Forex Technical Analysis & Forecast 08.07.2021

EURUSD, “Euro vs US Dollar”

EURUSD continues falling; after forming a new consolidation range around 1.1808 and then breaking it to the downside, the asset has completed the descending structure at 1.1780. Possibly, today the pair may fall to reach 1.1765 and then correct to return to 1.1808. After that, the instrument may start another decline with the target at 1.1722.

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD has formed a new consolidation range around 1.3797. Today, the pair may fall to reach 1.3721 and then start another correction to return to 1.3797. Later, the market may form a new descending structure with the target at 1.3673.

USDRUB, “US Dollar vs Russian Ruble”

USDRUB is still consolidating around 74.40. Today, the pair may correct towards 73.23 and then resume growing towards 75.00 to complete the correction. After that, the instrument may start a new decline with the target at 72.00.

USDJPY, “US Dollar vs Japanese Yen”

USDJPY is still falling towards 110.27. Later, the market may form one more ascending wave to reach 111.00 and then resume trading downwards with the short-term target at 109.50.

USDCHF, “US Dollar vs Swiss Franc”

USDCHF is still consolidating around 0.9201. Possibly, today the pair may start another growth to reach 0.9277 and then correct towards 0.9131. After that, the instrument may resume moving upwards with the target at 0.9340.

AUDUSD, “Australian Dollar vs US Dollar”

After rebounding from 0.7600, AUDUSD is still falling with the target at 0.7411. Later, the market may start a new correction to return to 0.7600 and then resume trading downwards to reach 0.7303.

BRENT

After completing the descending wave at 72.33 and then forming a new consolidation range above this level, Brent is expected to correct towards 75.55. After that, the instrument may start a new decline to reach 73.30 and then form one more ascending structure with the target at 79.20.

XAUUSD, “Gold vs US Dollar”

After forming a new consolidation range above 1795.83, Gold is expected to form a new descending structure to break 1750.33. Later, the market may continue trading downwards with the target at 1688.29.

S&P 500

The S&P index is still consolidating around 4340.0. Today, the asset may start a new decline with the first target at 4240.0 and then correct towards 4330.0.