Forex Technical Analysis & Forecast 07.05.2021

EURUSD, “Euro vs US Dollar”

After breaking 1.2000 to the upside, EURUSD is still correcting. Possibly, the pair may fall to reach 1.2030 and then form one more ascending structure towards 1.2080 at least. Later, the market may resume trading downwards with the target at 1.1990.

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD has finished the correction at 1.3939. Possibly, today the pair may fall to break 1.3830 and continue falling with the target at 1.3750.

USDRUB, “US Dollar vs Russian Ruble”

USDRUB is consolidating around 74.40. Today, the pair may fall to break 73.40 and then continue trading downwards with the short-term target at 72.30.

USDJPY, “US Dollar vs Japanese Yen”

USDJPY is trading to break 109.00 to the downside and extend the descending wave to 108.70. Later, the market may start a new correction to return to 109.00 and then resume falling with the target at 107.50.

USDCHF, “US Dollar vs Swiss Franc”

After completing the descending structure at 0.9106 and forming a new consolidation range around this level, USDCHF has broken it to the downside to reach the short-term target at 0.9070. Today, the pair may correct to test 0.9106 from below and then resume trading downwards with the target at 0.9050.

AUDUSD, “Australian Dollar vs US Dollar”

After forming another consolidation range around 0.7740, AUDUSD is expected to break it to the upside and form one more ascending structure with the short-term target at 0.7794. After that, the instrument may start a new decline to return to 0.7740 and then resume growing with the target at 0.7818.

BRENT

After completing the correction at 68.00, Brent is expected to grow towards 68.50, thus forming a new consolidation range around the latter level. If later the price breaks this range to the downside, the market may continue the correction towards 66.86; if to the upside – resume trading downwards to break 70.00 and then continue growing with the target at 72.00.

XAUUSD, “Gold vs US Dollar”

After finishing the ascending structure at 1805.50, Gold has extended it up to 1821.40. Possibly, today the metal may start a new correction to return to 1805.50 and then resume trading upwards with the target at 1900.00.

S&P 500

The S&P index is still growing towards 4220.0. After that, the instrument may fall to reach 4195.0 and then resume growing with the target at 4303.3.