Forex Technical Analysis & Forecast 01.02.2023

EURUSD, “Euro vs US Dollar”

The currency pair has completed a wave of decline to 1.0802. Today the market has formed a new structure of correction to 1.0868. At the moment, the market is forming a consolidation range around this level. The range might extend to 1.0886. Then the price is going to escape it downwards to 1.0789 and extend the wave to 1.0692. The goal is local.

GBPUSD, “Great Britain Pound vs US Dollar”

The currency pair has completed a wave of decline to 1.2282. Today a link of growth to 1.2340 might follow. Then it should proceed down to 1.2250. The goal is local.

USDJPY, “US Dollar vs Japanese Yen”

The currency pair continues forming a consolidation range around 130.00 without any bright trend. Today a link of growth to 130.87 should follow. Then the price might go down to 130.00 and rise again to 131.40.

USDCHF, “US Dollar vs Swiss Franc”

The currency pair has completed a wave of growth to 0.9287. Today the market has completed a wave of decline to 0.9160. At the moment, a consolidation range is forming around this level. With an escape downwards, a decline to 0.9050 might follow. Then the pair may grow to 0.9277 and continue the wave of growth to 0.9400. The goal is local.

AUDUSD, “Australian Dollar vs US Dollar”

The currency pair has completed a structure of decline to 0.6984. Today the market has completed a link of growth to 0.7070. At the moment, the market is forming a consolidation range around this level. With an escape downwards, practically a pathway down to 0.6898 should open. The goal is first.

BRENT

Brent continues correcting. At the moment a structure of decline to 83.33 has been completed. Today the market has performed a link of growth to 85.78. This structure of growth might get extended to 86.15. Then a decline to 82.72 might follow. Then a wave of growth to 87.00 should start. With a breakaway of this level, a pathway up to 90.30 should open.

XAUUSD, “Gold vs US Dollar”

Gold has completed a structure of the first wave of decline to 1900.80. Today the market has completed a structure of growth to 1925.85. A consolidation range should form around this level. Then the structure of decline might continue to 1867.40. The goal is local.

S&P 500

The stock index has completed the first wave of decline to 3995.6. Today a link of correction to 4078.0 should happen. A decline to 3886.0 is expected. The goal is local.