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Technical Analysis & Forecast 05.06.2024

EURUSD, “Euro vs US Dollar”

The EURUSD pair has completed a downward impulse to 1.0858 and corrected towards 1.0886, with a consolidation range forming below this level today. A downward breakout and a decline towards 1.0845 are expected. If this level also breaks, it will open the potential for a wave towards 1.0803, the downward wave’s local target.

Technical Analysis & Forecast 05.06.2024 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”

The GBPUSD pair has declined to 1.2742 and corrected towards 1.2796, with a fall to 1.2733 expected today. A breakout of this level will open the potential for a wave towards 1.2673, potentially reaching 1.2631, representing the downward wave’s first target.

Technical Analysis & Forecast 05.06.2024 GBPUSD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

USDJPY, “US Dollar vs Japanese Yen”

The USDJPY pair has declined towards 154.56. Today, a correction might develop, targeting 156.13. Once the correction is complete, a new decline wave might start, aiming for 153.77 as the local target of the downtrend.

Technical Analysis & Forecast 05.06.2024 USDJPY
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

USDCHF, “US Dollar vs Swiss Franc”

The USDCHF pair has completed a decline wave, reaching 0.8885. Today, a consolidation range might develop above this level. With an upward breakout, a growth wave could continue towards 0.8950. A breakout of this level will open the potential for a wave towards 0.9013, representing the first target.

Technical Analysis & Forecast 05.06.2024 USDCHF
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

AUDUSD, “Australian Dollar vs US Dollar”

The AUDUSD pair has completed its movement to 0.6630 and corrected towards 0.6663. Today, a wave targeting 0.6630 is expected. A breakout of this level will open the potential for a wave towards 0.6614, potentially continuing towards 0.6575 as the local target of the downtrend.

Technical Analysis & Forecast 05.06.2024 AUDUSD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

Brent

Brent has completed a decline wave towards 76.76, practically reaching the estimated target for correction. Today, a consolidation range might form at the current lows. With an upward breakout, a new growth wave might start, aiming for 80.75. A breakout of this level will open the potential for a wave towards 88.50, potentially continuing towards 92.55, representing the first target of the next upward wave.

Technical Analysis & Forecast 05.06.2024 BRENT
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

XAUUSD, “Gold vs US Dollar”

Gold is currently in a consolidation phase around 2338.55. The market has completed a decline towards 2315.55. Today, a rise towards 2338.55 is possible. If this level also breaks, it will open the potential for an increase to 2356.66. With an upward exit from this range, a correction might develop towards 2399.17. With a downward breakout, the trend could continue towards 2212.77, representing the local target.

Technical Analysis & Forecast 05.06.2024 XAUUSD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

S&P 500

The stock index has formed a consolidation range around 5285.0, with the market exiting this range upwards today. Practically, the market suggests expanding the range to 5316.5, with the wave potentially continuing towards 5333.0. Subsequently, a decline towards 5238.8 is expected. A breakout of this level will open the potential for a movement by trend towards 5169.2.

Technical Analysis & Forecast 05.06.2024 US500Cash
Risk Warning: the result of previous trading operations do not guarantee the same results in the future


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