WIKIFX REPORT: Forex Technical Analysis & Forecast 07.06.2022

This is based on identifying supply and demand levels on price charts by observing various patterns and indicators.

EURUSD, “Euro vs US Dollar”

EURUSD has completed the descending wave at 1.0675 and may later correct up to 1.0710. After that, the instrument may resume falling to break 1.0640 and then continue moving within the downtrend with the target at 1.0585.

GBPUSD, “Great Britain Pound vs US Dollar”

Having rebounded from 1.2560, GBPUSD is forming a new descending structure towards 1.2390 and may later break this level. After that, the instrument may continue trading downwards with the short-term target at 1.2233.

USDJPY, “US Dollar vs Japanese Yen”

After breaking the consolidation range to the upside at 131.50, USDJPY is expected to continue moving within the uptrend with the target at 136.33. Possibly, today the pair may grow towards 133.13 and then fall to return to 131.50. Later, the market may resume trading upwards to reach 133.50.

USDCHF, “US Dollar vs Swiss Franc”

Having broken 0.9640, USDCHF continues trading towards 0.9727. After that, the instrument may correct to return to 0.9640 and then resume growing with the target at 0.9810.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD has completed the descending wave at 0.7160 along with the correction up to 0.7222. Today, the pair may form a new descending structure to break 0.714 and then continue falling with the target at 0.7070.

BRENT

Brent has finished the correction at 120.20. Possibly, today the asset may resume growing to break 123.23 and then continue trading upwards with the target at 126.00, or even extend this structure up to 129.45.

XAUUSD, “Gold vs US Dollar”

Having completed the correction at 1839.00, Gold is forming one more ascending structure towards 1857.20. Later, the market may break the latter level and continue trading upwards with the target at 1879.70.

S&P 500

The S&P index is still consolidating around 4105.3. If later the price breaks this range to the upside, the market may form one more ascending structure towards 4220.0 and the start a new decline with the target at 4000.0; if to the downside – resume falling to reach the above-mentioned target, or even extend this descending structure down to 3814.0.