Forex Technical Analysis & Forecast 04.05.2021

EURUSD, “Euro vs US Dollar”

After completing the correction at 1.2075, EURUSD is forming another descending structure towards 1.2000. Later, the market may start one more correction to return to 1.2075 and then resume trading downwards with the target at 1.1950.

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD is falling to reach 1.3750 and may later consolidate there. Possibly, the pair may break the range to the downside and resume trading downwards with the short-term target at 1.3676.

USDRUB, “US Dollar vs Russian Ruble”

USDRUB is still consolidating around 75.00. Today, the pair may rebound from 75.20 to the downside and resume falling to break 74.40. After that, the instrument may continue trading downwards with the short-term target at 73.31.

USDJPY, “US Dollar vs Japanese Yen”

After forming a new consolidation range around 109.26, USDJPY may expand it down to 108.80. Later, the market may form one more ascending structure towards 109.80 and then start a new correction to return to 108.80.

USDCHF, “US Dollar vs Swiss Franc”

USDCHF is still growing towards 0.9150 and may later correct to reach 0.9115. After that, the instrument may then start a new growth with the target at 0.9200.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD is still correcting towards 0.7777 and may later fall to break 0.7700. Later, the market may continue falling with the target at 0.7600.

BRENT

Brent is forming a new consolidation range around 67.44. If later the price breaks this range to the upside, the market may start another growth towards 68.50 and then correct to reach 66.50. After that, the instrument may resume trading upwards with the target at 69.00.

XAUUSD, “Gold vs US Dollar”

Gold is still growing towards 1809.60. Later, the market may correct to reach 1767.25 and then continue trading upwards with the target at 1850.00.

S&P 500

The S&P index is still forming the descending wave towards 4166.6 and may later consolidate there. If later the price breaks this range to the upside, the market may start a new growth towards 4271.6; if to the downside – resume falling with the target at 4081.8.