Technical Analysis & Forecast 22.05.2024

EURUSD, “Euro vs US Dollar”

The EURUSD pair is currently in a consolidation phase around 1.0857. Today, a downward breakout towards 1.0831 is expected. After the price reaches this level, a new narrow consolidation range might form. A downward breakout will open the potential for a wave towards the local target of 1.0780.

GBPUSD, “Great Britain Pound vs US Dollar”

The GBPUSD pair is currently in a consolidation phase around 1.2705 without any strong trend. With an upward breakout, the price could rise towards 1.2764. A downward breakout will open the potential for a decline wave towards 1.2666, potentially continuing towards 1.2604 as the first target of the decline wave.

USDJPY, “US Dollar vs Japanese Yen”

The USDJPY pair is currently in a consolidation phase around 156.08 without any strong trend. With a downward breakout, the wave might develop towards 154.44, potentially expanding towards the local target of 152.20.

USDCHF, “US Dollar vs Swiss Franc”

The USDCHF pair is currently in a consolidation phase around 0.9109. With an upward breakout, the wave might continue towards 0.9130, potentially expanding towards 0.9150, representing the first target of the next growth wave.

AUDUSD, “Australian Dollar vs US Dollar”

The AUDUSD pair has completed a corrective wave, reaching 0.6684. Today, a decline towards 0.6631 could follow. Once the price reaches this level, a new narrow consolidation range is expected to form around this level. With a downward breakout, the trend might continue towards 0.6555, representing the local target.

BRENT

Brent is currently in a consolidation phase above 82.02. A decline towards 81.81 is not ruled out. After the price hits this level, a new growth wave could start, aiming for 83.30. An upward breakout of this level will open the potential for a wave towards 84.70, representing the first target of the uptrend.

XAUUSD, “Gold vs US Dollar”

Gold has completed a growth wave, reaching 2433.90. Today, the market has formed a consolidation range below this level. With a downward breakout, the wave might develop towards 2390.55. A breakout of the level will open the potential for a movement by trend towards the local target of 2347.74.

S&P 500

The stock index is currently in a consolidation phase around 5303.0. The market has extended the consolidation range towards 5331.0. Today, a decline towards 5303.0 is expected. A downward breakout of this level will open the potential for a wave towards 5272.0, representing the first target.