Technical Analysis & Forecast for May 2024

EURUSD, “Euro vs US Dollar”

The EURUSD pair continues to develop the third decline wave, aiming for an estimated target of 1.0505. Another structure of this wave targeting 1.0610 has been completed. Today, a correction could develop towards 1.0760. Once it is complete, the price could decline to 1.0505 (as a minimum). Subsequently, a corrective wave is expected, aiming for 1.0700 (testing from below) and followed by a decline to 1.0290. This is the first target of this decline wave.

GBPUSD, “Great Britain Pound vs US Dollar”

The GBPUSD pair has completed the third decline wave, expanding the structure to 1.2300. The market has completed a correction towards 1.2525. Today, a consolidation range continues to form around this level, potentially expanding to 1.2580. Once the correction is complete, a new decline wave is expected, aiming for 1.2363. A downward breakout will open the potential to reach 1.2166. This is the first target of this decline wave.

USDJPY, “US Dollar vs Japanese Yen”

The USDJPY pair has completed the fifth growth wave, reaching 160.16. Today, another decline structure targeting 149.06 continues to develop. Its first impulse towards 154.50 and a correction towards 157.97 are complete. After the correction, the market continues to decline to 154.50. A consolidation range is expected to form around this level. With a downward breakout, the wave could develop to 151.15, with the trend potentially continuing to the estimated target of 149.06.

BRENT

Brent has completed a growth wave, reaching 91.49. Today, the market has practically formed a correction towards 83.54. Once it is complete, a new growth wave is expected to start, aiming for 89.98. With a breakout of this level, the trend might continue to the growth wave’s first target of 95.80. After reaching the level, the price could correct to 85.00.

XAUUSD, “Gold vs US Dollar”

Gold has completed a growth wave, reaching 2430.30. Today, the market continues to develop a correction towards 2271.51. Once it is over, a new growth wave could start, aiming for 2450.00. A breakout of this level will open the potential for an upward movement towards 2550.60, representing the first target of the growth wave.

S&P 500

The stock index has completed a growth wave, reaching 5285.0. Today, the first decline wave continues to develop towards 4850.6. Once this level is reached, a corrective phase might follow, targeting 5060.0. Next, a new decline wave could start, aiming for 4688.2 (as a minimum), representing a local target by the downtrend.