Forex Technical Analysis & Forecast 16.05.2019 (EURUSD, GBPUSD, USDCHF, USDJPY, AUDUSD, USDRUB, GOLD, BRENT)

EURUSD, “Euro vs US Dollar”

EURUSD has completed the ascending impulse along with the correction at 1.1197; right now, it is consolidating above this level. Possibly, the pair may break it downwards and form a new descending structure towards 1.1170. However, if the price breaks 1.1212 to the upside, the instrument may continue growing with the target at 1.1227.

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD has broken 1.2947; right now, it is still extending the third wave. Possibly, today the pair may reach 1.2816 and then start another correction to return to 1.2947. Later, the market may form a new descending structure towards 1.2771 and then continue the correction to reach 1.2947 once again. After that, the instrument may start a new decline with the short-term target at 1.2720.

USDCHF, “US Dollar vs Swiss Franc”

USDCHF is still moving upwards. Today, the pair may reach 1.0105 and then fall towards 1.0089. After that, the instrument may start a new growth with the short-term target at 1.0120.

USDJPY, “US Dollar vs Japanese Yen”

USDJPY is still consolidating below 109.44. Possibly, the pair may fall to reach 109.10 and then form one more ascending structure to return to 109.44, thus forming a new consolidation range. If later the price breaks range to the downside, the instrument may resume trading inside the downtrend towards 108.75.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD has broken 0.6945; right now, it is still extending the descending wave. Possibly, today the pair may form one more ascending structure to test 0.6925 and then start another decline to break 0.6870. Later, the market may continue trading inside the downtrend with the target at 0.6850.

USDRUB, “US Dollar vs Russian Ruble”

USDRUB has broken 64.83; right now, it is still moving downwards. Today, the pair may reach 64.20 and then start a new growth towards 64.80. After that, the instrument may resume trading inside the downtrend with the target at 64.00.

XAUUSD, “Gold vs US Dollar”

Gold is forming another descending structure to break 1293.15. After that, the instrument may continue trading inside the downtrend with the short-term target at 1285.40.

BRENT

Brent is still moving upwards; it has broken 72.30 and may continue growing with the first target at 73.25. Later, the market may be corrected to reach 71.60 and then resume trading inside the uptrend with the target at 75.25.