Technical Analysis & Forecast 04.04.2024

EURUSD, “Euro vs US Dollar”

The EURUSD pair has completed a correction towards 1.0786. The market has formed a consolidation range around this level and, with an upward breakout, enables a further potential correction towards 1.0847. Once the price reaches this level, another decline wave to 1.0700 is expected to start, with the trend potentially continuing to the local target of 1.0650.

GBPUSD, “Great Britain Pound vs US Dollar”

The GBPUSD pair has completed a correction towards 1.2653. A consolidation range is expected to form around this level today. With a downward breakout, the price might continue its downward momentum to 1.2525, from where the trend could develop to the local target of 1.2400.

USDJPY, “US Dollar vs Japanese Yen”

The USDJPY pair is currently in a consolidation phase around 151.70. Another correction phase targeting 151.52 is not ruled out today. After the correction is over, a new growth wave towards 151.89 is expected to start, with the trend potentially expanding to the first target of 152.10.

USDCHF, “US Dollar vs Swiss Franc”

The USDCHF pair has completed a correction towards 0.9025. A new growth wave aiming for 0.9097 is expected today. After reaching this level, the price could decline to 0.9063. Next, a growth wave towards the local target of 0.9114 could follow.

AUDUSD, “Australian Dollar vs US Dollar”

The AUDUSD pair is currently in a consolidation phase around 0.6584. Once the correction is over, a new decline wave towards 0.6492 could start, with the trend potentially continuing to the local target of 0.6402.

BRENT

Brent has completed a growth wave, reaching 89.66. Today, the market is forming a narrow consolidation range below this level, which might expand to 88.70. Next, the price could rise to 90.80, from where the trend might develop to the local target of 91.11.

XAUUSD, “Gold vs US Dollar”

Gold has completed a growth wave, reaching 2304.70. Today, the market is forming a narrow consolidation range below this level. A decline towards 2288.70 (testing from above) is not ruled out. Next, the price might maintain its upward trajectory to the local target of 2327.30.

S&P 500

The stock index is currently in a consolidation phase around 5216.0. This structure is interpreted as a correction after the previous decline wave, with the correction target at 5242.2. After the correction is over, another decline wave towards the local target of 5158.3 could start.