Technical Analysis & Forecast 07.06.2024
EURUSD, “Euro vs US Dollar”
The EURUSD pair is currently in a consolidation phase around 1.0881, with the range potentially expanding towards 1.0909 today. After reaching this level, the price is expected to decline to 1.0881. A breakout of this level will open the potential for a wave towards 1.0834, potentially continuing towards 1.0760 as the first target of the decline wave.
GBPUSD, “Great Britain Pound vs US Dollar”
The GBPUSD pair is currently in a consolidation phase around 1.2781, with the range potentially expanding towards 1.2819 today. After hitting this level, the price is expected to decline to 1.2737, potentially reaching 1.2660, the downtrend’s first target.
USDJPY, “US Dollar vs Japanese Yen”
The USDJPY pair is forming a consolidation range around 156.91. Today, the price might decline to 155.38. If this level breaks, it will open the potential for a wave towards 154.30, representing the first target of the decline wave.
USDCHF, “US Dollar vs Swiss Franc”
The USDCHF is currently in a consolidation phase around 0.8900. Today, the price might decline to 0.8870. Once the price hits this level, a new growth wave is expected to start, aiming for 0.8947. A breakout of this level will open the potential for a wave towards 0.9010, representing the uptrend’s first target.
AUDUSD, “Australian Dollar vs US Dollar”
The AUDUSD pair is currently in a consolidation phase around 0.6662, with the range potentially expanding towards 0.6691 today. After the price reaches this level, a decline wave could follow targeting 0.6611. A breakout of this level will open the potential for a movement by trend towards 0.6542, representing the first target of the decline wave.
Brent
Brent has broken above the 79.10 level, opening the potential for a wave towards 81.08. Once the price reaches this level, a corrective phase targeting 79.00 is possible. After the correction, a growth wave might start, aiming for 84.64 and potentially continuing towards 88.50, the uptrend’s local target.
XAUUSD, “Gold vs US Dollar”
Gold has completed a growth wave, reaching 2380.00. Today, a consolidation range might form around this level. An upward breakout will open the potential for a wave towards the local target of 2393.40. After the price hits this level, a corrective phase could follow, with the target at 2355.00 (testing from above). Subsequently, another growth wave might develop, aiming for 2399.00.
S&P 500
The stock index is currently in a consolidation phase around 5360.0. With a downward breakout, a corrective phase is expected, with the target at 5298.0 (testing from above). Following this, another growth wave towards 5400.0 might start. Once the price reaches this level, a decline wave could develop, aiming for 5286.0 and potentially continuing towards 5170.0.
