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Forex Technical Analysis & Forecast for July 2022

EURUSD, “Euro vs US Dollar”

As we can see in the daily chart, having returned to test 1.0770 from below, EURUSD is forming a new descending structure towards 1.0340 and may later correct up to 1.0440 at least. After that, the instrument may resume trading downwards with the target at 1.0207 or even extend this structure down to 1.0000.

Forex Technical Analysis & Forecast for July 2022 EURUSD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

GBPUSD, “Great Britain Pound vs US Dollar”

In the daily chart, GBPUSD is forming a new descending wave towards 1.1838 and may later correct up to 1.2020 at least. After that, the instrument may start a new decline with the target at 1.1400 or even extend this structure down to 1.1111.

Forex Technical Analysis & Forecast for July 2022 GBPUSD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

USDJPY, “US Dollar vs Japanese Yen”

In the daily chart, having completed the ascending wave at 136.99, USDJPY is forming the first structure of a new descending wave to reach 134.27. Later, the market may correct up to 135.80 and then resume falling with the target at 131.29 or even extend this structure down to 125.40.

Forex Technical Analysis & Forecast for July 2022 USDJPY
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

BRENT

As we can see in the daily chart, after finishing the correction at 107.30, Brent is forming another ascending wave towards 119.30. Later, the market may break the latter level and continue growing with the target at 128.00 or even extend this structure up to 132.10.

Forex Technical Analysis & Forecast for July 2022 BRENT
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

XAUUSD, “Gold vs US Dollar”

In the daily chart, Gold is forming a new descending wave with the target at 1765.00 and may later correct up to 1812.00. After that, the instrument may resume falling to reach 1740.00 or even extend this structure down to 1700.00.

Forex Technical Analysis & Forecast for July 2022 GOLD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

S&P 500

In the daily chart, having reached the predicted downside target at 3700.0, the S&P index is expected to correct up to 4166.6; by now, it has completed the first ascending wave at 3949.0 and is currently correcting down to 3722.0. After that, the instrument may resume trading upwards with the short-term target at 4070.0.

Forex Technical Analysis & Forecast for July 2022 S&P 500
Risk Warning: the result of previous trading operations do not guarantee the same results in the future


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