The forex market is abuzz with technical analysis and forecasts for major currency pairs, equities, and commodities. Prominent experts offer insights into the potential trajectory of these assets, providing valuable information for traders and investors. Let’s dive into the latest projections for some of the most significant financial instruments.
EUR/USD: Bullish Momentum Expected to Continue
The EUR/USD pair is currently showing a bullish overall momentum. Traders anticipate a potential drop to the 1st support level at 1.1096 in the short term, followed by a bounce and rise to the 1st resistance. The 1st support, positioned at the 38.20% Fibonacci retracement level, is deemed favorable as a pullback support. Meanwhile, the 2nd support at 1.1011 acts as an overlap support at the 61.80% Fibonacci retracement level. On the upside, the 1st resistance at 1.1096 serves as a pullback resistance and aligns with the 38.20% Fibonacci retracement level. The 2nd resistance level at 1.1172 is expected to act as a strong pullback resistance with its position at the 61.80% Fibonacci retracement level.
GBP/USD: Consolidation Range Points to Potential Decline
The GBP/USD pair has formed a consolidation range around 1.2885. Traders foresee an exit from the range upwards, creating a correction structure to 1.2972. A wave of decline to 1.2885 is anticipated, and a breakout from this level could open the potential for a decline to 1.2770, representing a local target.
USD/JPY: Growth Continues Amid Positive Momentum
The USD/JPY pair in the forex market has corrected to 139.44; a new analysis shows the structure of growth to 140.70 today. A breakout above this level could lead to a further rise to 142.36, representing the first target.
USD/CHF: Expectations for Upside Potential
The USD/CHF pair has completed a correction to 0.8580, with a link of growth expected to 0.8634 today. Following this, a new link of decline to 0.8570 might occur, after which a new wave of growth to 0.8799 could develop as the first target.
AUD/USD: Potential Decline to Key Levels
The AUD/USD pair has completed a correction structure to 0.6811. Traders foresee a new wave of decline to 0.6737 today, with a potential continuation of the trend to 0.6655, marking the first target.
Brent: Consolidation Range Signals Local Target
Brent is currently forming a consolidation range around 83.00, expected to expand to 83.62, representing a local target. Subsequently, a correction to 81.00 might begin, followed by a rise to 84.00, marking the first target.
XAU/USD (Gold): Range-Bound Movements Ahead
Gold has formed a consolidation range around 1967.25, extending the correction to 1982.00 with an upward escape. Traders anticipate the quotes to drop to 1967.25 today, and a breakout of this level could lead to the continuation of the trend to 1937.35.
S&P 500: Growth with Potential Reversal
The stock index is continuing to develop a link of growth to 4591.0. After reaching this level, traders should expect a decline to 4530.0, and a breakout of this mark could open the potential for a decline to 4488.0, marking the first target.
DXY (US Dollar Index): Bearish Momentum Persists
The DXY instrument is currently showing bearish overall momentum. Traders predict a potential bearish reaction off the 1st resistance, leading to a drop to the 1st support level. The 1st support of 100.39 and the 61.80% Fibonacci retracement level are showing up as strong due to their quality as pullback support. The 2nd support level at 100.03, located at the 78.60% Fibonacci retracement level, also serves as a beneficial overlap support. On the resistance side, the 1st resistance at 101.65, a swing-high resistance, aligns with the 50% Fibonacci retracement level. The 2nd resistance level at 101.98, a pullback resistance, coincides with the 61.80% Fibonacci retracement level.
