Technical Analysis & Forecast for July 31, 2023
<div><img width="360" height="360" src="https://blog.roboforex.com/wp-content/uploads/2023/06/TA_2-360×360.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> initiates a correction wave, while an overview of other major currencies and assets 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/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/EURUSDH1-10.png" alt="EUR/USD (Euro vs US Dollar)" class="wp-image-17250" srcset="https://blog.roboforex.com/wp-content/uploads/2023/07/EURUSDH1-10.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/07/EURUSDH1-10-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/07/EURUSDH1-10-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/07/EURUSDH1-10-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>EUR/USD (Euro vs US Dollar)</figcaption></figure><p>EUR/USD has successfully reached its first corrective target at 1.1046 level. There's a possibility of a decline towards the 1.0992 level today. Subsequently, the price may experience another upward movement to reach 1.1035. A breakout above this level could lead to further gains towards 1.1077, with a potential continuation of 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> to 1.1122.</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/GBPUSDH1-10.png" alt="GBP/USD (Great Britain Pound vs US Dollar)" class="wp-image-17251" srcset="https://blog.roboforex.com/wp-content/uploads/2023/07/GBPUSDH1-10.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/07/GBPUSDH1-10-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/07/GBPUSDH1-10-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/07/GBPUSDH1-10-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>GBP/USD (Great Britain Pound vs US Dollar)</figcaption></figure><p>GBP/USD has completed its first corrective target at 1.2886. Today, a decline towards the 1.2814 level is likely. Following this, the price might experience another upward movement towards 1.2862. A successful breakout above this level could indicate further growth potential to 1.2909, with a perspective of continuing the trend towards the 1.2959 level.</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/USDJPYH1.png" alt="USD/JPY (US Dollar vs Japanese Yen)" class="wp-image-17252" srcset="https://blog.roboforex.com/wp-content/uploads/2023/07/USDJPYH1.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/07/USDJPYH1-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/07/USDJPYH1-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/07/USDJPYH1-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>USD/JPY (US Dollar vs Japanese Yen)</figcaption></figure><p>USD/JPY is currently forming an upward wave targeting the 142.40 level. After reaching this level, a decline towards 140.24 is anticipated, followed by another upward movement towards 142.50.</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/USDCHFH1.png" alt="USD/JPY (US Dollar vs Japanese Yen)" class="wp-image-17253" srcset="https://blog.roboforex.com/wp-content/uploads/2023/07/USDCHFH1.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/07/USDCHFH1-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/07/USDCHFH1-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/07/USDCHFH1-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>USD/JPY (US Dollar vs Japanese Yen)</figcaption></figure><p>USD/CHF is continuing its consolidation phase around the 0.8690 level. A decline towards 0.8644 could occur today, followed by a rise towards 0.8785, which represents the initial target. After hitting this level, a correction towards 0.8644 might take place, followed by a further rise towards 0.8880.</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/AUDUSDH1-10.png" alt="AUD/USD (Australian Dollar vs US Dollar)" class="wp-image-17254" srcset="https://blog.roboforex.com/wp-content/uploads/2023/07/AUDUSDH1-10.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/07/AUDUSDH1-10-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/07/AUDUSDH1-10-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/07/AUDUSDH1-10-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>AUD/USD (Australian Dollar vs US Dollar)</figcaption></figure><p>AUD/USD has completed a downward wave, reaching the 0.6623 level. An upward impulse towards 0.6684, followed by a correction to 0.6644, has formed. There is a possibility of a decline towards the 0.6633 level, with subsequent growth towards 0.6693. If there is an upward breakout beyond this level, the growth could continue towards the 0.6720 level, with a potential trend continuation to 0.6767.</p>
<h2>BRENT</h2>
<figure><img decoding="async" loading="lazy" width="1593" height="697" src="https://blog.roboforex.com/wp-content/uploads/2023/07/BRENTH4-6.png" alt="BRENT" class="wp-image-17255" srcset="https://blog.roboforex.com/wp-content/uploads/2023/07/BRENTH4-6.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/07/BRENTH4-6-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/07/BRENTH4-6-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/07/BRENTH4-6-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>BRENT</figcaption></figure><p>Brent has reached its growth target at 84.42 and is currently forming a consolidation range above this level. A decline towards 83.83 is not excluded today, followed by another rise towards 84.84, representing a local target. After reaching this level, a correction towards 81.63 is expected to begin.</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/XAUUSDH1-10.png" alt="XAU/USD (Gold vs US Dollar)" class="wp-image-17256" srcset="https://blog.roboforex.com/wp-content/uploads/2023/07/XAUUSDH1-10.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/07/XAUUSDH1-10-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/07/XAUUSDH1-10-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/07/XAUUSDH1-10-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>XAU/USD (Gold vs US Dollar)</figcaption></figure><p>Gold has successfully reached its growth target at the 1962.30 level. The market is now forming a downward structure towards 1948.30. This indicates the possibility of a consolidation range. A breakout below could lead to a decline towards 1933.30, while an upward breakout could initiate further growth towards the 1980.00 level, followed by a decline towards 1914.44.</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/US500CashH1-1.png" alt="S&P 500" class="wp-image-17257" srcset="https://blog.roboforex.com/wp-content/uploads/2023/07/US500CashH1-1.png 1593w, https://blog.roboforex.com/wp-content/uploads/2023/07/US500CashH1-1-360×158.png 360w, https://blog.roboforex.com/wp-content/uploads/2023/07/US500CashH1-1-768×336.png 768w, https://blog.roboforex.com/wp-content/uploads/2023/07/US500CashH1-1-1536×672.png 1536w" sizes="(max-width: 1593px) 100vw, 1593px" /><figcaption>S&P 500</figcaption></figure><p>The stock index has formed a growth structure targeting 4593.3. Currently, the market is consolidating below this level. An upward breakout could indicate potential growth towards 4620.0, while a downward breakout might lead to a decline towards 4522.0. If this level is breached as well, the trend could continue towards 4435.8.</p>
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