Technical Analysis & Forecast 05.06.2023

EURUSD, “Euro vs US Dollar”

The currency pair has completed a wave of decline to 1.0727. At the moment, the market has formed a consolidation range around this level and, escaping the range downwards, continues developing a wave of decline to 1.0684. After the price reaches this level, a link of correction to 1.0727 (a test from below) is not excluded. Next, a decline to 1.0675 could follow. This is the first target.

GBPUSD, “Great Britain Pound vs US Dollar”

The currency pair continues developing a wave of decline to 1.2412. After it reaches the level, a correction to 1.2474 and a decline to 1.2400 could follow. This is the first target.

USDJPY, “US Dollar vs Japanese Yen”

The currency pair has completed the structure of a link of growth to 139.84. A consolidation range could develop above this level today. If the price breaks the range upwards, the wave could continue to 141.08. In the case it escapes the range downwards, a correction to 139.39 might follow. Next, growth to 141.08 is expected.

USDCHF, “US Dollar vs Swiss Franc”

The currency pair has completed a wave of growth to 0.9090. A consolidation range could form under this level today. With an escape from the range upwards, the potential for a pathway to 0.9111 could open, followed by a decline to 0.9080 and growth to 0.9155. This is the first target.

AUDUSD, “Australian Dollar vs US Dollar”

The currency pair is forming a structure of a declining impulse to 0.6574. After the price reaches this level, a link of correction to 0.6606 might form. Next, a structure of decline to 0.6540 is expected, from where the wave could develop to 0.6505.

BRENT

Brent has completed a structure of growth to 75.75. At the moment, the market has formed a consolidation range around this level. With an escape from the range upwards, the wave could continue to 79.45. This is a local target. Next, a correction to 75.75 and growth to 80.06 could follow. This is the first target.

XAUUSD, “Gold vs US Dollar”

Gold continues developing a wave of decline to 1943.00. After the price reaches this level, a link of correction to 1963.00 is not excluded. Next, a decline to 1925.25 is expected, from where the trend could continue to 1916.00. This is the first target.

S&P 500

The stock index has completed a link of growth to 4288.0. Today a correction to 4229.6 could form, followed by a link of growth to 4294.0. After the price reaches this level, a wave of decline to 4188.8 might start.