Technical Analysis & Forecast 08.02.2024

EURUSD, “Euro vs US Dollar”

The EURUSD pair has received support at the 1.0767 level and continues correcting. Today the correction could extend to 1.0791. Once it is over, a decline wave to 1.0700 is expected to begin. And if this level also breaks, the potential for a wave to 1.0666 might open. This is the first target of a new wave by the downtrend.

GBPUSD, “Great Britain Pound vs US Dollar”

The GBPUSD pair extends a correction wave to the 1.2658 level (a test from below). Once the correction is over, a new decline wave to 1.2470 might begin. This is the first target of a decline wave by the downtrend.

USDJPY, “US Dollar vs Japanese Yen”

The USDJPY pair continues developing a growth wave to 149.47. Once this level is reached, a new decline wave to 147.64 is expected to begin, from where the trend could continue to 145.15.

USDCHF, “US Dollar vs Swiss Franc”

The USDCHF pair has completed a growth wave to 0.8752. Today the market is forming a correction link to 0.8690. Once the correction is over, a new growth structure to 0.8826 might start. This is the first target in the wave structure by the uptrend.

AUDUSD, “Australian Dollar vs US Dollar”

The AUDUSD pair continues developing a consolidation range under the 0.6539 level. An escape from the range downwards to 0.6467 is expected, from where the wave could extend to 0.6395. This is the first target in the decline structure by the downtrend.

BRENT

Brent continues developing a growth wave to 79.85. Once this level is reached, a correction link to 78.25 is not excluded (a test from above). Once the correction is over, a new growth wave to 80.90 could begin. And if this level also breaks, the potential for a rise to 83.38 might open. This is a local target.

XAUUSD, “Gold vs US Dollar”

Gold is forming a decline wave structure to 2030.10. Once this level is reached, a correction link to 2037.30 is not excluded. Next, a new decline structure to 2022.20 might develop, from where the wave could continue to 2016.10. This is a local target.

S&P 500

The stock index has broken the 4973.5 level upwards and suggests extending the growth wave to 5011.0. Once this level is reached, a correction link to 4973.5 is not excluded (a test from above). Next, a growth link to 5025.0 is expected.