Technical Analysis & Forecast 11.05.2023

EURUSD, “Euro vs US Dollar”

The currency pair has completed a correction at 1.1000. A new structure of decline to 1.0963 is forming today. If this level breaks downwards, the potential for a wave of decline to 1.0930 could open, from where the trend might continue to 1.0903. This target is the first one.

GBPUSD, “Great Britain Pound vs US Dollar”

The currency pair has completed a wave of correction to 1.2640. Today the market continues developing a wave of decline to 1.2600. If this level breaks downwards, the potential for a wave of decline to 1.2566 could open, from where the structure might continue to 1.2533. This target is the first one.

USDJPY, “US Dollar vs Japanese Yen”

The currency pair has completed a wave of correction to 133.88. A wave of growth to 135.80 could start today. And if this level also breaks upwards, a structure to 137.60 could develop, from where the trend might continue to 138.00.

USDCHF, “US Dollar vs Swiss Franc”

The currency pair continues developing a consolidation range around 0.8896. Growth to 0.8920 is expected today. If this level breaks upwards, the potential for growth to 0.8975 could open. This target is local.

AUDUSD, “Australian Dollar vs US Dollar”

The currency pair has completed a wave of correction to 0.6795. Today the wave of decline could continue to 0.6740. And if this level also breaks downwards, the potential for a structure of decline to 0.6690 could open.

BRENT

Brent is forming a consolidation range around 76.60. Today the range could extend to 78.28. This target is the first one. Next, a decline to 74.74. is expected, followed by growth to 84.40. This target is local.

XAUUSD, “Gold vs US Dollar”

Gold has completed a wave of correction to 2048.00. A new wave of decline to 2014.00 could start today. And if this level also breaks downwards, the potential for a wave of decline to 1981.30 could open.

S&P 500

The stock index has completed a wave of correction to 4154.7. A decline to 4052.0 could start today, from where the trend might continue to 3945.0. This is a local target.