EUR/USD, “Euro vs US Dollar”
The EURUSD pair has completed a growth wave, reaching 1.0752, and declined to 1.0673. Practically, the market continues to form a wide consolidation range around 1.0666, potentially expanding the range to 1.0760 today. The entire growth structure is perceived as a correction. Once the correction is complete, another decline wave is expected to start, aiming for 1.0666. A breakout of this level will open the potential for a wave to 1.0580, representing the first target of another decline wave.
GBP/USD, “Great Britain Pound vs US Dollar”
The GBPUSD pair has completed a growth wave, reaching 1.2540, and declined to 1.2448. Practically, the market indicated the boundaries of a consolidation range, which could expand to 1.2570 today. Subsequently, a decline wave towards 1.2444 could start. A breakout of this level will open the potential for a decline by the trend to 1.2300.
USD/JPY, “US Dollar vs Japanese Yen”
The USDJPY pair has completed a growth wave, reaching 160.16. Today, the market started to form the first decline impulse towards the first target of 154.64. After the price reaches this level, a correction of the impulse could follow, aiming for 157.37 (testing from below). Once the correction is complete, a decline wave could start, aiming for the local target of 150.00.
USD/CHF, “US Dollar vs Swiss Franc”
The USDCHF pair has completed a growth wave, reaching 0.9151. A link of decline to 0.9100 is not ruled out today. Subsequently, the price might continue its upward momentum to 0.9195, representing the first target of the growth wave. After reaching this level, the price is expected to correct to 0.9100.
AUD/USD, “Australian Dollar vs US Dollar”
The AUDUSD pair is currently in a consolidation phase around 0.6535. Today, the range might expand to 0.6598. Next, another decline wave targeting 0.6482 is expected to start, with the trend potentially continuing to 0.6363. This is the first target of the decline wave.
Brent
Brent has formed a consolidation range around 88.08, with the market breaking below the range today. Practically, the market is considering the probability of a correction to 86.50. Once the correction is complete, another growth wave towards 92.70 is expected to start, with the trend potentially continuing to 94.00.
XAU/USD, “Gold vs US Dollar”
Gold has completed a growth wave, reaching 2352.25, and corrected to 2323.23. Today, the market is forming a consolidation range above this level. With an upward breakout, another growth structure could follow as part of the correction, aiming for 2365.35. Once the correction is complete, a decline wave towards 2282.90 is expected. This is the main target of the decline wave.
S&P 500
The stock index continues to develop a correction, with a rise towards 5140.8 possible today. After the price reaches this level, a new decline wave could start, targeting 4991.0. A breakout of this level will open the potential for a decline wave towards 4837.0, representing the first target of another decline wave.
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EUR/USD holds above 1.0800 ahead of US inflation data
EUR/USD stays in positive territory above 1.0800 after registering its highest daily close in over a month on Tuesday. The data from the Eurozone showed that the GDP grew at an annual rate of 0.4% in Q1. Focus shifts to April inflation report from the US.
GBP/USD advances above 1.2600, all eyes on US CPI data
GBP/USD preserves its bullish momentum and trades at its highest level in nearly two weeks above 1.2600 in the European session on Wednesday. The US Dollar struggles to find demand and allows the pair to stretch higher ahead of April CPI and Retail Sales data from the US.
Gold climbs above $2,370 as US yields edge lower ahead of inflation data
Gold extends its uptrend and trades above $2,370 in the European session on Wednesday after gaining nearly 1% on Tuesday. The benchmark 10-year US Treasury bond yield stays in the red below 4.5% ahead of US inflation data, helping XAU/USD keep its footing.
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US CPI data expected to show slow progress towards 2% target
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