Forex Technical Analysis & Forecast 18.05.2021

Article By RoboForex.com

EURUSD, “Euro vs US Dollar”

After completing the ascending wave at 1.2147, EURUSD is consolidating around this level. If later the price breaks this range to the upside, the market may form one more ascending structure to reach 1.2228 or even 1.2242; if to the downside – resume trading within the downtrend with the target at 1.2040.

GBPUSD, “Great Britain Pound vs US Dollar”

After finishing the ascending structure at 1.4109 and then forming a new consolidation range there, GBPUSD has broken it to the upside and is expected to start a new growth to reach 1.4180. Later, the market may correct towards 1.4110 and then resume growing with the target at 1.4200.

USDRUB, “US Dollar vs Russian Ruble”

USDRUB is still consolidating around 73.83. Today, the pair may break the range to the downside and continue trading within the downtrend with the short-term target at 73.00.

USDJPY, “US Dollar vs Japanese Yen”

After completing the correction at 109.06, USDJPY is expected to form a new consolidation range above this level. Later, the market may resume trading upwards with the short-term target at 110.10.

USDCHF, “US Dollar vs Swiss Franc”

After finishing the descending wave at 0.9031, USDCHF is consolidating below this level. Possibly, the pair may break the range to the downside and reach 0.8971. After that, the instrument may grow to break 0.9030 and continue trading upwards with the target at 0.9095.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD is growing towards 0.7806 and may later start another decline to reach 0.7743, thus forming a new consolidation range between these two levels. If the price breaks this range to the upside, the market may form one more ascending structure to reach 0.7900; if to the downside – resume falling with the target at 0.7611.

BRENT

After finishing the ascending wave at 69.45, Brent is forming a new consolidation range below this level. Possibly, the asset may correct to reach 68.00 and then form one more ascending structure with the target at 71.00.

XAUUSD, “Gold vs US Dollar”

After completing the ascending wave at 1870.00, Gold is consolidating around this level. Possibly, today the metal may expand the range up to 1877.44. Later, the market may correct towards 1844.00 and then resume trading upwards with the target at 1900.00.

S&P 500

The S&P index is consolidating around 4136.0 and may later start another growth to reach 4233.2. After that, the instrument may resume trading downwards to break 4047.0 and then continue falling with the short-term target at 3930.8.

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.