Forex Technical Analysis & Forecast 06.05.2022

EURUSD, “Euro vs US Dollar”

After finishing the descending impulse at 1.0555, EURUSD is consolidating around this level. If later the price breaks this range to the downside, the market may form a new descending structure with the target at 1.0464; if to the upside – start another growth towards 1.0673 and then resume falling to reach the above-mentioned target.

GBPUSD, “Great Britain Pound vs US Dollar”

Having broken 1.2500 downwards and completed the descending wave at 1.2323, GBPUSD is consolidating around the latter level. If later the price breaks this range to the downside, the market may form a new descending structure with the target at 1.2222; if to the upside – start another growth towards 1.2577 and then resume falling to reach the above-mentioned target.

USDJPY, “US Dollar vs Japanese Yen”

After finishing the ascending wave at 129.55 and then forming a new consolidation range around this level, USDJPY has broken it upwards to extend this wave up to 130.67. Today, the pair may start a new correction with the target at 129.55.

USDCHF, “US Dollar vs Swiss Franc”

Having completed the ascending wave at 0.9888, USDCHF is consolidating below this level. If later the price breaks this range to the downside, the market may start a new decline with the target at 0.9777; if to the upside – form one more ascending structure towards 0.9990.

AUDUSD, “Australian Dollar vs US Dollar”

After finishing the descending wave at 0.7100, AUDUSD is consolidating above this level. If later the price breaks this range to the downside, the market may form a new descending structure with the target at 0.6969; if to the upside – start another growth towards 0.7345 and then resume falling to reach the above-mentioned target.

BRENT

Brent has broken 111.40 to the upside; right now, it is consolidating around this level. Possibly, the asset may break the range to the upside and reach the short-term target at 117.77. After that, the instrument may correct towards 111.44 and then resume trading upwards to reach 119.40.

XAUUSD, “Gold vs US Dollar”

After completing the ascending wave at 1909.30 along with the correction towards 1866.86, Gold is consolidating above the latter level. Possibly, today the metal may grow to break 1915.00 and then continue trading upwards with the short-term target at 1964.60. However, if the price breaks this range to the downside, the market may continue the correction down to 1830.00 and then resume growing to reach the above-mentioned target.

S&P 500

Having rebounded from 4303.3 and finishing the descending structure at 4166.6, the S&P index is expected to form the third wave within the downtrend towards 3690.0. Today, the asset may fall to break 4063.0 and then continue trading downwards with the target at 3832.3.