Forex Technical Analysis & Forecast 06.05.2021

EURUSD, “Euro vs US Dollar”

After reaching another downside target at 1.1990, EURUSD is forming a new consolidation range around 1.2000. Possibly, the pair may expand the range up to 1.2030. If later the price breaks this range to the upside, the market may start a new correction towards 1.2080; if to the downside – resume trading downwards to extend this wave and reach the short-term target at 1.1934.

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD is still consolidating around 1.3880. Possibly, today the pair may expand the range up to 1.3933 and resume trading downwards to reach 1.3750. Later, the market may break this level and continue falling with the target at 1.3696.

USDRUB, “US Dollar vs Russian Ruble”

USDRUB is still consolidating around 74.90. Today, the pair may fall to break 74.40. After that, the instrument may continue trading downwards with the short-term target at 73.30.

USDJPY, “US Dollar vs Japanese Yen”

USDJPY is still consolidating around 109.26 without any particular direction. Possibly, the pair may form one more ascending structure towards 109.56 and then start a new decline to reach 109.30. Later, the market may resume growing with the target at 109.80.

USDCHF, “US Dollar vs Swiss Franc”

After completing the ascending structure at 0.9160, USDCHF is correcting towards 0.9111 and may later form one more ascending structure to break 0.9168. After that, the instrument may continue trading upwards with the target at 0.9210.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD is still consolidating around 0.7717 without any particular trend. Possibly, today the pair may fall to reach 0.7623. Later, the market may start a new correction to return to 0.7717 and then resume falling with the target at 0.7600.

BRENT

After completing the correction at 68.22, Brent is expected to grow towards 70.15 and may later correct to reach 68.00. Later, the market may resume trading upwards with the target at 72.00.

XAUUSD, “Gold vs US Dollar”

After finishing the ascending structure at 1788.00m Gold is consolidating around this level. If later the price breaks this range to the upside, the market may start a new growth with the target at 1805.50; if to the downside – continue the correction towards 1767.25 and then resume trading upwards to reach the above-mentioned target.

S&P 500

The S&P index is still consolidating around 4165.5. Today, the asset may resume growing with the target at 4309.0 and then start another correction towards 4080.0.