Technical Analysis & Forecast 17.05.2023
EURUSD, “Euro vs US Dollar”
The currency pair has completed a wave of correction to 1.0903. Today the market is forming a wave of decline to 1.0833. And if this level also breaks, the potential for a decline to 1.0793 could open. This is a local target.
GBPUSD, “Great Britain Pound vs US Dollar”
The currency pair has completed a wave of correction to 1.2544. Today the market is forming a wave of decline to 1.2416. After the price reaches this level, a link of correction to 1.2540 is not excluded, followed by a decline to 1.2355.
USDJPY, “US Dollar vs Japanese Yen”
The currency pair continues developing a wave of growth to 137.40. After the price reaches this level, a correction to 136.05 could follow. Next, growth to 138.40 is expected.
USDCHF, “US Dollar vs Swiss Franc”
The currency pair continues developing a wave of growth to 0.8989, from where the trend could continue to 0.9050. This is a local target. After the price reaches this level, a link of correction to 0.8990 is not excluded, followed by growth to 0.9100.
AUDUSD, “Australian Dollar vs US Dollar”
The currency pair continues developing a wave of decline to 0.6595. This is a local target. After the price reaches this level, a link of correction to 0.6655 is not excluded, followed by a decline to 0.6570.
BRENT
Brent continues forming a consolidation range around 75.75. If the price escapes the range upwards, a wave of growth to 80.20 could follow, from where the trend might continue to 85.00. This is a local target.
XAUUSD, “Gold vs US Dollar”
The currency pair continues developing a wave of decline to 1982.60. After the price reaches this level, a link of correction to 2011.50 is not excluded, followed by a decline to 1975.55.
S&P 500
The stock index continues developing a consolidation range around 4133.0 without any expressed trend. An escape from the range downwards to 4050.0 is expected today. Next, a link of growth to 4107.0 and a decline to 3944.0 are expected, from where the trend could continue to 3900.0.
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.