Technical Analysis & Forecast 02.05.2024

EURUSD, “Euro vs US Dollar”

The EURUSD pair is currently in a consolidation phase around 1.0707, with the market expanding the range down to 1.0650. Today, the range could extend up to 1.0758. Practically, a further correction is possible. Once the correction is complete, the price could break below the range towards 1.0585. A breakout of this level will open the potential for a downward wave by the trend towards 1.0535.

GBPUSD, “Great Britain Pound vs US Dollar”

The GBPUSD pair is currently in a consolidation phase around 1.2525. Today, a rise to 1.2578 is not ruled out. Practically, a further correction is possible. Once the correction is complete, a new decline wave could start, aiming for 1.2466. A breakout of this level will open the potential for a decline towards the local target of 1.2370.

USDJPY, “US Dollar vs Japanese Yen”

The USDJPY pair has completed a corrective wave, reaching 157.97. Today, the market continues to develop a decline wave and has formed a wave structure aiming for 153.00. A consolidation range is expected to form above this level. With a downward breakout, the decline wave might continue to the local target of 151.15. After reaching this level, the price could correct towards 154.60 (testing from below) and then decline to 149.05, representing the first target of the decline wave.

USDCHF, “US Dollar vs Swiss Franc”

The USDCHF pair has reached the growth wave’s local target of 0.9223. Today, a correction towards 0.9106 is possible. Once the correction is complete, a new growth wave is expected to start, aiming for 0.9240, with the trend potentially continuing to 0.9258.

AUDUSD, “Australian Dollar vs US Dollar”

The AUDUSD pair has completed a decline wave, reaching 0.6465. Today, a correction could develop to 0.6555. Once the correction is complete, a new decline wave could start, aiming for 0.6464. With a breakout of this level, the wave might continue to 0.6388, potentially expanding to 0.6300.

BRENT

Brent has completed a corrective wave, reaching 85.67. A consolidation range has formed around this level. With a downward breakout, a correction could continue to 82.70. Once the correction is complete, a new growth wave could start, aiming for 88.66. A breakout of this level will open the potential for an upward wave by the trend towards 94.70.

XAUUSD, “Gold vs US Dollar”

Gold has completed a decline wave, reaching 2281.80. Today, a rise to 2341.11 is expected. After the price reaches this level, another corrective phase could follow, targeting 2270.10. Once the correction is complete, a new growth wave is expected to start, aiming for 2350.00.

S&P 500

The stock index is currently in a consolidation phase around 5053.5. The range might expand to 5100.0 today. Next, the price could break below this range, aiming for the local target of 4877.0.