Forex Technical Analysis & Forecast 31.05.2018 (EURUSD, GBPUSD, USDCHF, USDJPY, AUDUSD, USDRUB, GOLD, BRENT)
EURUSD, “Euro vs US Dollar”
EURUSD has broken the consolidation range to the upside. Possibly, the price may be corrected towards 1.1718. After that, the instrument may form another descending structure with the target at 1.1484.
GBPUSD, “Great Britain Pound vs US Dollar”
GBPUSD is trading to break the top of the first impulse. Possibly, the price may start another correction to reach 1.3399. Later, the market may resume falling with the target at 1.3189.
USDCHF, “US Dollar vs Swiss Franc”
USDCHF is moving downwards. Today, the price may reach 0.9835 and then grow towards 0.9910, thus forming another consolidation range. If later the pair breaks this range to the upside, the market may grow to reach 1.0100; if to the downside – continue the correction with the target at 0.9815.
USDJPY, “US Dollar vs Japanese Yen”
USDJPY is moving downwards with the short-term target at 108.05. Later, the market may start another growth to reach 108.93 and then form a neц descending structure towards 107.87.
AUDUSD, “Australian Dollar vs US Dollar”
AUDUSD is trading around 0.7555. Today, the price may break it upwards and grow to reach the short-term target at 0.7645. After that, the instrument may continue trading to the downside to return to 0.7555.
USDRUB, “US Dollar vs Russian Ruble”
USDRUB is moving downwards. The target is at 61.78. Possibly, today the price may break it to the downside. The target of the wave is at 60.79.
XAUUSD, “Gold vs US Dollar”
Gold is still consolidating below 1304.00. According to the main scenario, the price may fall to reach 1293.00, break it, and then continue trading to the downside with the short-term target at 1282.00. After that, the instrument may resume growing to reach 1293.00 and then start another decline towards 1280.00. However, if this range is broken to the upside, the pair may choose an alternative scenario and continue the correction with the target at 1323.00.
BRENT
Brent has broken its consolidation range to the upside. Possibly, the price may reach the first target at 78.10 and then start another decline towards 76.30. Later, the market may form a new ascending wave to reach the short-term target at 80.00.
RoboForex Analytical Department
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.