Technical Analysis & Forecast 04.03.2024
EURUSD, “Euro vs US Dollar”
The EURUSD pair has completed a decline wave, reaching 1.0799. Amid the news, the market received support at this level, creating upward momentum towards 1.0841. Today it is forming a consolidation range around the 1.0837 level, which could expand to 1.0850. Subsequently, the price might decline to 1.0837. Practically, a new consolidation range could form within these levels. With an upward breakout, a corrective wave might continue to 1.0877. A downward breakout will open the potential for a downward movement to the local target of 1.0785.
GBPUSD, “Great Britain Pound vs US Dollar”
The GBPUSD pair has completed a decline wave, reaching 1.2599. Amid the news, the market received support at this level. Upward momentum towards 1.2655 has been maintained, with a consolidation range forming around this level today. With an upward breakout, the price might continue a corrective movement to 1.2707. A downward breakout will open the potential for a decline to 1.2600, from where the trend might develop to 1.2520.
USDJPY, “US Dollar vs Japanese Yen”
The USDJPY pair has completed a growth wave, hitting 150.71. Today the market has corrected to 149.84 and has already begun to develop a new growth wave, targeting 150.80. An upward breakout of this level will open the potential for a movement to the local target of 151.50.
USDCHF, “US Dollar vs Swiss Franc”
The USDCHF pair has undergone a correction towards 0.8838. Today a consolidation range is expected to form around this level, which could extend downwards to 0.8798. Next, the price might rise to 0.8870. An upward breakout of this level will open the potential for a movement to the local target of 0.8933.
AUDUSD, “Australian Dollar vs US Dollar”
The AUDUSD pair has completed a corrective wave, reaching 0.6526. Today the market is forming a consolidation range around this level. A downward breakout will open the potential for a decline to 0.6498, with the trend potentially continuing to 0.6464.
BRENT
Brent has completed a growth wave, reaching 84.12, practically marking the exit from the consolidation range upwards. The potential for upward momentum towards 84.55 is open, with the trend possibly developing further to the local target of 85.85. After the price reaches this level, a correction towards 83.00 could follow. Subsequently, the price might maintain its upward trajectory to 86.66. This is the first target.
XAUUSD, “Gold vs US Dollar”
Gold has broken above the consolidation range and completed a growth wave, extending towards 2088.00. Today a decline to 2068.70 is expected. With a downward breakout of this level, the price could develop its downward momentum to 2048.10. This is the first target.
S&P 500
The stock index has completed a growth wave structure, hitting 5140.0. Today a correction towards 5110.0 is not ruled out. Next, another growth structure could develop, targeting 5157.0. After reaching this level, the price might start its downward movement towards 4949.0.
