Technical Analysis & Forecast 14.05.2024

EURUSD, “Euro vs US Dollar”

The EURUSD pair has extended a consolidation range towards 1.0806. Today, a decline structure is forming, aiming for 1.0766. A breakout of this level will open the potential for a wave to 1.0744, with the trend potentially continuing to the local target of 1.0680.

GBPUSD, “Great Britain Pound vs US Dollar”

The GBPUSD pair has extended a consolidation range towards 1.2565. Today, the price could decline to the range’s lower boundary at 1.2505. A breakout of this level will open the potential for a wave to 1.2444, with the trend potentially continuing to the local target of 1.2333.

USDJPY, “US Dollar vs Japanese Yen”

The USDJPY pair has completed a growth wave, reaching 156.15. Today, the market has formed a narrow consolidation range around this level and, breaking above it, enables the extension of the growth wave towards 156.66. After the price reaches this level, a new consolidation range could form below this level. With a downward breakout of this range, a decline wave could start, aiming for 154.00 as the first target.

USDCHF, “US Dollar vs Swiss Franc”

The USDCHF pair has extended a consolidation range towards 0.9045. Today, a growth wave structure is forming, targeting 0.9129. After the price hits this level, a new consolidation range could develop around this level. With an upward breakout, the trend might continue to the local target of 0.9218.

AUDUSD, “Australian Dollar vs US Dollar”

The AUDUSD pair has extended a consolidation range towards 0.6626. Today, a decline structure is forming, targeting 0.6580. A downward breakout of this level will open the potential for a wave to 0.6464, potentially continuing to the local target of 0.6420.

BRENT

Brent has received support at 82.01 and continues to develop a growth structure, aiming for 83.80. Once the price reaches this level, a new consolidation range is expected to develop. With an upward breakout, the growth wave might expand to 85.55, potentially continuing to the local target of 86.00.

XAUUSD, “Gold vs US Dollar”

Gold has completed a decline wave, reaching 2331.50. Today, the market is forming a consolidation range above this level. A rise to 2351.65 (testing from below) is not ruled out, followed by a decline to 2323.50. A breakout of this level will open the potential for a wave to 2270.00, from where the trend might continue to 2245.70. This is the first target of the decline wave.

S&P 500

The stock index is currently in a consolidation phase around 5222.2 without any strong trend. The consolidation range might expand to 5246.5. With a downward breakout, a new decline wave could start, aiming for 5165.0 and potentially continuing to 5081.0. This is the first target of another decline wave.