Forex Technical Analysis & Forecast 05.05.2021

Article By RoboForex.com

EURUSD, “Euro vs US Dollar”

After reaching its predicted downside target at 1.2000, EURUSD is forming a new consolidation range above this level. Possibly, the pair may expand the range down to 1.1990 and then start one more correction with the target at 1.2080.

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD is 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 75.00. 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 109.29. 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”

USDCHF is still growing towards 0.9168 and may later correct to reach 0.9115. After that, the instrument may then form one more ascending structure with the target at 0.9216.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD is still consolidating around 0.7717. 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 ascending wave at 69.50, Brent is correcting to reach 68.00 and may later resume growing to reach 70.14. Later, the market may start another correction to return to 68.00 and then resume trading upwards with the target at 72.00.

XAUUSD, “Gold vs US Dollar”

Gold is still consolidating around 1781.00. Possibly, the metal may fall towards 1767.25. Later, the market may form one more ascending structure to break 1805.70 and then continue trading upwards with the target at 1900.00.

S&P 500

After completing the correction at 4130.0, the S&P index has returned to 4165.5, thus continuing the consolidation range around the latter level. If later the price breaks this range to the upside, the market may start a new growth with the target at 4309.0; if to the downside – correct towards 4080.0 and then resume trading upwards to reach the above-mentioned target.

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.