Forex Technical Analysis & Forecast 14.05.2021

EURUSD, “Euro vs US Dollar”

After completing the descending wave at 1.2060 along with the correction towards 1.2105, EURUSD is still consolidating around 1.2080. Possibly, the pair may form one more ascending structure to return to 1.2105. If later the price breaks this range to the upside, the market may resume growing to reach 1.2150; if to the downside – continue trading within the downtrend with the short-term target at 1.2012.

GBPUSD, “Great Britain Pound vs US Dollar”

After reaching the short-term downside target at 1.4010, GBPUSD is expected to correct towards 1.4077. Later, the market may resume falling with the target at 1.3982.

USDRUB, “US Dollar vs Russian Ruble”

USDRUB is still trading downwards to reach 73.40. After that, the instrument may start another growth towards 74.40 and then resume trading within the downtrend with the target at 73.00.

USDJPY, “US Dollar vs Japanese Yen”

USDJPY is forming a new descending structure towards 109.33 and may later resume trading upwards with the short-term target at 110.29.

USDCHF, “US Dollar vs Swiss Franc”

USDCHF is correcting towards 0.9044. After that, the instrument may resume growing to reach 0.9136 and then start a new decline with the target at 0.9085.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD is still consolidating around 0.7735. If later the price breaks this range to the downside, the market may resume falling with the short-term at 0.7650 and then start a new correction to return to 0.7735.

BRENT

Brent is falling towards 66.20 and may later grow towards 68.40, thus forming a new consolidation range around these two levels. After that, the instrument may break the range to the upside and form one more ascending structure with the target at 70.44.

XAUUSD, “Gold vs US Dollar”

Gold is still consolidating around 1817.22. If later the price breaks this range to the upside, the market may resume trading upwards with the short-term target at 1863.00; if to the downside – continue the correction to reach 1791.00.

S&P 500

After completing the descending wave at 4047.0, the S&P index is growing towards 4144.8, thus forming a new consolidation between these two levels. If later the price breaks this range to the upside, the market may resume trading upwards with the target at 4309.0; if to the downside – continue the correction to reach 4000.0.