Forex Technical Analysis & Forecast 31.05.2022

EURUSD, “Euro vs US Dollar”

Having expanded the consolidation range up to 1.0777, EURUSD is expected to correct down to 1.0731 and may later form one more ascending structure towards 1.0820. After that, the instrument may resume moving within the downtrend with the target at 1.0630.

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD is still consolidating around 1.2615. If later the price breaks this range to the upside, the market may start a new growth towards 1.2750; if to the downside – resume moving within the downtrend with the target at 1.2466.

USDJPY, “US Dollar vs Japanese Yen”

USDJPY has finished the ascending wave at 128.30. Possibly, today the pair may fall towards 127.45 and then start a new growth to return to 128.33 Later, the market may resume trading downwards with the target at 126.60.

USDCHF, “US Dollar vs Swiss Franc”

USDCHF has completed the ascending impulse at 0.9595. Today, the pair may fall to reach 0.9580 and then resume trading upwards with the target at 0.9626.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD continues growing towards 0.7222. Later, the market may start another decline to break 0.7131 and then falling with the target at 0.7030.

BRENT

After reaching 122.22, Brent is expected to correct down to 120.00. Later, the market may form one more ascending wave with the target at 125.00 or even extend this structure up to 135.00.

XAUUSD, “Gold vs US Dollar”

Gold has finished one more ascending structure at 1863.80 along with the correction down to 1848.00. After that, the instrument may resume growing with the short-term target at 1888.00.

S&P 500

The S&P index has completed the correction at 4200.0. Possibly, today the asset may resume trading downwards to break 4000.0 and then continue falling with the target at 3651.6.