EUR/USD, “Euro vs US Dollar”
The EUR/USD 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.
GBP/USD, “Great Britain Pound vs US Dollar”
The GBP/USD 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.
USD/JPY, “US Dollar vs Japanese Yen”
The USD/JPY 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.
USD/CHF, “US Dollar vs Swiss Franc”
The USD/CHF 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.
AUD/USD, “Australian Dollar vs US Dollar”
The AUD/USD 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.
XAU/USD, “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.
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Editors’ Picks
EUR/USD drops to near 1.0850, further support at nine-day EMA
EUR/USD continues to lose ground, trading around 1.0860 during the Asian hours on Friday. From a technical perspective on a daily chart analysis indicates a sideways trend for the pair as it continues to lie within the symmetrical triangle.
GBP/USD posts modest gains above 1.2650, focus on the Fedspeak
The GBP/USD pair posts modest gains near 1.2670 during the Asian session on Friday. Meanwhile, the USD Index recovers some lost ground after retracing to multi-week lows near 104.00 in the previous session.
Gold price loses momentum, with Fed speakers in focus
Gold price trades with a bearish bias on Friday after retreating from the nearly $2,400 barrier. The bullish move of precious metals in the previous sessions was bolstered by the softer-than-expected US inflation data in April, which triggered hope for rate cuts from the US Federal Reserve.
LINK price jumps 10% as Chainlink races toward tokenization of funds
Chainlink price has remained range-bound for a while, stuck between the $16.00 roadblock to the upside and $13.08 to the downside. However, in light of recent revelations, the token may have further upside potential.
Fed speak tempers rate cut expectations
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