Technical Analysis & Forecast 16.05.2023

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.

EURUSD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

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.

GBPUSD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

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.

USDJPY
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

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.

USDCHF
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

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.

AUDUSD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

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.

BRENT
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

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.

GOLD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

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.

S&P 500
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

Attention!

Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.