Technical Analysis & Forecast 31.05.2024

EURUSD, “Euro vs US Dollar”

The EURUSD pair has completed a decline wave to 1.0780 and a correction to 1.0844. Today, the market is forming a declining structure to 1.0808. After reaching this level, a rise to 1.0825 is possible. Next, another decline wave to 1.0789 is expected, potentially continuing the trend to 1.0770. A downward breakout of this level may lead to a wave towards 1.0698, representing the first target of the decline wave.

GBPUSD, “Great Britain Pound vs US Dollar”

The GBPUSD pair has completed a decline wave to 1.2680 and a correction to 1.2746. Today, the market is forming a wave structure to 1.2711. After reaching this level, a rise to 1.2728 is possible. Next, a decline wave to 1.2694 is expected, potentially continuing the trend to 1.2676. A downward breakout of this level may open the potential for a wave to 1.2610, representing the downtrend’s first target.

USDJPY, “US Dollar vs Japanese Yen”

The USDJPY pair is forming a consolidation range around the 156.72 level. Today, the range is expected to expand to 156.32, followed by a rise to 156.72 (testing from below). Then, a decline towards 155.80 is expected, representing the first target of the downtrend.

USDCHF, “US Dollar vs Swiss Franc”

The USDCHF pair has exited the consolidation range downwards. A correction to the level of 0.9025 has been completed. Today, a rise to the level of 0.9115 is expected. A breakout above this level may open the potential for a wave to 0.9205, representing the uptrend’s first target.

AUDUSD, “Australian Dollar vs US Dollar”

The AUDUSD pair has completed a decline wave to 0.6591 and a correction to 0.6647. Today, the market is forming a decline wave to 0.6613. A downward breakout of this level will open the potential for a wave to 0.6580, potentially continuing the trend to 0.6548, representing the first target of the downtrend.

Brent

Brent has completed a decline wave to 83.20, followed by a consolidation range around this level. A downward breakout continued the correction to 81.51. Today, we expect a rise to 84.50. A breakout above this level will open the potential for a wave to 87.55, representing the uptrend’s first target.

XAUUSD, “Gold vs US Dollar”

Gold continues to develop a consolidation range around the level of 2335.42. Today, we consider the probability of a decline to 2319.50. Next, we expect the beginning of a rise to 2351.50. A breakout above this level may open the potential for the wave to continue to the level of 2385.00 (testing from below).

S&P 500

The stock index has formed a consolidation range around the level of 5252.0 and, with a downward breakout, continues the development of a decline wave to 5218.0. After reaching this level, a rise to 5252.0 (testing from below) is possible. Next, a decline to 5183.3 is expected, representing the first target of the downtrend.