Forex Technical Analysis & Forecast 31.01.2023
EURUSD, “Euro vs US Dollar”
The currency pair has completed a wave of correction to 1.0913. Today the market has formed a structure of decline to 1.0838. At the moment, the market is forming a consolidation range around this level. An escape downwards is expected, followed by the development of a structure of decline to 1.0800, from where the wave might continue to 1.0780. The goal is local.
GBPUSD, “Great Britain Pound vs US Dollar”
The currency pair has corrected to 1.2416. Today a structure of decline to 1.2340 has formed. At the moment a consolidation range is forming around this level. An escape downwards to 1.2310 is expected. Then growth to 1.2340 might follow. After that a decline to 1.2270 might happen. The goal is local.
USDJPY, “US Dollar vs Japanese Yen”
The currency pair keeps forming a consolidation range around 130.00. Today a link of growth to 130.87 is expected. Then a decline to 130.00 might follow. And then growth to 131.40 might happen.
USDCHF, “US Dollar vs Swiss Franc”
The currency pair has completed a correction to 0.9181. Today a structure of growth has formed to 0.9255. At the moment, the consolidation range is forming around this level. A link of decline to 0.9220 is not excluded. Then growth to 0.9277 might follow, from where the wave to 0.9400 should develop. The goal is local.
AUDUSD, “Australian Dollar vs US Dollar”
The currency pair has completed a structure of decline to 0.7062. At the moment, a consolidation range has formed around this level. With an escape downwards, practically a pathway to 0.7000 will open. The goal is local.
BRENT
Brent continues correcting. At the moment, a consolidation range has formed around 86.22. Today the correction might end at 84.00, and a new wave of growth to 90.30 should start, from where the wave might extend to 93.00. Then the quotes might correct to 88.95.
XAUUSD, “Gold vs US Dollar”
Gold has demonstrated a structure of decline to 1934.40. Today the market has demonstrated a structure of decline to 1919.19. This level is likely to be broken away, and a structure of decline should continue to 1900.00. The goal is local.
S&P 500
The stock index has formed a consolidation range around 4040.0. Today the quotes might escape the range and drop to 3999.0. After this level is reached, a correction to 4040.0 should start, followed by a decline to 3888.0. The goal is local.
