Technical Analysis & Forecast 30.05.2024

EURUSD, “Euro vs US Dollar”

The EURUSD pair formed a decline wave targeting 1.0830 and corrected to 1.0857. Subsequently, the market continued the downward wave towards 1.0812. At the moment, a narrow consolidation range has formed around this level. Today, the market broke out of the range downwards and reached the calculated target of the wave at the 1.0792 level. We expect the formation of a new consolidation range around this level. A downward breakout will open up the potential of the wave to the level of 1.0766. An upward breakout does not rule out a correction down to 1.0812 (testing from below), followed by a decline to 1.0700.

GBPUSD, “Great Britain Pound vs US Dollar”

The GBPUSD pair continues the downward wave development to 1.2688. At the moment, a narrow consolidation range is forming around this level. A breakout upwards does not rule out a correction to the 1.2705 level. A breakout downwards will open up the potential of the wave towards 1.2610, with the prospect of continuing the trend to the level of 1.2580, the first downward trend target.

USDJPY, “US Dollar vs Japanese Yen”

The USDJPY pair completed a growth wave towards 157.68. Today, the market executed a downward impulse to the level of 157.34. At the moment, a consolidation range has formed around this level. A breakout downwards will open up the potential of the wave to the level of 156.97. Subsequently, a correction to the level of 157.33 (testing from below) is possible, followed by a decline to 156.33 with the prospect of continuing the trend to the 155.92 level, the first downward trend target.

USDCHF, “US Dollar vs Swiss Franc”

The USDCHF pair is forming a consolidation range around the level of 0.9126. Today, we will consider the likelihood of an upward wave to 0.9150. A breakout of this level would open up the potential of the wave to the local target of 0.9183.

AUDUSD, “Australian Dollar vs US Dollar”

The AUDUSD pair continues to develop a decline wave towards 0.6593. Once the price hits this level, a correction to 0.6628 could follow, and then a new decline wave towards 0.6580, the first target.

Brent

Brent has completed a growth wave, reaching 84.67. Today, a correction to 82.56 (testing from above) is possible. Once the correction is complete, a new growth wave could start, aiming for 87.00, the local target of the upward trend. After the price reaches this level, a correction towards 85.00 (testing from above) could develop.

XAUUSD, “Gold vs US Dollar”

Gold continues the downward wave development towards the 2319.30 level, the first target on the downward trend. After reaching this target, a new correction to 2385.00 is possible, potentially continuing towards 2300.00. Subsequently, a new decline wave could start, potentially reaching 2200.00.

S&P 500

The stock index continues the downward wave development to 5218.8. After reaching this level, a correction to 5255.0 is possible, followed by a decline to 5183.0, the local target on the downward trend.