Technical Analysis & Forecast 21.05.2024

EURUSD, “Euro vs US Dollar”

The EURUSD pair has extended the range towards 1.0883 and declined to 1.0855. Today, the market is in a consolidation phase around this level. A decline towards 1.0832 could occur, followed by a rise towards 1.0855. An upward breakout of the range will open the potential for a wave towards 1.0915. With a downward breakout, the wave could continue to 1.0777, potentially expanding to 1.0730. This is the first target of another decline wave.

GBPUSD, “Great Britain Pound vs US Dollar”

The GBPUSD pair is in a consolidation phase around 1.2705 without any strong trend. The consolidation range might expand to 1.2764. Subsequently, the price could decline to 1.2605 (testing from above) and then rise to 1.2666. After the price reaches this level, a decline wave could start, aiming for 1.2444 as the first target of the next decline wave.

USDJPY, “US Dollar vs Japanese Yen”

The USDJPY pair has exited the range upwards and completed a growth wave, reaching 156.39. The wave might extend towards 156.68. Once the price hits this level, the corrective wave will be considered complete. Next, a new decline wave could start, targeting 154.40 and potentially continuing to 152.22 as the first target of the decline wave.

USDCHF, “US Dollar vs Swiss Franc”

The USDCHF pair has completed another growth structure, reaching 0.9115. Today, a decline towards 0.9091 could follow as part of a correction. Subsequently, a growth structure could develop, aiming for 0.9136 and potentially continuing 0.9150 as the first target of another growth wave.

AUDUSD, “Australian Dollar vs US Dollar”

The AUDUSD pair has completed a decline wave, reaching 0.6646. Today, a rise towards 0.6670 is not ruled out (testing from below). Next, a decline towards 0.6630 is expected, potentially continuing towards 0.6555 as the first target of the decline wave.

BRENT

Brent has completed a growth wave, reaching 84.24. Today, a correction towards 82.55 (testing from above) could follow. Once the correction is complete, another growth structure could start, aiming for 84.70 as the first target of the growth wave.

XAUUSD, “Gold vs US Dollar”

Gold has completed a growth wave, reaching 2450.00. Today, the market has formed a corrective wave towards 2405.40. A rise towards 2427.57 is expected. Practically, a consolidation range is forming at the top of the growth wave. A downward breakout will open the potential for a wave towards 2333.00. With an upward breakout, the trend might continue towards 2478.77.

S&P 500

The stock index is currently in a consolidation phase around 5299.0. The market has expanded a consolidation range towards 5329.0. Today, a decline structure towards 5299.0 (testing from above) is forming. A downward breakout will open the potential for a wave towards 5263.0. With an upward breakout, the wave might extend to 5355.0.