Technical Analysis & Forecast 12.06.2024

EURUSD, “Euro vs US Dollar”

The EURUSD pair has completed a wave, reaching 1.0717. Practically, the market continues to develop a consolidation range around 1.0750. Today, the price is expected to rise towards 1.0750 (testing from below). Following this, a decline wave might start, aiming for 1.0707. A breakout of this level will open the potential for a wave towards 1.0646, potentially continuing towards 1.0630, the downtrend’s local target.

GBPUSD, “Great Britain Pound vs US Dollar”

The GBPUSD pair continues to form a wide consolidation range around 1.2719. Today, the price might decline to 1.2686 and then rise to 1.2719 (testing from below). A downward breakout of the range will open the potential for a wave towards 1.2630, potentially expanding to the local target of 1.2588.

USDJPY, “US Dollar vs Japanese Yen”

The USDJPY pair is currently in a consolidation phase around 157.25. Today, a decline to 156.25 is possible. With an upward breakout of the range, the wave might continue towards 159.40. A downward breakout will enable another decline to 155.11, with a correction potentially continuing towards 153.60. Subsequently, the price might rise to 159.40.

USDCHF, “US Dollar vs Swiss Franc”

The USDCHF pair is currently in a consolidation phase around 0.8960. The market has extended the range towards 0.8992 and is forming a decline structure today, aiming for 0.8960 (testing from above). With a downward breakout of the range, a corrective phase might follow, targeting 0.8930. An upward breakout will open the potential for a wave towards 0.9060, representing the uptrend’s first target.

AUDUSD, “Australian Dollar vs US Dollar”

The AUDUSD pair is currently in a consolidation phase around 0.6597, with a rise to 0.6618 possible. Subsequently, the price might decline to 0.6573. A breakout of this level will open the potential for a wave towards 0.6540, potentially continuing to 0.6513, representing the downtrend’s local target.

Brent

Brent is forming a consolidation range around 81.60, which has extended to 82.15. Today, the market has completed a decline to 81.60 (testing from above). An upward breakout of the range towards at least 84.00 is expected. Once the price reaches this level, a corrective phase might follow, targeting 81.60. Next, a new growth wave could start, aiming for 86.66 as the first target of the uptrend.

XAUUSD, “Gold vs US Dollar”

Gold is forming a consolidation range around 2309.00, which might expand towards 2329.00 today. Subsequently, a decline to 2288.40 is expected. If this level breaks, it will open the potential for a wave towards 2233.26, potentially continuing to 2208.28, the local target of the downtrend.

S&P 500

The stock index has exited the consolidation range upwards, considering the development of a growth wave towards 5393.3. Subsequently, the price could decline to 5368.4 (testing from above) and rise to 5400.0, potentially reaching 5409.0. Next, it might decline to the downtrend’s first target of 5298.0.