Forex Technical Analysis & Forecast 03.06.2021

EURUSD, “Euro vs US Dollar”

After finishing the descending wave at 1.2163 along with the correction towards 1.2215, EURUSD is expected to start another decline to break 1.2150. Later, the market may continue trading downwards with the short-term target at 1.2084.

GBPUSD, “Great Britain Pound vs US Dollar”

After completing the descending wave at 1.4100 along with the correction towards 1.4180, GBPUSD is expected to form a new descending structure with the short-term target at 1.4035. Later, the market may correct to return to 1.4100.

USDRUB, “US Dollar vs Russian Ruble”

After completing the correction at 73.73 and rebounding from this level, USDRUB is falling towards 72.54. After that, the instrument may start another correction to reach 73.28 and then resume trading downwards with the target at 72.00.

USDJPY, “US Dollar vs Japanese Yen”

After finishing the ascending wave at 109.87, USDJPY has completed the correction towards 109.51; right now, it is growing to break 110.08. After that, the instrument may form one more ascending structure with the short-term target at 110.35.

USDCHF, “US Dollar vs Swiss Franc”

After completing the ascending wave at 0.9023, USDCHF has finished the correction towards 0.8980; right now, it is growing to break 0.9037. Later, the market may continue trading upwards with the short-term target at 0.9127.

AUDUSD, “Australian Dollar vs US Dollar”

After finishing the descending wave at 0.7714 along with the correction towards 0.7750, AUDUSD is expected to fall and break 0.7687. After that, the instrument may continue trading downwards with the target at 0.7603.

BRENT

After rebounding from 69.84, Brent is growing towards 73.00. Later, the market may correct to reach 71.50 and then form one more ascending structure with the short-term target at 75.00.

XAUUSD, “Gold vs US Dollar”

Gold has completed the correction at 1910.00; right now, it is still falling and may later break 1890.50. After that, the instrument may continue trading downwards with the short-term target at 1872.00.

S&P 500

The S&P index is still consolidating around 4168.3 without any particular direction. Possibly, the asset may expand the range towards the short-term target at 4272.1. Later, the market may fall to return to 4168.3 and then resume trading upwards with the target at 4297.3.