Technical Analysis & Forecast 01.12.2023

EURUSD, “Euro vs US Dollar”

EURUSD has completed a decline wave to 1.0940. By now, the market has formed a consolidation range around this level and, escaping it downwards, reached the local target of 1.0878. A correction to 1.0940 might develop today (a test from below). After the correction is over, a new decline structure to 1.0860 could form. This is the first target.

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD has reached the local target of a decline wave at 1.2603. A corrective link to 1.2663 might follow today. Next, a decline wave to 1.2588 could form. This is the first target. After that, a correction wave to 1.2663 is expected.

USDJPY, “US Dollar vs Japanese Yen”

USDJPY has completed a growth structure to 148.50. A corrective structure to 147.35 is forming today. Once the correction is over, a new growth wave to 148.71 might begin. With a breakout of this level, the potential for a wave to 150.00 might open. This is a local target.

USDCHF, “US Dollar vs Swiss Franc”

USDCHF has performed a growth impulse to 0.8764. Today the quotes might correct to 0.8723. After the correction is over, a new growth wave to 0.8760 might start. With a breakout of this level upwards, the potential for further development of the wave to 0.8814 could open. This is the local target.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD has completed a decline wave to 0.6570. A correction link to 0.6642 is not excluded today. After the correction is over, a new wave to 0.6555 could start. With a breakout of this level, the potential for further development of the wave to 0.6480 might open. This is a local target.

BRENT

Brent has completed a growth wave to 84.70. Today the market is forming a correction link to 79.90. Practically, a consolidation range continues developing around 80.00. With a breakout of the range upwards, a growth link to 88.00 might follow. This is a local target.

XAUUSD, “Gold vs US Dollar”

Gold continues forming a consolidation range at the highs of the growth wave around 2040.00. A decline link to 2025.25 is expected today. Next, a growth link to 2040.00 could follow. After that, the price might drop to 1986.00. This is the first target.

S&P 500

The stock index has completed a decline impulse to 4540.0. By now, it has corrected to 4566.6. A decline link to 4540.0 might form today. With a breakout of this level downwards, the potential for further development of the wave to 4505.5 could open. This is a local target.