Technical Analysis & Forecast 10.06.2024

EURUSD, “Euro vs US Dollar”

The EURUSD pair has completed a correction, reaching 1.0901, and initiated a new decline wave. A consolidation range formed around 1.0826 and, breaking below it, the market today reached the decline wave’s local target of 1.0750. Subsequently, a rise at least towards 1.0798 is possible, followed by a decline to 1.0736, potentially continuing towards 1.0707.

GBPUSD, “Great Britain Pound vs US Dollar”

The GBPUSD pair has completed a correction, reaching 1.2813, and initiated another decline wave. An impulse towards 1.2725 has been completed, with a narrow consolidation range forming around this level today. A downward breakout is possible, aiming for 1.2635 as a local target. Subsequently, a corrective phase towards 1.2750 (testing from below) is not ruled out, followed by a decline towards 1.2587, representing the downtrend’s first target.

USDJPY, “US Dollar vs Japanese Yen”

The USDJPY pair has formed a consolidation range around 155.90, which might expand to 157.25 today. After this, the price could decline towards 155.70. With a downward breakout of the range, the trend might continue to 153.60. With an upward breakout, a corrective phase towards 159.39 is possible. Once the correction is complete, a decline wave could start, aiming for 153.60 as the first target.

USDCHF, “US Dollar vs Swiss Franc”

The USDCHF pair has completed a decline wave, reaching 0.8888, and risen to 0.8966. Today, a narrow consolidation range might form around this level. With an upward breakout, the trend might continue towards 0.9048, representing the uptrend’s first target.

AUDUSD, “Australian Dollar vs US Dollar”

The AUDUSD pair has completed a correction, reaching 0.6680, and declined towards 0.6612. Today, the wave might continue towards 0.6544. After the price reaches this level, a corrective phase towards 0.6612 (testing from below) is possible, followed by a decline to 0.6522. This is the downtrend’s first target.

Brent

Brent has formed a consolidation range around 79.29 and expanded it towards 80.24. Today, the market tested the 79.29 level from above. An upward breakout of the range will open the potential for a wave towards 81.76, possibly continuing towards 84.50, the local target of the uptrend.

XAUUSD, “Gold vs US Dollar”

Gold has completed a correction, reaching 2387.00, and initiated a new decline wave. An impulse towards 2286.50 has been completed. Today, a consolidation range might develop around this level. A downward breakout will open the potential for a wave towards 2241.84, possibly expanding to 2207.00, representing the downtrend’s local target.

S&P 500

The stock index is currently in a consolidation phase around 5361.0 without any strong trend. With a downward breakout, a correction towards 5298.0 (testing from above) is expected. Subsequently, another growth wave might start, aiming for 5400.0. Once the price reaches this level, a decline wave towards 5286.0 could follow, potentially continuing towards 5170.0.