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Technical Analysis & Forecast 11.06.2024

EURUSD, “Euro vs US Dollar”

The EURUSD pair has completed a wave, reaching 1.0732, and started to form a consolidation range above this level. Today, the market has breached the range’s upper boundary and extended it towards 1.0770. A rise towards 1.0780 is possible, which is interpreted as a correction of the last decline wave. Another structure towards 1.0717 and a rise towards 1.0750 (testing from below) are expected.

Technical Analysis & Forecast 11.06.2024 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 completed a decline wave, reaching 1.2688, and started to form a consolidation range above this level. Today, a rise towards 1.2750 is possible, followed by a decline to 1.2686 and a subsequent rise towards 1.2720. Practically, a wide consolidation range could form around this level. A downward breakout will open the potential for a movement by trend to the local target of 1.2636.

Technical Analysis & Forecast 11.06.2024 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 completed a growth wave, reaching 157.26. Today, a consolidation range is expected to develop below this level. With a downward breakout, the trend might continue to 155.88. If this level also breaks, it will open the potential for a wave towards 154.77, potentially expanding to 154.15.

Technical Analysis & Forecast 11.06.2024 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 is currently in a consolidation phase around 0.8960. Today, a decline towards 0.8937 is possible, followed by a rise towards 0.9000 and a subsequent decline to 0.8960 (testing from above). With an upward breakout, the trend might continue to 0.9060, representing the uptrend’s first target.

Technical Analysis & Forecast 11.06.2024 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 has completed a decline wave, reaching 0.6575. Today, the market is forming a consolidation range above this level. A rise towards 0.6615 is possible, followed by a decline to 0.6575. A breakout of this level will open the potential for a wave towards 0.6540, representing the downtrend’s local target.

Technical Analysis & Forecast 11.06.2024 AUDUSD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

Brent

Brent has completed a growth wave, reaching 81.79. Today, a consolidation range is expected to develop below this level. With a downward breakout, a corrective phase might follow, targeting 79.29 (testing from above). Subsequently, a new growth wave could start, aiming for 84.30 as the uptrend’s local target.

Technical Analysis & Forecast 11.06.2024 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 forming a consolidation range around 2296.96. Today, a downward breakout of the range towards 2280.00 is possible, followed by a rise towards 2296.96 (testing from below). Subsequently, the price might fall to 2241.50, representing the downtrend’s local target.

Technical Analysis & Forecast 11.06.2024 XAUUSD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

S&P 500

The stock index is currently in a consolidation phase around 5350.0 without any strong trend. With a downward breakout of the range, a correction towards 5298.0 (testing from above) is expected. Following this, another growth wave might start, aiming for 5400.0. After the price reaches this level, a decline wave could begin, targeting 5286.0 and potentially continuing to 5170.0, the first target.

Technical Analysis & Forecast 11.06.2024 US500Cash
Risk Warning: the result of previous trading operations do not guarantee the same results in the future


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