Technical Analysis & Forecast 23.05.2024

EURUSD, “Euro vs US Dollar”

The EURUSD pair performed a wave of decline to the 1.0818 level. Today, the market is forming a consolidation range above this level. A decline towards 1.0780 could occur, followed by a rise towards 1.0830, representing the local target for the correction wave.

GBPUSD, “Great Britain Pound vs US Dollar”

The GBPUSD pair is developing a consolidation range of around 1.2727 without a clear trend. An upward breakout could lead to a rise towards 1.2764. Conversely, a downward breakout might extend the wave to 1.2666, potentially extending to 1.2600 as the initial target of the decline wave.

USDJPY, “US Dollar vs Japanese Yen”

The USDJPY pair is in an extended consolidation range towards 156.83. Today, a new decline towards 155.25 is expected. A breakdown of this level will open the potential for a wave towards 153.60.

USDCHF, “US Dollar vs Swiss Franc”

The USDCHF pair has performed a wave of growth, reaching 0.9157. Today, a consolidation range is forming below this level. A decline towards 0.9070 could follow as part of a correction, while an upward breakout might extend the wave to 0.9242, representing the local target for the growth wave.

AUDUSD, “Australian Dollar vs US Dollar”

The AUDUSD pair executed a decline wave, reaching 0.6607. Today, a consolidation range above this level is likely. A downward breakout could lead to a continuation of the wave towards 0.6577, potentially extending to 0.6554, the local target for the decline wave.

BRENT

Brent is developing a consolidation range around 82.77. Today, a decline towards 81.01 is possible, followed by a potential rise towards 82.77 is possible. An upward breakout of this level could extend the wave towards 84.70, representing the first target of the upward trend.

XAUUSD, “Gold vs US Dollar”

Gold performed a wave of decline, reaching 2366.75. Today, the market is consolidating above this level. A downward breakout could lead to a continuation of the wave towards 2336.33. A breakdown of this level might open the potential for the wave to reach 2321.16, the local target for the decline wave.

S&P 500

The stock index is developing a consolidation range around 5318.0. The market has extended the range to 5345.0. Today, a decline towards 5318.0 (testing from above) is expected. A range extension towards 5351.1 is possible, followed by a new potential decline wave towards 5262.6, the initial target of the decline wave.