Technical Analysis & Forecast 01.03.2024

EURUSD, “Euro vs US Dollar”

The EURUSD pair broke below the consolidation range and completed the movement, reaching 1.0796. Today a corrective movement to 1.0821 is expected (testing from below). After the correction is over, the price could maintain its downward trajectory to 1.0788, from where the trend could continue to 1.0735. This is a local target.

GBPUSD, “Great Britain Pound vs US Dollar”

The GBPUSD pair declined to 1.2611. Today a correction towards 1.2634 (testing from below) could develop. After it is over, the decline wave could continue to 1.2608, with the trend potentially expanding to 1.2520. This is a local target.

USDJPY, “US Dollar vs Japanese Yen”

The USDJPY pair completed a decline wave, reaching 149.20. Today the market continues to maintain upward momentum, reaching the 150.03 level by now. A consolidation range has formed around the 150.08 level today and, breaking it upwards, the price hit 150.35. Next, a corrective movement towards 150.03 (testing from above) is not ruled out. Subsequently, the trend could continue to the local target of 151.00.

USDCHF, “US Dollar vs Swiss Franc”

The USDCHF pair completed a correction towards 0.8780 and began developing a new growth wave. The price has risen to 0.8843 by now. A consolidation range is expected to develop around this level today. With a downward breakout, a corrective movement towards 0.8823 could follow. With an upward breakout, the wave could continue to 0.8866, from where the trend could expand to the local target of 0.8900.

AUDUSD, “Australian Dollar vs US Dollar”

The AUDUSD pair completed a decline wave, reaching 0.6486, and corrected towards 0.6536. Today a decline wave could develop to 0.6482. After the price reaches this level, a corrective movement towards 0.6530 could follow. Subsequently, the trend might continue to 0.6456. This is the first target.

BRENT

Brent is currently in a consolidation phase around 81.90. Today the price could decline to 80.80. An upward breakout will open the potential for growth to 85.00, from where the trend could continue to the local target of 85.85.

XAUUSD, “Gold vs US Dollar”

Gold received support at 2028.60 and completed a growth wave, reaching 2050.50. Practically, the market exited the consolidation range upwards, considering the possibility of maintaining upward momentum to 2054.20. After hitting this level, the price could start its downward movement to 2028.60.

S&P 500

The stock index expanded the consolidation range to 5105.0. Today the price could decline to 5075.5 (testing from above), subsequently rising to 5143.5. Once this level is reached, a decline wave to 5045.0 could start. This is the first target.