Forex Technical Analysis & Forecast 16.05.2022

EURUSD, “Euro vs US Dollar”

After forming a narrow consolidation range around 1.0390, EURUSD has broken it to the downside; right now, it is still falling with the target at 1.0275. Later, the market may correct to correct towards 1.0400 and then start a new decline towards 1.0243 or even extend this structure don to 1.0200.

GBPUSD, “Great Britain Pound vs US Dollar”

Having finished the correction at 1.2295, GBPUSD is falling towards 1.2110. After that, the instrument may form one more ascending structure towards 1.2250 and then resume trading downwards with the target at 1.1900.

USDJPY, “US Dollar vs Japanese Yen”

USDJPY has completed the correctional structure at 129.60. Today, the pair may start a new decline towards 126.90 or even extend this structure down to 125.77.

USDCHF, “US Dollar vs Swiss Franc”

USDCHF is consolidating around 1.0025. Possibly, the pair may expand the range up to 1.0052 and then start a new correction towards 0.9960. Later, the market may resume trading upwards with the target at 1.0060 or even extend this structure up to 1.0200.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD has completed the correction at 0.6960; right now, it is falling towards 0.6828. After that, the instrument may break the latter level and continue falling with the target at 0.6700.

BRENT

After finishing the ascending wave at 112.60, Brent is expected to correct down to 109.00. Later, the market may start another growth to break 112.60 and then continue trading upwards with the target at 116.00.

XAUUSD, “Gold vs US Dollar”

Gold is still correcting. Possibly, today the metal may fall to reach 1795.00. After that, the instrument may form one more ascending structure to break 1862.44 and then continue growing with the target at 1914.11.

S&P 500

The S&P index continues consolidating below 4000.0. Possibly, the asset may fall to reach the short-term target at 3832.4 and then start a new correction to return to 4000.0. After that, the instrument may resume trading downwards with the first target at 3697.8.