Technical Analysis & Forecast 16.05.2023

EURUSD, “Euro vs US Dollar”

The currency pair has completed a wave of correction to 1.0890. Today the market is forming a consolidation range under this level. An escape from the range upwards and a structure of growth to 1.0920 are not excluded, followed by a decline to 1.0833. And if this level also breaks downwards, the potential for a decline to 1.0793 could open. This target is local.

GBPUSD, “Great Britain Pound vs US Dollar”

The currency pair has completed a wave of correction to 1.2533. Today the market is forming a consolidation range under this level. An escape from the range upwards and a structure of growth to 1.2555 are not excluded, followed by a decline to 1.2416. And if the price breaks the range downwards, the potential for a decline to 1.2355 could open.

USDJPY, “US Dollar vs Japanese Yen”

The currency pair is forming a consolidation range around 135.96. With an escape from the range upwards, the potential for growth to 137.22 could open. The target is local. After the price reaches this level, a correction to 135.96 might develop, followed by growth to 138.20.

USDCHF, “US Dollar vs Swiss Franc”

The currency pair continues developing a correction. A link of decline to 0.8933 is not excluded. After the correction is over, a wave of growth to 0.8989 is not excluded, from where the trend might continue to 0.9050.

AUDUSD, “Australian Dollar vs US Dollar”

The currency pair has completed a wave of correction to 0.6708. Today the market is forming a consolidation range under this level. If the price breaks the range upwards, a link of growth to 0.6720 might form. And with a breakout of the range downwards, the potential for the wave of decline to 0.6595 could open.

BRENT

Brent completed a link of correction to 73.33. Today the market has performed a link of growth to 75.75. Another link of decline to 73.20 is not excluded, followed by growth to 79.20. And if this level also breaks, the wave could extend to 85.15. The target is local.

XAUUSD, “Gold vs US Dollar”

Gold continues consolidating around 2012.85 without any expressed trend. A link of growth to 2025.10 is not excluded. Next, a structure of decline to 1984.45 might form, from where the trend could continue to 1978.45.

S&P 500

The stock index continues consolidating around 4133.0 without any expressed trend. With an escape from the range upwards, a link of growth to 4215.0 is not excluded. If the price escapes the range downwards, the potential for a wave of decline to 3945.0 could open, from where the trend could continue to 3900.0.