JPY May Initiate a Decline Wave. This overview also delves into the dynamics of EUR, GBP, CHF, AUD, Brent, Gold, and the S&P 500 index.
EUR/USD (Euro vs US Dollar)
The EUR/USD pair has established a consolidation range around 1.0766, completing an upward structure to 1.0782 with an escape above the level. A technical retracement to 1.0766 is expected today (a test from above). Following this, another corrective phase to 1.0791 may materialize. Once this correction concludes, a decline wave to 1.0740 might commence. If this level is breached, the potential for a wave to 1.0700 could materialize. This marks a local target.
GBP/USD (Great Britain Pound vs US Dollar)
The GBP/USD pair is persistently forming a consolidation range around 1.2615. A potential upward escape from the range, leading to further correction to 1.2658, is not ruled out. Subsequent to this correction, an anticipated decline wave to 1.2570 could initiate. If this level is surpassed, the potential for a decline wave to 1.2470 might emerge.
USD/JPY (US Dollar vs Japanese Yen)
The USD/JPY pair has accomplished a growth wave to 149.47. A consolidation range may evolve around this level today. With a potential downward escape from the range, the possibility of a decline wave to 148.50 could open. If this level is breached, the potential for a wave to 147.67 could be realized. This marks the first target.
USD/CHF (US Dollar vs Swiss Franc)
The USD/CHF pair has found support at 0.8727 and is continuing to develop an upward structure to 0.8747. If this level is also surpassed, the potential for a wave to 0.8767 could materialize. This represents a local target.
AUD/USD (Australian Dollar vs US Dollar)
The AUD/USD pair is persistently developing a consolidation range around 0.6505. A potential downward escape from the range to 0.6467 is anticipated, from where the wave could extend to 0.6395. This marks the first target in the decline structure by the downtrend.
BRENT
Brent has achieved the growth wave target at 81.60. Today, quotes may undergo correction to 79.00. Following this correction, a new growth wave to 84.50 may commence. This marks a local target.
XAU/USD (Gold vs US Dollar)
Gold concluded a decline wave to 2020.20. Upon reaching this target, the market rebounded to 2033.70. Currently, the market is forming a consolidation range around this level. An upward escape may lead to a growth link to 2050.00. Conversely, a downward escape may extend the wave to 2008.30, from where the trend could continue to 1998.88. This represents a local target.
S&P 500
The stock index is persistently forming a consolidation range around 4993.0. An upward escape from the range is anticipated to extend to 5025.5. Alternatively, a downward escape may initiate a decline wave to 4970.0, from where the trend might extend to 4920.0. This is the first target.
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