Technical Analysis & Forecast 18.05.2023

EURUSD, “Euro vs US Dollar”

The currency pair has completed a wave of decline to 1.0810. Today the market is forming a wave of correction to 1.0849. After the correction is over, the pair might develop a wave of decline to 1.0795, from where the trend could continue to 1.0755.

GBPUSD, “Great Britain Pound vs US Dollar”

The currency pair has completed a wave of decline to 1.2420. Today the market is forming a wave of correction to 1.2500. After the quotes reach this level, the wave of decline could continue to 1.2400. Next, a rise to 1.2500 could follow.

USDJPY, “US Dollar vs Japanese Yen”

The currency pair has completed a wave of growth to 137.44. Today the market is forming a consolidation range around this level. With an escape from the range upwards, the potential for a rise to 138.38 could open. And if the price breaks the range downwards, a link of correction to 136.66 could follow. Next, an increase to 138.66 is expected.

USDCHF, “US Dollar vs Swiss Franc”

The currency pair has completed a correction to 0.8970. Today the growth could continue to 0.9054. This is a local target. After the price reaches this level, a correction to 0.8989 could follow. Next, a rise to 0.9105 is expected.

AUDUSD, “Australian Dollar vs US Dollar”

The currency pair continues forming a consolidation range around 0.6655. With an escape from the range downwards, the wave of decline could continue to 0.6600. Next, a link of growth to 0.6696 is expected.

BRENT

Brent has broken the level of 76.00 upwards. Practically, the potential for a rise to 78.10 is open. After the price reaches this level, a link of correction to 76.00 (a test from above) is expected. Next, an increase to 78.85 could follow, from where the trend might continue to 85.00.

XAUUSD, “Gold vs US Dollar”

Gold has completed a wave of decline to 1975.40. Today the market is forming a consolidation range above this level. Extension of the range to 1964.00 is not excluded. Next, corrective growth to 2011.00 could follow. After the price reaches this level, a new wave of decline to 1850.00 might be expected.

S&P 500

The stock index continues developing a consolidation range around 4133.0. Today the range might extend to 4171.1. Next, a decline to 4055.0 could follow. And if this level breaks downwards, the potential for a declining wave to 3900.0 might open.