Technical Analysis & Forecast 28.02.2024

EURUSD, “Euro vs US Dollar”

The EURUSD currency pair extends a decline wave to 1.0830. Practically, a consolidation range continues developing around this level. With an upward escape from the range, the correction might extend to 1.0870. A downward escape could open the potential for a decline wave to 1.0790, from where the trend might continue to 1.0730. This is a local target.

GBPUSD, “Great Britain Pound vs US Dollar”

The GBPUSD pair continues developing a decline wave to 1.2657. Practically, a consolidation range continues forming around this level. With an upward escape, the correction might extend to 1.2700. A downward escape could open the potential for a wave to 1.2600, from where the trend might continue to 1.2560. This is a local target.

USDJPY, “US Dollar vs Japanese Yen”

The USDJPY pair has completed a decline wave to 150.07, forming a growth link to 150.50 today. Currently, the market is completing a narrow consolidation range around this level. With an upward escape, a growth link to 150.88 could form. With an escape downwards, a decline link to 149.40 is not excluded, followed by a rise to 151.70.

USDCHF, “US Dollar vs Swiss Franc”

The USDCHF pair continues developing a consolidation range around 0.8800 without any obvious trend. A decline to 0.8776 could follow today. Once this level is reached, a growth link to 0.8823 might form. With a downward escape, a correction to 0.8733 could follow. With an upward escape, the trend might extend to 0.8865. This is a local target.

AUDUSD, “Australian Dollar vs US Dollar”

The AUDUSD pair is forming a decline wave structure to 0.6517. Once this level is reached, a narrow consolidation range can be expected. With an escape downwards, the potential for a decline wave to 0.6495 could open. This is a local target. The trend might later continue to 0.6578.

BRENT

Brent has formed a growth wave to 82.68. A decline to 81.92 is expected today. Next, a growth link to 83.00 could follow, from where the trend might extend to 86.50. This is the first target.

XAUUSD, “Gold vs US Dollar”

Gold continues forming a wide consolidation range around 2026.34 without any expressed trend. The market might expand the range upwards to 2042.00 today. Next, a decline to 2026.00 could follow. With a downward escape from the range, the potential for a wave to 2011.00 might open. This is the first target of the decline wave.

S&P 500

The stock index continues developing a consolidation range around 5078.0. A decline to 5045.0 could follow today. Once this level is reached, a growth link to 5143.0 is not excluded. Next, a decline to 4921.0 might form. This is the first target.