Technical Analysis & Forecast 09.02.2024

EURUSD, “Euro vs US Dollar”

The EURUSD pair has formed a consolidation range around 1.0766, completing a growth structure to 1.0782 with an escape upwards from the level. A technical return to 1.0766 is expected today (a test from above). Next, another correction link to 1.0791 might form. Once this correction is over, a decline wave to 1.0740 might start. And if this level also breaks, the potential for a wave to 1.0700 could open. This is a local target.

GBPUSD, “Great Britain Pound vs US Dollar”

The GBPUSD pair continues forming a consolidation range around 1.2615. An escape from the range upwards for further correction to 1.2658 is not excluded. Once this correction is over, a decline wave to 1.2570 is expected to begin. And if this level also breaks, the potential for a decline wave to 1.2470 might open.

USDJPY, “US Dollar vs Japanese Yen”

The USDJPY pair has completed a growth wave to 149.47. A consolidation range might develop around this level today. With a downward escape from the range, the potential for a decline wave to 148.50 might open. And if this level also breaks, the potential for a wave to 147.67 could open. This is the first target.

USDCHF, “US Dollar vs Swiss Franc”

The USDCHF pair has received support at 0.8727 and continues developing a growth structure to 0.8747. And if this level also breaks, the potential for a wave to 0.8767 could open. This is a local target.

AUDUSD, “Australian Dollar vs US Dollar”

The AUDUSD pair continues developing a consolidation range around 0.6505. An escape from the range downwards to 0.6467 is expected, from where the wave might extend to 0.6395. This is the first target in the decline structure by the downtrend.

BRENT

Brent has reached the growth wave target at 81.60. Today the quotes could correct to 79.00. Once this correction is over, a new growth wave to 84.50 might start. This is a local target.

XAUUSD, “Gold vs US Dollar”

Gold completed a decline wave to 2020.20. Once the price reached this target, the market returned to 2033.70. Currently, the market is forming a consolidation range around this level. With an escape upwards, a growth link to 2050.00 is not excluded. With an escape downwards, the wave might extend to 2008.30, from where the trend could continue to 1998.88. This is a local target.

S&P 500

The stock index continues forming a consolidation range around 4993.0. With an escape upwards, the range is expected to extend to 5025.5. With an escape downwards, a decline wave to 4970.0 could begin, from where the trend might extend to 4920.0. This is the first target.