Technical Analysis & Forecast 29.05.2024

29.05.2024

EURUSD, “Euro vs US Dollar”

The EURUSD pair is forming a decline wave targeting 1.0830. After the price reaches this level, a corrective phase could follow, aiming for 1.0854 (testing from below). Subsequently, a new wave could start, targeting 1.0820 and potentially continuing towards 1.0760.

EURUSD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

GBPUSD, “Great Britain Pound vs US Dollar”

The GBPUSD pair is forming a decline wave towards 1.2713. After the price reaches this level, a corrective phase could follow, aiming for 1.2755 (testing from below). Subsequently, a new decline wave could start, targeting 1.2655 and potentially continuing towards 1.2610. This is the first target of the downtrend.

GBPUSD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

USDJPY, “US Dollar vs Japanese Yen”

The USDJPY pair has broken above the 157.20 level, considering a potential rise towards 157.64. Next, the price could decline towards 156.66, potentially dropping further to 155.70. This is the first target.

USDJPY
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

USDCHF, “US Dollar vs Swiss Franc”

The USDCHF pair is forming a growth wave towards 0.9137. Once the price hits this level, a corrective phase could follow, targeting 0.9111. After this, a new growth wave could start, aiming for 0.9166 and potentially continuing towards 0.9188.

USDCHF
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

AUDUSD, “Australian Dollar vs US Dollar”

The AUDUSD pair continues to develop a decline wave towards 0.6627. Once the price hits this level, a corrective phase could follow, aiming for 0.6653. Next, a new decline wave could start, targeting 0.6606 and potentially continuing towards 0.6582. This is the first target.

AUDUSD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

Brent

Brent has completed a growth wave, reaching 84.30. Today, a correction towards 83.00 is possible. Once the correction is complete, a new growth wave could start, aiming for 85.58 as the first target of the uptrend. After the price reaches this level, a correction towards 83.00 (testing from above) could develop.

BRENT
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

XAUUSD, “Gold vs US Dollar”

Gold is currently in a consolidation phase around 2355.55. Today, a rise towards 2371.00 is possible, with the correction potentially continuing towards 2385.00. Afterwards, a new decline wave could start, aiming for 2319.30 as the first target of the downtrend.

XAUUSD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

S&P 500

The stock index has completed a downward impulse towards 5284.0 and corrected towards 5317.0. Today, a new decline wave could start, aiming for 5254.0. With a breakout of this level, the price is expected to decline towards 5183.0, which is a local target.

US500Cash
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

Attention!

Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.