Forex Technical Analysis & Forecast 04.05.2022

EURUSD, “Euro vs US Dollar”

After finishing the correctional wave at 1.0655, EURUSD is forming a new descending structure to break 1.0407 and may later continue trading downwards with the target at 1.0373.



GBPUSD, “Great Britain Pound vs US Dollar”

Having completed the correctional wave at 1.2570, GBPUSD is falling to break 1.2444 and may later continue moving downwards with the target at 1.2377.



USDJPY, “US Dollar vs Japanese Yen”

USDJPY has finished the correction at 130.44; right now, it is forming a new descending wave towards 129.69. After that, the instrument may break this level and start another decline with the target at 129.09.



USDCHF, “US Dollar vs Swiss Franc”

Having completed the correction at 0.9720, USDCHF is forming another ascending wave towards 0.9830. Later, the market may start one more correction with the target at 0.9700.



AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD has finished the correctional wave at 0.7130. Possibly, today the pair may resume falling to break 0.7080 and then continue trading downwards with the target at 0.7018.



BRENT

Brent is correcting towards 103.00 and may later start another growth to break 110.00. After that, the instrument may continue trading upwards with the short-term target at 117.00.



XAUUSD, “Gold vs US Dollar”

After finishing the correctional wave at 1850.50, Gold has completed the ascending impulse towards 1877.00 along with another correction to reach 1862.50. Possibly, the metal may form one more ascending structure with the target at 1887.35.



S&P 500

The S&P index has reached the short-term downside target at 4062.0. Today, the asset may correct towards 4230.0 and then resume trading downwards with the first target at 3946.8.



Source: Roboforex

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