Forex Technical Analysis & Forecast 05.07.2021

EURUSD, “Euro vs US Dollar”

After completing the descending wave at 1.1806, EURUSD is correcting and may reach 1.1890. Later, the market may start another decline with the target at 1.1777.

GBPUSD, “Great Britain Pound vs US Dollar”

After finishing the descending structure at 1.3732 and starting a new correction, GBPUSD has already reached the closest correctional target at 1.3830. Possibly, today the pair may form one more ascending structure to complete the correction at 1.3875 and then resume falling within the downtrend with the target at 1.3671.

USDRUB, “US Dollar vs Russian Ruble”

USDRUB has reached the short-term correctional target at 73.73. Possibly, the pair may fall to reach 72.52 and then complete the correction by growing towards 74.15. after that, the instrument may form a new descending structure to reach 71.00.

USDJPY, “US Dollar vs Japanese Yen”

After completing the descending wave at 111.00, USDJPY is expected to correct towards 111.37. Later, the market may form a new descending wave to break 111.00 and then continue falling with the first target is at 110.27.

USDCHF, “US Dollar vs Swiss Franc”

USDCHF has finished the ascending wave at 0.9237; right now, it is correcting to reach 0.9131. After that, the instrument may resume moving upwards with the target at 0.9350.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD is still falling with the target 0.7411; however, on its way towards this level, the asset may yet return to 0.7611. After reaching the above-mentioned target, the instrument may return to 0.7611 once again and then may form a new descending structure with the first target at 0.7304.

BRENT

Brent is still consolidating around 75.50. Possibly, the asset may form a new descending structure to reach 74.54 and then resume trading within the uptrend with the target at 78.80. After that, the instrument may correct towards 76.25 and then start another growth to reach 79.30.

XAUUSD, “Gold vs US Dollar”

Gold is still correcting; it has already reached 1794.00. Today, the metal may fall towards 1774.40 and then form one more ascending structure to reach 1795.85. Later, the market may trade downwards to break 1770.00 and then continue falling within the downtrend with the short-term target at 1688.30.

S&P 500

The S&P index has finished the ascending wave at 4356.6; right now, it is forming a narrow consolidation range below this level. Today, the asset may break the range to the downside to reach 4300.6 and then grow towards 4330.0, thus forming a new and wider consolidation range between these two levels. If later the price breaks the range to the downside, the market may start another decline with the first target at 4236.0.