Technical Analysis & Forecast 17.05.2024

17.05.2024

EURUSD, “Euro vs US Dollar”

The EURUSD pair has completed a growth phase, reaching 1.0890. Today, a consolidation range could form around this level, possibly extending to 1.0909. Next, a decline wave might start, aiming for 1.0820 and potentially continuing to the first target of 1.0730.

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 GBPUSD pair has completed a growth phase, reaching 1.2700. A consolidation range is currently forming around this level, possibly extending to 1.2727. Next, a decline wave might start, aiming for 1.2580 and potentially continuing to the first target of 1.2444.

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 USDJPY pair has corrected towards 155.90. Today, the market is forming a consolidation range below this level. A downward breakout and a new wave targeting 152.20 are expected, from where the trend could develop to the local target of 151.40.

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 USDCHF pair has completed a growth impulse, reaching 0.9072. Today, a correction could follow, targeting 0.9027. Once the correction is complete, another growth wave might start, aiming for 0.9144 as the local target.

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 AUDUSD pair has completed a decline impulse, reaching 0.6654. Today, the price is expected to rise to 0.6685. Practically, a new consolidation range is forming. A downward breakout will open the potential for a decline wave towards 0.6587, potentially continuing to the first target of 0.6555.

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

BRENT

Brent has formed a consolidation range around 82.75. An upward breakout will open the potential for a wave towards 84.64. After reaching this level, the price could correct towards 82.75 (testing from above), subsequently rising to the local target of 86.40.

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

XAUUSD, “Gold vs US Dollar”

Gold has completed a decline impulse, reaching 2370.80. Today, a correction of this impulse towards 2389.00 is expected. Next, a new decline wave could start, aiming for 2339.15 and potentially continuing to the first target of 2331.00.

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

S&P 500

The stock index is forming a consolidation range around 5311.1. A decline impulse towards 5296.0 is complete today. A rise to 5311.1 (testing from below) is expected. An upward breakout of the range will open the potential for a wave towards 5333.0, followed by a decline towards 5264.0. A downward breakout will open the potential for a decline wave to 5252.0, potentially continuing to the first target of 5171.5.

US500Cash
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.