Technical Analysis & Forecast 07.02.2024

EURUSD, “Euro vs US Dollar”

The EURUSD pair has completed a correction wave to the 1.0745 level. By now, a consolidation range has formed around this level. Today the market has escaped this range upwards, suggesting a further correction to 1.0770. Once it is over, the decline wave could extend to 1.0700, from where the trend might continue to 1.0666.

GBPUSD, “Great Britain Pound vs US Dollar”

The GBPUSD pair extends the correction wave to the 1.2620 level (a test from below). Once the correction is over, a new decline wave to 1.2470 could begin. This is the first target.

USDJPY, “US Dollar vs Japanese Yen”

The USDJPY pair has completed a correction wave to 147.77. Today the market is forming a consolidation range above this level. An upward escape from the range could open the potential for a rise to 149.47. Once this level is reached, a decline wave to 148.00 might start. This is the first target.

USDCHF, “US Dollar vs Swiss Franc”

The USDCHF pair has completed a correction wave to 0.8695. Today the market is forming a consolidation range above this level. The quotes might break the range upwards, extending the growth wave to 0.8777. This is a local target.

AUDUSD, “Australian Dollar vs US Dollar”

The AUDUSD pair has completed a corrective wave to 0.6539. Today the correction is expected to be over, and a decline wave to 0.6500 could begin. And if this level also breaks, the potential for a decline wave to 0.6455 might open. This is a local target.

BRENT

Brent continues developing a growth wave to 79.85. Once this level is reached, a correction link to 78.20 is not excluded. When the correction is over, a new growth wave to 80.90 might start. And if this level also breaks, the potential for a rise to 83.15 could open. This is a local target.

XAUUSD, “Gold vs US Dollar”

Gold has completed a correction wave to 2038.70. A decline link to 2027.27 might form. Next, another correction link to 2042.42 could develop. Once this level is reached, a new decline wave to 2020.20 might begin.

S&P 500

The stock index continues forming a consolidation range around 4946.0. With an escape from the range upwards, a growth link to 4974.0 is not excluded. With a downward escape, the wave could develop to 4920.0. This is the first target. Once this level is reached, the price might correct to 4946.0 (a test from below). A decline to 4860.0 might follow. This is a local target.