Forex Technical Analysis & Forecast for May 2022

May 4, 2022

– EURUSD, “Euro vs US Dollar”

As we can see in the daily chart, having completed the correction at 1.1800, rebounded from it to the downside, and then finished another descending wave towards 1.0835, EURUSD has broken the downside border of the consolidation range around the latter level to reach the short-term target at 1.0494. Possibly, the pair may correct to test 1.0830 from below and then form one more descending structure towards 1.0200.

GBPUSD, “Great Britain Pound vs US Dollar”

In the daily chart, after forming a new consolidation range around 1.3090 and breaking it downwards, GBPUSD has reached the short-term downside target at 1.2450. Possibly, the pair may start a new correction to test 1.3000 from below and then resume falling to reach 1.2340.

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USDJPY, “US Dollar vs Japanese Yen”

In the daily chart, having formed a new consolidation rage around 122.77 and broken it to the upside, USDJPY has reached the short-term target at 131.00. Later, the market may correct to test 129.31 from below and then start a new growth to reach 132.30.

BRENT

As we can see in the daily chart, Brent is consolidating around 106.70. Possibly, the asset may form one more ascending wave towards 116.00 and then start a new correction to return to 106.70. Later, the market may resume trading upwards to reach 125.15 or even extend this structure up to 137.10.

XAUUSD, “Gold vs US Dollar”

In the daily chart, after forming a new consolidation range around 1924.75, Gold has expanded it down to 1850.00 and may later grow to test 1924.75 from below. After that, the instrument may start a new decline towards 1789.80 and then form one more ascending structure with the target at 2100.00.

S&P 500

In the daily chart, having rebounded from 4633.3 to the downside, the S&P index has completed the descending structure at 4166.6; right now, it is consolidating around the latter level. Possibly, the asset may break the range to the downside and resume trading downwards with the short-term target at 3700.0.

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.

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Forex Technical Analysis & Forecast for May 2022