Forex Technical Analysis & Forecast for June 2022

EURUSD, “Euro vs US Dollar”

As we can see in the daily chart, having completed the ascending correctional structure within the third descending wave at 1.0760, EURUSD is expected to test this level from below and then resume trading downwards with the short-term target at 1.0222.

GBPUSD, “Great Britain Pound vs US Dollar”

In the daily chart, GBPUSD has finished the ascending correctional structure within the third descending wave at 1.2660. Possibly, the pair may start a new decline with the short-term target at 1.1800.

USDJPY, “US Dollar vs Japanese Yen”

In the daily chart, having completed the first correctional wave at 126.40 and returned to 129.00, USDJPY is expected to consolidate there. If later the price breaks this range to the downside, the market may start a new correction towards 124.40 or even extend this structure down to 123.00; if to the upside – resume trading within the uptrend with the target 132.22.

BRENT

As we can see in the daily chart, after breaking 115.00 to the upside, Brent has expanded its consolidation range up to 123.00. Possibly, the asset may fall to test 115.00 from above and then form one more ascending wave with the short-term target at 132.00. the key upside target is at 136.66.

XAUUSD, “Gold vs US Dollar”

In the daily chart, Gold is forming a new ascending wave with the target at 1890.00; right ow, it is correcting down to 1825.00. Later, the market resume growing to reach the above-mentioned target and then start another decline towards 1720.00.

S&P 500

In the daily chart, having completed the correction to test 4160.0 from below, the S&P index is still forming the third descending wave with the target at 3700.0. Possibly, the asset may break this level and continue trading downwards to reach 3500.0.