Forex Technical Analysis & Forecast 18.05.2022

EURUSD, “Euro vs US Dollar”

After finishing the ascending wave at 1.0412 and then forming a new consolidation range around this level, EURUSD has broken it to the upside to extend the correction up to 1.0562; right now, it is forming the first descending impulse towards 1.0495. Later, the market may break this level and continue trading downwards with the target at 1.0430.



GBPUSD, “Great Britain Pound vs US Dollar”

Having completed the ascending wave at 1.2323 and then forming a new consolidation range around this level, GBPUSD has broken it to the upside to extend the correction up to 1.2490. Today, the pair may form a new descending impulse to break 1.2323 and then continue falling with the target at 1.2106.



USDJPY, “US Dollar vs Japanese Yen”

USDJPY is still consolidating around 129.04. Possibly, today the pair may grow to reach 130.53 to complete the correction and then form a new descending structure with the target at 126.91.



USDCHF, “US Dollar vs Swiss Franc”

After finishing the correctional wave at 0.9919, USDCHF is expected to form one more ascending wave to break 1.0060 and may later continue trading upwards with the target at 1.0201.



AUDUSD, “Australian Dollar vs US Dollar”

Having completed the correction at 0.7044, AUDUSD is expected to form a new descending structure to break 0.6892 and then continue falling with the target at 0.6736.



BRENT

After finishing the ascending wave at 115.96, Brent is forming the first descending impulse towards 111.00. Later, the market may start another growth to reach 113.43 and then resume trading downwards with the target at 108.73.



XAUUSD, “Gold vs US Dollar”

Gold has finished the ascending impulse at 1836.10 along with the correction down to 1808.00. Possibly, the metal may form one more ascending wave with the target at 1860.00 or even extend this structure up to 1875.88.



S&P 500

The S&P index has competed the correctional wave at 4084.5. Today the asset may start another decline to break 3862.3 and then continue trading downwards with the target at 3655.5.



Source: Roboforex

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