_24-360×360.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> primed to continue its downward wave. The overview also encompasses 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="697" src="https://blog.roboforex.com/wp-content/uploads/2023/07/EURUSDH1-8.png" alt="EUR/USD (Euro vs US Dollar)" class="wp-image-17165" srcset="https://blog.roboforex.com/wp-content/uploads/2023/07/EURUSDH1-8.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/07/EURUSDH1-8-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/07/EURUSDH1-8-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/07/EURUSDH1-8-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>EUR/USD (Euro vs US Dollar)</figcaption></figure><p>EUR/USD has established a consolidation range between 1.1057 and 1.1117, breaking out of it to the upside. Today, the quotes might rise to 1.1122 (with a test from below). After reaching this level, a new downward wave to 1.1020 could initiate. If this level is also breached, the potential for further decline towards 1.0977 may open. This marks the first target.</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/GBPUSDH1-8.png" alt="GBP/USD (Great Britain Pound vs US Dollar)" class="wp-image-17166" srcset="https://blog.roboforex.com/wp-content/uploads/2023/07/GBPUSDH1-8.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/07/GBPUSDH1-8-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/07/GBPUSDH1-8-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/07/GBPUSDH1-8-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>GBP/USD (Great Britain Pound vs US Dollar)</figcaption></figure><p>GBP/USD has formed a consolidation range around 1.2885. Breaking out upwards, the market formed a correction structure to 1.2972. A wave of decline to 1.2885 is expected to begin. Breaking below this level could expose 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>-driven decline to 1.2770. This represents a local target.</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/USDJPYH4-8.png" alt="USD/JPY (US Dollar vs Japanese Yen)" class="wp-image-17167" srcset="https://blog.roboforex.com/wp-content/uploads/2023/07/USDJPYH4-8.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/07/USDJPYH4-8-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/07/USDJPYH4-8-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/07/USDJPYH4-8-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>USD/JPY (US Dollar vs Japanese Yen)</figcaption></figure><p>USD/JPY has corrected to 139.44. A new structure of growth to 140.70 is expected today. If this level is broken upwards, the potential for a rise to 142.36 could materialize. This marks 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/USDCHFH4-8.png" alt="USD/CHF (US Dollar vs Swiss Franc)" class="wp-image-17168" srcset="https://blog.roboforex.com/wp-content/uploads/2023/07/USDCHFH4-8.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/07/USDCHFH4-8-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/07/USDCHFH4-8-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/07/USDCHFH4-8-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>USD/CHF (US Dollar vs Swiss Franc)</figcaption></figure><p>USD/CHF has completed a correction to 0.8580. A rise to 0.8634 could take place today. Next, a decline to 0.8570 is not excluded, followed by a new wave of growth to 0.8799. This represents 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/AUDUSDH1-8.png" alt="AUD/USD (Australian Dollar vs US Dollar)" class="wp-image-17169" srcset="https://blog.roboforex.com/wp-content/uploads/2023/07/AUDUSDH1-8.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/07/AUDUSDH1-8-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/07/AUDUSDH1-8-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/07/AUDUSDH1-8-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>AUD/USD (Australian Dollar vs US Dollar)</figcaption></figure><p>AUD/USD has completed a corrective structure to 0.6811. A new downward wave to 0.6737 could develop today, with the potential for the trend to continue towards 0.6655. This marks the first target.</p>
<h2>BRENT</h2>
<figure><img decoding="async" loading="lazy" width="1593" height="697" src="https://blog.roboforex.com/wp-content/uploads/2023/07/BRENTH1-2.png" alt="BRENT" class="wp-image-17170" srcset="https://blog.roboforex.com/wp-content/uploads/2023/07/BRENTH1-2.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/07/BRENTH1-2-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/07/BRENTH1-2-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/07/BRENTH1-2-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>BRENT</figcaption></figure><p>Brent is forming a consolidation range around 83.00, expected to expand to 83.62. This represents a local target. Subsequently, a correction to 81.00 might begin, followed by a rise to 84.00. This marks the first target.</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/XAUUSDH1-8.png" alt="XAU/USD (Gold vs US Dollar)" class="wp-image-17171" srcset="https://blog.roboforex.com/wp-content/uploads/2023/07/XAUUSDH1-8.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/07/XAUUSDH1-8-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/07/XAUUSDH1-8-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/07/XAUUSDH1-8-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>XAU/USD (Gold vs US Dollar)</figcaption></figure><p>Gold has formed a consolidation range around 1967.25, extending the correction to 1982.00 with an upward escape. Today, the quotes could drop to 1967.25. A break below this level might lead to the trend continuing towards 1937.35.</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/US500CashH4-8.png" alt="S&P 500" class="wp-image-17172" srcset="https://blog.roboforex.com/wp-content/uploads/2023/07/US500CashH4-8.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/07/US500CashH4-8-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/07/US500CashH4-8-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/07/US500CashH4-8-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>S&P 500</figcaption></figure><p>The stock index continues developing an upward link to 4591.0. After reaching this level, a decline to 4530.0 is expected. Breaking below this mark could expose the potential for a decline to 4488.0. This represents the first target.</p>
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