Technical Analysis & Forecast 28.05.2024

EURUSD, “Euro vs US Dollar”

The EURUSD pair has exited a consolidation range upwards, considering a further correction towards 1.0881. Once the correction is complete, a new decline wave aiming for 1.0803 could start, followed by a rise towards 1.0840 (testing from below). Subsequently, the trend is expected to continue towards 1.0764, which is a local target.

GBPUSD, “Great Britain Pound vs US Dollar”

The GBPUSD pair has exited a consolidation range upwards, considering a further correction towards 1.2814. Once the correction is complete, a new decline wave could start, aiming for 1.2674 and potentially continuing towards 1.2605. This is the first target of the decline wave.

USDJPY, “US Dollar vs Japanese Yen”

The USDJPY pair is forming a consolidation range around 156.89. The market has extended the range towards 156.61. Today, a decline towards 156.51 (testing from above) is expected. Following this, a rise towards 157.51 is not ruled out, potentially continuing towards 158.16. Subsequently, a new decline wave could start, aiming for 155.90 as the first target.

USDCHF, “US Dollar vs Swiss Franc”

The USDCHF pair has exited a consolidation range downwards. A decline towards 0.9113 is possible today. Practically, a corrective wave is developing. Once the correction is complete, a new growth wave could start, aiming for 0.9190 as the local target.

AUDUSD, “Australian Dollar vs US Dollar”

The AUDUSD pair has exited a consolidation range upwards, correcting towards 0.6672. Today, a consolidation range might form below this level. With a downward breakout, a new decline wave could start, aiming for 0.6582 as the first target of the decline wave.

BRENT

Brent has completed a growth wave, reaching 83.05. Today, a correction towards 81.75 is possible. Once the correction is complete, a new growth wave could start, aiming for 84.00 and potentially continuing towards 85.30. This is the first target of the uptrend.

XAUUSD, “Gold vs US Dollar”

Gold has completed a corrective wave, reaching 2358.50. Today, a decline towards 2341.44 could follow. Practically, a new consolidation range is forming. With an upward breakout, the correction might continue towards 2384.80. A downward breakout will open the potential for a wave towards 2320.00. This is the first target.

S&P 500

The stock index continues to develop a correction. A rise towards 5334.0 is not ruled out. Once the correction is complete, a new decline wave could start, aiming for 5252.0 and potentially continuing towards 5175.0. This is the first target of the decline wave.