Forex Technical Analysis & Forecast 17.05.2021

EURUSD, “Euro vs US Dollar”

After completing the correctional wave at 1.2148, EURUSD is consolidating below this level. Possibly, the pair may break this range to the downside, the market may form a new descending structure to break 1.2080 and then continue trading within the downtrend with the short-term target at 1.2007.

GBPUSD, “Great Britain Pound vs US Dollar”

After finishing the correction at 1.4109, GBPUSD is expected to start a new decline to reach or even break 1.3996. Later, the market may continue falling with the short-term target at 1.3882.

USDRUB, “US Dollar vs Russian Ruble”

USDRUB is 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 10.32, 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 110.29.

USDCHF, “US Dollar vs Swiss Franc”

After finishing the correction at 0.9012, USDCHF is consolidating above this level. Possibly, the pair may break the range to the upside and reach 0.9005. After that, the instrument may break this level as well and continue growing with the short-term target at 0.9173.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD has completed the correction at 0.7788; right now, it is forming a new descending structure to break 0.7696. Later, the market may continue falling with the short-term at 0.7611.

BRENT

After finishing the ascending wave at 68.00 and then forming a new consolidation range around this level, Brent has broken it to the upside and may later continue trading within the uptrend towards 69.45. After that, the instrument may correct to return to 68.00 and then form one more ascending structure with the target at 70.44.

XAUUSD, “Gold vs US Dollar”

After breaking 1839.28 to the upside, Gold is still growing with the short-term target at 1869.40. Later, the market may correct to return to 1839/28 and then resume trading upwards to reach 1900.00.

S&P 500

The S&P index is correcting towards 4233.2 and may later form a new descending structure to break 4050.0. After that, the instrument may continue trading downwards with the short-term target at 3930.0.