Forex Technical Analysis & Forecast 03.06.2022

EURUSD, “Euro vs US Dollar”

Having completed the ascending structure at 1.0693 and formed a new consolidation range there, EURUSD has broken it to the upside and may continue the correction up to 1.0763. Later, the market may fall to break 1.0674 and then continue moving within the downtrend with the target at 1.0585.

GBPUSD, “Great Britain Pound vs US Dollar”

After finishing the descending impulse at 1.2458 along with the correction up to 1.2588, GBPUSD is expected to resume falling and break 1.2414. Later, the market may continue trading downwards with the short-term target at 1.2218.

USDJPY, “US Dollar vs Japanese Yen”

USDJPY is forming a new consolidation range around 129.90. If later the price breaks this range to the upside, the market may extend this ascending structure up to 131.80; if to the downside – resume trading downwards with the target at 126.40.

USDCHF, “US Dollar vs Swiss Franc”

USDCHF has formed a new consolidation range around 0.9600. Possibly, today the pair may resume falling towards 0.9553 and then start another growth with the target at 0.9690.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD has completed the ascending wave at 0.7277. Today, the pair may consolidate there. If the price breaks this range to the downside, the market may form a new descending structure with the target at 0.7139.

BRENT

Brent is growing towards 121.33 and may later correct down to 118.00. After that, the instrument may form one more ascending wave with the target at 125.00 or even extend this structure up to 128.80.

XAUUSD, “Gold vs US Dollar”

Having completed the ascending wave at 1874.00, Gold is correcting down to 1854.54. Later, the market may resume trading upwards with the short-term target at 1880.00.

S&P 500

After rebounding from 4073.0, the S&P index is growing towards 4220.0. Later, the market may resume trading downwards with the target at 4009.0 or even extend this structure down to 3815.0.