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Forex Technical Analysis & Forecast 31.05.2021

EURUSD, “Euro vs US Dollar”

After completing the descending wave at 1.2132 along with the correction towards 1.2202, EURUSD is expected to extend the correction up to 1.2220. Later, the market may resume trading downwards with the short-term target at 1.2075.

Forex Technical Analysis & Forecast 31.05.2021 EURUSD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

GBPUSD, “Great Britain Pound vs US Dollar”

After completing the correction towards 1.4210, GBPUSD is expected to form a new descending structure to break 1.4065. After that, the instrument may continue trading downwards with the first at 1.3970.

Forex Technical Analysis & Forecast 31.05.2021 GBPUSD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

USDRUB, “US Dollar vs Russian Ruble”

USDRUB is still falling towards 73.13. After that, the instrument may start another correction to reach 73.51 and then resume trading downwards with the target at 72.22.

Forex Technical Analysis & Forecast 31.05.2021 USDRUB
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

USDJPY, “US Dollar vs Japanese Yen”

After finishing the correction at 109.63, USDJPY is expected to break the correctional channel and form one more ascending structure with the target at 110.33.

Forex Technical Analysis & Forecast 31.05.2021 USDJPY
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

USDCHF, “US Dollar vs Swiss Franc”

After completing the correctional wave at 0.8986, USDCHF is expected to extend it down to 0.8970. Later, the market may resume trading upwards with the target at 0.9065.

Forex Technical Analysis & Forecast 31.05.2021 USDCHF
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD is about to finish the correction at 0.7730. Today, the pair may form a new descending structure to reach 0.7666 and then start another correction with the target at 0.7730.

Forex Technical Analysis & Forecast 31.05.2021 AUDUSD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

BRENT

Brent is still consolidating around 68.68. Today, the asset may expand this range up to 70.00. After that, the instrument may start a new correction to return to 68.68 and then form one more ascending structure with the target at 73.00.

Forex Technical Analysis & Forecast 31.05.2021 BRENT
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

XAUUSD, “Gold vs US Dollar”

After finishing the correction at 1900.00, Gold is expected to expand the current range up to 1921.00. Later, the market may form a new descending structure to break 1883.00 and then continue trading downwards with the target at 1844.40.

Forex Technical Analysis & Forecast 31.05.2021 GOLD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

S&P 500

The S&P index is still consolidating around 4186.0; it has already expanded the range up to 4220.0. Possibly, today the asset may fall to return to 4186.0 and then resume trading upwards with the short-term target at 4315.0.

Forex Technical Analysis & Forecast 31.05.2021 SP500
Risk Warning: the result of previous trading operations do not guarantee the same results in the future


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